Retirement accounts have lost $2 trillion

joeydolfan · Oct 7, 2008

WASHINGTON (AP) - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.

The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.

As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.
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Retirement accounts have lost $2 trillion

That is an absolute mountain of cash. Reminds me of this scene.

[ame=http://www.youtube.com/watch?v=jTmXHvGZiSY]YouTube - Austin Powers - 100 billion dollars[/ame]

padre31 · Oct 7, 2008

It is alot of cash JoeyD, however we both know markets move both ways, up and down.

What bothers me about that 2 Trillion dollar loss is flippin' Politicians were behind via Fannie and Freddie, as well as their addled minded CRA plan and the SEC sleeping at the wheel.

Paul 13 · Oct 7, 2008

if you haven't changed the IRA allocation from stocks to fixed income / money market type accounts, you should do so NOW.

CrunchTime · Oct 7, 2008

Call me in as one of the victims .I am down 12 pct so far.Hoping for a rebound

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