AARP Member
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Name: Myrna
Birthday: September 30
Gender: Female
Status:
Widowed
Ethnicity:
Caucasian
Religion:
Christian/Protestant
Location:
BROKEN ARROW, Oklahoma
United States
BROKEN ARROW, Oklahoma
United States
School:
BCATS, NDSSS
BCATS, NDSSS
CRASH BANG GOING BROKE and I haven't spent a dimeCRASH BANG GOING BROKE and I haven't spent a dime
Unfortunately today I added up my loses from the recent stock market debacle. I find that I am down 30%. I sure hope that something is done to prevent these corporate bigwigs from benefiting from this mess. I have no income other than from my investments - this HURTS!
yokeeh says:
Everyone declared me nuts when I sold 80% of my mutual funds starting about 15 months ago and putting the money in CDs paying monthly between 5.25 and 6.25%. I retired earlier this year and between the monthly interest payments and social Security, I'm very comfortable. When the market turns around, I MIGHT move another 10% back into the market.
I don't know if I was smart or lucky, but I'm extremely happy about my decision.
I don't know if I was smart or lucky, but I'm extremely happy about my decision.
Posted: October 31, 2008 7:16PM EDT
KidBoy2 says:
I think the worst thing to do is sell if you do not need the money. I have over 50% of my investments in stocks. I do not think many companies are going to cut their divideds. I own utility stocks and stocks like J & J. P & G, and energy stocks. I am 74 and my wife is 70 and we are not about to sell. We will keep spending the dividends
Posted: October 25, 2008 6:26PM EDT
donkell says:
Hi Myrna,
The thing I noticed about your statement on the 30% loss is what you are doing about it.
It's your money and ultimately it's up to you to watch over it and do something about it. Whatever you do don't wait to take some positive action to stop the losses. People have all types of advise that won't mean anything if you just do nothing and let the loss get to 40% or more.
Get help now, shop around to find someone or some company that makes sense to you if you don't think you can do it yourself.
Forget the bigwigs, they have already made their money off you and a lot of others. Remember World Com, and the CEO Bernie Ebbers (sp) as well as the CEO and other bigwigs of ENRON, they are in Prison, but what good does that do your income from your investments. Between just those two companies thousands were left broke.
Don't leave it to others to take care of you and your money. Educate yourself as much as possible about what is happening and what you can do. You end up saying this HURTS, I am sure it does but don't just sit and watch it get larger.
I had a friend watch a stock GLW Corning Inc. a stock he invested in fall from over $300.00 in 2000 and to nearly 1.00 in 2002 and every step of the way people including investment advisors told him hang on it will go back up. Since the low it's not been above $30.00 now it near $10.
Good luck to you,
Don
The thing I noticed about your statement on the 30% loss is what you are doing about it.
It's your money and ultimately it's up to you to watch over it and do something about it. Whatever you do don't wait to take some positive action to stop the losses. People have all types of advise that won't mean anything if you just do nothing and let the loss get to 40% or more.
Get help now, shop around to find someone or some company that makes sense to you if you don't think you can do it yourself.
Forget the bigwigs, they have already made their money off you and a lot of others. Remember World Com, and the CEO Bernie Ebbers (sp) as well as the CEO and other bigwigs of ENRON, they are in Prison, but what good does that do your income from your investments. Between just those two companies thousands were left broke.
Don't leave it to others to take care of you and your money. Educate yourself as much as possible about what is happening and what you can do. You end up saying this HURTS, I am sure it does but don't just sit and watch it get larger.
I had a friend watch a stock GLW Corning Inc. a stock he invested in fall from over $300.00 in 2000 and to nearly 1.00 in 2002 and every step of the way people including investment advisors told him hang on it will go back up. Since the low it's not been above $30.00 now it near $10.
Good luck to you,
Don
Posted: October 25, 2008 8:14AM EDT
retiredtraveler says:
I assume you realize investments are 'gambling' and are for long-term. I invest, so I understand what is happening in the markets. If you invest, the rule is always that you have to be conservative if you are going to use the money within 5 years. So, if you're going to actually 'live' off investments, you cannot be in equities. If you are fortunate to have enough money so that you can keep a portion of your total investments in equities (that perform well over time), then that's great.
But you always need to keep a minimum of 3 years of your investments in very conservative types --- cd's, bonds. etc.
I also realize that the interest rates are way down so even in conservative investments, you have a poor rate of return. That's another issue.
But you always need to keep a minimum of 3 years of your investments in very conservative types --- cd's, bonds. etc.
I also realize that the interest rates are way down so even in conservative investments, you have a poor rate of return. That's another issue.
