Anyone made changes to their retirement accounts?

[mrodgers]

I thought the thread was about retirement savings not emergency funds???

It stemmed from my question of what to do with short term saving for a purpose (saving for a house down payment.) Someone threw the emergency fund into this little sparked discussion.

 

[DCLMP]

I agree but what really concerns me is how many people who say they can't afford to buy food or heat (or more importantly here, cool) their homes........but really can. They just choose to spend money on things they don't need instead.

I don’t know any of those people. You can’t live without food it’s not a choice.

 

[tvguy]

I don’t know any of those people. You can’t live without food it’s not a choice.

Talk to a credit counselor. They find it very frustrating that some people don't realize food is a priority over other items.

 

[disneychrista]

Talk to a credit counselor. They find it very frustrating that some people don't realize food is a priority over other items.

You mean the same people driving brand new luxury SUVs waiting in line at the food bank pick up?

 

[mefordis]

I worry about the people that can't afford to buy food or heat their homes and what that is going to do to our country. We may still be one of the best in the world, but when you look around that's not saying much.

Tent cities popping up and growing everywhere. This is Phoenix.
TENTS SEEN RIGHT ALONG THE ROAD IN A FAST-GROWING HOMELESS ENCAMPMENT IN PHOENIX, ARIZONA, ON MARCH 29, 2022. (EMMA OCKERMAN/VICE NEWS)

 

[DCLMP]

You mean the same people driving brand new luxury SUVs waiting in line at the food bank pick up?

That’s a very small percentage of the people that use food banks.

 

[barkley]

It's time for real housewives of blank. Only by Bravo.
OMG!! MAKE IT STOP!! TURN IT OFF!!! My 401k going down by 10 times more than it has I can take But this? Any more of that might have put me over the edge.

i'd opt for 'real housewives' over 'american greed' if you're at all nervous about investments of any kind. that show is so illuminating about all the variety of horrific financial abuses of individual and group investments. people think about the massive bernie madoff level scams b/c of the major news coverage not realizing the scope and depth of similar abuses that occur on a regular basis. scary stuff.

Also, doesn't an emergency fund need to be liquid, as well?

as a retiree i would also suggest that if a retiree can afford it then they might consider having a separate non emergency but equally liquid fund for planned wants in the way of things like home improvements. a recent larger (for us) home improvement project found that more and more trades and vendors are imposing fees for the use of a credit card which can drive up the cost of that desired improvement-but on the good side more and more are offering nice discounts for cash payments. on a home improvement job that ran us around 40K between all the individual vendors and trades we were offered on average 5% savings for cash upwards to 10% w/a few. it adds up.

 

[tvguy]

You mean the same people driving brand new luxury SUVs waiting in line at the food bank pick up?

Oh, don't get me started on that. (Yes, I volunteer at the Food Bank)

 

[goofy4prez]

I worry about the people that can't afford to buy food or heat their homes and what that is going to do to our country. We may still be one of the best in the world, but when you look around that's not saying much.

I truly am sympathetic to those in need and I don't want to sound like I'm not. I have and continue to help others in need even in this country. And yes, there needs to be some way to help those in need. But in this country even most of the poorest in this country are still among the wealthiest in the world. I have been to the Dominican Republic (slums of Santo Domingo) on a mission trip and saw the poverty. I was in Haiti just after the devastating earthquake in 2010 on a relief effort and the poverty there was/is gut-wrenching. I have been to India and saw the affluent elite while the overwhelming majority are in incredible poverty. I went to Uganda while in college my sophomore year (84) to assist in medical treatment and saw the sick and starving children whom many were beyond any hope with disease and starvation. From what I have seen with my own two eyes and have experienced with my own two hands, I'd have to say we are one of the best, we are fortunate, we are blessed, and that is saying much. Not trying to DIS you (no pun intended).

 

[DCLMP]

Tent cities popping up and growing everywhere. This is Phoenix. View attachment 675977
TENTS SEEN RIGHT ALONG THE ROAD IN A FAST-GROWING HOMELESS ENCAMPMENT IN PHOENIX, ARIZONA, ON MARCH 29, 2022. (EMMA OCKERMAN/VICE NEWS)

I call it the zombie apocalypse except their not zombies just homeless people roaming the streets. I can’t get from Costco into my car without getting stopped three times by someone asking for money. California is worse its going to get hard to stay offsite at Disneyland. It was bad last Summer when we stayed at the Marriott on Katella. I had to step over people when I went jogging in the mornings.

