Since we are newlyweds and I would think some of us have a substantial amount in our savings account to purchase a home... are you scared you will loose it? Just a savings acct not in the stocks?
Butterfly123
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I definitely dont have enough to even look at a house so Im not too worried.
missliss
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no, it's FDIC insured, so I'm not scared it's going to disappear. I am scared we might have to dip into it though, when we never intended on touching it unless it was for the house.
leafgirl
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Posted by missliss
no, it's FDIC insured, so I'm not scared it's going to disappear. I am scared we might have to dip into it though, when we never intended on touching it unless it was for the house.
But don't ya think they have only so much to go around? If banks fail that's a lot of money to give, and from where?
missliss
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Posted by leafgirl
Posted by missliss
no, it's FDIC insured, so I'm not scared it's going to disappear. I am scared we might have to dip into it though, when we never intended on touching it unless it was for the house.
But don't ya think they have only so much to go around? If banks fail that's a lot of money to give, and from where?
Not everything is insured, my savings acct is though, actually it's a money market acct, but we don't have more than 100K in it so it's fully FDIC insured. But, 401Ks, mutual funds, stocks, other investments/retirement funds etc. are not, that's why those funds can disappear.
songwriterchic
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we already have a house, but since we have 401k's I do worry about losing what we're puttng in. I know it's a cycle and will probably go back up at some point...people always say if you start in your 20's with a 401k you'll have over a million when you retire...I have a hard time believing that though, the stock market is such a gamble I don't think there's a guarantee in that anymore.
I think savings accounts are probably safer than stocks at this point, but since interest rates are low it doesn't grow as substantially as investing. I guess in the long term it's wise to have both.
For me, since we have a home I'm not so much concerned about that as I'm concerned with retirement. I see my parents and many people their age not having what they'd hoped saved up for retirement, many people these days can't afford to retire in their sixties anymore. I wonder how it will be by the time we are their age...are we going to have to work until we're in our 70's?
leafgirl
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Posted by missliss
Posted by leafgirl
Posted by missliss
no, it's FDIC insured, so I'm not scared it's going to disappear. I am scared we might have to dip into it though, when we never intended on touching it unless it was for the house.
But don't ya think they have only so much to go around? If banks fail that's a lot of money to give, and from where?
Not everything is insured, my savings acct is though, actually it's a money market acct, but we don't have more than 100K in it so it's fully FDIC insured. But, 401Ks, mutual funds, stocks, other investments/retirement funds etc. are not, that's why those funds can disappear.
Same boat as you.We do not have any retirement yet... I was waiting lol... looks like I will another year or so. O boy
What
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I have nothing in savings.. aside from a little bit in a CD for my son.
I have 2 pensions and an old 401K from a previous employer though.
bluegreen08
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we have some $$ in mutual funds but right now all of our wedding gifts are in ING as are a large chunk of my savings (from before were were married). we were going to invest a lot of it, but we're afraid to do anything with the current financial situation so it's still in ING right now making somewhere around 3%
DH is still funding his 401k but we're just being cautious at this point. We might put our wedding $$$ in a 6 month CD and just see what happens.
I know you're supposed to buy low and the market has dropped a lot, but i *am* scared.
nifheim
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I wish i had a ton of money in the bank - i have 5k locked up in a WAMU bond that should mature in 6 more months and is secured and will transfer to chase.
Our other savings account is nothing pretty much so no fears for me.
both of us don't have plans at work and i have only opened a IRA which is secure/
zoe282
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I agree, it's cyclical and I am more worried for my parents....It must be so hard for them to see this happening b/c they wanted to retire earlier but now they have to wait for cycle to go back up!
As for insured money if you do have more then $100K or whatever the amount is that is insured (I sure don't) but split it up into multiple accounts. You'll always get your money back the question is when...
Such a scary time!
ChipNdipLover
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I have nothing so I guess technically I'm not losing anything
leafgirl
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Posted by nifheim
I wish i had a ton of money in the bank - i have 5k locked up in a WAMU bond that should mature in 6 more months and is secured and will transfer to chase.
Our other savings account is nothing pretty much so no fears for me.
both of us don't have plans at work and i have only opened a IRA which is secure/
\ So are IRA's safe?
nifheim
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I am not 100% sure but my IRA's are only worth $500 each so its under that 100k amount.
DeeluvsVinny
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Posted by missliss
Posted by leafgirl
Posted by missliss
no, it's FDIC insured, so I'm not scared it's going to disappear. I am scared we might have to dip into it though, when we never intended on touching it unless it was for the house.
But don't ya think they have only so much to go around? If banks fail that's a lot of money to give, and from where?
Not everything is insured, my savings acct is though, actually it's a money market acct, but we don't have more than 100K in it so it's fully FDIC insured. But, 401Ks, mutual funds, stocks, other investments/retirement funds etc. are not, that's why those funds can disappear.
Don't want to scare anyone..but FDIC has up to, I think it's 90 years to pay out. I can't remember if it's 90 or 99. That doesn't mean they will not pay up as soon as anything happens, just means that's how long they can take.
irishgrl1017
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Jenn04
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We have a house too but I do worry about our savings acct and DHs 401k because he has been pumping it for several years. My 401k has a decent amount in it too and my pension is small but still I would be devastated if I lost it.
As for fdic...I personally think they have enough to go around. I will have to do some research though.
Are money markets protected?
snwb08
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Posted by DeeluvsVinny
Posted by missliss
Posted by leafgirl
Posted by missliss
no, it's FDIC insured, so I'm not scared it's going to disappear. I am scared we might have to dip into it though, when we never intended on touching it unless it was for the house.
But don't ya think they have only so much to go around? If banks fail that's a lot of money to give, and from where?
Not everything is insured, my savings acct is though, actually it's a money market acct, but we don't have more than 100K in it so it's fully FDIC insured. But, 401Ks, mutual funds, stocks, other investments/retirement funds etc. are not, that's why those funds can disappear.
Don't want to scare anyone..but FDIC has up to, I think it's 90 years to pay out. I can't remember if it's 90 or 99. That doesn't mean they will not pay up as soon as anything happens, just means that's how long they can take.
from the FDIC FAQs on their website; I would read it before anyone freaks out or draws any conclusions
If a bank fails, what is the timeframe for payout of the funds that are insured if the bank cannot be acquired by another financial institution?
Federal law requires the FDIC to make payments of insured deposits 'as soon as possible' upon the failure of an insured institution. While every bank failure is unique, there are standard policies and procedures that the FDIC follows in making deposit insurance payments. It is the FDIC's goal to make deposit insurance payments within one business day of the failure of the insured institution. Typically, a bank that has failed will be closed on a Friday. The FDIC will then work the weekend to complete deposit insurance determinations for most deposits and be prepared on Monday to either transfer the insured portion of a deposit to another FDIC insured institution or provide deposit insurance payment checks. (Note: Some deposits that require supplemental documentation from the depositors, such as accounts linked to a living trust agreement or funds placed by a deposit broker, may take a little longer. The timing of the completion of the deposit insurance determination is based solely on the depositor providing the documentation needed by the FDIC to determine insurance coverage.)
