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You were planning on retiring in 2009?

Submitted by on Saturday, 24 October 2009View Comments
You were planning on retiring in 2009?

You were planning on humble in 2009, but after taking these big losses in your account you’re not reliable you can still afford to.

Focus on what the market loss will convey to you in terms of monthly income. Let’s say in 2007 you had a $250,000 retirement stash. Today it is $200,000. So what does that convey to you in terms of retirement income? Your intention at retirement was to have your shekels invested mostly in bonds so your money would be safe and you could total on a return of approximately 4 % in 2009. The $50,000 you lost would give rise to $2,000 in income at a 4 % rate. In other words, your actual monthly loss in income comes to about $170 a month. So the mystery is, does that loss of $170 a month mean you can no longer take the golden handshake? If the answer to that question is yes, then the true This you really were raw it too close to retire anyway.

You have an IRA at a brokerage firm, but you’re worried that if the coterie goes under, as Bear Stearns did, you will lose all your spondulicks.

Stop worrying. The money you have invested in your accounts at a brokerage or scratch Company is completely separate from the operations of the parent company. The brokerage or endowment company can’t use your money to pay its bills and debt. Even if a company goes below, what happens is that you will transfer your money to another brokerage or hard cash company. Or, more likely, the company will be taken over and you grace a client of that new company.

And just so you know, if there is an irregularity and a circle uses your money fraudulently, you may be able to recover up to $500,000 ($100,000 limit for liquidate accounts) from the Securities Investor Protection Corp. This is not like federal assurance. It’s a voluntary program of member firms that keeps a kitty in every direction to settle problems; at the end of 2007, SIPC had about $1.5 billion in its green. This covers standard investment accounts only; SIPC does not envelop alternatives such as currency and commodity investments. Check with your brokerage or means company to see if it belongs to SIPC.

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