Stock Losses Suck Out of Retirement Savings (Category: Financial Security)
|
October 2, 2008 |
5:25 PM
The Associated Press has a piece about how stock losses are taking a heavy toll on retirement savings:
So close and yet so far. It's a frustration being felt by Americans who thought the finish line to their working life was almost in sight.The financial crisis that toppled major Wall Street banks and snarled credit markets around the world has also taken a toll on nest eggs, forcing people to rethink when -- and even if -- their savings will allow them to retire.
More than half of people surveyed in an Associated Press-GfK poll released Wednesday said they worry that they will have to work longer because the value of their retirement savings has declined. (Emphasis mine)
Of course this poll doesn't come as much of a surprise. The crazy thing to me is that older Americans had already begun to have second thoughts on retiring before this financial meltdown. If we were in a crisis before, what is a more adequate term for what we're in now?
Comments
Jerry Mandley says:
We Americans are the ones who have to pay this $700bil. I understand some of this money will be invested in our financial market/Stock market. I understand there is a good chance we will make a considerable return on our investment. I am suggesting the taxpayers should receive returns from these investments back in our pockets with the same urgency used to borrow from us. Our investment in this financial bailout needs a person outside of government employment, an independent accounting agency to handle this funding and all transactions pertaining to investments of any kind. Of course, this agency will give full review of all transactions recorded by agency to the government.
J. Mandley
Huntington Beach,Ca
10/02/08 6:59 PM
J. Parsons says:
I'm not really jaded, but this resembles a crime wave. How many human citizens got fired or incarcerated after the 9/11 crime wave. Answer: None. And business "as usual", carried on. How many human citizens got fired or incarcerated for the 4,000 + + lose of American soldiers lives and uncounted wounded? Answer: None. And business "as usual", carried on. After this "bail-out" fails (in about 3 months, or less) how many human citizens will get fired or incarcerated for this "form" of crime wave? Same answer: None.
And that "economic package" ( of yester month(-s)), how in the Sam Freakin' Hill did that effect this "newest" (bail us out, just us!) package?
As a homeless advocate, this kinda money, would not only "cover the sins of many", it could permenantly erase homelessness, in my greed motivated, profit generated, "hell bent" militaristic neighborhood.
Peace and Love Always, Shalom, J. Parsons, Volunteer War Correspondent, a "Lo Impact and Lo Yield" Domestic War on Poverty, U.S.A./NA (not "Union"), CA, AK, right here on Earth, right now, today, all cultures and multiple generations . .. . . p.s. . .pray like crazy . .. . .
10/02/08 9:35 PM
Jim Patterson says:
The Congress needs to work till they have developed and passed a plan to get us back to recovery. Once that happens they need to put back regulations on our banking industry. I think we have deregulated too much.
We have a couple of very large companies handling our money and regulations need to be in place or greed will continue to cause us problems, and take our country down.
10/02/08 10:59 PM
Mae DeMund says:
Mae DeMund says:
Who is going to be the watchdog overseeing this bailout money? What pork-fat bills got added to this bailout were added. How will we know? Who was paid off for their votes? Are the foregin banks going to be any bailing out, and if so, why? Haven't we just accepted enough of this horrible mess Wall Street has taken us into? How long are we going to continue letting Wall Street Fat Cats fleece us for their millions? When will it stop? Who is going to make it stop? You and I know that this $700 billion is just the beginning--they (troubled institutions) are going to be lining up for a hand-out, and then what assurances do we have that we are truly going to be any better off than where we are right now? None! No one can assure us--because no one really knows. That's the truth of the matter! Warren Buffett said to let the Hedge Funds finance 80% and the American tax payers finance 20%. His program sounds better!
We have baled out AIG, Bearns Stern, GM, and who else? How many billions have they all gotten--now this? Whe has studied what the Chinese have done with the "short sales"--who is reporting the truth about that "scam"--nobody. Why? They are fearful that China might cash in their Treasury bonds, that's why. But, the "short sale" scams are real and have taken us down--Why is everyone being so silent about this? I think I know! We have become to dependent on trade with China, that's why. Another serious problem no one is owning up to.
Listen to Warren Buffett in how to resolve this economy mess on Wall Street. Listen to some minds that truly understand our money issues and what must be done--not the dummies in Congress. They don't understand any of this stuff. Most of them know they don't understand, which makes matters worse--because they felt forced to sign a bill over 450 pages long without even time to read it, let along under it. How dumb can we be!
10/03/08 3:00 PM
mary says:
Someone on tv I saw suggested that there are 330 million people in the united states, so how about giving each person a million dollars, it would cost the government 330 million dollars. That's a lot less than the $700 billion and we could all pay off our credit cards, houses, etc. What an idea!
10/14/08 5:44 PM