Will I Be Able to Retire?
Will I ever be able to retire? if you are a baby boomer who has set a retirement date, you may be deeply concerned whether or not you should reconsider. It is true that the economy has been the worst in years, it does not mean you have to forego your dreams; rather, it will require an honest and careful assessment of your finances.
If you have a retirement account, no doubt you may have incurred a severe loss. If you have a 401K Plan with your employer, that too has taken a direct hit. There is one aspect, however, you should consider; economic advisers are strongly recommending that you keep your money in the retirement and pension accounts. Why? It’s quite simple:
Maintaining your accounts ensures that whatever stocks, bonds, and mutual funds are currently being purchased at a low price. Thus, when the market corrects itself, the holdings you have will, at the very least, increase up to or near the point at which the downturn was in effect.
As the Federal Government begins to pour money into the banks in return for stocks, the lending freeze will cease and individuals around the country and the world will be able to apply for loans once again. Keep in mind, however, that your credit has to be extremely good as does your FICO score for you to qualify for any kind of loan.
The answer to the original question posed is: Yes, you will be able to retire. Perhaps not on the date you had first thought, but perhaps a few years down the road when the economy has stabilized. It is important, then, to maintain your retirement contributions so that when you do retire, there will be enough money to allow you to be able to retire without worry.
If you have chosen an ideal place to retire in another part of the U.S., it is advisable to contact a Realtor beforehand to determine if the laws are different than your home state. In addition, while there are a myriad of online realtors who are showcasing foreclosed homes, it is a good idea to visit the homes you have selected in person and not rely on internet transactions.
Let’s face it; we are all worried about the current crisis, but there is hope. Take a minute and check out Senator Obama’s economic plan for the future. While many individuals are becoming more anxious as this campaign comes to a close, remember the words of Franklin D. Roosevelt when he said, “There is nothing to fear but fear itself.”
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