Its a sad commentary on life in the United States when our standard of living is going backwards. The people we entrusted our life savings to and the politicians we trusted all either ripped us off or allowed us to be ripped off. When I think of the stock market or any market for that matter and all the money lost, the question I keep asking is 'where did all that money go?' Where did it go? Is it true that for every dollar of ones retirement accounts lost someone else made a dollar? It's hard to put any trust in a system that operates like this. We are all busy with work and families and we can't be an expert in finances. We trust people but it seems they were in it for themselves. Whiel our dream of retirement may be crushed, some hedge fund manager is buying a vacation home or a new Porche ... living the good life. It's a crying shame.
Mike S.of MI4:26PM August 14, 2010
Retiring early, you make a good point. However, your history should run just a bit longer.
The Dow Jones Industrial Average is LOWER than it was ten years ago. That is not anything to celebrate. Oh, and in the meantime, we have had two massive dumps that have devastated American retirees and those trying to build nest eggs in this roller coaster environment.
I have met dozens and dozens of people in the 401(k) world who have lost half their money - TWICE now! Many don't know that there are alternatives to this insane market where the inside players are now rewarded based on how much money they can suck out of the market for their employers instead of getting rewarded for making something meaningful for their clients.
This video has helped a lot of people understand that they are alone with the sharks in the investment game.
OK I just depleted my retirement account at 49. My band for going into debt. Anyway retirement is a new concept in human history. One worked, became an elder, then walked up a mountain and die. As Mosses.
Scatcatpdxof OR1:05PM May 12, 2010
To address the 6 parts of the article, any good balanced portfolio has already recovered from the 2008 losses, 2) Almost 60% of workers are still covered by some type of defined benefit pension 3) Agree; most do not save enough. Those of us who did can retire early
4) very old news. That has been in place for quite some time for increasing the social security age changes 5) Very very true. Buying and the cost of individual health insurance has gone through the roof. 6) Yep, my wife enjoys her work. She continues to work. I had reached the maximum wage in my profession unless I moved. I retired instead and deferred any benefits from my employer. Volunteering for non profits keeps me busier than work and you don't have to ask and no one tells a volunteer they can't take a day off if they want to play with their grandkids.
happilyretiredof WI6:34PM May 11, 2010
Well one group who certainly doesn't have to wait until 65 are Civil Servants, who, courtesy of complicit/corrupt politicians (who curry their contributions & voter support) will retire very comfortably on the Private Sector taxpayer's dime ... well be even 60 !
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Mike S. of MI 4:26PM August 14, 2010
Randy McKee of SD 10:51AM May 14, 2010
Scatcatpdx of OR 1:05PM May 12, 2010
happilyretired of WI 6:34PM May 11, 2010
Been There of NY 10:42AM May 08, 2010