It will likely happen again — another dip, maybe significant, in the economy. It may come soon, maybe not for years. How would you fare financially if the economy nosedived again like it did in 2008 in the next or year or two? Would you be okay or in a heap o’ trouble?
Curious minds want to know. . .
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Maybe I’m nieve. I have a government guarenteed pension and social security plus an extra annuity and other savings. I think I’ll be ok.
Actually, my bigger worry is the government cutting the business taxes so much that we are headed for many, Many, MANY interest rate increases. Those of us who remember the “good old days” in 1980 when a “safe loan” for a home was ONLY 18 percent, are not too excited to see inflation take off and leave our pensions in the dust. Ah, don’t worry – be happy 🙂
https://finance.yahoo.com/blogs/just-explain-it/why-mortgage-rates-matter-152241574.html
For the first time in our adult lives my wife and I feel like we’re totally immune to the foibles of the economy and the roller coaster stock market. Before retiring we achieved a goal by making a concerted effort to pay off all debt. We both draw decent federal pensions and social security and have far more disposable income than at any other point in our past. As blue collar and lower management we never made large salaries but lived within our means although always in debt. We’re certainly not wealthy but are comfortable and can pretty much afford whatever we want or need now. We own our home, our motorhome, and our cars. We use one credit/debit card and pay it off every month if there is ever a balance. Our various insurance policies and taxes are paid annually. So basically our only monthly expenses are fuel, groceries, and utilities.
Much like Bruce, we too are retired federal civil service employees and as such receive a modest, but more than sufficient annuity (pension) along with a reduced social security income that provides us with a very comfortable income that allows us affordability of those things we want without dipping into our life long savings. Along with the monthly annuity, we also receive life long health insurance that supplements our Medicare. Another recession or even, heaven forbid, depression were to happen….as long as the government is stable, we will be just fine. We don’t have too many more years left, so it’s probably mostly moot for us.
Since we live entirely on our 2 Social Security now, as long as they keep coming in, well do okay…I think!
One positive thing about the next bust cycle…maybe there will be fewer RV’s on the road and the greedy dealers will have to lower prices on the cheaply built products they sell.
I’m probably not being realistic when I say we would probably make it (and what choice do we have?) We both collect Social Security and a small pension, which I assume would continue. We are living pretty close to the line now but we made it through the last recession, so I remain hopeful. (I am the optimist of the team.)
Like most of the comments above, we have social security and military retirement and military health care to supplement Medicare. One of our surviving parents, who lives with us, is on a fixed annuity, so inflation is the primary concern in keeping up his lifestyle.
We will be okay as long as we can sell our house. Social security and pension would pay expenses. Pay off outstanding bills and put rest in bank.
All ready cashed out and waiting for it to happen. The reason the Great Depression was Great is Hoover started trade wars. Now Trump is doing the same.
We are retired but have a small mortgage and owe less than $20,000 on our motorhome. We live within our means for the most part and, if necessary, could become full-timers. Can’t say the same for our kids who are in mid-life, working, raising kids and haven’t taken seriously the need to save and plan for the future. If another crash occurs tomorrow, those kids will be in financial jeopardy and we’ll probably be bailing them out, as parents often do.
Medical expense would be our major problem. Even now, when we are in the “doughnut hole” of our part D medicine supplement, we have trouble paying for medicine ($750 -$850 per month) let alone paying unexpected bills. I’m worried for the future of our country because it seems the people elected to represent us are more interested in their own agenda or just fighting against the opposition party.