Retirement lost: From six-figures to flippin' burgers

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  • Arizona Rocks Phoenix, AZ
    Sept. 25, 2013 6:48 a.m.

    I too respect this man. He has taken responsibility for his family in raising his sons and putting them through college and caring for his aged parents.... and because of a series of life events he is working to support himself by taking on two jobs: one as a cook in a restaurant and the other marketing food. As I read through the comments already written I can see the differences in each of their lives and choices made. Based on the article I again respect this man because of his determination and his responsibility to care and love his family. There is nothing wrong with honest work no matter what age you are.

  • JMHO Southern, UT
    Sept. 24, 2013 12:11 p.m.

    I am a little confused. I have never made anywhere near six figures. I am saving like mad for retirement. I did not lose everything in the market drop. In fact, I have never lost enough to be even with what I put in. I guess I just don't get how rich people spend and invest their money. Since I don't have a lot, my investments are a lot less risky (and less rewarding) but they are still there.

  • Hutterite American Fork, UT
    Sept. 24, 2013 10:54 a.m.

    Say No: Sorry, I was a bit flip in my post. I was writing from the passenger seat, as I often do. Underemployment isn't funny, you're correct. The foolish component of the foolish governemnt that crashed the economy failed to regulate the banking sector enough. I live in two worlds; don't have a 401K. I have RRSP's and a house in Canada, where the banking sector is much more regulated and capitalised, and mostly run by old scotsmen. Subprime loans are not part of the mentality there. Yes, my savings went down but they're coming back now. I refuse to work for a lousy health insurance plan but will work to pay taxes at home, and here, so I have access to a functional single payer health care system. My health care strategy while in the US is primary care and evacuation. There is a place for regulation and government in our society, I live it every day and wonder aloud when people trash it all the time. And, if you're willing to work shifts and live in camp, I know a couple outfits in North Dakota that need help bigtime.

  • Say No to BO Mapleton, UT
    Sept. 24, 2013 10:46 a.m.

    Sorry, I don't play the market.
    I'm in the same mix of Muts as before, managed by Fidelity.
    Without going into details, I've spread the risk among 10 funds, heavy in large and mid caps with a tiny bit in internationals.
    Hopium is not the same a results.

  • Daniel Leifker San Francisco, CA
    Sept. 24, 2013 10:39 a.m.

    The sad thing is that many young people (especially those under 25) don't save anything for retirement, and it's precisely those savings from the early years that multiply so greatly by retirement age.

  • samhill Salt Lake City, UT
    Sept. 24, 2013 10:09 a.m.

    Ever since reading an article in the late 70's about the fragility of Social Security and its likely demise around the time I was set to "retire" (I'm 63), I decided that relying on anyone else, particularly a government as inept and/or dishonest as ours has been for decades.

    I use the word "dishonest" advisedly. How, other than dishonest, can one describe the use of the word "Security" as part of system designed and run just like the gigantic Ponzi scam it actually is? And whose participants are therefore destined, inevitably it seems, to suffer the same fate as those who trusted their "security" in someone such as Charles Ponzi (after whom the scheme came to be named) or his most profligate protege, Bernard Madoff?

    I can only hope I've stashed away enough acorns to last through the really severe economic Winter that our dishonest economic management will make much worse than it needs to be.

  • carman Wasatch Front, UT
    Sept. 24, 2013 9:50 a.m.

    To Say No To Bo:

    I am sorry you haven't recovered from the 2008/2009 crash. The market certainly has. If you had been invested in quality blue-chip stocks (or even high quality bonds!), and avoided the urge to trade in and out, you would be at all-time highs as well.

    Take control. And don't blame the market, "evil, greedy corporations", or any other boogy-man.

  • george of the jungle goshen, UT
    Sept. 24, 2013 9:00 a.m.

    I've adjusted my stile of living to what my wages was. Who doesn't? You can be riding high one minuet and shot down the next. That's life. Life happens when you least expect it. It's hard to say to your self, sometimes,I accept life. Ya might have a plan of an attract till you get hit. it's up to you ta get back up or not. The story is about a man that has earned my respect.

  • Say No to BO Mapleton, UT
    Sept. 24, 2013 7:09 a.m.

    I resent that remark.
    I am 59 and making 1/3 what I made 10 years ago. I have diligently put away 10% into my 401k and have watched it dwindle due to the subprime mortgage collapse. I paid off my house, bought used cars and have never been to Hawaii or Cozumel.
    I invested in room and board for my kids at college and sent my boys on missions.
    Basically, I work to get a lousy health insurance plan.
    Underemployment is not funny and those of us who are victims can't be blamed for a foolish government that crashed the economy.
    My 401k has never come back to the pre-2007 values.

  • Hutterite American Fork, UT
    Sept. 23, 2013 11:29 p.m.

    With all due respect, at one point six figure jobs must have been easy to come by at one time if they gave them to people who didn't know enough to save for retirement.