Retirement Dreams Give Way To Depression
11-22-2008, 08:57 AM
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Retirement Dreams Give Way To Depression
Yes, this is a depressing article, but it does give some tidbits to help alleviate current anxieties.
It was so close. And then, it wasn’t.
Fifty-year-old Eddie Whitlock thought he was closing in on his hard-earned golden years. According to his master plan, in just five short years he’d retire from his job as executive director for Mental Health America of Northeast Georgia. Then he’d turn his attention to the important things: golf, travel and finally writing that novel.
But this fall, after months of watching his 401(k) dwindle and his stock earnings sink, he accepted his new retirement reality: His golden years would be delayed another 10. If they ever came at all.
Retirement dreams give way to despair, anger - Mental health- msnbc.com
Fifty-year-old Eddie Whitlock thought he was closing in on his hard-earned golden years. According to his master plan, in just five short years he’d retire from his job as executive director for Mental Health America of Northeast Georgia. Then he’d turn his attention to the important things: golf, travel and finally writing that novel.
But this fall, after months of watching his 401(k) dwindle and his stock earnings sink, he accepted his new retirement reality: His golden years would be delayed another 10. If they ever came at all.
Retirement dreams give way to despair, anger - Mental health- msnbc.com
11-22-2008, 09:17 AM
#2
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"For Whitlock, the biggest blow came from the increasingly volatile stock market, as he watched his nonprofit employer’s account lose 25 percent of its value over the last year and a half."
I have to wonder if this guy would sit and watch if someone tried to cut his hand off with a hacksaw. If you aren't using automatic or self-imposed stops on any investment, you may as well drive your car without brakes.
I have to wonder if this guy would sit and watch if someone tried to cut his hand off with a hacksaw. If you aren't using automatic or self-imposed stops on any investment, you may as well drive your car without brakes.
11-23-2008, 02:39 PM
#3
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Joined APC: Jun 2008
Posts: 357
I'm currently 15-20 years from retirement, therefore I still have a large chunk of my 401K in mutual funds. I've played the market in the past and done well, but have come to the conclusion; pick an index fund and let it ride is the best investment advice. For those of you who trade stocks and mutual funds, good for you, but I contend only about 10% of the pros beat the S&P 500, so I just say buy the S&P 500. And always diverisify, personally I like real estate,
With that said, I always thought it was common knowledge to start putting your investments in safe places 10 years from retirement and fully safe 5 years out. The numbers may vary but this is the general idea. So to those crying in their beer expecting to retire next year, where was your investment advisor, or your own personal education. Life's not easy, you have to actually read and keep up with your money and current events. Or you can rely on social security and the government to take car of you. Or like many pilots I fly with, you can expect the company to take care of you.
With that said, I always thought it was common knowledge to start putting your investments in safe places 10 years from retirement and fully safe 5 years out. The numbers may vary but this is the general idea. So to those crying in their beer expecting to retire next year, where was your investment advisor, or your own personal education. Life's not easy, you have to actually read and keep up with your money and current events. Or you can rely on social security and the government to take car of you. Or like many pilots I fly with, you can expect the company to take care of you.
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