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Post by Really Red on Jan 12, 2023 1:21:50 GMT
I looked at all my retirement accounts. Yes. I had my head in the sand. On purpose. I knew it was going to be bad, but it is OH SO BAD. I'm going to be working forever  |
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Post by freecharlie on Jan 12, 2023 1:25:44 GMT
Is it because of the drop in value or because you didn't start soon enough?
I wish my parents had taught me and almost forced me to fund my retirement when I was young. Then I wish I hadn't trusted that I would be with xh when we retired as we maxed his out because his employer matched and mine didn't. I guess it is good that I get 60% of it. Still not enough, but more than I would have had.
I try to talk my kids into starting their retirement...but they don't.
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Post by paulao on Jan 12, 2023 1:29:40 GMT
My father had me open an IRA when I was in my mid 20s. I married at 34 and kept my account separate. Thank goodness because I was able to keep it all when we divorced. I’ve always had good 401k or whatever when I worked, and the last 2 years of working I put in the maximum amount. I was pleased when I was able to retire at 65.
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Post by peano on Jan 12, 2023 1:29:41 GMT
Ouch!
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pilcas
Pearl Clutcher
Posts: 3,190 
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Post by pilcas on Jan 12, 2023 1:45:30 GMT
I have to say I’m very proud of my 22yr old son who started contributing to his 401k as soon as he started his first “real” job after graduation. Now if my daughter would only do the same….
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Post by Bridget in MD on Jan 12, 2023 1:54:18 GMT
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psiluvu
Pearl Clutcher
Posts: 3,217
Location: Canada's Capital
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Post by psiluvu on Jan 12, 2023 2:04:46 GMT
My dd (23) works for the provincial government and ranted and raved when she got her first cheque and a pension payment (that they match) was taken out and her cheque was much less than she had planned on. I explained to her how happy she will be when she is able to retire at 55.
As for DH and I we totally agree with you OP
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Post by lisae on Jan 12, 2023 2:41:15 GMT
I had some interim statements this year that were actually worse than year end so that prepared me. Compared to last year though, anything in the stock market is down considerably. One thing to remember is that last year was a very up year so this year looks especially bad in comparison.
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Post by Basket1lady on Jan 12, 2023 2:44:10 GMT
I feel you. DH and I were just talking about this today. We lost 30% of our value in 2022. Our money for a house down payment is also in that account.  |
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Post by Really Red on Jan 12, 2023 2:52:36 GMT
Is it because of the drop in value or because you didn't start soon enough? I wish my parents had taught me and almost forced me to fund my retirement when I was young. Then I wish I hadn't trusted that I would be with xh when we retired as we maxed his out because his employer matched and mine didn't. I guess it is good that I get 60% of it. Still not enough, but more than I would have had. I try to talk my kids into starting their retirement...but they don't. It is because I got a divorce. |
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Post by Really Red on Jan 12, 2023 2:54:11 GMT
I had some interim statements this year that were actually worse than year end so that prepared me. Compared to last year though, anything in the stock market is down considerably. One thing to remember is that last year was a very up year so this year looks especially bad in comparison. You’re right. I’ve done so well in the previous years that I should think of it that way. At the beginning of 2021 I combined all my accounts with a new and very good FI. The problem is is I can’t really tell without a lot of work how much I had before. |
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Post by AussieMeg on Jan 12, 2023 4:14:17 GMT
I'm hearing you! DSO has spent a lot of time working for himself over the last couple of decades, and was not putting money into his superannuation fund, so it's not as healthy as it should be.
It really sucks that divorce makes you take such a crappy financial hit.
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Post by bratkar on Jan 12, 2023 12:49:17 GMT
I am with Basket1Lady, we lost 30% last year. I had hopes and dreams to retire in 2 years at 55; but with dips and valleys like that I dont feel so comfortable leaving my current job early. So I will be working till I am 70 I suppose  |
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Post by bbkeef on Jan 12, 2023 13:03:25 GMT
We have our annual review with our financial advisor next week. I have checked our accounts online, but I try to think about the last/next 5 years instead of just right now. Otherwise I might cry! Lol
Our plan is for me to retire at 55 and that is only 5 years away. I will have 30 years of service at my government job at 55. DH will work longer because he still makes more than me.
