I've said before; retirement planning is a long game. It's good then we don't need our 401K funds for at least 6 years. DH likes to do an updated fiscal meeting quarterly. We go over our retirement accounts. Last Thursday was the quarter one wrap up This was not a gleeful meeting! I think of all the worst case situations everywhere, so trying not to get discouraged.
Not much more to say about this. I blame and don't blame. It just is what it is and hope that I over time, our savings stabilizes and we have what we need to live the retired life we want. It makes my convincing DH to retire earlier more challenging. C'est la vie.
I too was terrified when hubs retired. Really it has not been bad at all. But I understand your fear.
ReplyDeleteExcept Kim, you run yourself ragged trying to make up ground some days. I know I won't have your stamina.
DeleteWell, I was going to say what Kim said but she beat me to it.
ReplyDeleteYou're both right with my husband. It's me that might never be able to retire.
DeleteThe markets have been up and down, and I took a beating in the first quarter in my RSP (I think that be your IRA). Thankfully my primary pension is fixed but I can imagine the concerns. Hopefully things will start improving soon.
ReplyDeleteYes, that's why I'm just taking it for what it is. The 401K is our primary since m
DeleteI only started a job with a pension 7 years ago.
The market has been so unstable lately that it is affecting everyone's retirement plans.
ReplyDeleteThat's why it's just c'est la vie- and hopefully, tides will turn.
DeleteI'm sorry. These are strange times, and it is hard to see a loss in retirement savings.
ReplyDeleteDh likes working for startups, but they are nervewracking for me. I'm not sure how much longer his job will last. Health insurance is the main concern now and for a possible early retirement.
I'm same boat as many. It's a long game and time. Health insurance worries are what makes me sick!
Delete6 years is still long time. Historically the market always rebounds and you'll be fine. I always tell myself, if you are still contributing to your 401k during the down period you are able to buy lots of cheap stocks and when the price gets back to normal, you'll be happy.
ReplyDeleteNo doubt. That's why I reiterate the long game verbiage to myself.
DeleteHello Sam, Your concerns remind me of how when the stock market is doing well, there are always those bozos that recommend that the entire Social Security Fund should be placed in the stock market to take advantage of its amazing growth, then there will be plenty of money for everyone!
ReplyDelete--Jim
Yeah, there's those that go off the deep end thinking there's a fast track. This post was more a review of our quarterly meeting- no panic, but of course always concern.
DeleteSam do what we did. Basic living expenses was based on what we brought in on SS. What ever else was covered by what we invested for retirement. Lesson learned when Daddy lost over 50% of his IRA, no pension and had to live on his SS. Then take a deep breath and figure you might have to do some work to cover extras. Hubby took on hauling for Amish (a need in this community) to make his truck payments. I do odd jobs, grow fruits and veggies for our food for a YEAR. Hubby didn't want to retire when he did, it was either retire or die of heart attack as the stress was too much (EMT that did CPR on his best friend at work)
ReplyDeleteTaking a deep breath will be part of our strategy for sure!
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