SURVEY SAYS: Checked Your Account Balance Lately?

It may be a light trading week, but that rationalization hasn't insulated retirement plan portfolios from being buffeted.

This week, I asked readers, “when was the last time you checked out your personal retirement plan account?”

Incredibly – either because it’s been a quiet week, because it’s been a volatile week in the markets, because this week’s’ respondents are extraordinarily in touch with their accounts – or maybe just because of the timing of the question (as one reader noted, “This morning as a matter of fact, right after reading the Bull Shift article. Sounds good…if only I were younger!” ) – nearly half (47.5%) said they had checked it out as recently as this past week.

An impressive 23.7%  had checked their balances in the past month, while nearly 15% had done so since June 30 (there were a number of readers who commented, “When my quarterly statement comes in the mail, I take a look.” ).   Smaller percentages said they had checked since March 31 ( 5.8% ), since January 1 ( 2.2% ), last year sometime ( 3.6% )….while a mere 2.9% weren’t really sure when they last checked.

Of course, considering our readership, those balance inquiries were often more than merely a personal pursuit (that might also explain the frequency of review).   Consider the following comments:     

“I check daily only because, as part of my job, I make sure the fund returns look reasonable compared to what the markets have done. Unfortunately, to do this I have to go to the recordkeeping system and log on to my account. Since the recordkeeper figured out that the page people are most interested in is the one with their account balance on it – they put that as the opening page. With it staring me in the face, I can’t help but look.”

“I generally check my account after I take a call from a participant who is having issues logging into his/her account. I figure I have the website up on screen already, so I might as well look, no matter how painful it might be. Good thing I haven’t taken too many phone calls with the recent market fluctuations!”

“I check it every day, if for no other reason than to see if the provider’s website is working – before I hear from a participant that it’s not! Occasionally I have found a problem that I can alert the vendor to before anyone else notices…”

There were personal references, of course:

"I rationalize it by saying that I'm checking out the web site on the participants' behalf."

"I've been paying more attention since June, after my new custodian deposited my 401(k) rollover check to the wrong IRA."

And some VERY personal references:

"I don't really want to know."

"While I used to check mine regularly, lately I've only been checking on up days for the Dow. The glass half full is less depressing than half empty."

"Actually, I checked it about 10 minutes ago & am still in shock & depression. I'm in my 60's & can't expect to rally back from these market downturns. Timing is everything!"

"I rebalanced last week, just like I normally do. I did not look at any investment return figures, just stuck with the plan."

"Since I'm near retirement, it's too scary to check the balance very often."

"I have not been brave enough to look at my last statement, or to check my account on the internet. I'd rather not know!"

"I check it weekly....I keep hoping for a miracle!"

But this week's Editor's Choice goes to the reader who noted, "I checked it this week, after I had my Rx for antidepressants refilled."

Thanks to everyone who participated in our survey!

