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You can't tell me that if you were to retire today, even having taken a hit on your retirement funds that you wouldn't be able to recoupe most of it once the economy turns around (and it will). You are not going to deplete your entire retirement in the 12-18 months (my estimation) that it takes for things to get better and for you to gain your losses back.
You're dreaming. The numbers don't back you up on this at all.
Let's say a person's retirement fund has gone from $1 million down to $600,000, a loss of 40% (which is about what the markets have done). So now lets say that the losses stop at 40%. So in order for the person with $600,000 to recover to $1 million, they would need to see
a return of 70% to get back to that $1 million. It will take years and years and years to see a total return of 70% from the stock market. Even if it goes up 15% per year, which would be crazy, then it would still take 4.5 years to recover all the lost money.
The reality is that it will probably take an average investor at least 10 years to recover from the hit we've all taken this fall, and even that might be optimistic. Throw in a house that might be worth less than the purchase price, and suddenly things are not necessarily as rosy as you might think they are.
It's a free country and a free market. I'm 33, but I don't begrudge any of those old guys that still want to fly, whatever they're reason may be. I'll be old one day too.