I really enjoyed doing a series of podcasts for AOL’s personal finance site, Walletpop. They just posted the second podcast in the series along with the Re-Energize Your Retirement chapter excerpt from Start Over, Finish Rich. Check it out and let me know what you think! And in case you missed the first podcast that ran last week called Recommit to Wealth, you can view it here.
SO many questions about retirement plans in this economy…and such IMPORTANT info for you to know. Questions like: Should I cash out my retirement plan to start a small biz? Is my retirement plan protected if I file for bankruptcy? My employer is going out of business – is my 401k money safe? Should I cash out of my retirement plan to pay off my credit card debt? Watch my ABC segment. Q and A is at the end so stay with it.
Did you catch yesterday’s Money 911 segment on The Today Show? On yesterday’s show we met Jean, a retired widow from Ohio, who like so many others has some real concerns about her retirement money and what to do next.
Of all the terrible ways in which the recession affected people’s lives, one of the most painful was what the Wall Street meltdown did to our retirement savings. Upward of 50 million Americans are putting aside money for retirement in one way or another, and with most people’s 401(k) accounts and IRAs heavily invested in stocks, virtually everyone took a major hit.
If you’re contributing to a retirement account (and I surely hope you are…), your nest egg probably lost close to a third of its value between the end of 2007 and the beginning of 2009–maybe more.
This has led a lot of people to throw in the towel. In fact, a February 2009 survey by AARP shows that nearly four out of 10 workers said they had cut back the amount of money they were putting into their retirement accounts. Even worse–one in five workers over the age of 45 said they had cut out their retirement contributions entirely!
Giving up like this is one of the worst things anyone hoping to finish rich could do. So if you’ve backed off from your retirement plan, then you need to get back in. Do it now. You owe it to yourself.