Unfortunately, countless people have been forced back into the workforce solely due to the stock market correction. Others never really had a chance to stay retired because they never saved enough in the first place. Of those facing the prospects of looking for a job in this economy, optimism is not common.
Those were the thoughts in the back of my mind when I read Coming out of retirement at 62 a story I recommend you check out at CNNMoney.com. As I read the profiled individual's story, I was initially somewhat heartbroken. How difficult it must be to lose half of a million dollars in stock option value during retirement! Then I thought to myself, how can you leave such an enormous percentage of your net worth tied to the performance of one company when you're in retirement? Perhaps he was not yet allowed to sell the stock options. But if so, he shouldn't have relied on them so heavily - he needed more savings. If not, he might have been a bit greedy by holding on to them so long.
It's got to be tough to go through what he's going through. Yet somehow I found my sympathy waining when it was revealed that he and his wife were continuing to spend $8,000 a month despite an income of $1,700 and the knowledge that they had insufficient savings to go much longer. If some of these expenses were due to medical costs or some other crisis, that would be different. But at least $700 of the monthly expenses were due to a golf membership. Yet he claims he's looking for a job there too. C'mon! Denial ain't just a river in Egypt.
I wish the man good luck. He's going to need it. What do you think?
Those were the thoughts in the back of my mind when I read Coming out of retirement at 62 a story I recommend you check out at CNNMoney.com. As I read the profiled individual's story, I was initially somewhat heartbroken. How difficult it must be to lose half of a million dollars in stock option value during retirement! Then I thought to myself, how can you leave such an enormous percentage of your net worth tied to the performance of one company when you're in retirement? Perhaps he was not yet allowed to sell the stock options. But if so, he shouldn't have relied on them so heavily - he needed more savings. If not, he might have been a bit greedy by holding on to them so long.
It's got to be tough to go through what he's going through. Yet somehow I found my sympathy waining when it was revealed that he and his wife were continuing to spend $8,000 a month despite an income of $1,700 and the knowledge that they had insufficient savings to go much longer. If some of these expenses were due to medical costs or some other crisis, that would be different. But at least $700 of the monthly expenses were due to a golf membership. Yet he claims he's looking for a job there too. C'mon! Denial ain't just a river in Egypt.
I wish the man good luck. He's going to need it. What do you think?
Very true that this is probably happening with great regularity. Compounding the issue, I live in the area of this gentleman; I am quite familiar with the “life is a bowl of cherries” mindset here, in that, during better times, and better (if not inflated) salaries (combined with the “funny money” of cash-out refis), far too many people enjoyed an unrealistic and unsustainable lifestyle, almost…no, exactly like an alcoholic’s craving. Is there hope? The optimist would chortle “of course there is…blah blah blah (all-the-while spouting well-meaning cliches as “where there’s a will there’s a way”/ad nauseum). The realist in me says “nope”! Like the thousands/perhaps millions who, following the Crash of 29, were forced to face this reality, this gentleman, and many like him, will be obliged to do likewise. Unfortunately for him, and others, the “Crash of 09/10/11″ will be more subtle, sustained with yet more credit which, unfortunately, this man’s kids, and their kids…so-on-so-forth…and yours truly, will be stuck with. ENJOY YOUR GOLF, SIR…FORE!