I have an account with Vanguard for my no-load ROTH IRA. It has lost some value, certainly. My contribution later in the week should scoop up more shares because the prices are lower, and that's fine with me. "Buy low, sell high" is still good advice. I'm in for the long haul.

When I set this up I chose INDEXED funds, not to be confused with the Indexes you were asking about. They are groups of stocks related by some aspect of the company, and most of mine aren't in mortgage backed securities or banks. They're in other things, and actually, are set to be a little riskier than average.

SRS