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Message
Bidenomics and Retirement Funds?
Posted on 9/18/23 at 8:21 am
Posted on 9/18/23 at 8:21 am
I have lost 15% due to this old fart. I am thinking if he is reelected I will draw my retirement funds and put them in CD's, Money Market and Banks to keep from losing more.
Am I crazy for thinking about doing this? I know I will have to pay penalties and taxes on this, but how much of a hit will that be? If it makes any difference my wife and I are both retired.
Am I crazy for thinking about doing this? I know I will have to pay penalties and taxes on this, but how much of a hit will that be? If it makes any difference my wife and I are both retired.
9
Posted on 9/18/23 at 8:27 am to RetiredSaintsLsuFan
quote:
If it makes any difference my wife and I are both retired.
quote:
RetiredSaintsLsuFan
Name checks out
Posted on 9/18/23 at 8:35 am to RetiredSaintsLsuFan
quote:
I have lost 15% due to this old fart
Honestly, how is this possible? What did you do?
Posted on 9/18/23 at 8:44 am to RetiredSaintsLsuFan
SP500 is up almost 20% since Jan 2020 when Biden took office. Since you're retired, I'm guessing you might have a lot of money in bond funds, many of which have declined in price d/t rising interest rates, but yields are up. If you sell out of bond funds now you're possibly selling at/near the bottom since rate increases (hopefully) are tapering off soon.
Posted on 9/18/23 at 8:44 am to PhiTiger1764
quote:
Honestly, how is this possible? What did you do?
One can only assume he's either bad at math, took way too much risk, or sold the low.
Posted on 9/18/23 at 8:54 am to RetiredSaintsLsuFan
quote:
I know I will have to pay penalties
If it makes any difference my wife and I are both retired.
Unless you retired in your 40s, you most likely won't have penalties for early withdrawal. However, you most likely will be paying at the top tax bracket for a large portion of your withdrawal (which I suppose can be viewed as a penalty). This will be an extreme emotional knee jerk reaction, and chances are you will lose more than the 15% you think you may be down.
Posted on 9/18/23 at 9:07 am to Weekend Warrior79
And you likely can do CD's, money markets, etc. inside your IRA's if you insist on doing this - without taxes.
Posted on 9/18/23 at 9:50 am to RetiredSaintsLsuFan
Yes you are crazy for over politicizing this. S&P will likely be back to all time highs in the next 6 months to a year.
My parents mortgaged their house and dumped it into the market after "Bush crashed the market (rolls eyes)" in 2008. They've tripled to quadrupled their investment at this point.
Stop letting political bias influence your financial decision making.
My parents mortgaged their house and dumped it into the market after "Bush crashed the market (rolls eyes)" in 2008. They've tripled to quadrupled their investment at this point.
Stop letting political bias influence your financial decision making.
Posted on 9/18/23 at 10:09 am to SM1010
politics do effect money decisions when you have idiot democrats running the country
Posted on 9/18/23 at 10:23 am to tigersmanager
Take your money out of the market like OP then. I'll keep mine in, despite dementia Joe. We'll see who comes out ahead.
Posted on 9/18/23 at 10:26 am to SM1010
quote:
Take your money out of the market like OP then. I'll keep mine in, despite dementia Joe. We'll see who comes out ahead.
I'm with you on this.
Posted on 9/18/23 at 10:27 am to tigersmanager
quote:
politics do effect money decisions when you have idiot democrats running the country
In the long run, maybe so, but there are so many other factors that override politics of any one regime. shite, if you avoided stocks during Obama’s tenure you missed out on tripling your money.
Posted on 9/18/23 at 10:30 am to RetiredSaintsLsuFan
Yes. Taking all the money out at once will cause your marginal rate to skyrocket.
If you are spooked by the market, just invest they money in your IRA into CDs, etc.
It's not what I would do, but it's better than paying a bunch of unnecessary taxes.
If you are spooked by the market, just invest they money in your IRA into CDs, etc.
It's not what I would do, but it's better than paying a bunch of unnecessary taxes.
Posted on 9/18/23 at 10:57 am to tigersmanager
quote:
politics do effect money decisions when you have idiot democrats running the country
I voted for Trump too but he is the one who shut down the economy and gave out free stimmy checks. Just saying let’s be fair here (which is a majority of the reason we are in this mess today). Obama made everyone a fortune in the markets too.
And again, this is coming from a traditional conservative.
Posted on 9/18/23 at 11:34 am to Sir Saint
quote:
SP500 is up almost 20% since Jan 2020 when Biden took office.
Biden wasn't even elected to office until 11/2020.
He took office 1/20/21.
Most accounts took a huge loss in January 2022 fwiw.
Posted on 9/18/23 at 11:52 am to meansonny
quote:
Biden wasn't even elected to office until 11/2020.
He took office 1/20/21.
good catch - brain fart on my part. 2nd half of my post still stands though. I bet OP does not understand the bond funds that he is likely holding.
Posted on 9/18/23 at 12:27 pm to meansonny
quote:
Most accounts took a huge loss in January 2022 fwiw.
This is when I had my biggest loss. What caused this?
Posted on 9/18/23 at 12:52 pm to RetiredSaintsLsuFan
quote:
This is when I had my biggest loss. What caused this?
The Fed gave clarity on the timing of when they were going to start a rate hiking cycle in conjunction with an end of quantitative easing and a shift towards quantitative tightening.
Let's Go Brandon, but this is on the Fed. As others have pointed out, Biden actually just kept pressing with Trump's policies - giving out free money - because that's what makes uninformed voters happy.
Posted on 9/18/23 at 1:23 pm to UpstairsComputer
quote:
The Fed gave clarity on the timing of when they were going to start a rate hiking cycle in conjunction with an end of quantitative easing and a shift towards quantitative tightening.
Yep. The trillions of printed money came home to roost when inflation exceeded 7% and the Fed was forced to act.
Posted on 9/18/23 at 1:30 pm to meansonny
quote:
Biden wasn't even elected to office until 11/2020.
He took office 1/20/21.
Most accounts took a huge loss in January 2022 fwiw.
The S&P is in the same spot it was 2 years ago. 4450 in 9/21.
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