I made the mistake of looking at my 401k today and well, I’m just at a loss for words. It’s grown so well over the years. I’ve put the max in, and in just two days, a very large amount is just… Gone. Can’t talk to family about it, they are all part of the reason it happened. I just want to scream.
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More reason to talk to them about the consequences of their choices.
As long as you are not retiring ion the next ten years, just ride it out. Yes, it is demoralizing, but it is also temporary. After 2008, I was convinced the market would never be as robust as it was before the recession, but I was wrong. Same in 2001. The market will rebound. This time may take longer, but it will recover
Unless you are retiring soon, it will go back up. Try not to stress.
Don’t do that again.
That’s part of riding the roller coaster of the stock market. Let it ride.
I know it sucks, but you didn’t see the writing on the wall and move it to a lower risk option?
So sorry! I can’t/won’t look at mine
Edit: I’m old, no “bouncing back”, I fear
It’ll come back don’t sell
Theirs is probably tanking too. How long do you have to recoup?
Looked at mine and it dropped a little. If you lost it all due to a slight downturn you need the help of a professional financial advisor or fire the one you have because he/she is terrible.
I’m not happy with mine, but at least new funding is buying low for when it goes back up.
Yep say good by to all that money just gone.
For the 3rd time in my life i had to save what I could from my 401k
Unless you’re actively retired… What is the problem? Are you early 20s and only know the post 2020 recovery or something. This is the perfect time to continue buying. Stocks don’t only go up, they go down and it’s the perfect time to buy more.
This has happened so many times for me in the last 15 years that I’m numb to it. It grows about 7 percent a year historically. So if it’s gone up more than that, we’re due some down years.
I do feel like this is inflicted by bad policy, but stocks were overvalued and due for a correction anyway. Good chance to buy on sale.
A lot of peers took everything out in the 2008 crash and didn’t put it back in until the top of the market and lost out on those gains.
Stocks will come back, but they’re guaranteed to drop 40 percent or more a few more times before you retire
Just be patient, it will come back. Just don’t do anything stupid.
My dad is 71 and retiring at the end of May.
He is fucked.
Did no one learn anything from Bush Jr in 2008?
Republicans did this to you once, now again.
1st time, they bailed out the banks and let you eat your loss.
And they’ll do it again.
There’re other ways to save for retirement that doesn’t allow them to play with your retirement on the stock market!!!
smh
It’ll come back even bigger, unless you need to retire in a couple months don’t sweat it.
Yeah, ain’t no way I’m looking at it anytime soon. That will just stress me out for no reason since there isn’t anything I can do about it.
If you are at retirement age, this is a very real loss. If you are not, then it isn’t.
I try not to think about my 401k as real money. To me, it’s the number of tickets I can buy into the system.
Right now, I can buy a lot of tickets.
When I’m less than 5 years from retirement, that mindset will change.
Just as quickly it can bounce back. Biggest mistake you can make right now is to sell them at a loss. If anything you should purchase more while costs are down
My dad is pro current president and has a huge 401k saved up and just retired. I am hoping this hits him hard and he realizes the consequences of his actions.
Lost a grand in TWO days.
Just keep contributing and if you must look, just look at number of shares not dollar value. Like everyone else said, unless you’re retiring soon, just ride it out. You’re contributing to your 401k every couple of weeks so you’re still building it up. Hang in there. Read the psychology of money haha.
The market didn’t go to zero. If you’re properly diversified it should be a proportional loss. You screwed up.
It’s terrifying…this is the money my parents are living off of in their retirement and they lost so much yesterday 😢
I can’t stand the president, but this is so dramatic. A 401k is not trading penny stocks, dollar cost averaging will still keep you afloat and your next contributions will be worth more if prices stay where they are. There’s plenty of things to complain about with what’s going on in DC but acting like your retirement is ruined is just too dramatic.
During the 08 recession, my 401k was in the red – it was worth less than what I put it in. It did “bounce back,” but it was well into Obama’s term before it recovered.
401k should be for the future no? These drops shouldnt matter. Long term market goes up
Just try to relax. Don’t sell. Hopefully you’re a long time out from retirement. It will definitely be higher then. As you get closer to retirement make sure you become less and less exposed.
Same. I still need guidance from my father and I told him in January I want to move it all to cash because of tariffs and a recession. He said no, no it’s just talk. Here we are and I’ve lost like 18% because I trusted his judgment. I’m behind for my age and quite pissed I have the same amount now as I did a year ago. At this rate, it’ll be forever to catch that back up.
Damn, just looked at mine and yep 15% is just gone. Oh well I still got 30 years till I thought it.
Imagine people that have just retired and planning to use the interest from their 401k to fortify their income. Many people rely on it for a comfortable retirement and now grandpa will be asking if you want to supersize your order!
That’s devastating news; I’m so sorry you’re going through this. Have you considered talking to a financial advisor to explore your options?
It sucks for people who are about to retire. If you still got ways to go then just leave it be…and hope that the moron doesn’t do more stupid shit.
Wishful thinking I know.
Okay well. They should be made privied to the situation. Hopefully they cannot commit whatever it is they did again while you regrow it.
Are you still contributing? 401k options are pretty limited usually but see if you have an inflation protected bond. I saw the writing on the wall in November and moved all 401k funds out of existing funds into inflation protected bonds. I’ve made many mistakes financially over the last 30 years with some pretty good wins also and I gotta say this is the best financial decision I’ve ever made.Sometimes you just gotta preserve capital.
Not saying to sell your stuff now post losses (don’t know your funds) but you can offset some of this moving forward especially if you up your contributions a bit with a safer fund(s). There’s plenty more room on the downside imo so buying same funds at cheaper price isn’t necessarily the best solution here (yet).
Yeah it sucks, but this is the time for clear thinking.
Dude, show them the facts. Be honest. Lying by omission supports the problem. PLEASE BE HONEST!