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'WE'VE LOST EVERYTHING' - RUINED RETIREE'S TALE
NY POST ^
| 12/16/2008
| By BETTE GREENFIELD
Posted on 12/16/2008 7:17:43 AM PST by Red Badger
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To: Red Badger
My father, a CPA, was smart and an extremely knowledgeable financial ad viser. Smart and knowledgeable financial people don't put their entire retirement into one single fund. I had friends who did this with Enron.
101
posted on
12/16/2008 8:18:54 AM PST
by
thackney
(life is fragile, handle with prayer)
To: RetiredArmy
A government of “pull”..............Atlas Shrugged, Ayn Rand.......
102
posted on
12/16/2008 8:19:18 AM PST
by
Red Badger
(Never has a man risen so far, so fast and is expected to do so much, for so many, with so little...)
To: Esther Ruth
Ditto...I too have been quite surprised at some of the posts here lately.
The ones that come along and say "I told you so" and "fugettaboutit" on the BC issue/threads make me sick.
103
posted on
12/16/2008 8:19:33 AM PST
by
Las Vegas Ron
(The tree of liberty is getting mighty dry)
To: wmfights
Time now to bailout the business genius’s in the big 3.
WE can afford it!
104
posted on
12/16/2008 8:20:45 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: wmfights
Actually, moving all your money into "safe" investments as you approach -- or even pass -- retirement age is not a very good idea. Someone who retires at 65 or 70 stands a good chance of living for another 20-30 years, and one of the biggest risks that person faces is
outliving their retirement funds.
So a portion of your retirement funds should always be allocated to investments with a 20+ year time horizon. This portion should diminish over time as a retiree ages and needs to become more concerned about safety than growth potential, but good financial advisors will often have their clients keep a small portion of their money in high-risk investments even into their 90s.
105
posted on
12/16/2008 8:20:45 AM PST
by
Alberta's Child
(I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
To: Red Badger
He was told by one of his wealthy Palm Beach friends that Bernie Madoff was a miracle worker with investments... Aren't miracles too good to be true?
To: Red Badger
Bette Greenfield.....you are a sacred minority...you will get ALL your dad’s money back and then some. You have POWERFUL REPS and SENATORS who will see to it. Doesn’t matter that some hillbilly living in a shack will pay for this....whatever.
107
posted on
12/16/2008 8:21:33 AM PST
by
Ann Archy
(Abortion.....The Human Sacrifice to the god of Convenience)
To: Red Badger
Your Hedge Funds ARE NOT GUARNATEED....but don’t worry....they will be.
108
posted on
12/16/2008 8:23:04 AM PST
by
Ann Archy
(Abortion.....The Human Sacrifice to the god of Convenience)
To: CodeJockey
Once a person turns fifty and from that point forward if the DOW hits an all time high, you exit the market. Anyone who is retired and has their nest egg in anything but a capital preservation fund is foolish. I really gotta disagree with you on that one. See #105.
109
posted on
12/16/2008 8:23:09 AM PST
by
Alberta's Child
(I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
To: wtc911
“Exactly what have you done with your money to make it grow, bury it in the backyard?”
Yes, the money trees sprouted up nicely ... as to what I did with my money, it’s safe earning less than the promised 15% - beyond that, it’s none of your business.
110
posted on
12/16/2008 8:23:10 AM PST
by
mgc1122
To: thackney
Enron, MCI, Madoff, it never ends.........
111
posted on
12/16/2008 8:23:20 AM PST
by
Red Badger
(Never has a man risen so far, so fast and is expected to do so much, for so many, with so little...)
To: Las Vegas Ron
She had 400K inheirited from her father...
112
posted on
12/16/2008 8:23:24 AM PST
by
Axenolith
(Government blows and that which governs least blows least...)
To: Esther Ruth
Esther, I'm no CPA, but a long time ago I learned to read financial statements backwards -- starting at the accountant's statement and reading footnotes first. Anybody that did that is very unlikely to have invested with Madoff.
The woman's dad left her nothing! He might as well have thrown his money in a river for the absolute lack of caution and due diligence his investment with Madoff shows.
He put all the eggs in one basket. Then he threw that basket over the cliff.
Given that a person, a daughter especially, has to respect her Dad, I can't help but feel terrible for her, what a sad situation! But she never had anything == the saddest part of this is what her Dad DID leave to her. Aggravation, a false sense of security, a bitter, devastating surprise.
113
posted on
12/16/2008 8:23:35 AM PST
by
bvw
To: Alberta's Child
Actually, moving all your money into "safe" investments as you approach -- or even pass -- retirement age is not a very good idea. I disagree. You never risk your retirement. You alter your lifestyle to reflect what you have put away. If you didn't sacrifice for the day you would retire then you live with the consequences.
114
posted on
12/16/2008 8:25:45 AM PST
by
wmfights
(If you want change support Senateconservatives.com)
To: mylife
Time now to bailout the business geniuss in the big 3. What a great point!
The only way we should help them is to act as the bank for the debtor in possession.
115
posted on
12/16/2008 8:27:47 AM PST
by
wmfights
(If you want change support Senateconservatives.com)
To: BGHater
No, the government will not. And I’m just ashamed of the people here who have no empathy for people like this woman who did the right thing..lived modestly and invested her money with someone who was highly regarded. $400,000 is not that much and now...she has nothing.
116
posted on
12/16/2008 8:28:20 AM PST
by
Hildy
To: wmfights
117
posted on
12/16/2008 8:28:24 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: Axenolith
She had 400K inheirited from her father... So it was her money then? Another poster said it was her fathers.
It doesn't matter though as someone lost the money
118
posted on
12/16/2008 8:28:38 AM PST
by
Las Vegas Ron
(The tree of liberty is getting mighty dry)
To: mylife
I guess everyones up 40% around here. Well maybe not 40% but I did buy 600 shares of GE about a month ago @ $12.64 ... within a dime of it's 52 week low. Today it's in the $17.35 range and has been as high as $18.00 in recent days. My prediction, GE will be in the $23.00 range by the end of the first quarter 2009.
119
posted on
12/16/2008 8:28:44 AM PST
by
BluH2o
To: Alberta's Child
I disagree. Basic retirement income should be in something fairly conservative, safe with a good rate of return and tax free. Also, set up for at least a 40 year payout and assume that the cost of living will double double twice in a 36 year period. Here's one with an 11 year horizon: Indexed Universal Life Insurance.
120
posted on
12/16/2008 8:28:45 AM PST
by
nufsed
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