it's gone down for me as well, but not a lot, course I didn't have a lot to begin with. My folks are really worried though b/c they are getting close to retirement and lost almost 1/4 of their 401k in just this last quarter!
oh, and I am no longer contributing. I was only contributing $50 a month right now b/c it was all I could afford, but I figure since it keeps going down every freakin quarter of this year, I can use my money for other things since I have a separate retirement fund as a state employee.
If you are in good health and young age (-40), you will make it. The market will recover in the future. I will say folks of mature age (55+) have more to worry a out and less time to recoup.
Just file this qtrs statement and not even look at it. You will sleep better not knowing the exact amount of loss.
oh wow, but I'd take bigdaddy's advice and not even look, just file it away. Suze Orman on her CNBC show a few weeks ago was stressing about diversifying. Not taking money out prematurely and just be sure to spread out and diversify.
OK, I am SO "ignorant" when it comes to these things......
When I switched jobs, I didn't ROLLOVER my 401k because I was wondering if there was something else (better) that I could be doing with that money (CD, IRA, etc.). What I ended up doing was rolling it over into an IRA with the institution that was handling my 401K at my old job. I called last week to see what was going on with it because of all the economy struggles and the gentleman told me that I had EARNED a little (and I do mean LITTLE) money on it. He said that what I have wasn't in the market like 401k where you risk losing just as much as you risk gaining and that my money is pretty much "sitting tight". I don't know what all this stuff means, so it's just sitting in this IRA until I can have everything EXPLAINED to me.
So for my KNOWLEDGABLE peeps.... what exactly are IRAs and do you think they're better than investing in a 401K? What are the advantages / diadvantages of BOTH?
You can only invest so much a year in a IRA, w/out being penalized.... I wouldn't make an IRA the primary location for your retirement funds... you may want to consider speaking to your credit union and or bank regarding the benefits of an IRA... no matter what keep your 401K...
oh, an IRA is an individual retirement account, one that you the "individual" invests in, where as the 401K is funded by you and your company... the advantages and disadvantages are the same... bottom line is this, our parents had pensions, and we don't, so we have NO choice but to invest in one or the other... a wise person would do both...
I did look. I saw my 401K go down $60 in one day. (Mind you, my 401K is not that large at the moment, but it was still disturbing. I have seen fluctuations, but nothing like that before) So today, I diversified and rebalanced the contributions in my 401K to a less agressive level. One of my contributions had lost a LOT of money this year.
Im so there with you..... All my money is coming home to me, and I let them put in what they are going to put in... Times are seriously hard... and infant formula is too damn expensive.........
Be glad you have the opportunity to have one. Some jobs do not offer them. I had one when I was at the bank which I depleted when I moved south. But that is a big loss Monni...sorry.
Every says "it'll come back", "you're young & have time to recoup", etc., etc. I suppose they are right but dammit, I could've taken a luxury vacation, finished my basement or got me a new ride with 5 G's.
it's gone down for me as well, but not a lot, course I didn't have a lot to begin with. My folks are really worried though b/c they are getting close to retirement and lost almost 1/4 of their 401k in just this last quarter!
ReplyDeleteI'm scared to see how much of mine is gone... DAMN.
ReplyDeleteoh, and I am no longer contributing. I was only contributing $50 a month right now b/c it was all I could afford, but I figure since it keeps going down every freakin quarter of this year, I can use my money for other things since I have a separate retirement fund as a state employee.
ReplyDeleteI was up to 10% of my annual income this year.
ReplyDelete*sob*
If you are in good health and young age (-40), you will make it. The market will recover in the future. I will say folks of mature age (55+) have more to worry a out and less time to recoup.
ReplyDeleteJust file this qtrs statement and not even look at it. You will sleep better not knowing the exact amount of loss.
I refuse to look!
ReplyDeletethat's great advice
ReplyDeleteoh wow, but I'd take bigdaddy's advice and not even look, just file it away. Suze Orman on her CNBC show a few weeks ago was stressing about diversifying. Not taking money out prematurely and just be sure to spread out and diversify.
ReplyDeleteGirl knock on wood - mine combined with the IRA was down 42% - got me ova here shaking in my boots...
ReplyDelete*faints*
ReplyDelete42?????? oh wow!
ReplyDeleteOK, I am SO "ignorant" when it comes to these things......
ReplyDeleteWhen I switched jobs, I didn't ROLLOVER my 401k because I was wondering if there was something else (better) that I could be doing with that money (CD, IRA, etc.). What I ended up doing was rolling it over into an IRA with the institution that was handling my 401K at my old job. I called last week to see what was going on with it because of all the economy struggles and the gentleman told me that I had EARNED a little (and I do mean LITTLE) money on it. He said that what I have wasn't in the market like 401k where you risk losing just as much as you risk gaining and that my money is pretty much "sitting tight". I don't know what all this stuff means, so it's just sitting in this IRA until I can have everything EXPLAINED to me.
So for my KNOWLEDGABLE peeps.... what exactly are IRAs and do you think they're better than investing in a 401K? What are the advantages / diadvantages of BOTH?
wow. my brother is losing quite a bit as well. smh
ReplyDeleteYou can only invest so much a year in a IRA, w/out being penalized.... I wouldn't make an IRA the primary location for your retirement funds... you may want to consider speaking to your credit union and or bank regarding the benefits of an IRA... no matter what keep your 401K...
ReplyDeleteoh, an IRA is an individual retirement account, one that you the "individual" invests in, where as the 401K is funded by you and your company... the advantages and disadvantages are the same... bottom line is this, our parents had pensions, and we don't, so we have NO choice but to invest in one or the other... a wise person would do both...
of course this is one woman's opinion...
YUP... lemme also clarify, it's down 42% from a year ago this time...
ReplyDeleteI did look. I saw my 401K go down $60 in one day. (Mind you, my 401K is not that large at the moment, but it was still disturbing. I have seen fluctuations, but nothing like that before) So today, I diversified and rebalanced the contributions in my 401K to a less agressive level. One of my contributions had lost a LOT of money this year.
ReplyDeleteIm so there with you..... All my money is coming home to me, and I let them put in what they are going to put in... Times are seriously hard... and infant formula is too damn expensive.........
ReplyDeleteBe glad you have the opportunity to have one. Some jobs do not offer them. I had one when I was at the bank which I depleted when I moved south. But that is a big loss Monni...sorry.
ReplyDeleteEvery says "it'll come back", "you're young & have time to recoup", etc., etc. I suppose they are right but dammit, I could've taken a luxury vacation, finished my basement or got me a new ride with 5 G's.
ReplyDeleteI am scared to look too. especially since I took a loan out against it. *sighsss*
ReplyDelete