Were older American’s hit hardest by the stock market plunge, in their retirement plans they count on now?
（Does anyone know if over 65 is the group hit the hardest by the drop in the stock market? It seems like they might be if they are already living on the dividends but have to pay taxes on them. It would be a tragedy if they outlive their life’s savings now.）
Answer ：
My parents lost abut 20% of their retirement fund and because of their age, 70, they are forced to sell some supposedly low risk mutual funds, at a loss. Then they get taxed on the proceeds and can only write off $3,000 of their losses. They get triple whacked and it doesn’t seem fair.
They won their home so won’t be helped by the mortgage bail out.
Thank God John McCain is planning to help them from the triple punishment they’re getting that isn’t their doing. They always saved and lived within their means.
Posted: August 8th, 2010 under US Stock Market.
Tags: Stock market, stock market plunge