In The News Today...

Quote: Tanko

That would be the mighty Homeland Secretary Mayorkas.

Despite claiming domestic terrorism is the #1 threat to the homeland, the lying sack couldn't name a single case that he referred from DHS to DOJ for white supremacy or domestic terrorism, when questioned by Rep. Greg Steube.

He created the the new 'Disinformation Governance Board' on Wednesday, supposedly to counter disinformation on social media. The Board, will ultimately decide what can you can post online. So much for Elon Musk and freedom of speech.

His new Disinformation Board Chief, Nina Jankowicz, said “Platforms and governments aren’t doing enough,”. “It’s time to act. Our national security and democracy are at stake.”

She wants Congress to block mockery of women online, citing 'gender disinformation' used to criticize Harris, members of the Squad, and Gov. Whitmer.

No one does that here.

No mention of the millions of illegals and tons of drugs crossing the border every year.

“Congress should reauthorize the Violence Against Women Act (VAWA) and include provisions against online gender-based harassment,”

“It is not just a democratic concern; it is a national security concern, which should make it of interest to everybody in government,” she said. “It is not just about hurt feelings. It really affects the way our countries operate.” - Jankowicz

Whenever something is going bad enough already, this administration manages to figure out a way to make it worse.

Quote: Tanko

The Board, will ultimately decide what can you can post online. So much for Elon Musk and freedom of speech.

There is no way on Earth you ACTUALLY believe this. You are more intelligent than that…

Quote: ams288

There is no way on Earth you ACTUALLY believe this. You are more intelligent than that…

The government has already been determining what you can post on line. Why is this so hard to believe?

Captain Poopypants stock market is down 3600 for the year. Hey, he took credit for it when it went up he gets credit for it when it goes down. I heard on the radio today some guy had a $400,000 retirement portfolio in December and now it's barely worth $300,000. Thanks Captain Poopypants.. Recession she's A Comin Round the Bend. It's already here they're just not ready to call it that yet.

Quote: Evenbob

Captain Poopypants stock market is down 3600 for the year. Hey, he took credit for it when it went up he gets credit for it when it goes down. I heard on the radio today some guy had a $400,000 retirement portfolio in December and now it's barely worth $300,000. Thanks Captain Poopypants.. Recession she's A Comin Round the Bend. It's already here they're just not ready to call it that yet.

I know I lost exactly 10% in two of my retirement accounts and just under 10% (9.7%) in the third, year to date as of my update this evening (all three are managed by the same company, so they all come in together). Retirment accounts go up and down (over the course of your life they will go up), eventually they will rebound, its not worth worrying over. I am pretty sure the last two years they gained well over 10% (I think the year before that they lost a bit, I honestly don't remember). Its money that is so far away to even think about being able to touch, it may as well be a video game, most years will gain, some will lose, over your life it will gain, but its not worth getting upset about (just leave it be and it will come back even if it takes a couple years).

For what its worth I actually increased contributions in my employer sponsored retirement because I think its better to get more shares of the funds now while they are at a massive low than when they rebound (not financial advice, just my intuition and general feelings). I also doubt it will be great in the near future, but that is okay, its just cheaper to get shares, and then when things get better I will probably lower back my contribution to whatever the match is. In any case, I don't think its ever regarded as a bad thing to put more money into retirement accounts (especially if its through an employer and lowers your taxable income).

Losing 25% (year to date) seems pretty extreme, and I am not even sure how that is possible (I think even my 10% is above the average year to date, but mine are set to be about as aggressive as possible).

As for blaming Biden, I don't believe the President has all that much to do with the market, I did not praise him for its highs, nor will I blame him for its lows (and yes I had the same position with Trump).

Though, in good retirement news, the Secure Act 2.0 seems on track to pass the House and Senate (well it has been already through the house for a couple weeks) with bipartisan support, and President Biden will almost certainly sign it (even if he somehow does not, it has such overwhelming bipartisan support, it does not matter, but there is no reason he would not), so it will almost certainly become law once they get around to it, probably by this summer:
https://finance.yahoo.com/news/secure-act-2-0-passes-103035398.html
(This will essentially force workers to contribute to employer retirement accounts, unless they go out of their way to opt out, and every so many years increase their contribution, which will cause a lot more people to have retirement savings, also some other cool stuff like incentive for employers to match student loan repayment, raise the age of required distributions to 75).

Quote: Gandler

Retirment accounts go up and down (over the course of your life they will go up), eventually they will rebound, its not worth worrying over.

For retirees depending on a 3.66% minimum required distribution, a 10% drop in the value of their 401K, translates to a 10% drop in the income they receive from their RMD, when they are seeing an 8.4% increase in their cost of living.

Since they are taking the RMD, and no longer contributing to their 401K, there are less funds available in the portfolio for when the market rebounds.

On top of that, retirees could end up paying more in taxes, when the Trump tax cuts expire in 2025.

Quote: kenarman

The government has already been determining what you can post on line. Why is this so hard to believe?

????????
Total BS
The govt can't do Jack here

Quote: kenarman

The government has already been determining what you can post on line. Why is this so hard to believe?

Because it’s not true.

I have seen the same drop of about 10% as many have. My retirement horizon is not as long as others, but I am going to treat this downturn as a buying opportunity and keep my contributions to various retirement funds at a high level. I’d just spend the money anyway; better to try and take the chance of turning the pain right now into an opportunity.

On the bright side, if you’re a homeowner your property values have probably skyrocketed lately.

My parents bought a place in TN in 2019. It’s worth double now than what it was when they bought it.