Well, how much do you have in your 401K and how old are you?

Discussion in 'Industry Veterans' started by Anonymous, Nov 5, 2009 at 5:50 PM.

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  1. Anonymous

    Anonymous Guest

    Anyone than can make 10-20% return on assets in bad economic times, when the Dow has dropped from 11K to 10K since 1999 has a bridge to sell you in Brooklyn.
     

  2. Anonymous

    Anonymous Guest

    I know someone who did exactly that. His name is Bernard Madoff. He is presently a guest of the Butner Correctional Facility in NC for the next 150 years.
     
  3. Anonymous

    Anonymous Guest

    Plenty of people, financial planners and hedge fund managers included, have found ways to have big returns in this economy legally and ethically. Just because you didn’t, does not mean everyone has lost.

    Try not to be bitter against those who did well during this time…many have seized the opportunities and values that have been out there. I made over $900K over the past year on three stocks. GE (bought for under $6 a share) SBUX (bought for under $8.50 a share) and DNDN (bought for under $3). Just because you missed out on some incredible bargains too bad for you. My financial planner found these two and we went heavy in them and made some real money.

    So to all the financial planner naysayers keep putting your 16% into your 401K, let in go unmanaged, and hope for the best!
     
  4. Anonymous

    Anonymous Guest

    Number 23, you fall into the 1% of investors that are able to be successful market timers, the example you stated yourself of the successful hedge fund manager. Please do not try to convey this a typical strategy for the average investor, who took a bath while you were playing the stockpicking timing game. There is a huge difference between regular rebalancing of your portfolio, which is a smart thing to do and timing the market, which while successful in your case is usually a disaster for the unsophisticated investor. Most investors are still better off with a long-term strategy that emphasizes quality and diversity rather than market timing. Even Jim Cramer, a former hedge fund manager agrees with that approach.
     
  5. Anonymous

    Anonymous Guest

    #24 is spot on correct. In impolite company, number 23 is known as a "bottom feeder" (they like to call themselves "value investors"). SBUX (Starbucks) is a classic example of a bottom-feeding play. It sunk to $7/share in January, after announcing massive underperformance and store closings. Everyone was unloading SBUX, so #23 bought it on the cheap. Went back up to $20/share or so, but this was basically throwing a dart at a dartboad. At $7/share, anywhere on the target probably would have been a profit. Don't try to pawn this off a a brilliant investing strategy.
     
  6. Anonymous

    Anonymous Guest

    I disagree. If this guy was buying no name stocks I would agree that they were throwing darts. But Starbucks and GE are big blue chip companies and they were absolute bargains ESPECIALLY for a long term approach. I don’t think anybody thought that either GE or Starbucks would rebound as steeply and as quickly as they did, so it’s doubtful he was trying to “time” the rise.

    I work in oncology and bought some Dendreon but was conservative on it and now I’m kicking myself! If this guy took the risk good for him, and if a financial planner works for his situation (it does for me too) than who cares. To be honest some of you sound of sour grapes.
     
  7. Anonymous

    Anonymous Guest

    My asset manager put all my money in bonds and cash. He says the China bubble will burst this year, dropping the market 20%.
     
  8. Anonymous

    Anonymous Guest

    Now this is a good topic on the board . Nice baromoter
    I am 48 400K in 401k, 25 k pension . Drug rep in 80's start up late 80's , corporate rep 90- 2004 , Independent since then . Investment real estate todays equity 500k. primary home 400k equity . Kids college paid for . Divorced 500k pay out to ex and only 9k a year child support no alimony
     
  9. Anonymous

    Anonymous Guest


    Just curious, any way you could tell us what company you work for without ‘outing’ yourself?

    I haven’t worked for a company that still has a pension plan in more than 10 years so I am very intrigued. Also does the pension included health benefits once you hit a certain years of service milestone? Man if they do I would stay there forever just for the health benes in retirement!

    Thanks in advance!
     
  10. Anonymous

    Anonymous Guest

    That was not my post , but jnj provides pension but not health
     
  11. Anonymous

    Anonymous Guest

    Thanks. Are there any bio/pharm companies that offer health as part of their pension?
     
  12. Anonymous

    Anonymous Guest

    56 and 900k not including company pension.
     
