President-Elect Barack Obama Is Sworn In As The 44th President Of The United States
Sep 25, 2008 11:52 am US/Eastern
Retirees Feel Nervous Over Wall St. Mess
Major Stock Markets Plummeted About 19 Percent This Year
MIAMI (CBS4) ―
Today's uncertain economic times are affecting everyone, and senior citizens are feeling especially vulnerable. Their homes are threatened, their retirement funds are dwindling and they are strapped for cash.
"When I first came to this country, I rented a room for $8 a week," said William Llanes to CBS4 Reporter Jorge Estevez. But now fifty years later, a bad loan has raised William's mortgage which has left this Miami Beach man no choice but to get a part time job. He has since retired from a successful career in the airline industry.
"Had I stopped completely, I wouldn't have been able to continue with my expenses," admitted Llanes.
Still, Llanes considers himself very fortunate. After all, he gets to work at the gift shop of the Bass Museum on Miami Beach, a job he loves.
The current economy is painting a bleak picture for retirees. A falling housing market has forced seniors to take equity or cash out of their homes. A shaky economy lead them to dip into their retirement accounts, part of which has also gone toward healthcare. In general, other investments have been cashed just to survive.
"The last thing you want to do is sell out at the bottom of the market and watch the markets go sky high and you are out of the markets," said Jack Firestone, a financial planner.
But like so many, Llanes decided to cash out. "In my case, I had stock that I owned for long, long time. I sold it. I needed the funds," said Llanes.
Though he loves life, he also would love to know when he can truly retire and continue where his American Dream left off.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
Inauguration: A Stay-At-Home Guide
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