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Retirees’ wealth hit by stock market turmoil

September 24, 2008 by  

Retirees struggle to protect their wealthPlanning for retirement is one of the most important steps you can take to protect your wealth, but what if you watched your careful plans crumble due to stock market turmoil?

That is precisely the situation that is currently being faced by millions of retirees, according to a report in the New York Times.

It describes how many older people are experiencing increasing financial uncertainty, with a combination of stock market drops, high fuel costs and decreasing property values behind the pain.

"If you’re 45 and the market goes down, it bothers you, but it comes back," Alicia H. Munnell, director of the Center for Retirement Research at Boston College, told the publication. "But if you’re retired or about to retire, you might have to sell your assets before they have a chance to recover."

People with assets may be among those most affected by current economic conditions, due to the recent disintegration of the U.S. housing market.

Findings from the AARP reveal that more retirement-age Americans have been consigning themselves to working longer, as well as reducing the amount they contribute to their nest egg in order to pay bills.
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  • EdinNola

    The fact that this article is published now is nothing short of amazing. The market, in addition to the Fed’s suppression of interest rates has brought nothing short of devastation to retiree’s “stream of income” and financial worth. Add this to the concept that most of us adopted several years ago; that government’s pilfering would make our investment in the Social Security system worth less and less as time goes by, and that we were required by these circumstances to invest in the market, real estate, or the banking industry simply to survive. In the vernacular, the only appropriate response to this article has to be: “well duh”. I might add that this concept of redistribution of wealth should be called what it is. THEFT. And it is mostly those of us who have worked hard to survive and better ourselves financially in this world, and actually contributed to society, who are having most of what we worked so hard for, stolen from us.

    • Tootsie15

      It sounds as if you are speaking directly, of our financial situation, and we live in terror as to what will happen next.
      We had $535,000.00 in our retirement fund as of the turn of the century and were certain we’d be secure for the rest of our days. Now, we have %5400.00 of the fund left, and will lose 60% of our income before the end of June 2011.
      As if this isn’t enough of a blow, we keep hearing how Congress & our illustrious leader are now trying to find ways to take part or all of what’s left to us, our Social Security. If we lose that we’ll be forced to sell all saleable belongings just to survive.
      My husband is 82 and I’m 77 and neither of us is able to work, & wouldn’t stand a chance anyway with all the young people out of work.
      We both worked over 30 years and never dreamed this could happen to us. I lose sleep every night over the problem, and it’s taken a visible toll on my health. What’s to happen to us? I know we aren’t alone in this situation. How do you cope when there seems to be no place to turn?

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