Posted: October 21, 2008 9:25AM EDT
katten8 says:
Well, we are seeing how well this bail out worked. NOT!!! I know - everyone says to give it time. But, as has been commented here, some of us don't have TIME! My parents are 80 years old and they don't have TIME to recoup. With any luck, I will as I'm 58. But, in the meantime it's back to pinching pennies. As far as blame, there is enough to go around. The CEO's are the bottom line. The President's didn't enact legislation, the Congress did. No single pary is responsible - they are all guilty of neglect of the US economy
Posted: October 19, 2008 12:38PM EDT
geolow1 says:
I haven't heard one thing about retirees in this campaign. It appears that they don't care about us. Yes those responsible for this economic feasco should be brought to justice and those golden parachutes should be taken away from them to help us retirees. Did anyone see on fox nuew (fair and balanced) about how we got into this mess. It was started during the Carter years and esculated throught the Clinton administration and further inhanced by Chris Dodd, who was the biggest recepient of Fannie may donations (Obama was second), and Barney Frank. Issentially they wanted everyone to have a house even though they did not have the means to pay for it bad to no credit ratings (not the American way). The head of Fannie and Freddie were Democrates. President Bush no less then 12 times tried to get congress to do something as did McCain but a democrates and some republicans in congress stopped it. They surely were not working for the American people. Let's make sure we vote with our heads and not just by a knee jerk reaction. Do you want higher taxes which we cannot afford. Do you want the now lower taxes to be increased and do you want the government to grow even bigger in which we will have to pay for. Remember the government does not make money to pay it's employees it is us in the work force and those retirees that have interest income coming from our investments that pay. Try to have a Great Day and for God's and our sake get out and vote
Posted: October 14, 2008 9:51AM EDT
llsmith says:
I wrote a few pages back that there should be a cl****action lawsuite against the ten CEO's that allowed this to happen on their watch. Got no response. My wife turned 64 on 12 October and I will be 65 in January. This leaves us and a lot of other people little time to recover. I can't imagine the shock of those already retired
Posted: October 13, 2008 9:12PM EDT
Clela says:
I think we all are scared - I know I am. After years of being a single parent I managed to eke out a small! (as in too little, too late) savings in a 401(k). I am now 65. If Congress does not focus on 'bail out' plans for retirees, there will be a whole generation of living in abject poverty. Why not a plan for us instead of the crooks. They could take everyone's savings from a time certain to a time certain and make us whole. It would cost less than they are paying now. They need to change the 70-1/2 rule and do it now! They need to provide some kind of coverage from the neck up - eyes, ears, teeth! Why should we have to choose between replacing a tooth v. hearing aids??? I hope AARP is asserting itself on our behalf
Posted: October 13, 2008 12:51PM EDT
AQuietDay says:
A times like these smart people who keep their cool make big money from those who hit the panic button. Happens time after time
Posted: October 13, 2008 8:57AM EDT
jc2gether63 says:
Hi Myrna,
At least you do have some investments. The majority of seniors are not that lucky. I do have an Excel spreadsheet with all my expenses, both monthly manditory bills and a separate daily expense spreadsheet to see where my money is going. I have found other ways to save money. I have a retired hairdresser cut my hair for $8 and I cut my hubby's hair myself. I had to get a job because we needed medical insurance. I got a job at the local hospital and instead of paying $30 for a scrub top and $30 for a scrub pant, I went to the local Salvation Army and got them for $1.50 each.
Instead of living in a large house with big upkeep expenses, insurance and taxes, I live in a park model in a 5-star resort that costs me under $400 a month.
I used to work for an investment company for 12 years and I do truly understand your frustration. I am just suggesting there are other ways to make what money you do have to go further. The stock market will rebound . . . if we can all wait that long?
I do hope they do prosecute those executives (especially AIG) for white collar crimes.
Don't let the meanies of the world, take you down.
Have a Great Day!
Carol :-)
At least you do have some investments. The majority of seniors are not that lucky. I do have an Excel spreadsheet with all my expenses, both monthly manditory bills and a separate daily expense spreadsheet to see where my money is going. I have found other ways to save money. I have a retired hairdresser cut my hair for $8 and I cut my hubby's hair myself. I had to get a job because we needed medical insurance. I got a job at the local hospital and instead of paying $30 for a scrub top and $30 for a scrub pant, I went to the local Salvation Army and got them for $1.50 each.
Instead of living in a large house with big upkeep expenses, insurance and taxes, I live in a park model in a 5-star resort that costs me under $400 a month.
I used to work for an investment company for 12 years and I do truly understand your frustration. I am just suggesting there are other ways to make what money you do have to go further. The stock market will rebound . . . if we can all wait that long?
I do hope they do prosecute those executives (especially AIG) for white collar crimes.
Don't let the meanies of the world, take you down.
Have a Great Day!
Carol :-)
Posted: October 12, 2008 9:11PM EDT
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