Posted by: Will | September 23, 2008

NYTimes Elaborates on Pain of Retirees in Financial Crisis

The NYTimes today published an article: Retirees Filling the Front Line in Market Fears. With many personal testimonials, the authors are confirming one of my points I made yesterday:

Americans near or at retirement age have seen great losses in their retirement portfolio, with little means to gain it back through employment or investing, instilling concern and conservation.

The NYTimes writes:

Older Americans with investments are among the hardest hit by the turmoil in the financial markets and have the least opportunity to recover.

I found the overall tenor of the article to be quite gloomy, in the end suggesting to retirees that “The market will recover, but you won’t.”

I encourage all of us to face this financial crisis by focusing on innovation instead of fear. Innovation and perseverance will be the rising tide that lifts the market for all boats, including retirees.


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