Scholarship table
Spending analysis via credit cards https://www.nytimes.com/interactive/2020/04/11/business/economy/coronavirus-us-economy-spending.html
Pensions will be devastated and a reason why people will start to push that Americans go back to work despite the risks.
If the your retirement savings went down so much that you have to go back to work, either you didn't have your portfolio properly balanced, or you really didn't have enough money to retire in the lifestyle you wanted in the first place.We got married the Saturday before Black Monday in 1987. Our best man was a Goldman Sachs financial advisor. Some of his retired clients had to go back to work, but it was because they panicked and sold at the bottom.I literally retired two days ago, seven years early. My 401k has gone down 20 percent since the beginning of the year, but it hasn't changed my plans one bit.
Good for you and I mean that. In general my comments are about the ability of these funds to be funded properly at all. New Jersey may need a bailout and they will not be alone. Corporate pension funds in bad shape after this.When the American people understand how bad that really is, in my view the push to reopen will hit a groundswell.https://www.nytimes.com/2020/04/02/business/dealbook/coronavirus-public-pension.html
This close to retirement, and you still dropped 20%, I would find a new financial advisor. This is borderline criminal. I’m in my late 30s, and down 20% as well, with an aggressive portfolio.
It's a fund based on my traditional retirement date. I am planning through retirement, not to retirement. The money will be there when I need it. I might also add that I earned close to 30 percent in 2019, so I am still ahead.
This very much mirrors the opinion I posted from the Fed Reserve of St. Louis. It would be better to shut things down for a longer period now, than it would be to come back too early. Economically things will rebound if we take care of this now.
iIMO that depends on what “a longer period” means. No herd immunity as we self quarantine, so to be safe we would have to shut down until a vaccine is developed, approved, manufactured and administered. So, maybe a year, maybe 18 months, maybe longer. If that’s “the cure” I have little doubt it will be worse than the disease.
Anecdotally .. my credit card bill for March was a third what it is usually. No restaurants, no gas purchases, no movies, no tickets, vacation cancelled. Multiply that by 150m households and .. whoa.
CEO's have to decide about when and how to reopen so they can provide a safe work environment. I saw this in a political risk opinion piece that I cannot post directly, but the gist for CEO's is:1. What medical data is required to support reopening?2. How do you keep people safe - fever scanners, massive amounts of PPE, workplace changes (social distance in plant/office, what does a meeting look like)3. Infrastructure of getting people to work. Is public transport safe, how do you handle daycare, how do you feed people.The narrative that focus on the virus or focus on the economy are two things is false -- they are one and intertwined. Consumer behavior, worker behavior, the ability to get things done the way we used to and every facet of society is impacted as long as this virus is uncontrolled. So we need to design the new system--and the clock continues to tick.
Can someone explain to me in simple terms what the phrase "reopening the economy" means? Does it mean forcing governors / mayors to lift stay at home restrictions? Even then, wouldn't prudent business owners stay closed/keep modified operations for the safety of their employees and public? I'm thinking it's just poor terminology, and likely wording to start a political fight...