The economic downturn has been punishing, especially to baby boomers. The Chicago Tribune has some tips. With retirement near, it’s no laughing matter that many a Baby Boomer’s 401(k) has turned into a 201(k).
The stock market has dropped sharply this year, taking retirement dreams along with it. And because of the credit crisis and Wall Street’s dastardly deeds with mortgage-related bonds, some bond funds have failed to provide a safety cushion.
As a result, Americans have lost about $2 trillion in workplace retirement funds this year. That’s left people approaching retirement wondering if they can, or should, retire as planned.
Those in the tightest pinch are those within months of retiring, or those who retired just before the mess began a year ago. But people don’t simply have to lick their wounds. Here’s what to do: See where you stand.