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Out of context: Reply #70617
- Started 22 years ago
- Last post 2 days ago
- 76,264 Responses
- monospaced5
Despite my 401k and brokerage accounts being gutted, and the whole world about to get really sick, it looks like I might lock in a record low interest rate on a mortgage for a house I’m about to buy. Could be worse.
- Nice!PonyBoy
- Terrifying and exciting!monospaced
- what caused your 401k getting gutted?Krassy
- Really? Check yours.monospaced
- Oh I thought you meant that you tapped into your 401K for a downpaymentKrassy
- No way. That would be idiotic and irresponsible.monospaced
- For UK people - what is a 401K? You have $401k in account?shapesalad
- rightKrassy
- It’s a retirement account, normally funded with an employer that matches contributions pre tax. The code 401k is just a code for the type of account.monospaced
- In the UK an equivalent would be a PPPmonospaced
- Why does a retirement account go down?deadsperm
- Do you know what a 401k is? What is going on here? Aren’t we all old fucks?monospaced
- We don't all live in the USA. Where I'm at your retirement is one of the few stable things you have in life. Is the 401k something on top of your retirement?deadsperm
- It’s invested in markets that can go down yes. It’s happening to every single American at the moment (the ones with 401ks).monospaced
- We also have social security but that isn’t really much to count on. Employers are the source of retirement savings and it’s not as stable as people think.monospaced
- So, retirement works as well as your health care system. From what I can see you still need to place bets on your future.
Good luck!deadsperm - You could say that I suppose.monospaced