Nomoneynohoney
Registered User
- Messages
- 13
I don't know much about pensions or investments, but at 28 years old, I thought last year was about time to start saving for retirement. I am self-employed, so I chose a PRSA from Zurich. I put €1k in it last October and chose the split of investments myself (probably my first mistake given my lack of investing knowledge). The initial statement at the start of the year showed my €1000 had increased to €1,035, which looked good.
However, a statement arrived today, and I was quite disappointed to see it's now only worth €940. I get the whole pandemic thing has devalued many investments, but it seems I would've been far better off just putting the grand under my mattress. I am wondering two things: 1) does this sound like a normal level of loss on an investment given the pandemic? 2) should I avoid putting any more money in it for the foreseeable future? I know saving for retirement is a good idea but it doesn't feel like it when your initial attempt at getting started results in such losses so quickly.
However, a statement arrived today, and I was quite disappointed to see it's now only worth €940. I get the whole pandemic thing has devalued many investments, but it seems I would've been far better off just putting the grand under my mattress. I am wondering two things: 1) does this sound like a normal level of loss on an investment given the pandemic? 2) should I avoid putting any more money in it for the foreseeable future? I know saving for retirement is a good idea but it doesn't feel like it when your initial attempt at getting started results in such losses so quickly.