My dad got his IRA statement--and its all gone.

I just wanna cry for my parents---cause I know they work so hard for what they have--and all they want is to retire in a couple of years by buying a little piece of property in Puerto Rico and hang out with all their friends & family that are already out there.

He started putting money in the IRA a couple years ago as a "catch up" so he'd earn a little something on his money. So it wasn't a huge account...but he got the statement for his and my mom's IRA -- and at the beginning of the month it was valued at nearly 10K---and now...its ZERO.

They are regular, hard working, middle class people and they just lost a chunk of money that could have gone to retirement. It just makes me so about all of this crap on Wall St. and everything. They don't deserve this.

This isn't about a political party or anything -- it just more like "wow--this whole financial crisis really just hit home for us."

Anyone else really feeling the crisis now?

Re: My dad got his IRA statement--and its all gone.

yes, I think we are all feeling it but is is especially horrible for those close to retirement...I feel so badly for your parents

Re: My dad got his IRA statement--and its all gone.

I am sorry for your parents.

Re: My dad got his IRA statement--and its all gone.

Yes, my dad had an IRA (small) and now it's down by at least 50%. He's 76. I've been telling him to hold on and not use it unless there is an emergency. I wish I wouldn't have told him that. I wish he would have cashed it in 2 years ago.

I have some money in brokerage as well and it's tanked.

My 401(k) is in the toilet.

I'm sick over it.

Re: My dad got his IRA statement--and its all gone.

Re: My dad got his IRA statement--and its all gone.

Posted by MrsPJB2007

Posted by Blu-ize

Yes, my dad had an IRA (small) and now it's down by at least 50%. He's 76. I've been telling him to hold on and not use it unless there is an emergency. I wish I wouldn't have told him that. I wish he would have cashed it in 2 years ago.

I have some money in brokerage as well and it's tanked.

My 401(k) is in the toilet.

I'm sick over it.

my dad was gonna take the money out 2 months ago and transfer it to his savings account he has established in Puerto Rico to buy the property they want---and he figured "well i'll just leave it--no sense in taking it just yet." now he's kicking himself.

i gotta say his attitude is good--he just said "no sense in getting upset and angry over it--its done--it is what it is--your mother and i will just have to wait a little longer"



i wanna win the freaking lottery to buy them their retirement dream home!!!

Re: My dad got his IRA statement--and its all gone.

We are definitely all feeling it in some way and can relate but it is, more than anything, hard on those our parents age -- my parents and your parents are around the same ages. I'm so sorry for them - and I'm hoping that somehow things get better and they are able to bounce back - even if it is just a little bit. I'm just hoping that happens for them because they just don't deserve this. I'm sad to hear this and our thoughts and well wishes are with all of you guys at this time!

Re: My dad got his IRA statement--and its all gone.

My 401k has dropped over $12,000. It pains me to look.

Re: My dad got his IRA statement--and its all gone.

I'm so sorry for your parents. It is mind boggling what is happening to us !

Re: My dad got his IRA statement--and its all gone.

You know that is so sad. Everyone is feeling it but those ready to retire are feeling it even more. I'm so sorry for your parents.

Re: My dad got his IRA statement--and its all gone.

my parents were planning on retiring this year. I don't think they can now...

Re: My dad got his IRA statement--and its all gone.

Posted by jacquig

You know that is so sad. Everyone is feeling it but those ready to retire are feeling it even more. I'm so sorry for your parents.

Re: My dad got his IRA statement--and its all gone.

I'm so sorry for your parents. I understand how you feel. My In laws have lost over $50,000 and they are so worried. They are thinking of selling their house and moving somewhere not as expensive as NY.

Re: My dad got his IRA statement--and its all gone.

I am so sorry - my heart goes out to your dad! Hopefully the market will come back - don't sell - until then it's not a "real" loss - or at least that is what i tell myself ;)

Last night DH and I were talking about how much we lost in our portfolio in a matter of weeks - it is horrendous. But, thank god - I would not let him put the majority of our savings. I always felt that it was better to keep our down payment safe in the bank even though it wasn't making anywhere near the amount our stocks were making for a long time. Well everyone always laughed at me and my DH used to get SOOOO mad showing me how much $$$ he was making on our money in the stock market well last night he said - I AM SO GLAD I LISTENED TO YOU I don't hear that often!

Re: My dad got his IRA statement--and its all gone.

Re: My dad got his IRA statement--and its all gone.

Message edited 11/21/2011 10:02:06 PM.

Re: My dad got his IRA statement--and its all gone.

I'm sooo sorry..............That really is just horrible what things have come to.

Re: My dad got his IRA statement--and its all gone.

I dropped over $20K. While I have decades to retire & recoup, I feel for all of our parents. My dad was talking about retiring next year. I'm sure he still can but he's definitely taken a hit.

Re: My dad got his IRA statement--and its all gone.

Re: My dad got his IRA statement--and its all gone.

I'm sorry, that's terrible. My parents are retired and also suffering from all this cr*p so I know how you feel.

Re: My dad got his IRA statement--and its all gone.

This is terrible. I'm sorry that your parents have to go through this.

Re: My dad got his IRA statement--and its all gone.

I feel so badly for your parents. My parents had their very sneaky "best friend of my Dad's" accountant loss their WHOLE RETIREMENT package years ago. They spent the last few years working their butts off to try to recoup something to live off of. My mom still has to work.

Its so depressing when that happens; especially when this could have avoided.

Message edited 10/8/2008 3:52:06 PM.

Re: My dad got his IRA statement--and its all gone.

The same thing happened to my parents and my ILs. My parents still have 10-15 years to work so hopefully they will get some of it back. My ILs are retired and are definitely feeling it. After finding out they lost over 70K in one of their accounts, they met with their financial advisor last week to discuss options. They are not very optimistic that they will recoup any of it.

Re: My dad got his IRA statement--and its all gone.

I am nauseated by your family's plight. I'm so sorry. As the frustrated daughter of financially struggling parents, I can identify with all the fears and anger that this might cause. It is times like these where we need to revert to counting our smaller, but more meaningful blessings like health, love and family. I'm sorry that you are going through this.

Re: My dad got his IRA statement--and its all gone.

I am so sorry. That is horrible.