Don’t feel alone. Maybe, like so many of the Boomers, you bought into the popular notion of “having it all” and didn’t think you would need some sort of wealth-building plan or maybe the thought of such a plan crossed your mind in the first place! Somehow it was all going to work out – Right? Wrong! Who knew how the gravy-train American economy was going to tank and only really recover for the banks? Oh and if you did have the forethought to develop some investments for yourself and your family, how about losing years of effort in a matter of months with the 2007-8 stock market meltdown? Not fun!
Well-known economic analyst and chairman of Bonner & Partners, Bill Bonner, tells it like it is in his article, “What You Can Do in Your 60s to “Start Over.” He believes that if you are in your 60’s it is absolutely possible to make up for lost time…or lost money, however the case may be. Of course this depends squarely on HOW you choose to do so. He goes on to warn against getting sucked into the gloom and doom trap. Just don’t go there! Buying-in to such hopelessness will take you down so low you won’t have the energy to do what you need to do.
You are probably not going to be able to change the monetary system based on debt (though miracles do happen) and a world beholden to it. But the very good news is that you have options; you can find a way to meet your long-term financial needs. Given an economic landscape almost unrecognizable from that of less than 8 years ago, traditional personal finance has not helped the majority of everyday Americans regain lost momentum, especially for the Baby Boomers who desperately wish they could retire.
Living on the edge just does not cut it when you get older. Passive earnings, whether from pensions, savings, Social Security, stocks and bonds or some combination thereof, have become obviously less reliable than they once were. Social Security checks today are insufficient for most anyone to depend on exclusive of other sources of income even with Cost of Living Adjustments (COLA) that don’t necessarily happen every year and when they do, don’t amount to much more than pocket change.
Just get over it; no, your so-called retirement will not look like your parents’. Determine to do something now; take just one step towards exploring a new possibility that just might make your day. Remember, with the accelerating loss of purchasing power, wealth accumulation has become obsolete. The ticket is to put what you have into a sound cash-flow generating plan so that money coming-in continually exceeds what must go out.
Here are two short videos that help you understand what might be ahead for people who are retirement age now.