Ranks of Older Workers Swell as Losses as Shorten Retirement - May 9 WSJ
This article describes two families who lost their retirement funds on "business ventures" and now are having a difficult time finding a job in their 60's. And they are lamenting that they can't retire.
The most revealing paragraphs:
Family #1
They lost much of their savings and cashed out their retirement funds in 2000 after a string of pizza restaurants Mr. Villareal opened in Mexico went bust. He then turned to running a small consultancy, but business dried up over the past year as the economy slowed.
Family #2
The couple moved from California nearly six years ago and owe more on their home than it is currently worth. Mr. Schimmelman borrowed against it to finance business ventures that didn't work out. He also moved much of the couple's retirement money a few years ago into the precious metal palladium, which is closely tied to demand from the auto industry and has lost more than half its value.
This article describes two families who lost their retirement funds on "business ventures" and now are having a difficult time finding a job in their 60's. And they are lamenting that they can't retire.
The most revealing paragraphs:
Family #1
They lost much of their savings and cashed out their retirement funds in 2000 after a string of pizza restaurants Mr. Villareal opened in Mexico went bust. He then turned to running a small consultancy, but business dried up over the past year as the economy slowed.
Family #2
The couple moved from California nearly six years ago and owe more on their home than it is currently worth. Mr. Schimmelman borrowed against it to finance business ventures that didn't work out. He also moved much of the couple's retirement money a few years ago into the precious metal palladium, which is closely tied to demand from the auto industry and has lost more than half its value.
Last edited by a moderator: