So, How’s Your Nest Egg Looking Now?

The stock market is headed South.  Congress has voted to prop up corporate America at the expense of the tax payers.  Home values are on the decline and continue to plummet.  And now, mutual funds are warning investors not to expect much of a return on their investments.  I don’t know about you, but my nest egg has turned into a scrambled egg.  It’s value has dropped by over 20% in the past few weeks and continues to decrease with every breath I take.  My financial adviser who oversees my retirement account says, “Don’t worry, it will turn around,” but I’m not feeling his confidence.  I watch the Nightly Business Report and know  that quickly slipping from view are my retirement visions of travel and pampering and enjoying a comfortable, peaceful second half of life.  Hmmm!  What are the options out there to salvage this?  Not just for me, but for all the others too, who have conscientiously put money aside every payday in anticipation of the big R-day.  Can we count on the government to give us a handout like they did corporate America?  If it comes in the form of tax relief, I doubt it will be enough to replace our current losses and it probably won’t take into account that we have to pay back $700 billion first.  Will I live long  enough  to get my money back?  I just don’t see the government solving this problem soon; the market is going to have to run it’s course before it will recover and that is going to take time (years).  I think for me, it means working a few more years longer than I intended and that’s okay because I love my job, but I worry about those people who are in demanding jobs and want to retire now.  I worry about those people who are already retired and have to live on less at a time when it takes more.  What do they do?  I worry about whether I should continue  to feed my 401K right now.  Would I be better off suspending contributions and just putting that money away in a savings account for now?  Will I have to get a part time job after I retire to stay ahead of inflation?  I just read an article called The Financial Crisis and Baby Boomers that says baby boomers are increasingly choosing to work for or start small businesses instead of pursuing traditional retirement.  It says that despite this being a bad time for our generation, we want to work in retirement.  The article says  that we will be the healthiest retirement-age generation and be able to work past traditional retirement ages.  So, while the financial crisis will likely require many more boomers to work past their planned retirement ages, most  baby boomers are well equipped and interested in doing so.  Is this article really the truth  or is it written to brainwash us into wanting what we are being forced to accept?’; //leave this line

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