6 Ways the Recession Will Change Retirement

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(please excuse my spelling) the banking industry or financhal sector provided us with the tools, but we made the decisions to borrow and spend. The look at me syndrome. Nicer car ,bigger home and other flasher items.For those young families with childern,it is not a pleasent sight. but for us older people,some or many are having to learn to live the way I have for a lifetime,(no critisism inended) acculation of wealth is not always the aqusition of material objects. i was alway happy for my friends that always aquired new shinny possions.I tend to think this has been manipulted,afterall this (for how many times now) the petro. industry triggered economic crises. However this can be the time for oppertunity. I plany to work at something all my life. It may just be making a few dollars at a hobby ,but staying active is better for one mentally and psysically. Take a little time and look at the economic trends since ,maybe 1973. In a way same thing over and over again. We were warned of this calmity but everyone just gave that OH GET OUT OF HERE LOOK or O KILL JOY.
It is probaly very clear that by my thinking and writting I am not very smart or educated but iam weathering this economic down turn by a tatherd thred,hang on.

d.stills of KY 11:41AM February 05, 2010

Really, the federal government has done a disservice to the American people with its banking and financial regulations, or lack thereof, which rewards casino style gambling at the highest levels. The entire real estate industry up and down the line was nothing more than a government sponsored ponzi scheme that left millions of Americans holding the bag. Bernie Madoff pales in comparison to the scope of this debacle. Plus, you would think that after the largest banking crisis since the Great Depression, banks would reign in their exposure to risk. But in 2009, quite the opposite took place. Thanks to our fractional banking system perpetuated by the Federal Reserve, and thanks to boat loads of federal bailout money, the banking industry leveraged itself even more than before. Plus, there is a lack of transparency on banking balance sheets that is not tolerated in any other industry. Where the hell is Congress when you need them? They have the power and authority to do something. Earth to Congress, come in Congress!

Joe Lazar of CA 12:38AM December 28, 2009

I aggreewith spm of N J.
To many trying to live above their means. Steak appetite wih a hamburger income...and now many losing that income, through no fault, of their own.
i really beleive most of these hard times now and coming are mainly the fault and short sightnedess of our leaders. national, state,county and city, never having enough forethought to save and prepair for that "rainy day".
And we have so many with thir hand lined up at the trough, that they keep voting these people and their cohorts back into office year after year.
And as far as i can see the new adminastration is not doing anything to help the situation. only making it worse.

ohdaddy of MA 6:51PM December 19, 2009

I would love to retire early than my planned age of early sixties. What is stopping me is not savings (I'm a great saver), but retiree health insurance. I assume that the lady or gentleman who said s/he retired at 55 had that covered. Not everyone has that option. Not all employers cover retiree health insurance; companies are rapidly dropping that benefit, forcing many to work longer simply for that reason. And don't assume you can buy insurance at that age on your own. This is why we need universal heath insurance.

future-retiree of IL 8:58PM November 08, 2009

I'm betting a couple of boomers didn't pull out soon enough so now we must endure the likes of the Willy Dangeros of the world.

JO CO of TX 12:59PM November 01, 2009

stay put: as in DO NOT upgrade to a larger house, once you've PAID OFF your house; that's the mistake everyone makes: wasting money on larger and larger and larger houses and never paying it off.

SPM of NJ 12:24AM October 16, 2009

While there is merit in your thoughts that a long working life is healthy, It is only healthy for those who own the company, run the company or otherwise are an executive with control over their work place.
For the average worker bee, a dream of retiring early is even more healthy (Just ask the good folks at Boeing who proved through their study of 4,000 retirees that retiring at 55 as opposed to 65 will, on average, add 16 years to your life)
You spend a lot less as a retiree than you do as a worker, commuting to work every day, sometimes adding 2 hours to your work day, eating out or even in a cafeteria setting, buying clothes, shopping at inopportune times and subsequently paying a premium for that etc. You spend a lot less money, You expend a lot less stress, and you live longer.
It's that simple.
http://Retirefund.Blogspot.com

Retirefund 10:02PM October 14, 2009

Why there no earnest congressional investigations in the Congress and Senate? Is is because the Democrats in both houses will also be tarnished?

John Prk of NY 6:19PM October 02, 2009

After two financial market collapses and a real estate collapse in the last 10 years new retirees will need to rethink their investment strategies. Most of the buzz in the financial markets have come from an easy money Fed. This created the illusion of wealth building and a tolerance for risk. It is happening again today as the large banks use taxpayer money and low interest rates to leverage their assets and repair their balance sheets. The new retirees will have to manage their money for 20-30 years in a financial system riddled with conflicts-of-interest while watching their Social Security benefits get cut. We are heading for scary times.

robertmargetic of CA 4:17PM October 02, 2009

if we could just get the Federal Reserve to stop ruining (with fast-printed money)the value of a "saved" dollar that is "conservatively" invested, we might have something. And, if we could just get the Congress to raise top-end income tax rates back to where they used to be in the 1970's, we might have something even better.
Low taxes for the past 25 years on the titans who shipped your jobs to China for a capital gain weren't as smart a plan as Reagan and Laffer thought---not for you anyway. And too-low interest rates on your savings to attract money into stock and real estate bubbles weren't too cool either. THESE TWO POLICIES ARE THE DIRECT REASON SO MANY PEOPLE ARE NOW BEFUDDLED.

Muser of NM 2:25PM September 29, 2009