Tuesday, November 12, 2013
On Those 60-Somethings Who Lost Their Shirts During the 2008 Financial Crisis
I feel sorry for them, but I kinda don't. I mean, think about it here. What kind of a moron in his early 60s would still have the lion's share of his investment portfolio in high-risk long-term securities and then try and blame somebody else for his own imprudence? It makes no sense. Any idiot knows that once you hit 50-55, you at that point start to put more and more of your money into safer instruments such as bond funds, annuities, CDs, etc. and that once you hit 60-65, pretty much all of it should be out of the market. These people were just frigging greedy and stupid, in my opinion.
That seems to be the case. When I
ReplyDeleteretired in 2003, my contemporaries
had either gone silly over 'penny stocks' or indexed to the S &P. As
a cautious investor, I tired of the constant bragging at coffee break. The motivation seemed to be
the money-making 'game', but some of those folk had to work into their 70s. We were probably the last of the lucky generation that
used the three-legged concept of
SS, 401K and pension. My financial advisor shakes her head and laughs at my caution and success (or luck).