I check daily only because, as part of my job, I make sure the fund returns look reasonable compared to what the markets have done. Unfortuantely, to do this I have to go to the recordkeeping system and log on to my account. Since the recordkeeper figured out that the page people are most interested in is the one with their account balance on it - they put that as the opening page. With it staring me in the face, I can't help but look. But as far as taking any action, generally once a year to rebalance.
I looked at the end of May. I figure I'll look again at the end of the year.
I rationalize it by saying that I'm checking out the web site on the participants' behalf.
Since I'm near retirement, it's too scary to check the balance very often.
I check it weekly....I keep hoping for a miracle!
I generally check my account after I take a call from a participant who is having issues logging into his/her account. I figure I have the website up on screen already, so I might as well look, no matter how painful it might be. Good thing I haven't taken too many phone calls with the recent market fluctuations!
I track my finances on Quicken, so I'm constantly aware of my retirement plan account. I'm silently cheering every time I do an online update, which uploads the fund prices and updates the current values, only to have my heart drop most of the time.
This morning, in fact. I am checking out the funds for the year and seeing if I should make a change.
I have not been brave enough to look at my last statement, or to check my account on the internet. I'd rather not know! Just hoping I can hang on for the rollercoaster ride.
I check mine at least 3 times per week online.
I signed up with Mint.com so I see my personal retirement account balance on a weekly basis now (no breakdown of each underlying fund though).
We receive quarterly reports - that's generally when I look at the balances.
While I used to check mine regularly, lately I've only been checking on up days for the Dow. The glass half full is less depressing than half empty.
I check it every day.
I rebalanced last week, just like I normally do. I did not look at any investment return figures, just stuck with the plan.
Actually, I checked it about 10 minutes ago & am still in shock & depression. I'm in my 60's & can't expect to rally back from these market downturns. Timing is everything!
This morning, I check all of my financial holdings every morning.
Quarterly rebalancing.
Just this morning - negative 14% personal rate of return
I check it every day, if for no other reason than to see if the provider's website is working - before I hear from a participant that it's not! Occasionally I have found a problem that I can alert the vendor to before anyone else notices...
I'm waiting for our 401k administrator to send me the fund info and the statement she said would be here by now. Since I audit her department, she knows not to tick me off too much. LOL
I'm thinking about my investments as a whole, both inside and outside "retirement accounts" almost daily. It's not systematic, but rather a question of staying continually aware of my own personal financial matters in the context of a global economy and political and social trends and events.
I update my fund prices daily in my personal finance tracker so I am actually checking things out daily by default.
I check it every day but I rarely make adjustments.
I don't really want to know.
Every quarter when the statement arrives.
When my quarterly statement comes in the mail, I take a look.
I check it regularly once per month. Sometimes more often. If there is at least a 1% deviation from my asset allocation, I may re-balance back to the allocation percentages.
Daily every morning...but that doesn't mean I do anything with it. I have "triggers" which I use to determine a change.
Most of my money was in the ESOP. Not much I could do about it. Now that we've been sold, it's all in my IRA--NOW I'm interested!
I review it annually and auto-rebalance. Alas, this upcoming birthday I'll reach the early retirement eligibility milestone and enter into the "twilight zone". For some reason, I'm beginning to think I'm not in Kansas anymore Toto.
this morning
our record keeper has a nifty feature that auto emails me my account statement once a week. I just open the email and review.
I checked it this week, after I had my Rx for antidepressants refilled.
This morning as a matter of fact, right after reading the Bull Shift article. Sounds good...if only I were younger!
I've been paying more attention since June, after my new custodian deposited my 401(k) rollover check to the wrong IRA. Thanks, (*&)*&y!

Earlier this week we covered a study about email addition (see  More Americans Are Owning Up to Their Addiction - to Email ).   This week I asked readers if THEY were addicted.

More than four-in-ten ( 41.8% ) said they were (hey, it's the first step in kicking the addition, right?), but nearly as many - 33.6% - said they weren't.   As one reader noted, "No, but I have to watch it more closely than I would like, because others whom I deal with regularly, are addicted and, of course, visualize only a world in which everyone operates exactly as they do. HMMM, sounds like a couple of groups holding "conventions".

Roughly 7% said they were addicted - but only because other people were (as one reader noted, "Only because other people are - the other people being my boss...." ), while roughly one-in-seven ( 17.8% ) opted for "other."

"Other" Insights

As for what was in that latter category, it was a mixed bag.   Mostly it seemed to be readers who:

(a) were only addicted at work ( "I could (and do) go days without opening my e-mail at home. HOWEVER, at work, I get time sensitive e-mails so I have to keep it open and click in often--maybe 5 or 6 times a day," said one),

(b) didn't feel addicted, but sounded like they were ( "I can't imagine living without it, but I suppose I could if I had to." )

(c) didn't think of themselves as addicted, because they liked checking email ( "No, I'm addicted to my blackberry... it's like looking in the fridge expecting that there's going to be something new in there. Except that with people working 24/7, sometimes there is!" )

(d) saw it as a necessity ( "It has become a necessity." )

(e) weren't addicted, but….as one reader said, "Addicted? No...but heavily reliant upon, yes! Is that what all addicts say?"

And there were some informative and entertaining verbatims:

"No, but it does really help to get the job done easier, better, and faster.

"It is the best communication tool ever. It is non-intrusive. It never rings while you are asleep, and never gets you out of the shower. If only everyone had it and used it. I could get rid of the phones."

