How Closely Do You Monitor Your 401k / Retirement

[StacyStrong]

Almost daily, ha. But, it’s on the main page of my employer HR page so it’s there very single time I submit my time, check my PTO balances, etc.

I don’t do anything about it, but I glance at the total since it’s there.

 

[Minnesota!]

I check it one - two times a month. I write the total on my calendar so I can compare it next time. If it still looks good, I leave it! It's been a good few years. so have not had to touch a thing..

 

[QueenIsabella]

Checking too often can be unhealthy--not bad, necessarily, but if you're the type who obsesses, it's not good. The market fluctuates, and if the jitters give you the jitters, you're better off stepping back. Once a month, once a quarter are fine. Also, you should re-balance at least once a year.

Not in our retirement accounts, but right now, we're watching our stocks. We have a kid going off to college next fall (2021), so we're going to have to sell stocks and move them into something more stable (i.e., something boring, but that won't lose her college money on her). We have a few stocks on our "to sell" list, but we've been holding off.

If you know very little about investing, choose an index fund or two--maybe one for stocks (maybe 60-70% of your investment), and one for bonds (the rest). Those are fairly safe, until you reach a point of understanding better how things work. As you gain knowledge, you may find that you're more tolerant of risk--or not. Everyone is different, and people typically have different risk levels at different ages. The important thing is to start putting a little money away for retirement each month--and just keep doing it.

 

[longboard55]

Self employed sole proprietor, I am the 401k. Check every day and trade a lot, you do get better at it. It is crazy some times, takes nerves of steel

 

[m3000]

Monthly, when looking at over all finances each month. But it's all automated so I'm not changing anything based on the number.

 

[TCRAIG]

Daily - I’m 64 - can’t afford to ride out another crash. I’ve probably only changed my investments 3 or 4 times in 30+ years- but I need to be ready to move if there’s big trouble in the next 12 months

 

[indimom]

For the most part, set it and forget it, I do look over the statements I receive but I don't change things regularly. I've got it split between high and low risk investments.
Now that we are in the sweet spot another poster mentioned above (mid-40s with the kids out of the house), I've been significantly increasing my contribution annually. Scheduled to meet with him this afternoon to make my annual increase. If all goes well, (and we're able to work another 20 years), we should be in a good place for retirement.

 

[slpeters]

Hardly ever. I've got almost twenty years left so there's plenty of time to ride whatever out. I have it set to balance to the preset allocation and I just keep throwing 15% in. I'm pretty sure my husband handles his the same way.

 

[goofyernmost]

I am currently drawing off my 401 and retired. I watch it daily sometimes more then once a day. I didn't take any high risk positions so it has all stayed pretty stable for quite a while. However, I am obviously concerned because without the income I had as I was paying in, it could be diminish quickly.

 

[mrodgers]

Someone in the office will say, "did you see how much the 401k made?" and I'll pull it up and check.

I wish I knew anything about investing. The website is a mess and I can't make heads or tails out of it. I would like to invest myself, but it's really very very little money I have. Working on getting rid of a car payment, then I can start putting some pay money away. I wasn't able to do that in 17 years of marriage, it's all new to me.

There's no help to seek online about investing for poor people. It's all assumed to be people who make a lot of money. To us folk when we have $100 every now and then rather than the assumed $1000 every 2 weeks, it doesn't seem worthwhile to invest that $100 to make $0.04 rather than $0.01.

 

[RamblingMad]

Someone in the office will say, "did you see how much the 401k made?" and I'll pull it up and check.

I wish I knew anything about investing. The website is a mess and I can't make heads or tails out of it. I would like to invest myself, but it's really very very little money I have. Working on getting rid of a car payment, then I can start putting some pay money away. I wasn't able to do that in 17 years of marriage, it's all new to me.

There's no help to seek online about investing for poor people. It's all assumed to be people who make a lot of money. To us folk when we have $100 every now and then rather than the assumed $1000 every 2 weeks, it doesn't seem worthwhile to invest that $100 to make $0.04 rather than $0.01.

