Still Contributing to IRA/401K?

[Newborn]

Just wondering how many of you are continuing to contribute to your retirement accounts. Part of me says not to because economic doo-doo could hit the fan anytime now and I might need liquidity, but another part of me says to contribute. The bearish part of me is winning so far this year, as I've contributed nothing. Maybe I should just contribute half of the max? I've never been so indecisive! How do y'all feel about this issue?

[I'm all 67X]

Nope.

[Issachar]

Nope. Cashed out almost six years ago and started my own small business. Seeing gold go six years ago from about $250 to $1000ish today, (hind site is always 20/20) I would have put at least half of it into gold. But I didn't. My small business has earned back more than I put into it over the years but for the past two years I am equally split between trying to get more business OR a permanent job. I literally am doing both. Looking for work though in NW Ohio is very difficult these days. My business is in the area of multimedia and I am looking into/praying/networking in a whole different direction for it ... missionary work.

Issachar

[FarmBoy]

Thats a hard question to answer because of so many variables. Like whats your income level, how much is your matching, what are your investment choices, what is your current balance etc. Then there are questions surrounding your personal situation such as: need for monthly income, spouse working, what would you do with the money.

I agree its tough putting away money for the future but what happens if it doesn't play out the way this forum thinks? what happens if the economy doesn't crash and the lord waits another 30 years before he shows?

I f nothing else reduce the percentage your currently contributing to the point where you receiveany matching funds. If possible move your investment choices into something commodity based or some foriegn funds.

[HisAlways]

Just wondering how many of you are continuing to contribute to your retirement accounts. Part of me says not to because economic doo-doo could hit the fan anytime now and I might need liquidity, but another part of me says to contribute. The bearish part of me is winning so far this year, as I've contributed nothing. Maybe I should just contribute half of the max? I've never been so indecisive! How do y'all feel about this issue?

I am contributing half the max of what my company will contribute. They will match up to 6%. I contribute 3%, because I feel the exact same way you do.

I'd rather put the money in my own savings account. Part of me says that I should be contributing a lot more. I have about 20 more years to work. I figure, if we are still here in 3-5 more years, I'll think about raising my percentage. I'll have to see what the economy looks like by then.:idunno

I'm as confused as you are, on what to do.

[Free in Christ]

Farmboy mentioned the many variables that need to be considered. Think about those and seek counsel from a trusted advisor if needed. Check out Crown Financial and look at their money map - it is a great tool!

My attitude is to continue to invest. If you wait you will likely buy in at a higher price and you lose this time for compounding. There is risk in everything, but a broadly diversified portfolio is your best investment when it comes to risk/return. Personally, I feel if the lord returns today I just want to be found faithful with what He has provided and if he waits 100 years or more then I also just want to be found faithful. If the markets crash and we are still around God will take care of us. In worst case scenario God will make us all dependent on Him and nothing will be of value - including gold. I think of the parable of the talents and I want to make a good return on God's money. I feel my part is investing wisely; God will take care of His part.

[Newborn]

I think I will invest half of the max. I think I can feel good about that. Thanks for your responses!

[Maggie]

Goodness no. I took all the money out of my IRA (which was only $1200) and used it to stock up on stuff and also bought silver. I don't know if that was the best idea - but I don't think I really lost anything by doing that.

[FarmBoy]

I think I will invest half of the max. I think I can feel good about that. Thanks for your responses!

You can always raise or lower your contribution over the years depending on the situation. But if you can financially handle it try to put something away to get the matching amount.

[Jubilee on Earth]

Yeah, it's so tough with those 401Ks and IRAs, because you can't take anything from them without severe penalties and taxes. My hubby and I both have 401Ks through our employers. Back in January, I decided to take my post-tax money and begin putting it in a Roth IRA (meaning, after my work paycheck hit my bank account, I'd take $200 a month and put it in the IRA). Just last week I decided that I'd rather invest that money in gold or silver, and so I called them to close the account. Guess what? I can, but I have to pay a 10% penalty and taxes. :twitch Uh, I told the guy that I had already paid taxes on it, and that it was post-tax money. He said it didn't matter, and it's government rules. So not only to I have to pay taxes again on it, but I had to pay a 10% fee to get it back.

I was so furious, I was ready to stop contributing to everything altogether. But I suppose that's not quite rational...

Still...

:thinking