It’s over? It sure doesn’t seem like it–there are an awful lot of people still out of work! As for us, we have had to adjust our spending in retirement due to stock losses. The grandkids are going to have to be happy with a little less in the way of gifts for a while. We are lucky, though, because we have a sharp advisor who helped us minimize our exposure when the recession first started. It could have been a lot worse.
-Meredith P., 68, Colorado Springs, Colo.
I am lucky because I have been retired for 8 years and I haven’t had to touch my savings or 401(k) funds. So, I was able to avoid selling assets during the Great Recession, and I plan to hang on until things have recovered a little more. However, I am concerned about government spending and inflation down the road. That could ruin everything.
-Wade R., 73, Raleigh, N.C.
The recession didn’t hurt us as much as it did some people. We don’t own a lot of stocks, mostly bonds and T-Bills. I am retired from the Army and draw disability from the VA. Also, my wife and I both get Social Security, so we have an income to rely on. So, as long as the government doesn’t go under completely, we should be OK.
-Ted S., 77, Santa Ana, Calif.
We took a hit during the recession, that’s for sure. I was forced to retire from a well-paid position earlier than I had planned. Luckily, I did find another job pretty quickly but at a reduced salary. I had no choice but to take it because I couldn’t be without health insurance. We have always saved a large percentage of our income, but a lot of that vanished in the market crash. So, I have decided to work a little longer than I had planned.
-Everett C., 62, Warren, Mich.