Check out the little book of common sense investing. The reality is that the market grew at 15% annualized while savings accounts paid close to zero over the same time frame. This is why poor people can’t get ahead.

 

[tvguy]

Someone in the office will say, "did you see how much the 401k made?" and I'll pull it up and check.

I wish I knew anything about investing. The website is a mess and I can't make heads or tails out of it. I would like to invest myself, but it's really very very little money I have. Working on getting rid of a car payment, then I can start putting some pay money away. I wasn't able to do that in 17 years of marriage, it's all new to me.

There's no help to seek online about investing for poor people. It's all assumed to be people who make a lot of money. To us folk when we have $100 every now and then rather than the assumed $1000 every 2 weeks, it doesn't seem worthwhile to invest that $100 to make $0.04 rather than $0.01.

Yet over time those TINY investments can add up. Before we had 401ks we had IRAs. My wife put $100 a month in in 1979 and 1980. $2,400 total. That account 40 years later has a balance of $60,000, enough money for us to live a year on in retirement.

 

[QueenIsabella]

Someone in the office will say, "did you see how much the 401k made?" and I'll pull it up and check.

I wish I knew anything about investing. The website is a mess and I can't make heads or tails out of it. I would like to invest myself, but it's really very very little money I have. Working on getting rid of a car payment, then I can start putting some pay money away. I wasn't able to do that in 17 years of marriage, it's all new to me.

There's no help to seek online about investing for poor people. It's all assumed to be people who make a lot of money. To us folk when we have $100 every now and then rather than the assumed $1000 every 2 weeks, it doesn't seem worthwhile to invest that $100 to make $0.04 rather than $0.01.

I respectfully disagree that there's no help available online. You just have to start reading. Two of my favorites to read are Mr. Money Mustache (generally geared for the FIRE crowd), and Bogleheads (in honor of John Bogle, the founder of Vanguard). Of course, I also read the Wall Street Journal daily, and other sites like Marketwatch, Barron's on occasion, and so forth. Most, if not all, of these sites have "investing for dummies" type sections, where you can read articles to learn more about stocks, bond, insurance, annuities, HSAs, estate planning, and so forth. I would start there, if I was looking to educate myself.

I will say, different sites have different styles--the Money Mustache people are more about spending as little as possible in order to retire as soon as possible. While that might not be your goal, you can learn a lot from their frugal ways. Similarly, the Bogleheads are more about keeping what you have (and many are high net worth individuals). While it's easy to get intimidated y people with 7- and 8-figure nest eggs, they have lots of great information to share. And a lot of the issues, such as gifting or leaving money to heirs, are valuable whether your estate is $10k or $10M. I also find both sites to be willing to help out beginning investors.

 

[NYCgrrl]

There's tons of help online.
I recommend this website to most everyone I know but particularly those going off on their own whether happily ( out of college) or not (death, divorce):

www.clevergirlsknow.com.

 

[mrodgers]

I respectfully disagree that there's no help available online. You just have to start reading. Two of my favorites to read are Mr. Money Mustache (generally geared for the FIRE crowd), and Bogleheads (in honor of John Bogle, the founder of Vanguard). Of course, I also read the Wall Street Journal daily, and other sites like Marketwatch, Barron's on occasion, and so forth. Most, if not all, of these sites have "investing for dummies" type sections, where you can read articles to learn more about stocks, bond, insurance, annuities, HSAs, estate planning, and so forth. I would start there, if I was looking to educate myself.

I will say, different sites have different styles--the Money Mustache people are more about spending as little as possible in order to retire as soon as possible. While that might not be your goal, you can learn a lot from their frugal ways. Similarly, the Bogleheads are more about keeping what you have (and many are high net worth individuals). While it's easy to get intimidated y people with 7- and 8-figure nest eggs, they have lots of great information to share. And a lot of the issues, such as gifting or leaving money to heirs, are valuable whether your estate is $10k or $10M. I also find both sites to be willing to help out beginning investors.