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Post by gracieplusthree on Jan 12, 2023 13:28:54 GMT
Some of us have nothing of retirement account..
I'm sorry though.
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Post by thundergal on Jan 12, 2023 13:36:15 GMT
I refuse to look. I had a call with my advisor last week. She knows I don't look. And I think she's relieved that I'm at least one of her clients she doesn't have to talk out of panic.
But I'm 46.
My parents are 80.
I feel terribly for folks who are older and have lost so much more than I have.
Tough stuff.
Sticking with Operation: Head in the Sand for as long as I can.
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Post by lisacharlotte on Jan 12, 2023 14:46:00 GMT
DH retired 2 years ago at 62, I retired Sept 29 at 57. We lost a chunk of retirement in the market downturn. Luckily, we still aren’t touching that money so it’s just waiting for a market rebound. We’re living off DH’s military retirement/work pension/SSI. We saved aggressively in the last 20 years, it’s not easy. You have to forego stuff if you’re not a high earner.
The ONLY reason we were able to retire now is because we have medical care due to military service. Otherwise, one of us would have to work for insurance coverage.
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Post by littlemama on Jan 12, 2023 14:54:16 GMT
We were never able to afford to put money in a 401k when we were younger. Fortunately, Ds can afford to do so.
I dont want to look at my account, which is still sitting with my last employer. I need to move that.
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scrappinmama
Drama Llama
Posts: 5,048
Jun 26, 2014 12:54:09 GMT
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Post by scrappinmama on Jan 12, 2023 15:00:58 GMT
I don't look. It will go up and down and I don't want to get freaked out when it's down. I'm still more about 20 years from retirement. My son is in his early 20's and when he got his full time job, we immediately told him to set up his 401K. He's off to a good start.
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scorpeao
Pearl Clutcher
Posts: 4,521
Location: NorCal USA
Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Jan 12, 2023 15:38:59 GMT
My coworker looks at hers every morning and then comes in ranting about how much value it's lost. We won't be retiring for at least 10 years. I will start looking at mine a couple years before I retire...what's the point of doing so before then? I'm not taking the money out, so it makes zero difference in my life at this moment
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Post by bluebird71 on Jan 12, 2023 15:43:35 GMT
I looked at all my retirement accounts. Yes. I had my head in the sand. On purpose. I knew it was going to be bad, but it is OH SO BAD. I'm going to be working forever Ok but.... you just said it was stupid to look at your retirement accounts. My previous job, that I just left in October... was in retirement accounts. Some people had a lot, and some had very little. One guy had a pension that he took in a lump sum and it was over $800K! Me, I have nothing and I am 54. But I have had family members scrimp and save for decades only to die before they could enjoy it. I would love to have a lot saved up but I gots $160K in student loans instead. I'll be dead before the Feds get that money. |
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Post by bluebird71 on Jan 12, 2023 15:45:35 GMT
My coworker looks at hers every morning and then comes in ranting about how much value it's lost. We won't be retiring for at least 10 years. I will start looking at mine a couple years before I retire...what's the point of doing so before then? I'm not taking the money out, so it makes zero difference in my life at this moment If you are talking about a 401K, you can rebalance your investments if what you are in is losing money. You can move your investing into a more stable and conservative track... or you can move it to a very aggressive growth but less stable track. There's lots you can do with a 401K other than taking it out. If it's an ESOP, well that is different. |
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Post by bluebird71 on Jan 12, 2023 15:46:36 GMT
We were never able to afford to put money in a 401k when we were younger. Fortunately, Ds can afford to do so. I dont want to look at my account, which is still sitting with my last employer. I need to move that. Hell YES. Take your money. They don't get to manage it. |
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smartypants71
Drama Llama
Posts: 5,835
Location: Houston, TX
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Post by smartypants71 on Jan 12, 2023 15:47:56 GMT
I know how you feel. I purposely did not look at mine because I knew the market was not performing well. However, I changed jobs in Q4 last year, so I had to look in order to roll it over to my new employer plan. I'm like "I think I'm missing a zero in this number!"
