Retired People Worry About Investments Now
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According to the New York Times, retirees are one of the groups who are most worried about their investments. Of course, older people do not have years to wait for a financial market recovery, and many are watching their portfolios lose value, and they are losing income from their investments every day.
The article also mentions that retirees in the US are in a risky position anyway. They tend to have less money saved than any group since WWII (who had just emerged from the Great Depression). We also have a longer life expectancy, which is a good thing, but that also means that less money has to stretch out for longer.
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Older people who have few assets, including the third who claim that social security is 90% or more of their income, are feeling the pinch from higher food and fuel costs. More older people are putting off retirement and choosing to work to age 70 and beyond. In part, this is a sign of longer and healthier lives, but it is also a sign that people cannot afford to retire at age 65 any longer.
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Retirees and Boomers are finding it necessary to create supplemental income. Mind-sets are changing. Retirement does not have to be a struggle. Those who want to continue to be productive are re-inventing themselves. They are becoming entrepreneurs and creating networks that are specifically geared toward self-reinvention. Experience and knowledge are on their side. The mind-set is to create opportunities and make things happen for themselves and not wait for things to happen to them.
If you’re invested heavily in the market, these are scary times. The volatility can be gut wrenching. I’ve always used Warren Buffett as a mentor. Warren has said, “Be greedy when others are fearful and fearful when others are greedy.”