A lot of people have a misunderstanding I think when others say they don't have a lot of money. We're talking I have $100 to start investing. It's what is in my pocket. There's not another $100 hidden in there, it's $100. The advise certainly is good, just look above when someone said they put $100 away in an investment for 2 years and.... That's $100 every month. Poor people need help with that single $100 bill. Maybe in the future there is another $100 bill. Maybe they work 30 hours of overtime instead of 10 so they have another $100 in October, but right now they have 100 non-recurring dollars to start with.

That is the problem with trying to seek information. When the majority is all about huge investments and you'll spend a year trying to find that one tidbit of info that pertains to your $100, it's not worth all that time of pouring over info. Similar to credit cards. All I got from credit card help when I was seeking when married is that I should tighten up my belt straps and I could easily pay $24,000 off in CC debt within a year. Poor people see that and think, I don't even make that much, how am I suppose to pay that much off in a year?

That's what I'm talking about. I have about $100 that I could invest. Would love to have a regular monthly amount to invest but I just don't have that kind of income after deductions in my paycheck.

 

[DLgal]

A lot of people have a misunderstanding I think when others say they don't have a lot of money. We're talking I have $100 to start investing. It's what is in my pocket. There's not another $100 hidden in there, it's $100. The advise certainly is good, just look above when someone said they put $100 away in an investment for 2 years and.... That's $100 every month. Poor people need help with that single $100 bill. Maybe in the future there is another $100 bill. Maybe they work 30 hours of overtime instead of 10 so they have another $100 in October, but right now they have 100 non-recurring dollars to start with.

That is the problem with trying to seek information. When the majority is all about huge investments and you'll spend a year trying to find that one tidbit of info that pertains to your $100, it's not worth all that time of pouring over info. Similar to credit cards. All I got from credit card help when I was seeking when married is that I should tighten up my belt straps and I could easily pay $24,000 off in CC debt within a year. Poor people see that and think, I don't even make that much, how am I suppose to pay that much off in a year?

That's what I'm talking about. I have about $100 that I could invest. Would love to have a regular monthly amount to invest but I just don't have that kind of income after deductions in my paycheck.

The issue with most investment accounts is the initial investment requirement (usually at least $1000). My advice to you is save until you have the minimum amount needed for an investment account, like a Vanguard Index Fund. Once you open that, you can throw in any amount you want, at any time. It can be $5 here and there, $25 a month, or $500 every week. Totally up to you.

 

[QueenIsabella]

A lot of people have a misunderstanding I think when others say they don't have a lot of money. We're talking I have $100 to start investing. It's what is in my pocket. There's not another $100 hidden in there, it's $100. The advise certainly is good, just look above when someone said they put $100 away in an investment for 2 years and.... That's $100 every month. Poor people need help with that single $100 bill. Maybe in the future there is another $100 bill. Maybe they work 30 hours of overtime instead of 10 so they have another $100 in October, but right now they have 100 non-recurring dollars to start with.

That is the problem with trying to seek information. When the majority is all about huge investments and you'll spend a year trying to find that one tidbit of info that pertains to your $100, it's not worth all that time of pouring over info. Similar to credit cards. All I got from credit card help when I was seeking when married is that I should tighten up my belt straps and I could easily pay $24,000 off in CC debt within a year. Poor people see that and think, I don't even make that much, how am I suppose to pay that much off in a year?

That's what I'm talking about. I have about $100 that I could invest. Would love to have a regular monthly amount to invest but I just don't have that kind of income after deductions in my paycheck.

Oh, please! Start with the $100. Put in a savings account, if you wish. Then when you get the next $100, add it. And so on. Meanwhile, investigate accounts that will let you start with a low initial balance. Once you find one you like, save up until you get to that $500 or whatever. Then, get the ball rolling. Yeah, I know, it's not simple or quick--but it's a start.It's like exercising--you have to start somewhere, even if you're 200 pounds overweight. If you don't start, you never get anywhere.

In the mean time, invest your time in educating yourself about investing. And, as I said, visit some "frugal living" type sites, to help you maybe find another source of income or investment money--even an extra $25. Everyone has to start somewhere. And no, I'm not guaranteeing that you'll become a millionaire in 5 years or 10 years or whatever--but if you start saving, even in little amounts as you can, you could work yourself up to a decent nest egg.

