Friday, February 27, 2009

Retirees and Soon-to-Be Retirees Net Worth Has Plunged

Not so long ago I came across a report by the o the Employee Benefit Research Institute that said a startling 59 percent of workers age 55 or older have less than $100,000 in savings and investments, excluding the value of their home, according t Another 18 percent have between $100,000 and $249,999, and only 23 percent have $250,000 or more.

Many people who were looking to retire in the near future are now expecting to work until they are 70, 80, or 90.

It seems that things may be worse that first reported. The serious decline of house prices, the stock market crash and the economic recession (could be upgraded to a depression) have ravaged the wealth, or net worth, of Americans near the traditional retirement age of 65.


Quotes for Retirement:

  • Bought one, got one free — first rung on the achievable goals ladder.
    — T-shirt worn by Mr. Boffo cartoon by Joe Martin
  • All intellectual improvement arises from leisure.
    — Samuel Johnson
  • The wisdom of a learned man cometh by opportunity of leisure: and he that hath little business shall become wise.
    — Bible
Retirement Resources

ERNIE ZELINSKI'S The Money Cafe featured on Launch Your Money Cafe Project:

101 Really Important Things You Already Know, But Keep Forgetting

Best Retirement and Finance Guides

Monday, February 16, 2009

Retirement Resources for the Recession

Here are some benefits from the economic recession:

    From a food website:

    Food will improve in cafes and bars because only the cafes and bars
    serving high quality food at reasonable prices will survive.

    Some new delicious dishes may be born during the present recession.
    Like great music, some of the great food we eat today such as pizza
    and stew were created during economic downturns.

    People who don't know how to cook may learn how to do so simply because
    they can no longer afford to eat out all the time.

    The economic recession does has a silver lining for employers – it
    has created an opportunity for employers to pick up highly-experienced,
    motivated and loyal employees at very reasonable rates. Ron Brown,
    sales director at Australia's recruitment firm Plus 40, which specialises
    in the placement of older workers, says the pool of older workers
    looking for retirement jobs has increased sharply in recent months.
    “A lot of those people have less than half of the retirement savings
    they had three or four months ago.” Corporations can now get all these
    added extras – experience, a high level of skills, commitment, stability
    – for the same rate as a young unreliable and unexperienced employee.

Here are two retirement recession resources to check out:

    Sunday, February 15, 2009

    Retirement Quotes and Retirement News

    Recent Retirement News:

      1. As nest eggs shrink, many defer retirement
      But as the financial markets have raveged retirees’ savings and investments, Laursen has put his retirement on hold. On top of a big hit to his retirement ...

      2. rather ...
      Retirement deals leave big holes in city departments
      Tucson Citizen, AZ - 3 hours ago
      Tucson's administrators have tried to control the impact of those departures with sweetened retirement packages, reducing slightly the long-term payout in ...

      3. SD retirement, trust funds lose in market plunge
      Forbes, NY
      By CHET BROKAW , 11.17.08, 01:58 PM EST The stock market plunge has caused large losses for the South Dakota Retirement System and several state trust funds ...

      Resources for Retirement:

      Health Is the Best Retirement Gift to Give Yourself

      Where to Retire
    Two Retirement Quotes about Leisure to Help You Retire Happy

      All intellectual improvement arises from leisure.
      — Samuel Johnson

      The wisdom of a learned man cometh by opportunity of leisure: and he that hath little business shall become wise.
      — Bible

    Tuesday, February 10, 2009

    Retirement News from the Last Week

    Here are clips from recent retirement articles:

      Catholic Sentinel
      Faltering economy makes for tough times for seniors, retirees
      Catholic Sentinel - Portland,OR,USA
      By Ed Langlois The fall of the stock market has caused particular
      pain for retirees and those about to retire. One woman felt compelled
      to leave her new ...

      Americans react to recession in different ways; what about you?
      USA Today - USA
      "My husband's retirement plan went down to practically nothing," she
      says. The Albrights aren't alone, by any means. It would seem Betty
      White, 76, ...

      Future retirees will lose total contributions worth some €80 mln ...
      BusinessStandard.RO - Bucharest,Romania
      If future retirees lose total contributions this year worth some €80
      million, the fund managers will lose some €3 mln. Most of these managers
      expected to ...

    Check out these recent retirement resources: