Retirement Accounts Have Now Lost $3.4 Trillion

Glad that I manage my own 401k account ....................

Before and since the the fall of 2007 when the market started to go south I learned to manage my own employee sponsored 401k account . In doing so I took the time to go to my employers plan web site and read the information . You will get a wealth of information there that even a broker may be aware of but will not share with their clients . Fund managers can play a positive roll in multiple fields but 401k accounts are plans that should be treated as " savings accounts " for retirement and managed by participants themselves . Unfortunately until now the majority of us haven't been a nation of savers . Now that many people have been caught off guard due to the collapse of the housing and financial markets it is harder for them to sock away what they will need to retire comfortably but aome savings is better than none at all . If your employers plan is web-based it should tell you how much ( by law ) that you can contribute each year . If you can sock away the maximum . With the volatility in the market these days you don't have to expose a lot of your money to see growth by saving more of your money . Before the tech bubble burst building a nice retirement portflio was a no-brainer for many people but with emloyers no longer funding their employees plans and cutting their matches the responsibility has shifted to us as employees ; we are responsible for our own retirement . Many participants of their plans have been mislead by the pros to believe that management of their account should be handled as " crap shoots " . That is wrong . Many of my co-workers that were to retire this year saw their accounts plunge 40% or more . With trading restrictions and hefty fees in place within 401k plans it's better to save more of your money and select fund exposure carefully .

Your 401k account with ( if fotunate ) a defined pension and social security are the three financial vehicles we will need to get us through retirement . If you are 15 years or more from retirement ; time is on your side as far as saving your money and market risk . If you can max out your savings you can easily reach a 6 figure savings cushion in less than ten years . I did it myself . As I paid off my cc debt I built my retirement with money that was freed up . Today I will retire within 2 weeks . Along with the savings that I built I am one of the few that will enjoy help from a pension and paid healthcare . I'm not a millionare but my living expenses are low enough that I will be able to continue to save and enjoy retirement comfortably . Thanks for reading . Hopefully my information will help someone else in these trying times .

Jan Toussaint of NE @ Mar 28, 2009 11:17:19 AM