I’m a Florida state employee. I was given a choice between the state pension plan or an investment account that I control. Given the current state of the pension ($200 million lost on Russian investments) I was glad I chose investment.
That is until I get my most recent update. As of today, my account is down 13% for the year. It was down 4.65% in Feb, 8.59% in Mar, and 9.83% in Apr.
I pay in 3.5% of my salary every check and my employer matches it. Even with over a thousand dollars invested in the last 6 months personal (not including employer) contributions, the account is down lower than what I rolled over my account 3 years ago.
Maybe placing all of our retirement hopes in the gambling bubble that is Wall Street wasn’t the best plan ever.
I started saving for retirement nearly 15 years ago and I barely have enough to buy a decent car! This system is broken!!!