Like a lot of people, we have only semi-consolidated retirement accounts. So it takes a bit of work to get to review everything.
And given the nearly daily bad news about the stock market, I have had zero motivation to see how bad it is.
But somehow yesterday I decided that I had to know, and I had to know now.
It was ugly. Thank goodness we’re still young enough that we have time to save. We are down a bit over 50%. A year or so ago, I was vey pleased with where we were, and now, well…like I said, thankfully we anticipated working for another 25 years. I worry about our friends who already depend on their retirement savings, or who hoped to retire in the next 5 or 10 years.
Have you looked? Or are you pretending that IRA means Instant Rock Art? 401(k) means you have $401 dollars and (k)=kiss retirement goodbye?
We’re very much in the same boat. Probably -50% on our retirement accounts. Also decimated: Our daughter’s nascent college fund. If I continue my current job for another 16 years, she could go to a certain state university for half price. Woo hoo! To quote Mick Jagger, “Time, time, time is on our side. Yes it is.”
What? Economy? Savings? Retirement? What language are you speaking?? I understand none of it!! (Leave me to my ignorance, this is why I don’t handle our finances! I told her just to tell me when we can have a baby!)
I have saved very little in my 401k. But even losing 20% was sad. Now, that was the last statement I shutter to think of the next statement. I joke that my son’s athletic skills will be my retirement. Maybe it’s not a joke.
We have accounts in a few places. My 401K at work benefitted from me being stupid about money – When I started this job I ignored it and left it all in the default fund, which is the one that is in government bonds or something, and only goes up by a really small amount but can’t go down. So in my 401K I actually lost nothing.
Of course, if I had left it there forever, I’d never have made enough money to retire on. Now as a result of the financial crisis, I will soon move most of it out of that fund into funds that better suit my retirement schedule (20-25 years) and buy at low prices and make a bundle (hopefully) when the market recovers. So my stupidity really paid off!
The only positive factor I can think of is that it is a VERY good time to be investing in a college fund for VERY young (grand)children. Eventually Noah, Maxim and Josie should benefit from getting in at the bottom (more or less) of this market. At least I hope so.