"I don't think so. I do check my email more than twice a day but I don't wake up and immediately check it. Define addicted."

"I don't know...does that mean I am by default? I will have you know that I often go the whole weekend without checking e-mail!"

"I use it, an awful lot, but it doesn't replace getting up off my rear and walking over to a co-worker for a face to face. Unfortunately, most of my co-workers don't reciprocate."

A personal favorite was the comment:  "Can I e-mail my response?"

This bonus question Editor's Choice goes to the reader who said, "I would say I'm annoyed with e-mail because other people are addicted to e-mail."

Thanks to everyone who participated in our survey!

Only because other people are - the other people being my boss....
yes and no (at work I am and at home I am not).
I don't know...does that mean I am by default? I will have you know that I often go the whole weekend without checking e-mail!
Whatever happened to clients using postal, express, phone and fax services? I'm tied to my PC monitor now because it's the preferred communication device with clients.
It has become a necessity.
I don't think so. I do check my email more than twice a day but I don't wake up and immediately check it. Define addicted.
Can I e-mail my response?
I cannot seem to avoid checking it!
Only when I am procrastinating or doing a task I dislike.
I am a recovering email addict.
I use it, an awful lot, but it doesn't replace getting up off my rear and walking over to a co-worker for a face to face. Unfortunately, most of my co-workers don't reciprocate.
I don't think so, but I receive a lot of important communications (and too many unimportant) by e-mail so I have to look at it from time to time. If I'm on vacation I can go for a week or so without checking it. I don't have a blackberry or the like, either.
I wish that I could just plug the computer wires into my brain, and received the messages in my mind! Then I could just "think" the answer! It would be much easier than having to type all day long! And I could get SO much more accomplished!
No, but it does really help to get the job done easier, better, and faster.
I don't give out my personal E Mail address very often so I don't receive much E Mail at home. I receive far too much E Mail at work and often wonder why we have phones since no one uses them. I think I spend 1/2 of my day reading and responding to E Mail.
No, after hours I can ignore it.
Once per day I need to email my spouse, since I work out of town during each week. In addition, I utilize incoming email from subscriptions for marketing leads.
I would say I'm annoyed with e-mail because other people are addicted to e-mail.
I can't imagine living without it, but I suppose I could if I had to.
No, but I have to watch it more closely than I would like, because others whom I deal with regularly, are addicted and, of course, visualize only a world in which everyone operates exactly as they do. HMMM, sounds like a couple of groups holding "conventions".
Not really. I could (and do) go days without opening my e-mail at home. HOWEVER, at work, I get time sensitive e-mails so I have to keep it open and click in often--maybe 5 or 6 times a day.
No, I'm addicted to my blackberry... it's like looking in the fridge expecting that there's going to be something new in there. Except that with people working 24/7, sometimes there is!
I must be a bit addicted, because when I hear the message indicator "ding", I run to my computer like one of pavlov's dogs. I keep my addiction in-check during non-work hours, though.
not addicted. when away from office, never check email. however at office check every time indicator lets me know I have mail
It is the best communication tool ever. It is non-intrusive. It never rings while you are asleep, and never gets you out of the shower. If only everyone had it and used it. I could get rid of the phones.
Addicted? No...but heavily reliant upon, yes! Is that what all addicts say?

With all the focus on fees and fee disclosures, this week I also asked readers if they were paying more attention to their retirement plan fees than they were a year ago.

In view of that heightened scrutiny, it is perhaps surprising that a mere quarter ( 24.7% ) said they were paying more attention, while nearly two-thirds ( 62.3% ) said they were not (of course, many were no doubt paying a lot, and perhaps the same level, of attention during that period - as one reader noted, "I've always paid attention to fees. Only the looney don't." ).

Only one-in-twenty said they were paying more attention now "only because other people are", while 7.5% opted for "other."

"No, but I probably should be!," said one.  "Because of all the publicity about it our Committee is paying close attention," said another.   While, perhaps speaking for many, one reader noted, "I am more aware, but still working on understanding fee structures."

But this week's Editor's Choice goes to the reader who observed, "How can I pay attention to them when they're hidden??"

Thanks to everyone who participated in our survey!

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