I have very few regrets in my life, but I'm sure that one of my greatest regrets will be that I allowed $90,000 of my retirement money to be depleted so fast. I never was good with money matters. I don't know anything about markets and investing. When asked how I would like my 401K monies to be invested, I was given four choices - conversative, moderate, moderate-growth and growth. I chose growth . . . yeah, grow, grow, grow. . . and it did. I would love to get the notices in the mail. I looked forward to seeing the figures multiply . . . $10,000, $15,000 . . . in ONE QUARTER! Wow!! And then a few years back I decided that I wanted to retire at 60 so I started to make a serious effort in contributing to this fund. I asked that 30% of my pay be put into this account.
When I was young we were poor. . . but only in money. We did without a lot, but we didn't need a lot. I didn't miss out on anything important. In my early adult life I still struggled at first, not being able to afford things that I wanted. And in fact I joke that me and Wendell are still living at his parent's 'cause we're trying to save up to buy our own house, and we've been married for 30 years. It's okay, I'm totally satisfied living in the house that Wendell grew up in. It's old and getting small-kine bust up but it's home.
I've always lived very simply, not having any great wants or needs. My life so far has pretty much gone smoothly with no great tragedy or struggle. I've always been comfortable. It's with this things-will-always-work-itself-out mentality that I first viewed the losses in my retirement plan. I just let it go. Very, very quickly things got from bad to worse.
So, I just went online and with the help of co-worker Nelson, figured out how to change my investment allocation type from "growth" to "conservative". I hope that this willl slow down the speed of my losses enough so that after this blows over I'll still have some money left. I hope all you folks out there are doing okay. I still do believe that things will work itself out. In the meantime, anybody need a photographer . . . cheap?
51 minutes ago
9 comments:
Hi Jalna....
I just got my quarter report today for my 401K. I didn't lose as much as you did, but to me, it's a lot. I loss almost $2,000 in the 4th quarter. I had my money under "Balanced", and now I changed it to "Money Market". I know it won't grow fast, but I was told that I won't lose money.
Mmiissee, I'm so glad you did something to manage your account instead of just letting it go like I did. Losing $2,000 is a lot to me too.
cheap?? does that mean you're charging now??? :) hahaha!!
Les, Ahahahaha, hey free is cheap, right?
I know the feeling, I lost over $200,000 in the last stock market meltdown. I am much more conservative now.
You should start charging a reasonable fee for your photography. Hopefully you can make enough so you can retire as you planned.
Ouch Erick, I feel your pain.
Losing that much money, I'm sure is devastating. My husband hasn't said anything about his retirement, he has a Teamsters retirement and Prudential administers it. A while ago he did say something about "wonder how much I've lost". I on the other hand, am not receiving a retirement. I only have Social Security and it isn't much. I have no one to blame but myself. For years I worked for attorneys in private practice and so didn't have anything set aside. When Gerry and I got married, we had his kids to support and my daughter so like you and your husband, we didn't have much money, needed every bit of our paychecks so I didn't try to set anything aside. Then I went to work for Sacramento County DA and then the courts but it was part-time so not much was being put into my retirement fund. Also part-time employees didn't pay into Social Security so that hurt me too. Anyway, what was in my retirement account, I took as a lump sum. It wasn't much, most of it went into a savings which has been depleted so I just have my social security. One of the reasons I try to sell my cards and paper crafts for a little extra. I'm also a notary so occasionally do a notary. Thankfully, Gerry's retirement and social security takes care of all the household bills. We bought an older mobile home to live in, the one time we bought a home, we lost it in the
90's when the housing market went under and I lost a job. If only I knew when I was younger what I know now and would have done better planning for my old age. It is so important. I keep thinking I should try to find something to do and I may just have to do that. I hope you are able to recoup some of what you've lost and can retire when you planned.
Betty, One of the best things about me starting this blog was meeting and getting to know you. Thanks so much for sharing your story. Despite the lack of funds, I know through reading your blog that you lead a very happy and peaceful life. It teaches me that we just need to live our life the best we can with what we've got.
Thank you, Jalna. As long as we have our health, family and friends, the rest just seems to work out. I am so thankful I found your blog. I look forward each day to see what's going on in your world and of course, all the yummy food you are enjoying. I guess I miss that the most about home - THE FOOD!! LOL. I look forward to meeting you in person some day, you have become a very dear friend even if it is through cyberspace. :)
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