  13. Anonymous

    Anonymous Guest

    Are these numbers combined if poster is married and spouse works? So in the above example the $900K is you and your spouse (if married) together or is it just your own 401K?

    Just curious. If it is only yours and doesn't include any other IRAs and so forth I am starting to feel inadequate. I am 43 and I have $470K in my 401K. My wife works full time is 40 years old and has $364K in hers.

    If the $900k is yours and your spouse also works and has a separate 401K you must be in pretty good shape. Nice job!
     
  14. Anonymous

    Anonymous Guest

    Most people think that they don't have enough saved for retirement because their overpaid financial planners push them into thinking that when they retire they should have enough money to continue their pre-retirement lifestyle. The reality is that with retirement usually comes reduction in expenses, mortgage and car paid off, downsize to smaller house with lower utility bills, kid's college paid off, etc. Based on my own experience in early retirement (the voluntary kind), my monthly expenses are about 35-40% lower than when in my 40's, adjusted for inflation. Contrary to popular wisdom, you DON'T need to be a millionaire to retire at 65.
     
  15. Anonymous

    Anonymous Guest

    Man, you guys are killing me. I must have been doing something horribly wrong. I'm 55 and only have $387,000 in my 401K. It's still down about $100K from my all time high. Have $200K equity in my house. No other debt. Paid cash for my kids college. Dang, I feel like a loser.
     
  16. Anonymous

    Anonymous Guest

    Right there with you. I am 51 with $405K in 401K and $90k more in a taxable account. I just paid my house off but it's not much of a house,-worth maybe $210K. Daughter still in college and my goal is to pay 75% of her cost when all said and done.

    My first few years in the work force there weren't many 401Ks. I struggled a little with which way to invest at that point. Clearly I made mistakes with where to park money. My wife only ever worked in a daycare making peanuts. But ever since I had a 401K available to me I have maxed out my contributions. Obviously I screwed up with how to position money within the 401Ks based on how much more others have in theirs than I do

    But what can you do. I'm just happy I'm debt free and my family is healthy.

    Worst case scenario, I pull up stakes and move to Mexico or Thailand. My money will go further there
     
  17. Anonymous

    Anonymous Guest

    Hey, I'm the guy you responded to. My wife was also in daycare for our first 10 years of marriage. Stay at home mom till the kids were in jr high. She's never made much money but was always highly involved in the kids schools etc. I have another 80K in mutual funds and stocks. House worth about 330K, I owe 112K on it. Like I said, no other debt. Sure I'd like to have a lot more, but feel fine and no financial pressure. Hate this job and this industry. When this ends I'll probably get my real estate license and have some fun.
     
  18. Anonymous

    Anonymous Guest

    We'll both be OK. At least we don't carry a $650K mortgage like so many people do who earn the same $ as us. I guess if someone lives in NYC or San Fran they might not have a choice but to have a hefty mortgage. I'm content to live in a cheaper area. It's all we've ever known. I don't sleep soundly as it is....I couldn't handle knowing I owed a bank that kind of money. I would never be able to sleep.

    Interesting you mention real estate. I've been thinking about that. I've also thought about just a ho-hum job that offers health benefits. As long as I can pay utilities and taxes we'd be ok. There are even a couple employers around here that still pay health insurance for part timers (my pharma gig will not pay lifetime health benefits no matter how long I stay here). Worst case, if my wife and I both worked part time we could squeek by. I'd rather not squeek by but you just never know what might happen down the road. Nice to know you could if you had to.

    I don't want to complain-this job isn't difficult. I'm just burnt out and tired of looking over my shoulder-wondering when he axe will fall.
     
  19. Anonymous

    Anonymous Guest

    Hey, me again. I know just what you mean. I'm in the midwest. Not sure how long this pharma gig will last. Not sure how long I can stand it. Completely burned out. Dread the poa meetings and all the bs. Target lists, and super target lists, best practices, bla bla. I do want something that provides medical insurance. Local Honda dealer where I've bought several cars says I'd love selling Honda's. I think I would actually enjoy that more than this mindless job.
     
  20. Anonymous

    Anonymous Guest

    I wouldn't want to be selling Hondas now!