retirements getting hammered

m1west

Well-known member
GOLD Site Supporter
Hi all, the stock market just lost another 1800 point on top the 10,000. I was planning to start drawing my retirement from the Carpenters union this year as I have the papers all filled out and was getting ready to send in.
Now with this I don't know what to do.
1 options to wait and see what happens and do it when it rebounds if it rebounds. I don't know what this is going to do to current retires but I'm sure its not going to be good. I know my retirement plan states they can go back 5 years into current retirees payments and make adjustments based on losses. And don't see where they would raise payments if it went back up, so your check can only take a one way trip ( down ). Only one thing in this environment that is for sure, ( nothing is for sure )
 

road squawker

Active member
GOLD Site Supporter
... edit.... I don't know what this is going to do to current retires but I'm sure its not going to be good..

My (currently drawn) retirement will not decrease one penny..... certain prices may increase, or they may not
 

JimVT

Bronze Member
GOLD Site Supporter
my Alcoa and Reynolds are guaranteed and social security is up to the senators
 

EastTexFrank

Well-known member
GOLD Site Supporter
We rely on Social Security and some oil royalty money. The oil money isn't helping with many bills at present. I usually say that it's enough to buy a cup of coffee and a donut hole, that's a donut "hole" not a "whole" donut.

We have a bit invested in the Stock Market and have been through madness like this many times before. We'll get through it again. Unfortunately we were waiting until after the 1st April before liquidating any IRA money for tax reasons but got screwed on that.
 
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