 

[runwad]

@mrodgers do you like podcasts? Two really good ones for new investors are:

Suze Orman's Women and Money Podcast
https://www.suzeorman.com/podcast
and

Clark Howard https://clark.com/podcasts/

Start listening to them or reading their websites. You don't have to have a lot of money to get started. You can open a fund at Schwab with any amount of money. My kids used to have a paper route when they were 7, 9 & 11. I put all their tip money in a Roth account for them just invested in a total stock market etf - VTI, they started with $600 each and we never added to it and 10 years later its worth $2500. The key is to get started saving and make it automatic every month. Invest your $100 this month and if next month you only have $10, well put that $10 in there. Just keep plugging away month after month, year after year.

I'm also a member at http://www.savingadvice.com/forums/, you might find this group helpful, they love to give financial advice to people and we're all different income levels, some 6 figures and some low 5 figures

Good Luck!

 

[tvguy]

A lot of people have a misunderstanding I think when others say they don't have a lot of money. We're talking I have $100 to start investing. It's what is in my pocket. There's not another $100 hidden in there, it's $100. The advise certainly is good, just look above when someone said they put $100 away in an investment for 2 years and.... That's $100 every month. Poor people need help with that single $100 bill. Maybe in the future there is another $100 bill. Maybe they work 30 hours of overtime instead of 10 so they have another $100 in October, but right now they have 100 non-recurring dollars to start with.

That is the problem with trying to seek information. When the majority is all about huge investments and you'll spend a year trying to find that one tidbit of info that pertains to your $100, it's not worth all that time of pouring over info. Similar to credit cards. All I got from credit card help when I was seeking when married is that I should tighten up my belt straps and I could easily pay $24,000 off in CC debt within a year. Poor people see that and think, I don't even make that much, how am I suppose to pay that much off in a year?

That's what I'm talking about. I have about $100 that I could invest. Would love to have a regular monthly amount to invest but I just don't have that kind of income after deductions in my paycheck.

You are referencing my post and my wife, and yes she put $100 a month away for 2 years, paid rent, ate, bought gas, paid her auto insurance and health insurance, bought clothing, paid utilities, all on a GROSS income of $12,000 the first year, and $16,000 the second year. You actually prompted me to pull out her Social Security earning statements to get those numbers.
I'm sorry you didn't get the helpful advise you sought from credit card help, but keep working to educate yourself on your financial options. Keep asking, keep reading, keep Googling. Without seeing your financial numbers, of course, there is no way to speak to your situation. But I have seen enough of those financial shows to know that a careful eye can find or re-purpose money in a way that adds up to serious money. You just have to really want to do it.

 

[mrodgers]

You are referencing my post and my wife, and yes she put $100 a month away for 2 years, paid rent, ate, bought gas, paid her auto insurance and health insurance, bought clothing, paid utilities, all on a GROSS income of $12,000 the first year, and $16,000 the second year. You actually prompted me to pull out her Social Security earning statements to get those numbers.
I'm sorry you didn't get the helpful advise you sought from credit card help, but keep working to educate yourself on your financial options. Keep asking, keep reading, keep Googling. Without seeing your financial numbers, of course, there is no way to speak to your situation. But I have seen enough of those financial shows to know that a careful eye can find or re-purpose money in a way that adds up to serious money. You just have to really want to do it.

It's amazing the difference of today vs. that long ago. Even 20 years ago, I was married, kid on the way, bought our first house, maintained 2 cars (5 year loan on used plus year 6-10 on the other car until it was replaced) all while my wife quit her part time job to raise the kids and I made $12/hour on the edge of 9/11 and the economy stagnating for the lower workers.

I am looking to start and toss some money now, but the current goal is to take vacation payout, bonus, and tax refund and get the car paid off early. At that time, hoping to be March, I am looking at being able to put a small amount away, and it will be for the car replacement. I'm not looking at long term retirement, I have the 401k for that which is slowly building back. There are other needs that come that need paid but not now for a while like future car and house down payment. That's the kind of investing I'm looking into, but the only thing I know is going to the bank and getting a mutual fund.