7 Ways to Save for Retirement During a Recession

I agree with J Simmons. You need to have a professional to help you. The best time to use a "map" is when you are lost, isn't it?

Think long term and don't listen to the media "gloom & doom" that isn't helpful.

For a great retirement calculator, go to www.helpmy401k.us and click "Investment Tools". This can help you look at where you are now and figure out how to save systematically for where you want to be.

Dean Voelker of IN 11:05AM April 30, 2009

To all;

Yes you can get increased SS benefits from the IRS. There is a form (of course) to fill out with the IRS. The BIG catch is you will need to send them (the IRS) a check for the total amount of SS benefits you have been receiving since you started getting your SS payments!

You will not have to include the cost of living increases, etc. As an example if you have been collecting about $12,000 a year from the ages of 62 to 69 that is about 7 x 12,000 or

$84,000. Then take a bit off for cost of living from the beginning. You'd still have to send them a hefty check BEFORE you start collecting your NEW monthly higher SS check. As usual,

the government doesn't give you something for nothing but for retirees who have a nice fat nestegg and would like to leave some of it to the family later, paying out a hefty paycheck

to get a larger monthly payment may be very good for them. If you are a retiree with a very small nestegg you may need for an emergency, etc. and paying out a hefty check would leave you penniless except for your bigger SS check (and it's not a whole lot bigger) this may not be a good bet. See the AARP site to read more on this..under your money/social security. Good luck.

Colleen White of CO 3:54PM March 04, 2009

I finally pulled out all of my Mom's mutual fund money to cash, CDs because of the bleak economic outlooks, factory and retail closures, rising unemployment, etc. I do not think there is a significant rise in stock value coming soon and the potential for further drops remains large. Its sad we all lost so much money, but they say don't cry over spilt milk. If you go to cash and then buy back in later you might miss some of the rebound, but how long until that happens, 3 months, two years? and what will be left in the account to build on after 8 more months of floundering? Check the math, if you lose 33%, it requires a 50% gain to get back to where you were, ex. 3oo drops by 1/3 to 200, then for 200 to rise to 300 that 200 must make 100; 50%

will burr of NC 6:50AM February 20, 2009

I have never seen such an emotional market. One day things start to look better and the next day after a report of some kind the market falls back down. This roller coaster ride is very discouraging. I can see the market increase as soon as Obama takes office. If you were thinking of taking your money out I would wait until a couple days after he has been in office. Thats about how long it will take for people to realize he cann't fix everything with a blink. For the life of me I don't see why pharmaceuticals aren't price fixed.

Pete Clouse of SC 7:31PM January 13, 2009