Philadelphia Reflections

The musings of a physician who has served the community for over six decades

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Boomer Retirement Planning, 2019

The world is facing a financial crisis. We do not know the outcome or its timing but we do know that we are piling up financial dislocations that, like the earth's shifting tectonic plates, are building up pressures that will sooner or later will be released in an economic earthquake.

Exageration? Hyperbole? Consider:

These sorts of problems have never been solved by anything other than a calamity which wipes out the bad actors. Unfortunately, many bad actors escape with Government support and it's not just bad actors who get hurt ... the Middle Class suffers the most, many of whom are driven into poverty. So, we can hope for better politicians or regulators but they will not show up; put not your faith in politicians or their propaganda. Individuals must prepare for a financial storm on their own.

So what should an individual Boomer do?

This approach was developed by many people over the last 50 years and was based on "normal" conditions such as positive interest rates. What worked for the generations after WWII may not work for us: monstrous debt, bankrupt pensions, negative interest rates, extreme longevity, and a wholly-dysfunctional federal government are a wide divergence from "normal".


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Originally published: Tuesday, August 20, 2019; most-recently modified: Thursday, August 22, 2019

Posted by: WiseFinanceGuy   |   Aug 20, 2019 3:06 PM