Of course you are.
In the not too distant future, retirement will only be a dream for
most people. They will only be able to maintain their financial
position (as in one step away from the being on the streets) if they
keep working.
First to go under will be the guys drawing welfare checks on
alt.computer.consultants. They deserve to as they are too lazy to
work.
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Retiring in a Bad Economy: Are You in Trouble?
by Laura Bruce
Wednesday, April 9, 2008
The crumbling economy, volatile stock market and wilting home
valuations are affecting just about everyone, but people who are
retired or about to retire may be in the most precarious of positions.
Seeing your ****tfolio or your 401(k) lose value over a prolonged
period is never easy, but it can cause considerable worry if you're
relying on your nest egg, or will be relying on it shortly. If you're
still working, will you have to postpone retirement? If you're
retired, will you have to reduce spending, cancel plans or look for a
job?
"I have a brand-new client, she's 75 and just retired, and she's
panicked. Her fear is palpable," says Steve Juetten, a Certified
Financial Planner in Bellevue, Wash.
"Her concern is what does this mean in terms of her ability to get
income from her ****tfolio because interest rates are going down. Her
****tfolio, which had been managed by a brokerage firm, was 50 percent
equities and she's seen the value go down steadily. She feels it's a
double whammy and she doesn't know what to do."
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