Goal #1 of 2009 is right on schedule. I am on track to max out the Roth IRA by the end of next week with $500 fom the upcoming paycheck. Currently, my contribution stands at $4,500, partially thanks a small bonus I received at work.
Maxing out the Roth every year is probably one of my proudest financial achievements. Since I’ve started a Roth IRA, I’ve contributed $17,500. $4,000 in 2006 and 2007, $5,000 in 2008, and $4,500 (soon to be $5,000) in 2009.
But is the current value of the Roth IRA anywhere near that figure? Noooooo. Nope. Not a chance in hell. My Roth is worth about 70% of what I put in. That’s all money I saved, dollar by dollar. So, OUCH.
At least the shares are cheap right now.
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Isn’t depressing to see the current value lower than your contributions?? Although, hopefully things will turn around. I was shocked when I looked at my 401(k) numbers at the beginning of January and saw a huge increase from a month ago. Thankfully we’re not retiring within the next five years.
My Roth is also down to about 70% of it’s initial value. It is a bit depressing.
It’s weird because it gives you a different perspective on money…which I guess could be bad, because, for example: Oh look, I lost thousands of dollars in my retirement fund. So losing $30 from buying this new game doesn’t seem like much of anything!
Dangerous…oh well, we’ve got a ways to go!
Ugh, I’m there with you. I put in $5K for 2008, and have lost more than that in the market!
It’s all about perspective. Your last sentence says it all. That last $500 will buy more and grow more than the previous $500.
Seriously, you shouldn’t even be looking at your balance more than quarterly or even annually at this point in your life.