Just how close has the current economy hit to home?

[Absolute-Zero]

My brother used to work as a parts salesman for a reasonably large goods vehicle sales and repair company but was laid off just before Christmas. He's been doing temporary work since then.

My situation, however, seems to be the opposite. We don't appear to be suffering where I work and, in fact, recently spent well over £2000 commissioning a standby generator system for our server room. We do have a few e-recruitment clients in the banking sector who seem to be pulling their sites but, other than that, we're ticking along just fine.

[mnemonicj]

Thanks Mark. We'll definitely look into some of those savings ideas. I know I really need to get the ball rolling on that - me and Tash both do. I keep thinking we have tons of time since I'll only be 29 this year, but it's never too soon I guess to start saving up.

John, if you haven't started already, you need to start now! I am only 2 years older than you and my wife and I are putting away 6% each. Plus, both of the companies we work for match (3% for my income, 5% of her income). With how much retirement is going to cost and with how much Social Security is in the crapper, think that you need to save enough money over the next 35-40 years to pay for the next 15-25 years.

[Michaels]

while some people may have benefited from this world financial decline most people are suffering directly or indirectly. however, in Holland we are better off than most developed countries according to many statistics

[imnuts]

Thanks Mark. We'll definitely look into some of those savings ideas. I know I really need to get the ball rolling on that - me and Tash both do. I keep thinking we have tons of time since I'll only be 29 this year, but it's never too soon I guess to start saving up.

I'm 5 years younger and if I saved an extra $1200 a year ($100 a month), I've seen that it would give me approx. $1000 more per month in income when I retire (depending on market conditions). If the employer matches 401(k) contributions, you need to at least take advantage of that up to the full amount that they match as it's almost like getting a better salary/hourly rate.

[kanaloa]

If only state government matched funds...

We've considered putting the bulk of our savings into Natasha's program since it's likely better than mine. What about other investments like ROTH IRA's? Do I have to do that through work or can I set that up independently? If so, who exactly does that?

[imnuts]

IRAs are setup individually and can be done at many banks and stock brokers. If you are eligible for it, Roth IRAs are recommended from what I've read. They are more costly now because you deposit after-tax dollars and don't write the amount off (I don't think anyway), but when you start taking withdraws from it after you retire, you don't have to pay taxes on the money (even if there are gains). A traditional IRA is after-tax money that can be taken as a deduction when filing your taxes, but you also have to pay taxes on funds when you withdraw them later. There are different disbursement stipulations on the two as well as far as age requirements and required withdraws. Investopedia would probably be a good place to read more about them. It's likely that whomever you have a 401(k) with offers IRAs as well. Some banks/credit unions offer them too. I can't really say what would be the best place to open one, but it's likely that there would be some form of direct deposit so that you could have money taken out of your paycheck automatically and distributed to the IRA. If not, then you should be able to do an automatic transfer from your current bank account to invest in the IRA. No matter what option you take though (IRA/401k), be sure that it's diversified as that can save money in the long run, and also don't invest in any company that you work for as you already rely on them for your paycheck, and if they would go under, now you lose the paycheck and retirement funds.

[shreader]

I work for a national Construction Consultant firm as senior general cost estimator.
Our work has not dropped off much & the office I work at has actually hired 3 new people last month.


My stock & property investments have not improved (my home is paid off so ATM it doesn't matter to me what its worth), the 401k which I switched all the investments into money market funds last January have been safe this past year but not increasing in value very much besides what I put into them.


I am sorry to hear that any of my PRO brothers & sisters are in tight times.

[~Robrowe~]

Working in the critical power industry for data centers I actually took a step back at my own request to allow me more time off. Pay didnt go down, actually went up as senior project manager. Being the safe player I am I didnt loose anything on investments either. I am the one vote that my situation has improved over the last two years. Salary has increaed by 20% in the last two years and business has not been affected. Businesses that have been distressed have cut back in capital adventures and expenditures so they are not buying new equipment but on that same front those same clients are spending far more in upgrades and maintenance. win/win in my line of work. (mostly why I chose it in the fisrt place)

Sorry to hear others have fallen on tough times and I so see it all around me. Where I live resides a great deal of the financial industries players. I have seen a lot of folks loose their jobs and no where to turn. I have seen other companies cut wages just because they can with a flooded job market. If they guy who is there today doesnt like it there are 1000 people lined up begging for that job.

[imnuts]

The Chrysler dealership in my hometown is being shut down, and it actually made it onto ABC News. Watch here

[Grav!ty]

The Chrysler dealership in my hometown is being shut down, and it actually made it onto ABC News. Watch here

Yeah I see both Chrysler and GM are closing dealerships down fast. I don't quite get the idea behind the auto bailouts...GM for example are promising to double production in China and ship the cars to the US, but they're laying of workers at home The company is important to save but not the people? For both the banks who are on social welfare, and the auto industry, there should have been tighter conditions to the funds I think.