NTers with 401k, how are yours doing this year?

[eaalto]

Not sure about the rest of you, but my 401k got absolutely destroyed last year, change in market value was -40.6% or some crazy figure like that.

Mine is slowly but surely creeping back up this year, year to date change in value is 30%, and since I kept contributing when the market was really low,I've more than earned back all that I lost last year.

 

[donpoppa]

i was gonna start one last year but everybody told me it was a bad time.

 

[Jordan8]

Mattress FTW

 

[jordan novice]

Can someone school me on this? I shoulda been paying attention in econ

Also Roth Iras as well?

 

[youngtriz]

i took a lot of my 401k out to buy my house...

 

[osubass1]

i'd been contributing to mine for 5 years, and it was well over $50,000.

today it is just under $20,000.

 

[classy freshman]

Originally Posted by YoungTriz

i took a lot of my 401k out to buy my house...

How much of a penalty did you have to pay?

I was debating on doing this. I am with T. Rowe Price by the way

 

[reigndrop]

I don't mean to solicit anything, but I think this is useful knowledge. A friend of mine back in San Diego started this company called BrightScope(www.brightscope.com). They do 401k ratings. If you work for a major company, look for your rating on there. If it's 75 < x, then your plan is great.Otherwise, get a group together and talk to your H.R. accordingly. Many of plans have hidden fees, that over the course of the plan's lifetime, will cutinto your earnings.

 

[reigndrop]

Originally Posted by Classy Freshman

Originally Posted by YoungTriz

i took a lot of my 401k out to buy my house...

How much of a penalty did you have to pay?

I was debating on doing this. I am with T. Rowe Price by the way

YoungTriz isn't being clear enough. Some plans, you can take money out of your 401k to pay for things, and then pay back the amount you tookout on top of interest. Think of it like taking a loan out, but likely with a lower interest rate.

 

[classy freshman]

I haven't touched my 401k in the 5 years I've had it. The only thing I "think" I know about it is my company matches my 5 percentcontribution, and that it is 100% secure. Considering those circumstances I'm thinking there would be some substatial penalty if I were to attempt toaccess that money. I think I should just call T-Rowe Price.

 

[crumbs]

its been slowly losing $

 

[dirtylicious]

Originally Posted by donpoppa

i was gonna start one last year but everybody told me it was a bad time.

whoever told you that was foolish.
you buy when the prices are LOW.
fluctuations in the market would have a negligible effect when you get to retirement age.

 

[solewoman]

i havent started mine yet. i dont plan on it until i go gov. which will hopefully be next year

 

[timcity2000]

mine has finally crept back above where it was when the hemorrhaging started. about $35,000 right now, i think. this past quarter was a pretty good one. icontribute 7%, but my company only matches 2%.

 

[timcity2000]

Originally Posted by encore2007

I need some of u dudes to school me on this. I have no idea what 2 do, but I do wanna open a 401k

a 401(k) is typically an employer-sponsored plan. do you work? if so, your HR department should be able to help you.

if your company doesn't offer one, you might look into an IRA (or a roth IRA).

 

[kingtre]

Originally Posted by donpoppa

i was gonna start one last year but everybody told me it was a bad time.

you should stop listening to that set of"everybody" when it comes to financial advice -

 

[raburns04]

Making some pretty decent gains - 30% in my 457 and 26% in my 401(k). Should probably be contributing more, though.

 

[aveezythebeast]

mine is pretty decent. My day time job is one of the few corporations that still match what i put in

 

[ThaxbyChamblis]

But the good thing is, I'm only 25, and really only 4 years into my work career.

So the losses I incur now, won't hurt me in the future.

But still.

I hate it for the older folks who are just approaching retirement age. It's sad

And yeah, I'll def be drawing from my 401k when it comes time to buy a house.

I'm saving as well, but I'll be using my 401k bread as well.

I know this one dude, who took a LOT of bread out his 401k to cop a f'n Cayenne

 

[we get money]

^ At least he can stunt in a Cayenne

 

[DeadsetAce]

Originally Posted by Dirtylicious

Originally Posted by donpoppa

i was gonna start one last year but everybody told me it was a bad time.

whoever told you that was foolish.
you buy when the prices are LOW.
fluctuations in the market would have a negligible effect when you get to retirement age.

cosign

been pouring money in...like 20% of my pay goes to it for the last two years. im only 25 as well...so i can take the hit now. things are turning tho so ishould see some solid gain over the next year.

 

[ady2glude707]

Doing fine since ive been contributing for about 5-6 years now. i also started putting money in my roth ira at the peak before the decline and got hit prettybad. So I then bought low and im creeping back up, but am still in the red

 

[oo206oo]

I dont manage it myself, i go along with what my company recommends. I have mine in "moderate-aggressive".

Lost $10,000 last year.

 

[lazyj10]

Roth 401k.
I contribute 3%, which gets a bump with bonus and salary increases.
Profit sharing + firm contributions (3% as well, I believe).

As Of Date Three Month Year To Date One Year
09/30/2009 18.47% 34.96% 2.33%

60% vested, I think. Which sucks. My own obviously stays. I should have doubled my rate as the market dipped, however I had a wedding and honeymoon to worryabout plus a wife who got laid off. That one year % at on point was negative

. I'm all equities because I'm young. Next recession I'll go 75% equities 25% bond.

Edit - thanks for that link to BrightScope. Our plan is rated at 68 or so.

 

[ThaxbyChamblis]

Originally Posted by WE GET MONEY

^ At least he can stunt in a Cayenne

Not anymore.

Son totaled it on the way back from ATL.

He's back to pushing his '95 Accord.