I just have to say this, because it's so frustrating. I've been working full time in my career for 10 years, and I've contributed 6% to my 401k for 10 years. When I divide my current retirement savings account balance by 10, the amount ($5,200) is less than what I have contributed to my account each year for the past 5 years (not including my employer contribution). That SUCKS. Back in October 2008 I lost half of my savings balance due to the stock market "crash", but my goodness it feels like I should have a much higher balance than what I currently have. I feel like everytime I look at DH's retirement savings account balance, it gains a couple thousand dollars. (And I check our balances every few weeks.) I'm seriously going to set up a new savings account at my credit union and just start putting some money in that per paycheck. At least they can't take the interest back after they give it to me, and it won't lose value due to market. I like to think of that as retirement planning/savings diversification.
Misery loves company...anyone else have the same/similar frustration?
Re: Retirement savings vent
Thanks, @emmyg65! My current investment fund mix would be considered "aggressive" and high risk for loss. I have about 30-35 more years until I retire, so I'm also a long ways off from retirement. I review my funds once a year using the tool provided through Voya (formerly ING), and rebalance each quarter. Retirement and financial advisors always say it's good to buy when the price is low (i.e., a down market) so that you have more shares when the price does go up. It's just depressing to feel like my account isn't going anywhere.
Maybe I'm doing the comparison math wrong but that sounds really off to me, especially if you have an employer match on top of your contribution.
Have you checked whether you have unusually high fees?
I would ask HR for assistance. They should be able to explain your statement to you, show you your returns, your balance, your allocations, etc. or they should be able to direct you to an 800# or a contact at your retirement plan provider that can help you.
And yes, a lot of people lost a lot in 2008, but if you've only been investing for 10 years, that was like what 4 years of savings? Most people should have made that loss back up since the market came back. Look at your ten year return.
Props to you for actually watching your accounts. Also, visit suzeorman.com to get some tips from her!
Definitely call the 800# as I'm in HR and there is no training for us on reading statements or offering advice. In fact, we are not supposed to offer any suggestions since HR personnel are not advisors. However, your 401k company likely has advisors