NY Times: The Golden Years, Tarnished

In communities like Gleneagles and in the homes of retirees across the country, these are days of fear and uncertainty. In theory, retired people are not supposed to invest much in the stock market; in reality, many millions of them do. With the economy in free fall and stocks down about 40 percent this year, legions of middle- and upper-middle-class people are suddenly worried about having enough to carry them through.

– “The Golden Years, Tarnished”, The New York Times, Thursday November 13, B1

People are grieving.  There was a death. Their money died.

– Barbara Goldsmith, Psychotherapist, resident of Gleneagles Country Club

The New York Times published an article last Thursday that really got to me.  The real victims of this crisis are older people who worked their whole lives and saved up so that they could retire comfortably.  They played by the rules, they did everything they were supposed to, and now, in what are supposed to be their golden years, they are having to deal with the destruction of their nest eggs and worries about running out of money.  It just ain’t right.