Newspaper article The Chronicle (Toowoomba, Australia)

Markets in Meltdown Put Retirement Plans on Hold

Newspaper article The Chronicle (Toowoomba, Australia)

Markets in Meltdown Put Retirement Plans on Hold

Article excerpt

THE global financial meltdown.

It's here and the buggers who started it need something more than a bit of a rap over the knuckles.

But what can we do about it?

Not much.

Mr Rudd had a bit of a crack at it earlier this week.

Good on him for giving pensioners a decent Christmas.

Young home buyers will also find life a bit easier as will a host of other eligible families.

It will take some of the pain out of this latest financial crisis.

Some of us are hurting a bit more than others.

The younger generation probably won't even know what everyone is talking about.

The 20-and-under brigade are bullet-proof and don't for a minute worry about superannuation or other concerns we slightly older folk bother with.

And that's the way it always has been and the way it always will be.

Those who will be hurting most will be self-funded retirees and those contemplating retirement right now.

Sorry, but the retirement plans will have to be put on hold.

Those who are doing the right thing and looking after themselves in retirement by living off their superannuation will be tightening their belts even further.

For many, retirement no longer looks like the relaxing reward after a lifetime of hard work.

And that's wrong.

Again, what can we do about it?

Not much.

People my age (a very youthful early 50s) are in a similar position.

But there's not much we can do either.

It looks like we will be working a few years longer than we thought.

My dreams of early retirement went out the window when the world banks said they didn't trust each other

Apparently I've lost tens of thousands off my super.

That's annoying.

Mainly because if I'm going to be losing money I'd rather watch it run around on a slow horse or an unkind roulette wheel.

At least there's a bit of fun involved. …

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