Dick Zawacki thought he’d be retired by the middle of next year and taking his 1998 Honda Accord — with 230,000 miles on it— to the dealership for an upgrade, reports the Minneapolis Pioneer-Press.
It’s a good thing the Honda is a strong runner.
As the stock market slid into reverse this fall, Zawacki has lost 25 percent of the value of his portfolio. Though he’s turning 60 next week, he’s decided to put off retirement for at least another two years and try to keep the car going a little longer.
Zawacki, an engineer from Northfield, Minnesota, isn’t alone. With the SP 500 down 45 percent this year, the dream of retirement is rapidly changing for millions of Americans — especially those, like Zawacki, who don’t have 20 years to rebuild their nest eggs.
For some, like Zawacki, it may mean putting retirement on hold and scaling back in the short term.
But for others, it might mean a more drastic rethinking of what they can expect from retirement.