My investment accounts are not doing that great either, but I'm trying to be positive and think of it like I haven't lost any money until I spend it perspective.
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scorpeao
Pearl Clutcher
Posts: 4,521
Location: NorCal USA
Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Jan 12, 2023 15:48:57 GMT
My coworker looks at hers every morning and then comes in ranting about how much value it's lost. We won't be retiring for at least 10 years. I will start looking at mine a couple years before I retire...what's the point of doing so before then? I'm not taking the money out, so it makes zero difference in my life at this moment If you are talking about a 401K, you can rebalance your investments if what you are in is losing money. You can move your investing into a more stable and conservative track... or you can move it to a very aggressive growth but less stable track. There's lots you can do with a 401K other than taking it out. If it's an ESOP, well that is different. Even that is a gamble. It's better to just let it ride. That's why I don't look at it. Unless I'm sticking it into savings or some sort of bond, in which case I might as well withdrawal it all. So, that's why I'm not bothering to look at it until I'm a few years out from retirement. In 2008 my 403b went super low...it rebounded to more than quadruple it was before the crash once the market recovered. Had I moved it to bonds I wouldn't have seen such a good return. |
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Post by Really Red on Jan 12, 2023 15:58:54 GMT
Some of us have nothing of retirement account.. I'm sorry though. I'm sorry. I hope you have time in front of you to build it up. I've had such a difficult past 18 months that I kept hoping I could stop working at some point. My coworker looks at hers every morning and then comes in ranting about how much value it's lost. We won't be retiring for at least 10 years. I will start looking at mine a couple years before I retire...what's the point of doing so before then? I'm not taking the money out, so it makes zero difference in my life at this moment It's a good idea to always be aware. You do not know what the future holds. And your FI might not be the best. |
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iowgirl
Pearl Clutcher
Posts: 4,295
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Post by iowgirl on Jan 12, 2023 16:03:20 GMT
We are sitting good, but we will never retire. DH might slow down in his 70's.. maybe. But that's a ways off yet. I am hoping by the time he hits 70, he quits the cows. More than 10 years for that though.
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Post by imkat on Jan 12, 2023 16:07:14 GMT
Let's hope it comes roaring back this year, or at least modestly. When markets are up the first few weeks of a new year, they are typically up for the year overall. So far, for 2023:
Dow +2.68%
S&P +3.60%
Nasdaq +4.68%
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Post by essiejean on Jan 12, 2023 16:16:22 GMT
My coworker looks at hers every morning and then comes in ranting about how much value it's lost. We won't be retiring for at least 10 years. I will start looking at mine a couple years before I retire...what's the point of doing so before then? I'm not taking the money out, so it makes zero difference in my life at this moment If you are talking about a 401K, you can rebalance your investments if what you are in is losing money. You can move your investing into a more stable and conservative track... or you can move it to a very aggressive growth but less stable track. There's lots you can do with a 401K other than taking it out. If it's an ESOP, well that is different. This is what I did about 2 years ago. I basically put about 80% of my portfolio into a conservative track. Left the balance and any new deposits in the aggressive growth. This slowed my growth down just a little but it also slowed down the drop this last year. It truly can be a balancing act. |
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Post by compeateropeator on Jan 12, 2023 16:21:07 GMT
While I try to be aware, I also try not to obsess when it takes hits. It has done a lot of ups and downs through the years. I am assuming I have at least 10 more years to work. I would like to retire early and think I probably could if I could find an affordable option for good heath insurance.
I feel I have the investment portion fairly well covered ( of course I am sure I could save more), I have paid off my condo, a pretty good savings, and the only payment (other than condo association fee, normal bills, and taxes) I have is my car (which I took just because it was for 0.00%). If I could get the insurance part resolved I would think about early retirement without a doubt. I am also single so have no other means if I screwup with my planning, so I have definitely have my fingers crossed. 🤞😄
ETA - and all my retirement accounts have taken a pretty good hit recently, but have always bounced back. I have a mixture of funds and risks that are based on my age and years left to work.
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