Where's My Bailout?
Mar 2 2009
As I sit here at watch the Dow slip below 6800 today, I wonder: What’s going to happen to all the people who were on the verge of retirement, who have now seen their retirement savings slashed in half? The federal bailout money, even if it works, and BEGINS to turn things around soon, is not going help out people like my mom who had hoped to retire in the next few years. Where’s their bailout? A few hundred dollars a year in tax relief just isn’t going to cut it.
As much as it just kills me to see my personal losses (which total about $25k), I know that I will be ok. At 35, I’ll be working and contributing to my 401k long enough to actually see this through to the upside.
My mother, however, diligently put in the maximum into her retirement account every year for the past decade, so that she’d be able to retire with a couple hundred thousand in the bank to live off of for the next 20-30 years. But now, her retirement has dwindled… how low, she doesn’t know, because she’s afraid to look. But I’m sure it’s not pretty.
So, she’ll be working as long as she’s physically able, hoping to recoup just a little of what she’s lost.
It just seems very odd to me that I’m not hearing any discussion of the devastation this will have on people like my mom and their families. It makes me sick to my stomach that idiots who bought more home than they could afford are getting assistance, but my mom and others like her get nothing. Sure, you can blame the mortgage crisis it on the unscrupulous industry, but in the end… there’s something called personal accountability.