 

[DCLMP]

I truly am sympathetic to those in need and I don't want to sound like I'm not. I have and continue to help others in need even in this country. And yes, there needs to be some way to help those in need. But in this country even most of the poorest in this country are still among the wealthiest in the world. I have been to the Dominican Republic (slums of Santo Domingo) on a mission trip and saw the poverty. I was in Haiti just after the devastating earthquake in 2010 on a relief effort and the poverty there was/is gut-wrenching. I have been to India and saw the affluent elite while the overwhelming majority are in incredible poverty. I went to Uganda while in college my sophomore year (84) to assist in medical treatment and saw the sick and starving children whom many were beyond any hope with disease and starvation. From what I have seen with my own two eyes and have experienced with my own two hands, I'd have to say we are one of the best, we are fortunate, we are blessed, and that is saying much. Not trying to DIS you (no pun intended).

Credit card debt is going through the moon as those in the middle class fight to stay in the middle class. The number of people in need is going to continue to grow through no fault of their own. It’s very sad. Will we ever look like India let’s hope not, but if inflation continues at this rate we will eventually.

 

[mefordis]

I call it the zombie apocalypse except their not zombies just homeless people roaming the streets. I can’t get from Costco into my car without getting stopped three times by someone asking for money. California is worse its going to get hard to stay offsite at Disneyland. It was bad last Summer when we stayed at the Marriott on Katella. I had to step over people when I went jogging in the mornings.

Don't the homeless make their way into Downtown Disney? It seems like they would.

 

[disneychrista]

That’s a very small percentage of the people that use food banks.

I never said otherwise. They are the type of people @tvguy was talking about who say they don’t have money for food because their priorities are skewed.

 

[DLgal]

Don't the homeless make their way into Downtown Disney? It seems like they would.

No. You have to pass through a security check to enter Downtown Disney from every entrance. It's in a bubble.

 

[Pea-n-Me]

I call it the zombie apocalypse except their not zombies just homeless people roaming the streets. I can’t get from Costco into my car without getting stopped three times by someone asking for money. California is worse its going to get hard to stay offsite at Disneyland. It was bad last Summer when we stayed at the Marriott on Katella. I had to step over people when I went jogging in the mornings.

That worries me a little bit.

 

[DCLMP]

Don't the homeless make their way into Downtown Disney? It seems like they would.

No, you have to go through security to get into Downtown Disney. I guess they could if they wanted to, but I haven't seen it. I'm pretty sure they would be escorted out if they were bothering guests for money.

 

[goofy4prez]

Credit card debt is going through the moon as those in the middle class fight to stay in the middle class. The number of people in need is going to continue to grow through no fault of their own. It’s very sad. Will we ever look like India let’s hope not, but if inflation continues at this rate we will eventually.

This unfortunately is a very accurate statement. Like you this is something I am very concerned about.

 

[DCLMP]

That worries me a little bit.

Homeless people have always seemed pretty harmless, but as they grow in numbers that could change...or just desperate people in general...maybe not even homeless.

 

[CdnCarrie]

Credit card debt is going through the moon as those in the middle class fight to stay in the middle class. The number of people in need is going to continue to grow through no fault of their own. It’s very sad. Will we ever look like India let’s hope not, but if inflation continues at this rate we will eventually.

Homeless people have always seemed pretty harmless, but as they grow in numbers that could change...or just desperate people in general...maybe not even homeless.

Bit of hyperbole there.

 

[DCLMP]

This unfortunately is a very accurate statement. Like you this is something I am very concerned about.

I expect as people pull back on discretionary spending unemployment will soar. We've cut back a lot on eating out. I haven't cut back on traveling just because all of our trips were planned and paid for months ago. I have nothing planned for next year I'm taking a wait-and-see approach to everything.
A couple of months ago I posted in another thread I thought the debt market would implode sometime in the next couple of years. I was basically called nuts and I truly hope I am nuts. The rapid spike in the 10-year yield over the last couple of days is concerning. Hopefully, it's nothing. If the Fed only raises rates 50 points on Wednesday maybe the market will do a little happy dance.......at least for one day