COVID's effects on your retirement?

[roller]

For those invested in the market, I'm curious to get opinions on how the virus has affected your 401k/retirement... and what your stance has been on preserving what you have and growing back what you may have lost. I recognize this year's situation has not been kind to many.

Any experts in this realm care to chime in and share your insights?

Thanks for the advice.

 

[Gaolee]

Probably none. I won't have a fortune to retire on and I will probably have a part time job until I am dead. This pandemic has not changed that.

 

[LBS-bass]

Not that much, at this point. Early on we took a bit of a hit, but things have recovered. We do own a fairly large chunk of a stock that has been doing exceptionally well, so that helps. I think we might be down by a bit still, but overall we're in ok shape so far.

 

[rickster4003]

Retirement?? I'm working till I die, unless aliens take me first.

 

[GregC]

It's worth pointing out that the average person's balances should not be down that much as of this date unless they took a ton of the wrong kind of risk or their advisor/manager screwed up. From the Feb. 19 peak through July 7, the S&P 500 Index is down 6%. And from the start of 2020, the index is down just 1%.

I take the long-term view. I'm unlikely to retire in less than 10 years, and I do not expect Covid 19 to impact the economy and markets for nearly that long (though there's always a chance).

I did get a little more conservative in the past couple of years due to (A) getting older and (B) the extremely long rally that stocks had had--ultimately from March 2009 to Feb. 2020. 11 years is far longer than the typical bull market. I was going to shift a bit back into stocks as the recent downturn got worse, but I didn't move fast enough before the rebound. If there's another big drop, I expect to buy. I'm talking about small moves, not massive shifts.

 

[bobba66]

Things have been up and down at work. 56 hours a week until the virus hit, then down to 36. Shuffle a few people around and it looks like I'm back to 56 pretty soon. I'll be 60 very soon, this stuff is wearing me out.

 

[gkbass13]

I took advantage of the extended tax deadline and maxed out my Roth IRA for the 2019 tax year. I hadn’t contributed anything to it, as my fiancé and I bought our first house last year and that had been the main financial focus for awhile(built in 1890 so a project to say the least).
Getting back to Roth investing has sort of become a fun challenge/hobby during these scary times, and will hopefully pay off a couple decades from now.

 

[DirtDog]

If I get offered early retirement buy-out, I'm taking it! Freedom 55 baby!

 

[Doc Blue]

The biggest impact on my retirement is no travel dollars spent so far this year. As far as the 401k and investments, I'm leaving things alone. I have enough "guaranteed return" funds to draw on until I file for SS, so I can let equities recover.

Try to have patience. The market will recover.

 

[Gorn]

My dad's retirement income comes from some retail property. He's not doing well.

 

[Biggbass]

so far, no effect at all.

 

[SubHuman]

COVID's effects on your retirement?

Sorry I thought you wanted to know how this effected my retirement!
I won't comment on anything financially except save, save, save (if you can) but this virus has literally ruined the awesome retirement I planned one year ago.
I had everything set up...the retirement date, travelling, spending more time with my kids and family, etc. and BAM. The whole thing fell apart.
It really has been a bummer of a retirement so far. I am writing off 2020 and hoping 2021 is a better year for all of us here on planet earth.
I will say one thing...I hardly spend any money since nothing is going on with concerts or sports or vacations, or anything fun etc. but I am recording and playing more (solo) but I would rather be spending money and enjoying my golden years with friends and family. I am also designing and building FX pedals as a hobby.
I used to faithfully get together with my friends and jam once a week and that just now started back up but two of my friends quit because of the virus...bummer but I understand.
We're starting to get out more but the virus numbers are also going up so I'm backing off a little again.
THIS VIRUS SUX!
A few stupid people ruined 2020 for the whole world by spreading a (questionably created) virus to the whole world! I have seen some pretty horrible things take place on planet earth but this one could've and should've never happened or at least not this bad!
Sorry I know you wanted financial advice but I just had to vent!

 

[Alkali Ike]

I retired in 2013. So far 2020 is the least enjoyable year of it.

 

[Doc Blue]

One other aspect of this virus that has affected my retirement, and everyone else's, is the long term effect of states killing their tax receipts by shutting down the economy, and all the federal stimulus - Inflationary pressure. High inflation can wreak havoc on retirement finances. Only time will tell what happens. Hope it isn't too bad.