Retirement - The Easy Win Solution
By Steve Gulino
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About this ebook
But, if I can increase somewhere between a one and two thousand dollars a month in spendable income, your financial situation is now drastically different. This is a huge life-changing solution for a huge percentage of retirees who were considering the ugly thoughts of other alternatives to retirement.
In the Easy Win Solution book I will introduce an element that can increase spendable income by unlocking your existing assets, while at the same time maintaining or improving your standard of living
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Retirement - The Easy Win Solution - Steve Gulino
Thought
The Sad Truth
If you were born between 1946 and 1964, you are considered part of the most influential generation in American history—the Baby Boomers. You see, after U.S. troops returned from World War II, they quickly settled down and everyone started having lots and lots of babies. This gigantic generation has transformed America as they have passed through each stage of life. Now they are retired or getting ready to retire. In fact, according to the Social Security Administration,v starting in 2012 and for the next 19 years, every single day more than 10,000 Baby Boomers will reach the age of 65.
Around thirty 30 years ago, when the Boomers were in their 20s and 30s, the transition of responsibility for retirement savings shifted from the employer to the individual with the development of individual retirement accounts, IRAs and 401(K)s. Initially they were introduced as a supplement to pensions and social security, not a replacement. Yet the change allowed many companies to drop their employer-paid pensions, making individual retirement accounts and Social Security income the primary and often only retirement funding vehicle people have access to.
Boomers were happy to take control of these new programs and opened up new IRAs and 401(K)s with great projections for their retirement savings. With annual contributions and market growth, the individual retirement accounts would provide them with a comfortable retirement.
But to the surprise and misfortune of all the Boomers, the following thirty 30 years brought four historic market crashes that ultimately decimated Boomers’ retirement savings projections.
The first one was in 1987, one of the most severe stock market crashes ever, infamously known as Black Monday.
On October 19th 1987, the stock index futures market was flooded with billions of dollars’ worth of sell orders within minutes, causing both the futures and stock markets to crash as many common stock investors attempted to sell simultaneously and the influence of computer trading, all were factors that caused an emotionally-charged behavior to sell reasons that the stock market crashed so dramatically, sent exchanges plummeting in a matter of hours. In the United States, the Dow Jones Industrial Average, in which much of the retirement savings was invested, dropped 22.6 percent in a single trading session.vi
The next big hit to retirement accounts was the recession of the early 1990s. The combination of the Federal Reserve Board raising interest rates and the war in Kuwait drove up the price of oil and decreased consumers’ confidence, causing not only a market downturn but also a sluggish recovery that lasted for the next several years.
Then we all remember September of 2001. First we had the attack from Al Qaeda on our most symbolic U.S. landmarks, and then ten days later on the 17th, the dot-com
bubble burst. The bubble was caused by the growth of Internet users and investors that poured in money to finance start-up Internet-based companies without any caution as to whether these companies could turn a profit or not.
When the dot-coms failed to report a profit, the bubble burst, and we Boomers took another hit to our retirement accounts.
From 2003 to 2006, the Boomers actually had a good financial ride—business was good; interest rates were good; home values were skyrocketing; and the stock market was growing. Homeowners were investing in housing and the stock market. They were pulling cash out of their homes for home improvements, and they were investing in their retirement accounts. Most everything they touched turned to gold. Baby Boomers were back on track with retirement savings.
This lasted until 2006 when we got our first inkling that the economy was in trouble. Housing prices started to drop, and mortgage lending guidelines were tightened. This was followed by defaulting sub-prime mortgage loans. In order for these sub-prime loans to be sold in bundles to the hedge funds and other financial institutions, the risky sub-prime loans were packaged with good loans. The problem came when the majority of the sub-prime loans started to default, and the entire bundle of loans—which included the good loans—was so devalued that it imploded the entire bundle. This failure is manageable if it is one hedge fund or one financial institution, but in this situation, it was the entire banking industry. All the banks were holding the same worthless loan bundles. Many of these loan bundles were held in pension funds and mutual funds in the form of mortgage-backed securities. As a result, the 2007 stock market turmoil wiped out roughly two trillion dollars of Americans’ retirement savings.vii Home values went down 30 percentviii, and to make things worse,