browniehound
Well-Known Member
I used to say the same thing--I have 32 years in, but I need to work one more before I am old enough to get insurance (55). However, my 401K and IRAs are down 50%. We have no bills and did have house that was paid for. We built a new one a couple of years ago, and I always thought we could just sell it when we retired. BUT--it has lost 30% of its value. So, I am not saying that I won't retire, but it certainly is not the sure thing I once thought it was...
Pretender,
OUCH! Still considering the times and what has happened in the stock market you are still OK and doing better than most. If you were 45 instead of 55 you would be a lot better off, obviously.
I still think you're in a good situation though. If you can put off retirement until 62-65 I'm guessing the 401k will regain its value? Problem is you, like most, were counting on it growing 8-10% until you retired. Now it lost half of its value and its too late to sell.
I'm 35 and have learned my lesson. Before this crisis and when the Dow was at 14,000 (can you believe it??) my 401k was kicking ---. Now its been cut in half. I don't even look at my statements anymore. I write the date on the outside of the envelope and file it away. It would make me sick if I opened it. If it ever regains its value I will be so much more conservative in my investments.
I was once afraid of missing out the 10-12% stocks can return that I put all of my money into the index funds. What good is that extra 2-4% if you lose 50% in 1 year??
Even at 35 this economic crisis has impacted my retirement plans. This is a serious crisis and it has been getting worse everyday. Has anyone seen a light at the end of the tunnel yet? Are we now talking 2011 or 2012 until things impove?