Rethinking Retirement
Best to reconsider retiring right away if this keeps up.
http://biz.yahoo.com/ap/081007/meltdown_retirement.html
Twenty percent of paper value evaporated. Kucinich is concerned about this and Main Street should be also. I hope the question comes up this evening and we can hear what Obama's thoughts are on the topic.
To think the Republicans (including McCain) were all for individual retirement accounts based on securities in the market. How would that have worked out for them??
http://biz.yahoo.com/ap/081007/meltdown_retirement.html
Twenty percent of paper value evaporated. Kucinich is concerned about this and Main Street should be also. I hope the question comes up this evening and we can hear what Obama's thoughts are on the topic.
To think the Republicans (including McCain) were all for individual retirement accounts based on securities in the market. How would that have worked out for them??
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Lux...We retired within the last 3 years, confident that we had a secure pension and enough money in our 401Ks and IRA's to supplement that pension well enough to keep our current standard of living assuming that we live to ripe old ages. After the last couple of weeks, we no longer believe we have a secure pension, and if we lose that, will not have anywhere near enough to maintain our lifestyle. Fortunately we retired young, but the thought of needing to return to work (assuming there are any jobs) is a bitter pill...
October 7, 2008 6:47 PM | Reply | Permalink
Well, if I can console you, SI, I would say that this is a transcient event and by this time next years securities should be at or above current levels.
In the meantime, we all have to look to our investments, 401ks, pension funds etc to see if they are up to the task factoring in another 20 percent drop as I think likely.
A lot of people are "house wealthy". They are basing their retirement based on the value of their real estate.
The bottom of that market is yet to arrive, but I would guess homeowners, depending on their city can expect to see some months of further depreciation. This, like everything else in this economy will trigger some other fallout...
October 7, 2008 8:28 PM | Reply | Permalink
To think the Republicans (including McCain) were all for individual retirement accounts based on securities in the market. How would that have worked out for them??
Sending Social Security money to Wall Street might have delayed the collapse of the Bush/Republican house of cards economy at least until after the election. Fortunately the collapse happened when the 'its not my fault' hands-off deregulation Enron supporting Republican lying SOB's were still in office.
October 7, 2008 6:53 PM | Reply | Permalink
The whole lesson here is that Republican voters are too dumb to be allowed to exercise the franchise.
They voted for Bush and his philosophy of "The government is your enemy. Let the markets be unfettered by regulators"
They voted for that lunatic and his party's philosophy twice. Now they are reaping the whirlwind that emerged out of eight years of Republican rule.
Blinking idiots.
October 7, 2008 8:54 PM | Reply | Permalink
Sorry, but it is so frustrating.
Being in a low-information, hot-button, emotion drive electorate country.
October 7, 2008 8:56 PM | Reply | Permalink