The Stock Market

[SiouzQ.]

I've decided I am NOT going to look at my IRA until the day I always do, which is the first day of every month. I am so damn proud of that IRA that I started way back in the early '90's when I got divorced and was a single parent with a baby to raise. I never could put the full amount in each year but I did what I could and it grew over the course of 30 years. Only when I moved to New Mexico and had the job of managing a gallery whilst living free in the back was I able to put in the full $7000, then $7500 for a few years until the pandemic hit. Even then I was able to put money in each year until 2024 when I wasn't working due to the Thoracic Outlet Syndrome.

Last December I finally withdrew a chunk of it so I could use some of those gains that occurred during Biden's presidency. I took out $5000 to pay off my medical bills and kept $2000 for my share of basic living expenses. The sum I had at the beginning of December seemed so large to little ol' me after a lifetime of working in retail and being an jewelry artist - in fact, it was my gallery sales that had basically funded that IRA for years.

I'm just feeling kind of numb to the fact that thousands have probably been wiped out and there will still be more losses to come. I know I am but one little person caught up in this tragedy that is happening and that everyone, with the exception of the tech bro billionaires, will feel the pain of watching their hard-worked savings go up in smoke.

Oh man, don't get me started on Social Security - I was counting on it in addition to my IRA distribution and an anual annuity that I have to fund the rest of my life. Right now I am still in the middle of my SSDI case which is finally seeing a little movement after applying in February 2024. I was already denied the first time (par for the course - my lawyers filed an appeal and I am slowly working through that process). I am not counting on it though but I will continue to do what I have to do for it. Luckily, K. is still working and he has a good job. His full retirement age is December 2025.

The entire country has been turned upside-down and everything we've all counted on and thought was true is as if a rug has been pulled out from under us. Yesterday we joined the protest in Santa Fe, which has a huge population of retires so there were a lot of us older people out there protesting in front of the Capitol.

[Tradd]

Both my current job 401K and my IRA (rollover 401K from a job ages ago) are in target date funds. I’m leaving that alone, but a month ago I stopped mt 401K contribution and that $400/month is going straight into savings. I don’t want to throw good money after bad at this point. At least I won’t lose the current money.

[iris lilies]

It makes me anxious, very anxious, but I try to act like a grown-up. I try to be calm about it, because realistically, I’m not much personally affected, it’s only wealth on paper. I remember in the last big market recession I was too busy working to pay attention to what was going on in the market, other than vague knowledge that things were not good. But I kept putting the same amount of money in the stock market each month because I was too busy to pay much attention to finances and it was already set up to do so.

[pinkytoe]

I am not looking at our accounts anytime soon. Glad that at the least about 65% was in cash funds. If I were smarter, I would have made some big adjustments before Trump began his reign but wasn't expecting this chaotic turmoil so soon.

[Rogar]

It's probably not much consolation, but the market has had an unprecedentedly long bull market and stock markets are probably not much lower than just a few or several months ago. At least today. Humble opinion is that many older people in retirement or close have too much money in stocks, but we all have our strategies and those people have benefitted from the long run up over the last few years. The stock market seems to be resilient and has always come back, at least so far in history, although there's no guarantee as to how long it will take when there are down cycles.

[catherine]

It makes me anxious, very anxious, but I try to act like a grown-up. I try to be calm about it, because realistically, I’m not much personally affected, it’s only wealth on paper. I remember in the last big market recession I was too busy working to pay attention to what was going on in the market, other than vague knowledge that things were not good. But I kept putting the same amount of money in the stock market each month because I was too busy to pay much attention to finances and it was already set up to do so.

During the 2008 recession and the real estate crash, I was in a very vulnerable position as some of you may remember, and I lost a significant amount of money. This time around I do have some money (a pittance, really) in the stock market, and I'm trying to be sanguine about it. I'm letting it sit, not worrying about it, and if the money does evaporate forever (I don't think it will), I'll be broke again. That's all. IL, as you said, in many cases, money is only paper. Now, if Social Security gets dismantled completely, THEN life will be a little more uncomfortable. But I'm confident that won't happen, either. At least for those of us already getting it.

[SiouzQ.]

I have been in contact with my financial advisor in the past few months anyway and we decided to change my allocations to a much more conservative plan so at least I've watching things and have been proactive since the Trump Inauguration.

I think I have too much time on my hands from not working and am probably following the news way too much. Sometimes it makes me feel so defeated but then I have to remember that I am NOT that low-wage single parent anymore HAVING to get into frugal living out of sheer necessity. But I still have those financial fears buried way back in my mind. I remember all too well what it felt like to be in a homeless shelter for six weeks with a six month old baby...

[Tybee]

I think there is a lot to be said for allocation that meets your particular stage in life, so I would not be telling my kids to sell any stocks, as they have years to make it up, but I am currently much lighter on stocks than I was before Trump took office. If you have enough money or enough time to ride it out, that's great. I've never been comfortable with the "put it away and not look at it" approach, but that's just me. At 70 and needing that money to live on, I am limiting my exposure to equities until things look brighter.

[iris lilies]

Damn. Missed that buying opportunity.

there will probably be another though in this crazy time

[Tybee]

Damn. Missed that buying opportunity.

there will probably be another though in this crazy time

or they are pumping and dumping in illegal market manipulation.
You have to decide if you want to play their games.