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Archive for the ‘Finances for Seniors’ Category

Money and Retirement

Monday, December 22nd, 2008

Given the current economic status of the world, many seniors and retirees have become apprehensive about investing their money – anywhere. At the same time, for many of us who don’t have pensions or “guaranteed” retirement incomes, investing has become a big part of our financial planning. This can make it difficult to face the fact that we may need to put the stock market investments on hold.

At this point in time, given the slumping economy in the United States, Canada and the rest of the world, for those of us who are amateurs in the investment playground, best to do one of the following:

1.  your money is already invested in the stock markets and you have experienced a 25% loss or more, if you do not need to free up your cash immediately, leave it where it is, and wait for the markets to rebound (which may take a considerable amount of time).

2.  none of your money is invested in the stock markets, but you are considering investing at this time, unless you have a way to beat the markets, sit tight and instead of dumping your money in the stock markets, find an alternative and more conservative investment medium – GICs, GIAs and so forth. These small interest producing mediums don’t give much, but at least they will give you an opportunity to earn some extra cash slowly but surely, instead of the enormous losing potential which awaits us in the stock markets.

There are many financial planners who specialize in finances for older adults and seniors. It may be a good time to exercise the expertise of such certified professionals. Many offer free consultations where you can explore the opportunities available to you and receive some valuable guidance at the same time.

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