How Closely Do You Monitor Your 401k / Retirement

[disneychrista]

I am new to the saving for retirement / 401k (457b in my case) thing. Just curious how closely do you monitor it? How frequently do you make changes to the distribution?

I have never put money into a retirement account because the idea that the money could not be there when I need it scares me. I have started putting money into my company's deferred comp (457b) plan and I am finding that I am checking it at least one per week. I completely understand that there will be ups & downs and am trying to NOT to panic too much.

 

[China Expat]

I check mine monthly. I have a quarter of my retirement in a low interest savings account, but I will be 61 soon and cannot afford to lose it all in a crash like 2008.

 

[RamblingMad]

I monitor it weekly. I sell if my investment drops below the 300 day ma. And I buy as long as it’s above.

 

[Kitty 34]

DH was in charge of our 401k which he started back in the mid 90's as his job's pension wasn't going to be that great. I think he started looking at it more often as our retirement ages approached.

Me, the little bit of investing I did (being a substitute teacher) was pretty much CDs and then on to bonds and a few stocks. I have a new MM at my financial institute in which I follow monthly just for the fun of it. It is fun to watch $$ do its thing.

 

[Searc]

DH checks his monthly, minimum. He's 10 years away from retiring at age 55.

 

[Christine]

I generally just look at the quarterly statements. Sometimes I look a little closer, but I don't spend a lot of time on it. I have mine in several index funds and another diversified fund. Technically, it's managed by a company so I'm not buying and selling individual stocks on my own.

You need to select a risk profile you are comfortable with, put your money in, and don't forget about it, but let it work for you. Try to not get freaked up by the daily erratic moves of the stock market or you will go crazy.

 

[cedricandsophie]

We have a financial advisor and a plan based on our goals and how aggressive we want to be. so we rarely make changes unless we need to rebalance. And we rely on our guy to make suggestions Or answer questions We tried it on our own a long time ago and always seemed to buyIng high and selling low. For us, this is a much better system. We pay him for His advice but he has made us a lot of money. after the 2008 2009 debacle we got it all back and more. my only advice is to make a plan, set your goals and leave it alone.

 

[RedAngie]

I check about once a month.

 

[QueenIsabella]

DH has a spreadsheet that he updates monthly. We're in our 50's and have a wide variety of accounts. Our kids also have $$ that was left to them by their grandmother--we briefly review those with each kid monthly, and will have a bigger sit-down soon, as the year-end statements come in. Except our oldest--she's 24 and handles her own stuff.

Just so you know, our focus with the kids is Mom's patented "set it and forget it" strategy--we help them to see how much money they earned while sitting on their butts. It's less about dollar amounts and more about the concept of leaving the money alone so it can grow. That can be tough for kids (some adults, too!)

 

[dish rag]

I think just once.

 

[sonnyjane]

If your company offers a match, contribute up to the match, but then put money in a Roth IRA. You can take out what you’ve put in at any time without penalty, so that might help you feel a bit more secure. The limit on a Roth IRA is $6,000 a year if you’re less than 55 so if you have more money to invest after that, you can go back and put more in your employer’s plan.

 

[easyas123]

In the last few years our boys have finished school, and we have started to really amp up our contributions to 401K, Roth & other investments. We have a financial advisor, and a year ago went over everything, what we had, what we wanted, goals (?? we don't know yet!) and adjusted our deductions to fit those parameters. We married very young (20 & 21) and had kids within 2 years of that, so we have reached that sweet spot where kids are educated and moved out, but not married or with children yet and we are in our in our mid/late 40's. We are using this time to fund retirement as much as we can while we can, and still striking a balance that allows us to travel.

We look at it about every quarter or so. We will evaluate in a year and see if we are staying on track.

One thing we drilled into the boys, start contributing to that 401K the minute you turn 21, you'll not regret it.

 

[tvguy]

I check mine monthly. I have a quarter of my retirement in a low interest savings account, but I will be 61 soon and cannot afford to lose it all in a crash like 2008.

My wife shifted everything (100%) of her 401k money 8 years ago in low interest savings because she has been putting 15% of her pay plus the 3% company match into the 401k for 40 years. The balance, with social security was more than enough to carry her into her 100's. Unfortunately, hindsight is 20-20. We are both 62 and plan to retire this year when we turn 63. Our financial planner ran the numbers, if she had left it in the stock market fund in her 401k , she would have $225,000 more in her 401k. Oh well.

 

[NYCgrrl]

Actually checking this type of bank account? Semi annual. Checking more volatile investments? Monthly at least.

 

[Searc]

If your company offers a match, contribute up to the match, but then put money in a Roth IRA. You can take out what you’ve put in at any time without penalty, so that might help you feel a bit more secure. The limit on a Roth IRA is $6,000 a year if you’re less than 55 so if you have more money to invest after that, you can go back and put more in your employer’s plan.

Roth has an income cap.

 

[Toolulu22]

Monthly

 

[DLgal]

I look at them every week, but I don't do anything about them. I just like seeing them grow and grow. It's very satisfying. We have our stuff well diversified so no wild swings really, just steady growth over time.

 

[sonnyjane]

Roth has an income cap.

True, but it’s a rather high income cap, so I was assuming that if OP has never invested anything before, they would likely be under it.

 

[wannabee]

I look way too often. Love to see the balance growing

 

[Searc]

True, but it’s a rather high income cap, so I was assuming that if OP has never invested anything before, they would likely be under it.

It's above $196,000.