401k contribution - Yay or Nay

[Bocephus123]

pretty sure i've been hearing people losing 20% or so on 401k.

i think next year will be worse imo. 10% inflation isn't going away any time soon without MAJOR uh what do they call them....oh yeah "corrections".

Bout how much ive lost since Boner took office!

 

[TedKennedy]

My employer matches up to 5%, so I put in 5% no more, no less.
The remaining 10% of my income that I invest is after tax, going into a separate Roth IRA.

That makes sense depending on your age. Old folks like me won't really benefit from the Roth as much.

 

[Bocephus123]

Roth is way to go! or give it to the BIDEN campaign.

 

[HarryBear]

Has anyone looked at their 401k lately, geez...............

 

[dlbleak]

Has anyone looked at their 401k lately, geez...............

The Mrs and I are down about 100k.

 

[ifishok]

Since the beginning of the year I lost about 10% of my IRA and 401k, I knew when creepy old Joe was placed into office 2 years ago things would change in the market. How they changed was a mystery, I moved things around and the 401k after taking some hits is in a cash only type of fund now, still getting the company matching up to 6%, but not losing lots of money, and not making lots either. Staying there for a while because I think the market is going down more.

As far as my IRA, that’s a hit and miss strategy, right now I’m in energy mutual funds and they been doing pretty good with all the world events. Defense funds may be a good investment, but not seeing right now. Most tech stock is a bad investment right now, even though they are low, I believe they will go lower before they get better. These are my thoughts only, not advice other than take the matching funds from your employer.

 

[Hangfire]

I took a pretty good hit on my 401K back in 08' but I still continued contribute every spare dime I had.

Figuring that if I didn't need it in my pocket to live on before I didn't need it now when I got a yearly raise I'd up my contribution, when I got a vehicle paid off I'd up my contribution, when I paid the house off I upped it again etc.

Knowing how my luck runs and not wanting to take another hit like I did in 08' so close to retiring six months before I retired I got a hold of the bank and told them to take everything out of medium risk and told them to put everything into low / almost zero risk......glad I did because about ten days prior to my last working day the market dropped and I would have taken a pretty good hit.

 

[HarryBear]

I'm down 30% and i'm just thinking it'll take 5 years just to recoup the losses. Oh well, it's just numbers on a screen right? And I can't hold it, so therefore I technically don't own it...

 

[dlbleak]

Consumer confidence may have an effect on the market after next Tuesday…
The market may plateau at least for a while. We’ll see.

 

[kroberts2131]

I’m not a fan of Dave’s retirement advice. Definitely contribute up to the matching amount. It’s pre tax also so contributing 6% is more like 4% of your take home pay. It’s really not going to affect your pay check as much as you think it will.