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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: My dad got his IRA statement--and its all gone.
i am so sorry. My dad lost a ton of money also. It is just horrible expecially for people close to retirement.
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Posted 10/8/08 4:14 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
MrsRivera
2 under 2...whew!!
Member since 2/07 9876 total posts
Name:
Beth
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Re: My dad got his IRA statement--and its all gone.
That is awful, I'm so sorry to hear. 
My mom JUST retired about 2 weeks ago, when things were starting to get ugly. My dad will be retiring in April, but I'm pretty sure he's already pulled all of his funds out of wherever they were. It's really a scary situation. 
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| Posted 10/8/08 6:26 PM |
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AimeeE2006
Time flies!
Member since 1/06 5698 total posts
Name:
Aimee
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Re: My dad got his IRA statement--and its all gone.
My dad said that he would have to work for years and years to make up for what he has lost. Thank god he & my mom have a good pension plan through their school district.
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| Posted 10/8/08 11:46 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: My dad got his IRA statement--and its all gone.
i am going with my parents to their appointment with their financial adviser next month... i don't even want to know! they have so little as it is....my Dad just retired and as it is, all they have is his pension and the little they had invested in his annuity. this sucks for all of the people close to retirement or in it.
it's fine for most of us on here... we have years to make it up. they don't.
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| Posted 10/8/08 11:48 PM |
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kimbalina
Bring on the glitter and bows!
Member since 6/08 15158 total posts
Name:
Kim
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Re: My dad got his IRA statement--and its all gone.
That is sad!! I am sorry!
HUGS for you and your parents!
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| Posted 10/9/08 7:32 AM |
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SPECIALNEEDSMOMMY
A Healing for Gregory
Member since 1/07 1217 total posts
Name:
Barbara
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Re: My dad got his IRA statement--and its all gone.
Our 401K is down $24,000. It's just horrible for everyone.
So sorry for your parents.
Message edited 10/9/2008 7:58:38 AM.
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| Posted 10/9/08 7:57 AM |
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LI-Joy
Member since 10/07 2910 total posts
Name:
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Re: My dad got his IRA statement--and its all gone.
That is just sickening. I am so sorry.
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| Posted 10/9/08 8:23 AM |
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bluegreen08
LIF Adolescent
Member since 10/07 574 total posts
Name:
a
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Re: My dad got his IRA statement--and its all gone.
Wow... I'm so sorry.
I'm worried for DH's parents, they had been thinking about retiring soon and his dad does construction... and now with the economy and housing market he's essentially out of work. I don't know what they are going to do (luckily his mom still has her job).
I am so so so grateful that with the timing of all of this we still had all of our wedding gift money in a savings account and didnt put any in the market. Right now we put most of it in a 6 month CD, but it sickens me to think how quickly it could have been cut in half.  
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| Posted 10/9/08 9:35 AM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: My dad got his IRA statement--and its all gone.
I am so so sorry for your Dad's loss 
My Mom (who retired in May) pulled all of her money out 2 weeks ago, and managed to just MISS most of the devastation. (I didn't even know she did this!)! While her account was nowhere near where it was 2 years ago, she saved 10's of thousands of dollars by pulling out 2 weeks before this.
While so many people are saying "don't pull your money out", what about all of those people in retirement or near it. It's so hard to watch the money you worked so hard for disappear.
Message edited 10/9/2008 9:41:59 AM.
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| Posted 10/9/08 9:40 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: My dad got his IRA statement--and its all gone.
I'm so sorry that so many people close to retirement are losing money...but let this be a lesson for all of us: If you are retiring in 5-10 years - your money should NOT be in stocks! Keep it safe in Money Markets and CDs
I'm confident that this is the time I will be dollar cost averaging. Putting a little in every month and for those who have time before we retire...we will see the benefits of buying low...but doing it slowly as it will probably be dropping for a few more months at least.
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| Posted 10/9/08 9:42 AM |
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Porrruss
Nya nya nya
Member since 5/05 11618 total posts
Name:
Amy
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Re: My dad got his IRA statement--and its all gone.
Posted by KeithHernandez
my parents were planning on retiring this year. I don't think they can now...
If they could only "sell that house"....
My IRA dropped over 7000.00 since June..... scary shite.
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| Posted 10/9/08 10:45 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: My dad got his IRA statement--and its all gone.
the thing is my parent's money was in an IRA in preferred stock. It wasn't supposed to have much fluctation and he gets a modest dividend every quarter. It didn't have the ups that most stocks have but also shouldn't have had the downs.
If they took it out, then they would have to pay income taxes and they just wanted a safe place for it.
Their account is in Schwab..this was supposed to be as safe as bonds or even T-bills.
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| Posted 10/9/08 11:00 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: My dad got his IRA statement--and its all gone.
Posted by Blu-ize
the thing is my parent's money was in an IRA in preferred stock. It wasn't supposed to have much fluctation and he gets a modest dividend every quarter. It didn't have the ups that most stocks have but also shouldn't have had the downs.
If they took it out, then they would have to pay income taxes and they just wanted a safe place for it.
Their account is in Schwab..this was supposed to be as safe as bonds or even T-bills.
If they are using the PFDs for income, they shouldn't worry too much about the stock price as the dividend will remain the same.
Whoever told you they were as safe as bonds or T-bills was providing incorrect information. That isn't the case and shouldn't be compared to them either.
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| Posted 10/9/08 11:07 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: My dad got his IRA statement--and its all gone.
Posted by shamrock124
Posted by Blu-ize
the thing is my parent's money was in an IRA in preferred stock. It wasn't supposed to have much fluctation and he gets a modest dividend every quarter. It didn't have the ups that most stocks have but also shouldn't have had the downs.
If they took it out, then they would have to pay income taxes and they just wanted a safe place for it.
Their account is in Schwab..this was supposed to be as safe as bonds or even T-bills.
If they are using the PFDs for income, they shouldn't worry too much about the stock price as the dividend will remain the same.
Whoever told you they were as safe as bonds or T-bills was providing incorrect information. That isn't the case and shouldn't be compared to them either.
No, that's no what they were told. The advice was that as far as stock goes it was the safest place to be. Since they wanted dividends, it was the right place to put their money at the time. They really don't use it as income since the dividend is so small.
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| Posted 10/9/08 11:26 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: My dad got his IRA statement--and its all gone.
Posted by Blu-ize
No, that's no what they were told. The advice was that as far as stock goes it was the safest place to be. Since they wanted dividends, it was the right place to put their money at the time. They really don't use it as income since the dividend is so small.
In comparing stocks, Preferreds are typically safer then ordinary stocks but they are not as safe as a bond and certainly not as safe as a T-bill.
I hope it works out for them. 
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| Posted 10/9/08 11:30 AM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: My dad got his IRA statement--and its all gone.
I am so sorry for your dad. My parents are in the same boat. They just finally were getting a decent retirement fund together. Mom retired last yr. and dad was supposed to this year. Now he just can't. They have a good attitude about it, but I feel just awful for them.
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| Posted 10/9/08 11:35 AM |
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