Thoughts on retiring amid a banking crisis

[struggle4progress]

<Terry Brennan>

I'm retiring in about three weeks, so with the U.S. banking crisis spreading around the world, you can imagine my anxiety.

A few years ago, I had moved retirement money in my 401(k) account into a variety of mutual funds from just one that was designed for anyone retiring in 2010, which is considered to be very safe. The banking implosion led me to wonder if I had done the right thing.
As a former newspaperman who covered city government in places like Philadelphia and Hoboken, N.J., skepticism has become another appendage for me, like an arm or a leg. And I've always been skeptical about President Bush's attempt to deregulate any industry that moves. To me, even the most honest of people have to be watched when it comes to a till of money that needs protection.

I noticed that I've been checking my 401(k) account a lot more often the past two weeks. And I've already told my wife to make sure I never land in a nursing home (I've covered the bankruptcies in that industry), knowing that government oversight on things such as staffing requirements is often lacking. I now have a much better understanding of those ol'timers who weathered the Great Depression who often told me that they never trusted the banks again ...

http://www.thedeal.com/dealscape/2008/09/thoughts_on_retiring_amid_a_ba.php

[babylonsister]

1. Thank you for this. A bit of positiveness is good. nt

[elfin]

2. I am already retired

and have about 25% in cash and CD's, to supplement pension and SS which, hopefully, will tide me through so my kids will inherit something of value,

If the pension goes and Social Security takes a hit, then MAJOR changes here, even though have already made many changes due to gas and grocery prices.

I worry about my kids and grandkids and want to leave them enough to keep their house and help with higher education.

My grandparents weathered the Depression with ingenuity and I hope I can do the same.