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Should NOT have looked at Retirement Account

September 2nd, 2011 at 10:44 am

Well my retirement account is down....Down $5600.00 since July 1st. Ouch!!!

I had been thinking lately about my retirement goals now that there is talk about switching up the retirement plan that I was suppose to be working towards.

Current Goal:
Max Emergency Fund

My Future goal is to (Sept 2012 and later):
#1 Each year Max Roth IRA
#2 Pay off Mortgage as fast as possible
#3 Once Mortgage is paid off invest in stock market
*** ???#4 Build up Pre-Retirement account to 100K


My old plan 2010 and prior:
#1 Max my pre-tax Retirement acoount (16,500 per year)
#2 Build up my Emergency Fund

That is a big swing. I am still liking my new goal but I think it would be nice to have 100K in my retirement account before a certain point, but with this drop of nearly 6K, it makes that distance from where I am now to that 100K goal seem like it might not happen.

2 Responses to “Should NOT have looked at Retirement Account”

  1. baselle Says:

    I shouldn't have looked at my account either. Smile One of the side effects of having over 100K is that a 5% drop is 5K. It is a big swing in terms of $ amount, but in %, might be easier to swallow. How much time do you have until retirement?

    I don't know how risk adverse you are, but when prices drop on the shares of your mutual fund, your contributions buy more. That was the one consolation in maintaining my contributions between fall of 2008- spring of 2009.

    If you are going to pursue your goal of #3, remember that stock prices, representing individual companies, go up and down even quicker.

    Time to ride through this rough patch by maintaining your contribution level and in the meantime search your feelings and get an idea of your true level of risk adversion.

  2. Tightwad Kitty Says:

    Not that I have much in the way of retirement fund as I am living off it by taking out my allotment each year, I got my statement this month and it's same as last year so I am even then. I have a balanced fund with 51% in cash. I do pay annual fees.

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