Market Spooks Older Workers

[imoldernu]

Not quite as bad as the headline, but somethings to cosider.

“There’s a lot of fear that if you have another event like 2008 and you retire the year before or the year after, you’re screwed. I’m not taking that risk,” says Mark Patterson, a recently retired patent attorney from Nashville, Tennessee. “There’s a huge fear of folks my age that they’re going to run out of money and they’re going to need to rely on the government for help.”

https://www.apnews.com/c96eb2f4b5c54449b13c95e841f89dab

Mark Hamrick, the Washington bureau chief and senior economic analyst at Bankrate, notes that the Federal Reserve’s ongoing efforts to boost interest rates benefit savers with money in the bank but also make it more difficult for those with debt to pay back what they owe. The “rising economic tide” has been a boon for many, he says, “but it doesn’t lift all boats.”

 

[Bir48die]

Yeah, I read it this morning. Thought it was a waste of the few minutes it took to read it.

If I was an uninformed reader and believed everything I read in some of these articles I would be a basket case.

 

[Dtail]

Many folks on this site believe fully in the market and some do not.
The 2008 retiree is still doing fairly well overall if they stayed the course.

 

[Spock]

nuff said: Teresa Ghilarducci
google the name + 401k



"She'd chuck the tax break people receive when they put money into the retirement accounts known as 401(k)s and use the savings to create an entirely new system run by the government."

 

[jazz4cash]

Boy, if you’re not comfortable with your savings and you read something like this on a day the NASDAQ drops 3% it’s a kick in the chops. Nowhere does it say losses were more than recovered if you stayed invested.