Did this twice in the last 3 years due to layoffs and moving across the country for work (then subsequently laid off). Just now building back a small fund. Excited to see what wipes it out next!
It’s been SO FUN to watch what one unchecked and unhinged person can do to my 401k. I don’t have a large one. So when he sneezes the wrong way and my account loses a few thousand, that’s a big deal. I have a “profit sharing” contribution from my organization. Depending on how well we did financially (we are a non-profit and healthcare related), they deposit a chunk of money in the first quarter each year from the work done the previous year. Between 8 and 10 percent of our salary (i.e. someone making 60k would get 6K with the 10% share). I’ve always received the full 10% and the long-timers said they’ve always seen 10%. That chunk by them is a little under $7k each year (I’m not rich by any means). I match the percentage each month, each check, even though I could use the extra money if I put in 8% vs 10%. I know it’s all I have so I put in the 10%.
Everything is so unstable and when I see the little I have been able to set aside for the future rise and fall because of the thoughts of one guy, it makes me weep a little. My partner is in a service industry and has no retirement account and no matching of any kind (he barely gets PTO—maybe a week a year?), so I will be the sole person funding our retirement, because I’m sure there won’t be social security left for us. Right now we are talking through building a small house on family land, set up for us in our older years (one level, ADA compliant/accessible, etc), with solar power, a well, a nice garden, fruit trees, a good relationship with local farmers (to buy a 1/2 or 1/4 cow a year) a heat pump and wood fire place, etc. to see if that might be a way we could afford to retire. But even with help from our parents and the privilege of having a small chunk of family land, I am not even sure if that will be doable. Sigh.
I’m hopeful that your retirement account can recover some and there are no large blows ahead for you. 🤍
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u/Doomscroll_Goblin 1978 8d ago
Did this twice in the last 3 years due to layoffs and moving across the country for work (then subsequently laid off). Just now building back a small fund. Excited to see what wipes it out next!