| Did Your Retirement Plan Go Up In Smoke? |
| Articles - Lifestyle |
|
What's happening with Larry now? He is currently looking at retirement plans being pushed back at least 5 years, maybe longer. He's heard of some layoffs in his company so is worried about job security, his investments, including his 401k, took such a steep nosedive he's wondering if and when they will regain their value. All of these changes took place very rapidly.
What's happening with Larry now? He is currently looking at retirement plans being pushed back at least 5 years, maybe longer. He's heard of some layoffs in his company so is worried about job security, his investments, including his 401k, took such a steep nosedive he's wondering if and when they will regain their value. All of these changes took place very rapidly. As a middle manager in a large, national corporation, he had enjoyed his career, but he was looking forward to finally having the time to pursue his hobbies and interests. His three weeks of vacation were feeling really short. When he retired his plan was to do a lot of camping and fishing, especially in the off-season, since his kids were now grown. He loved the idea of driving off to explore some wilderness areas and spend as much time there as he wanted. And he had plans to spend at least a month in a tropical climate during the winter, maybe a little longer if he really liked it. And because two of his kids had moved to other states, he was really looking forward to visiting them more often. Larry had made some investments through the years, and those combined with his 401k gave him a secure feeling that his retirement would be just what he wanted it to be. He would finally feel that his life and his time were his own. He found himself getting impatient for his final two years of work to be done. Jump forward to today. Things have changed dramatically for Larry, and not for the better. His investment portfolio has taken a serious and very rapid hit. He realizes he'll need to continue working for at least another 5 years, maybe longer. But he's also worried about job security as he's heard about some layoffs in his company. On top of that he's worried about the bigger financial picture as he hears news reports about the seriousness of the massive national debt and possible inflation, continued recession and maybe even another depression. He's lost his faith in the financial system. Now, instead of looking forward to his retirement, Larry's outlook on life has shifted dramatically. He's just trying to hold on and hoping for the best. It's not a pretty sight. What has it meant for you? Have recent events caused you to change your retirement plans? Are you having to push that retirement date back, possibly several years? Do you view your coming retirement with dread rather than seeing it as a time to celebrate? Sadly this is the reality for hundreds of thousands of people. And most of them don't see any way out. But some people will find a solution. I use the term "some" people deliberately. You see, even though people can change their lives and their situation, I know that most people will not take even simple action to make this happen. If you're are an action-taker, here's what you can do to change your retirement picture: Start a home-based business. But not just any business. If you're going to pursue a business to change your retirement situation, you need to look very closely at specific details of the business. Some of the things you need to examine include the track record of success, having an established system to follow, the training and coaching available, a lucrative compensation or remuneration plan, and of course, a solid company backing it up. The smart thing for you, if you're in this situation, is to do some checking. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Is your retirement income looking a little shaky? Then visit LovingYourRetirement.com to learn how you can dramatically improve your retirement plans. You'll be glad you did. |