Many retirees in today’s troubled economy are asking themselves this question, as their nest eggs dwindled (some drastically) before their very eyes. Some were on the verge of retirement, on track to enjoy a comfortable future, until the economy took a dramatic turn in the wrong direction.
Melissa Dahl, a health writer for MSNBC.com, writes about this issue and its devastating effects on baby boomers that were looking forward to hobbies like grandparenting, gardening, or golf in their golden years. Instead, these boomers now suffer from increased anxiety, panic attacks and depression as they face the reality of having to delay retirement another five, 10 or, perhaps for some, an indefinite number of years.
Thoughts of suicide may also cross the minds of these individuals, although one MSNBC.com reader illustrated just how bad things really are by sharing this painful truth: “I have contemplated suicide, but my family does not have enough money to bury me.”
Statements such as these indicate to me that we have truly hit rock bottom, and it pains me to know that people are in such desperate situations. I really do hope for some kind of breakthrough soon, as do all of us, but as the saying goes, “none of this happened overnight, so none of it will go away overnight either.” While we must not completely throw our hands up in despair, we must also be sure that we become part of the solution rather than part of the problem.
On the bright side, I truly believe that these trying times have forced many who may have been living beyond their means to scale back and work within a more reasonable, practical budget. Even those who were living within their means may now have the unique opportunity to grow and be challenged by learning to become an even better steward of their finances, which could mean a greater reward when the economy is healthy once again.
Working on a budget is an extremely positive thing no matter what is happening on Wall Street. During these last few months, I can say that my husband and I have a little more peace of mind just knowing exactly what is coming in and exactly how much is going out… and, perhaps most important, the when and where of our income and expenses. We certainly don’t plan on cutting off our monthly budgeting when the economy rights itself - this is a life skill and a practice that will benefit us no matter what the economic climate may be. But I must admit it was these uncertain times that drove us to get smart about our finances.
While I find myself facing many more years in the workforce simply because I am only in my 30s, I understand that losing time and money from your retirement is not just about missing a few years on the beach drinking margaritas or a few extra rounds on the greens. For my own father, it likely means a few more years of a long and often stressful commute to Manhattan from Northeastern PA. Phyllis Moen, a sociologist from the University of Minnesota, says it this way: “It’s a real sense of shock… here they [retirees] thought they were in control, and they created a life that works — and suddenly, they’ve lost control.”
It’s almost too depressing to go on (and it makes me as a 30-something wonder if “retirement” as an activity or even a concept will even exist when I’m in my 50s or 60s), but if you are reading this article and either a. know a person in this situation who needs some help, or b. that someone is yourself, please read/ share the coping tips below:
HOW TO COPE
-
Talk, talk, talk. Share your fears and frustrations with your family, so the financial struggle becomes a family project instead of your burden alone.
-
If someone is telling you that they’re worried about you, don’t blow them off. “It’s really easy to say, ‘Oh, I’m fine,’” says Jennifer Harkstein, a New York City clinical psychologist. “But if people around you are noticing a behavioral change, that’s important.”
-
Don’t go it alone. Experts encourage struggling retirees to find the time to volunteer or join social activities, to find peers that may be in similar situations and remind themselves that they’re not alone in this.
-
If a self-loathing idea floats through your brain — Could I have worked harder? Saved more? — squash it.
-
Try tucking away even just a small amount each week in savings. Experiencing the magic of watching a savings account that’s slowly growing will remind you that some things are still in your control.
- tips courtesy of the msnbc.com article “Retirement Dreams Give Way to Despair, Anger”
After a lifetime of hard work and careful planning, prospective retirees deserve to put their feet up. But if you’ve been hurt by this turbulent economy and may be looking at a few more years with your nose to the grindstone when you were really hoping to get that gold watch and big party soon, know that you’re not alone, and be sure to put your feet up the moment you get home from work.
- Michelle Seitzer