The Great Recession may be over, but the effects of this downturn may be with us for some time. Anyone planning for retirement must take into account the changes brought about by the recession, says Philip Rousseaux, founder of Everest Wealth Management, Inc., and coauthor of Climbing the Mountain to Financial Success.
“A lot of boomers had all of their retirement investments in the stock market and, if they didn’t lose their principal, it will take some time for them to recoup their gains. Others moved their money to short-term savings, like CDs. But with interest rates so low, they’re actually losing money when you factor in inflation,” says Rousseaux.