Hello Everyone - I just discovered this wonderful site yesterday and am so excited! What a great bunch of members and am honored to have joined the group. Although sadly, here I sit during memorial day weekend, it's beautiful outside and I need to get my butt out there and enjoy the day. However, retirement and $$$ weighs heavily on my mind every day.
STATS:
I'm 57 yrs young, was married 20yrs but when through a divorce in '99 when husband decided the hootchie-mama on the other side of the fence was better. As a result within the last few years I haven't been able to save as I should have and also went through two job losses which really put me behind. And In the interim lost my parents and dear sister, so I have gone through many trials and tribulations. Fast forward 12 yrs later, I have a wonderful job, albeit my salary is only $40k, but in this economy I'm very grateful! I'm a very positive and happy person and love life, and I know from personal experience, life is what we make it to be.
Due to divorce and two job losses I am way behind in my retirement fund; make that very sadly behind. But I know I can fix it by working hard and saving like mad int my 401k, etc.
The problem is I have no knowledge of which funds I should be choosing at through my 401k with Fidelity at work, and how to allocate properly. And then due to my extreme lack of investing properly I did a very stupid thing (you can send me a cyber-slap). About a year ago when the market was crashing I took the funds I had in American Funds ($20k) which was dwindling so quickly, and I spoke with a financial adviser and told him I need these funds to retire and cannot tolerate the risk and he advised me to transfer the funds to an Annuity with Modern Woodmen, and he opened up an account for a Flexible Premium Deferred Annuity. Long story short - when I reach 67 I will receive $160.07 for life. The guaranteed rate is 3.0%.
In moving forward, I am a single woman, owning a home, and as you can imagine $$$ is tight, but I try to save every single penny. My income is only $40k. I put 11% in my 401k at work with Fidelity, and another $150 into a savings account.
I also just recently transferred 401k ($4,500k) from a previous job into a new account I opened up with Fidelity. But again, I have no idea what I am doing and put the funds into PRPFX. Within 2 mo I already lost $200!
I know I need to save like mad, but where, which funds? I'm so confused. I attached a chart so you can review my current investments and 401k funds through my employer. Since I recently opened up an account with Fidelity, I would have many choices, but don't know which funds I should be choosing. Because I am 57 yrs young I can't be too aggressive, and obviously the fund I did pick (PRPFX) when I opened up the account was a bad choice, and I transferred all my funds ($4,500) into that account (bad choice) and lost already $200. I should have left it with my old employer which was a fixed account at 2% - duh?
I appreciate any and all advise so very much. So much so, I am sending you all {{{hugs}}} in advance.
STATS:
I'm 57 yrs young, was married 20yrs but when through a divorce in '99 when husband decided the hootchie-mama on the other side of the fence was better. As a result within the last few years I haven't been able to save as I should have and also went through two job losses which really put me behind. And In the interim lost my parents and dear sister, so I have gone through many trials and tribulations. Fast forward 12 yrs later, I have a wonderful job, albeit my salary is only $40k, but in this economy I'm very grateful! I'm a very positive and happy person and love life, and I know from personal experience, life is what we make it to be.
Due to divorce and two job losses I am way behind in my retirement fund; make that very sadly behind. But I know I can fix it by working hard and saving like mad int my 401k, etc.
The problem is I have no knowledge of which funds I should be choosing at through my 401k with Fidelity at work, and how to allocate properly. And then due to my extreme lack of investing properly I did a very stupid thing (you can send me a cyber-slap). About a year ago when the market was crashing I took the funds I had in American Funds ($20k) which was dwindling so quickly, and I spoke with a financial adviser and told him I need these funds to retire and cannot tolerate the risk and he advised me to transfer the funds to an Annuity with Modern Woodmen, and he opened up an account for a Flexible Premium Deferred Annuity. Long story short - when I reach 67 I will receive $160.07 for life. The guaranteed rate is 3.0%.
In moving forward, I am a single woman, owning a home, and as you can imagine $$$ is tight, but I try to save every single penny. My income is only $40k. I put 11% in my 401k at work with Fidelity, and another $150 into a savings account.
I also just recently transferred 401k ($4,500k) from a previous job into a new account I opened up with Fidelity. But again, I have no idea what I am doing and put the funds into PRPFX. Within 2 mo I already lost $200!
I know I need to save like mad, but where, which funds? I'm so confused. I attached a chart so you can review my current investments and 401k funds through my employer. Since I recently opened up an account with Fidelity, I would have many choices, but don't know which funds I should be choosing. Because I am 57 yrs young I can't be too aggressive, and obviously the fund I did pick (PRPFX) when I opened up the account was a bad choice, and I transferred all my funds ($4,500) into that account (bad choice) and lost already $200. I should have left it with my old employer which was a fixed account at 2% - duh?
I appreciate any and all advise so very much. So much so, I am sending you all {{{hugs}}} in advance.