I haven't looked at my 401(k) since June... simply because I'm afraid to do that. Sometimes ignorance really IS bliss.
My 401(k) survived 1987 and all the subsequent recessions pretty nicely but it got the Hell beat out of it during 2000's dot-bomb implosion (bein' a techie I was heavy in tech). I never really recovered from that debacle, what with losing about half of what I had put away. Still and even, we made a little progress since the turn o' the century, at least until THIS thing came along. It's likely I won't recover from this beating... late-life recessions suck, and mightily so.
I feel for all the retired or soon-to-be retired boomers impacted by this. I really fear for our children as they reach retirement age...if retirement will even exist as an option 30 years from now...or will we return to life centuries ago...where everyone just worked till they dropped dead? Scary.
ReplyDeleteHowever, you now have option of extra income by turning your new 2-bedroom digs into a B&B, or perhaps a neat whiskey bar? ;-)
Very. Scary.
ReplyDeleteI like the Whiskey Bar idea!
Oregon has a beverage container law that makes pop cans worth a nickel. My life savings amounts to a sack of empty pop cans worth about $2. Wish I was kidding.
ReplyDeleteThankfully being an engraver isn't too hard on the body, 'cuz I'll be working 'til I'm dead.
I plan to be working every day until I croak...not just because I'm broke, either.
ReplyDeleteAs a child, my Dad was adamant, and taught us kids that the stock market will always outperform the government. He taught us to not rely on the government, because as the markets go, the ability of government will too...but the government will waste almost all of it in administration.
He was right. He always is. Sure, your 401K may suck compared to former days. But, look at the gloomy outlook for those on the dole when this thing finally unravels.
Oh yeah, a tip for when that comes around...invest in lead.
...invest in lead"
ReplyDeleteWrapped with brass?
...by turning your new 2-bedroom digs into a B&B, or perhaps a neat whiskey bar?
ReplyDeleteHeh. I like the ideer of running a Blind Pig. But mebbe not where I live...
Inno: My IRA is prolly worth about what your holdings are... now.
Moogie: Keep egging me on... go on, just keep it up! ;-)
Andy: I don't think we'll see days as dark as you and a LOT of others are predicting. OTOH... I could be wrong. Lead is a good ideer, too.
Anon: I think that was Andy's drift.
Bullets are still be made with lead.
ReplyDeleteWhen things get totally blowed up thanks to Duh Wonning Boy and the rest of our loverly representatives, we will be needing to protect what little we have left from those who no longer have their entitlements.
I don't look at the 401(k) anymore; we never relied on SS to be our retirement however I don't expect what we have done for ourselves to be worth the paper the statements are printed on.
ReplyDeleteWe, like others, plan to work until we drop. Retirement age will become a question on a future Trivial Pursuit game with people scratching their heads wondering what that was.
Kris (and others): All you "work until you drop" types make me feel like a lazy bum. With reason.
ReplyDelete