Last Week My Retirement Savings Lost More Money Than My Annual Retirement Payments

[ThomWV]

I am retired from the Federal Government. I receive a monthly check. I also have considerably savings still nested in the Government's Thrift Savings Program (TSP). It is essentially the same thing as a limited mutual fund and is tax protected for retirement savings purposes.

In the last week my retirement savings, which is invested in various stocks, lost more money than the total of a year's worth of my monthly checks.

I only tell you this to remind you that if the Republicans had their way this is what the Social Security System would look like. The Government's TSP is the model Republicans would use to replace Social Security as we know it with their "ownership" scheme.

[melody]

1. exactly, well said n/t

[eleny]

2. K&R

We need to remember this example of why privatizing SSA is a horrible idea.

[proud2BlibKansan]

3. Great point

:toast:

[Xipe Totec]

4. Sorry to hear that

It irks me sometimes when people at DU who are otherwise progressive, post links to the situation in the stock market that reek of Schadenfreude, as if only Republicans had money invested in the market.

I hope you weather the storm safely.

[acmavm]

5. Yeah, lots of us understand that the only 'ownership' these guys are in

favor of is when brokers get to own our SS contributions.\

Sorry about your losses. But if there is a bright side (which I kinds doubt) at least you have a retirement fund.

[trof]

6. PBGC got mine, after my company folded.

And they're a few billion in the red now.
:-(

[sutz12]

7. Well, notice how we don't hear about Chile's privatized retirement system any more?

:shrug:

[wain]

8. Oh, do you mean the market will never recover?

Will you post again when it comes back and your paper loses are exceeded by long term gains? Your version of Social Security has real money in a real account that can never be taken away from you. I could go on...while nothing gets done In Washington to protect my "investment" in Social security.

Rather, the success of your significant mutual fund seems to argue for an alternative to Social Security.

[sallyseven]

14. Republicans hate SS they want to destroy it.

The also hate Medicare because it is efficient compared to Insurance based health care. SS can be fixed but the stock market is a joke and it run by thieves. Don't let them bs you.

[formercia]

16. They hate it because to them it's Socialism

along with things like Public Transportation.

[MiniMe]

19. They hate it because they can't profit from it

[tanglefoot]

18. Apparently it can be taken away

It's just a matter of who does the taking.

[tabasco]

9. The ultimate republican goal is elimination of Social Security.

It would be so much easier for them to give that money directly to their cronies rather than having to play roulette with seniors.

Great observation. The attacks on SS, more than anything else, convince me that the republicans are just plain rotten to the core.

[Nimrod2005]

10. Hopefully you don't need this money right now....

[ThomWV]

12. Actually I don't need it at all

And in the end if I don't give it away fast enough it will just end up in the hands of some doctor.

I don't need a ton of money in the background, what I and every other retiree needs is a constant and reliable income that keeps up with inflation. I think the size of that income should be proportional (to a degree) to the amount a person put in the system but I do not thing it should ever be a crap shoot.

[Zywiec]

11. How much did your savings increase the previous 8 months?

From my understanding, the market is still up overall for the year.

[ThomWV]

13. A little bit less than my life insurance cost went up.

[Nimrod2005]

15. ThomWV, if you have that kind of money coming and in the background

Why do you have a life insurance policy? With that kind of wealth accumulated, you are self insured, life insurance premium is wasting your money.

[Babsbrain]

17. What's sad about TSP is

that I have all my investments in the I fund. It is tied to the value of the US dollar vs. overseas currency.

The sad part is that the more the US dollar goes down, the more the I fund makes.

This is not a recommendation, tho. I too lost money last week. In fact I cashed out a large portion.

[mistertrickster]

20. Thanks for this report. It's exactly what people need to hear.

Social Security cannot become an investment crap-shoot. It's a guarenteed minimum, with the emphasis on guarenteed.