Senior Citizen Financial Concerns: What If It Gets Worse Before It Gets Better?

May 19th, 2010 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Some expert financial prognosticators are predicting huge downturns in the economy before this year is out.  They are basing their assessments on history, indicators of past downturns influenced by international finance and those having impact on the US economy.  Seniors will do well not to discount their conclusions.  Retirees living on fixed incomes should also not jump to a panic response.  The real question is what do senior citizens do if this state of affairs persists and gets worse before it gets better?

Careful, prudent, non reactive, incisive, and conservative judgment are among the best stances for elders to assume.  Even so, choices now can come too late.  Jumping on a bandwagon with too few members of the band knowing how to play their instruments is not a decision of choice.  Hoping you have enough stashed away in protected investments, whatever that  now means, may provide some confidence.

Gold has been touted as a sound investment.  It bears watching, but if you have a stockpile, how do you translate it into negotiable assets in the face of a downturn, without taking both a loss and the fear of knowing how to protect your gold in a crisis?  A gold brick cannot be easily broken into small enough pieces to buy a loaf of bread.

In short, it is not a pretty picture.  Decisions, choices, policies, haphazard financial risks have all begun taking their toll on the international economy.  The ”you can have everything for nothing” school is about to see its chickens come home to roost.  Persons who engaged in prudent investing now find that the old principles have been exploited beyond reason and imagination.  Persons who are in the financial industry who believe they deserve to get what they can, while they can and then run, seem to have devoured everything in sight. A rather negative view, but one which seems to be verified by the investigations and daily headlines.

As always, SCJ recommends consulting your trusted financial advisor first.  He/she has both education and experience in financial ups and downs.  Follow their advice in your investment strategy.  Most expert advisors continue to recommend a balanced portfolio that can withstand the onslaught of a crash.

And if the stock market crash materializes, and you have a balanced portfolio, then hunker down may be the best strategy.  There seem few refuges to protect those who would use their best judgment.  Those have already been raided by others.  Hunker down may be all you can do in the face of whatever is the latest impending doom to hit our economy and national state of being.   The interdependence which is so much a part of our world has created actions and reactions difficult, if not impossible, to avoid.

There is not much meat here, and only a few potatoes, but potatoes may be the best we can do to hide away something which won’t give much protein or nourishment, but may keep us from starving if those predicting a downturn are accurate.



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