Baby Boomers Who've Lost Retirement Savings

[tsptalk]

Work's not done for baby boomers who've lost retirement savings

Many baby boomers have seen their savings wiped out and are realizing they can't recoup

Read more: http://www.miamiherald.com/2010/03/27/1551536/work-isnt-done-for-aging-baby.html#ixzz0jgilUbGI
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[JTH]

Work's not done for baby boomers who've lost retirement savings​

Many baby boomers have seen their savings wiped out and are realizing they can't recoup​

Read more: http://www.miamiherald.com/2010/03/27/1551536/work-isnt-done-for-aging-baby.html#ixzz0jgilUbGI​

It really is very sad. The burdens of the Baby Boomers on Social Security, Medicare, & Health Care are going to be the straw breaking the cammels back. Mind you it's not all their fault they paid into the system, problem is they are all starting to retire now.

 

[72Zorad]

Hopefully there is a lesson here I won't forget as I approach retirement age. I rode on a van pool with a lady who was 1 year out of retirement when the collapse started. She rode the downfall almost to the bottom hoping it would get better then bailed just before the upswing. As you can imagine she is still working and will be for quite some time.
I've made a 'mental calendar' note to remind myself about this as we approach retirement age. Just because the market is going like gangbusters and the young people who can afford to be in high risk are making loads of money doesn't mean I should be too. The market can turn in an instant and cause some pretty irreparable damage to your plans. You have to have the time to recover. If you don’t have the time, you have no business there.

 

[Birchtree]

Even when you retire you are not dead - there is another 30 years left to make money. But selling in a panic at the bottom is the worst thing anyone can do.

 

[SkyPilot]

Hopefully there is a lesson here I won't forget as I approach retirement age. I rode on a van pool with a lady who was 1 year out of retirement when the collapse started. She rode the downfall almost to the bottom hoping it would get better then bailed just before the upswing. As you can imagine she is still working and will be for quite some time.
I've made a 'mental calendar' note to remind myself about this as we approach retirement age. Just because the market is going like gangbusters and the young people who can afford to be in high risk are making loads of money doesn't mean I should be too. The market can turn in an instant and cause some pretty irreparable damage to your plans. You have to have the time to recover. If you don’t have the time, you have no business there.

Excellent point!

 

[SkyPilot]

Even when you retire you are not dead - there is another 30 years left to make money. But selling in a panic at the bottom is the worst thing anyone can do.

Also sage advice.

 

[72Zorad]

That's a very good point Birchtree. I hadn't given it a lot of thought. I had initially thought my plan should be to slowly migrate it to a safer area as I approach retirement and end up 100% 'safe' at retirement. I'm still far enough out I hadn't really thought about the end of this.
After considering what you wrote I realize I would hate to think this 'game' is over just because I retire. Perhaps my new plan will be to identify what we actually need, migrate that to a safer zone, then continue the 'game' as I get older with the rest. This will give me something to do in retirement and perhaps allow for retirement 'treats' as a bonus if I do well.