Checked on one of my IRAs and it's gone down 14%. This particular IRA is the one I opened back in 2003 specifically for my cats. (Yes, my cats. The beneficiary is my oldest friend, who knows that if I die suddenly, she's to use the money to care for my fur family in my stead. Otherwise, I'm using it for my retirement.)The bank that holds my mortgage (WAMU) is no more. Now this. I'm not checking on my 401(k), where most of money is, because it will just upset me.
I know, I know. This economy is hurting everyone. I'm probably luckier than some because I have at least a decade till retirement so I have time to see the stock market rebound and I'll probably make my money back (eventually). Even though I'm not feeling overly enthusiastic now, I suppose it's possible I could even turn a profit. While only about 20% of my portfolio is in bonds and annuities, they are both dependable in a bear market and have actually made me money (though not 14%).
Breathe deep. Stay calm. Be patient. And be cheap and pay with cash whenever possible.
I share your pain...it's very disheartening...sigh. With faith and prayer I hope we get through this.
ReplyDeleteSteady on!
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