Retirement Reform Blog

After last week's post, I started thinking about what our societal expectations are about retirement.  So I brushed the dust off of my pocket-sized copy of the Constitution and the Declaration of Independence.  After perusing them, I was reminded that these beloved documents spell out many God-given rights that government is obligated to protect while allowing humankind to pursue life, liberty and happiness.  (Note to the courts:  Constitutional law still exists).  But what is expectantly absent from the Bill of Rights is the right to an easy, stress-free life.

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It looks like hand-wringing over 401(k) accounts is the new trend for 2009.  On one hand, it is scary to look at those quarterly statements and see one-third of the balance virtually evaporated.  On the other hand, 401(k) accounts have become somewhat of the scapegoat for anything that goes wrong with retirement planning.  The way the media writes it and Congress talks about it, one would think that individual retirement accounts are a complete failure and that only government can effectively manage our retirement planning. 

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I came across an informative in article in the Wall Street Journal this week, "How to Fix Your Life in 2009," (read article here), The premise is that frugality is now in; spending less and saving more is fashionable, so to speak.  So for those of you throwing up your arms in despair over the losses in your retirement accounts, the article includes several pointers on preserving and adding to your retirement savings, as well as cost-cutting ideas in other areas of living.

It may be tempting to grimace at reading another "how to" article in light of the fact that so many people already want to tell other people what to do with their time, money and energy, especially in the area of retirement savings.  So whether or not you read any financial advice for 2009, approach the year with a realistic attitude about retirement savings.  Don't give in or give up.  Market downturns are temporary.  But retirement planning is permanent.

Have a prosperous New Year.