If this has already been diaried, I'll delete this one.
Wow, what a hit. Probably I shouldn't complain - I have a 401K to even be hit. Still, it's really disheartening to see your 'savings' for the last couple years go poof! in just one bad day.
So, I'd like to commiserate with anyone else who experienced this. What happened to you?
For me, I saw about a 12.5% decline across my husband's and my 401Ks yesterday. I looked it up - we're still better off than we were 2 years ago. It's still tough to plan investments - you think you've got the best plan you can and you take a huge hit anyway.
So, we're betting on gloom and doom - and put the money into the bond market planning to wait out the drop and at least quit bleeding money. But who knows if that's the best bet?
Also, at this time I have no idea how to find out if my accumulated pension was affected. I don't think the company updates that very often - who knows how that is invested. We're lucky to even have any pension at all - they aren't offered anymore even by the company I work for.
I guess I'm just here to fret out loud. Any one care to join me?
Updated:
Based on the comments, I tried to look at the historical records in the plans. It's definitely the case that the 12.5% decline has all happened since Jan 1, 2008. What exact proportion of the nosedive took place yesterday - the records aren't that detailed and I can't exactly recall. I did look online at the balances over the weekend and they were higher than they are today but I didn't write them down. Overall, glad we're now in bonds. What a bath.