A year ago, Robert Paynter was comfortably retired and looking forward to years of refurbishing old cars and boating from his dock on Lake Norman in North Carolina. Over a 17-year career at Wachovia, he amassed a pile of stock and options from the bank that he had assumed would be worth more than $600,000.
But now the options are worthless, and he watched the value of his Wachovia shares shrink to about $15,000 before he sold all of them this week after the bank succumbed to the financial crisis and its stock fell to fire-sale prices. The rest of his investments are in free fall.
“It’s like having an out-of-body experience,” said Mr. Paynter, 61. “It’s like being in a hospital bed and watching yourself dying. Whatever the bottom is going to be, I wish it would just get there. It’s the every day, watching the blood drain out of it, that’s hard to take.”
I have a dear friend who has much of his portfolio in stock from one bank. It hasn’t gone under yet, and I’m praying for him. Don’t ever, ever, put all your eggs in one basket. Diversify.
I’m just a simply, humble underpaid parish pastor. I hate to say it, but it’s difficult for me to feel the pain of someone who was able to retire early, but now might have to return to the work force…. Diversify yes, but I note the man’s goal in retirement was to play with his toys. I hope to do something more substantial if and when I can retire. But that’s just me.
Brian
Now I know why my wife and I have never invested in the stock market, and we’re glad we didn’t. Instead, we put our money into land and tax-free municipal bonds.
when did retirement become such the be all and end all? is this yet another manifestation of the baby boomer entitlement mentality? my in laws got early retirement 13 years ago and I’d submit that overall, they would have been better off if they’d not taken it. they have had too much time on their hands to sit around watching CNBC and fret over their investments, and of course all the free time gives you more opportunities to spend money on things you otherwise would not have.
i really don’t envy that sort of life at all.
A wise person once said you can make money in the stock market but you better be prepared to lose money in it TOO!!
How many folks who are saying they oppose retirement or at least don’t support it and claim it isn’t scriptural earn their bread by the sweat of their brow, the ache in their back, or the strength of their hands? It is kind of easy for folks who work sitting at a desk to pooh-pooh the idea of retirement. It’s a different matter when your work is physically demanding in all sorts of weather. I spent about 10 years of my life doing manual labor, from construction to commercial fishing. I now have a job where I am usually dealing with computers or electronics in a nice climate controlled environment. But, I remember. I remember jackhammering into the side of a building while it was snowing. I remember my back aching as I stood for what seemed endless hours at a cull board sorting fish.
I urge you, if you have an administrative/clerical/academic sort of job, to consider those who have to make a living by their physical labor before giving up on the idea of retirement. Sure, some jobs are such that you can just keep on working well into your 60s and 70s. It isn’t that way with all jobs.
“I urge you, if you have an administrative/clerical/academic sort of job, to consider those who have to make a living by their physical labor before giving up on the idea of retirement”
Agreed!