+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: Got brave enough to look at my 401K today--I cried. (/showthread.php?tid=63360)
Got brave enough to look at my 401K today--I cried. - TLB - 10-03-2008
15 years of maximum contributions to my account and the balance is now 5% below what I contributed to date. From January, the total loss of equity is 42%. I can't picture that ever coming back. I guess I'm speechless.
Re: Got brave enough to look at my 401K today--I cried. - wurm - 10-03-2008
I haven't been able to bring myself to even look at mine. I believe it will get better. I may not live to see it, but I believe it will...and I'm going to keep telling myself that.
Re: Got brave enough to look at my 401K today--I cried. - mattkime - 10-03-2008
don't look. were you hoping to cash out tomorrow? then you were very poorly invested if you lost 42% in the past year.
>>I can't picture that ever coming back. I guess I'm speechless.
but you couldn't imagine losing it either and that just happened. you can't predict the market but don't feel bad - the best on wall street can't either.
Re: Got brave enough to look at my 401K today--I cried. - hal - 10-03-2008
and people keep saying, 'just stay the course... 10%/year on avg...'
even 10%/ year avg leaves plenty of room for a scenario like this...
that's really shiity! sorry...
Re: Got brave enough to look at my 401K today--I cried. - incognegro - 10-03-2008
Makes me feel good that I don't have a 401K, and I'm 43.
I paid in nothing, and I'm at exactly the same balance as when I started.
Re: Got brave enough to look at my 401K today--I cried. - ztirffritz - 10-03-2008
Mine has only dropped about 20% from its peak, but for quite a while the drop matched my contribution, so it is probably worse than that in reality.
Re: Got brave enough to look at my 401K today--I cried. - $tevie - 10-03-2008
So now don't you wish that you had been allowed to invest your social security in Wall Street as well? :confused:
Re: Got brave enough to look at my 401K today--I cried. - TLB - 10-03-2008
Not that I would ever expect to collect, but unfortunately, I am not eligible for social security, which makes this even more disheartening. (this is a state defined contribution pension plan, not a true 401K) I guess I should start moonlighting at McDonalds to get SS credits.
Re: Got brave enough to look at my 401K today--I cried. - Numo - 10-03-2008
TLB - I'll bet there are many, many people feeling just as badly about their retirement accounts as you do (including me). Maybe things won't look so bleak in a month or two.
However, it seems to me that even someone with depleted savings is still better off than someone with none. Perhaps wealth is relative: if you are better off than your neighbors, you are wealthy.
Re: Got brave enough to look at my 401K today--I cried. - OWC Jamie - 10-03-2008
My 401K went into an IRA (stock mutual funds) when I left employment at my last job.
Actually there were several and they all sucked eventually. Three years ago I put it all into "safe" CDs. (I was gonna get ulcers watchuing the swings) When I look at the pitiful return I sometimes wish Jimmy Carter was President again. :-)