I turned 40 this year and decided that it was time to try and understand what steps I need to take to be able to retire someday, with the full understanding that Social Security simply will not be the answer for my generation. I realize that it takes more than just a Social Security check for most people to be able to retire anymore, but even that paltry check is unlikely to be there when I hit retirement age.
After prompting by my accountant mother (thanks Mom!) I started to research the best ways to invest money for retirement a few years ago. And I started paying attention to the stock market. Granted, I began watching the stock market in 2008, and we all know that, since that time, the market has experienced one of its most turbulent episodes in its history. So, my next statement could be off the mark for people who have been tracking these issues for a long time. And if this statement is incorrect, I would love to hear from you.
Is it just me, or is the stock market as temperamental as a school child? I am astounded by the roller coaster of ups and downs in the market, which seems to be wildly impacted by rumors and hearsay or by the latest statement from the Fed.
The stock market holds the hopes and dreams of many Americans, including many in my generation who are looking for ways to pay for their retirement. The roller coaster of the past several years, combined with the despicable actions of many bankers on Wall Street, have made people very nervous about where they should place their money.
And yet the buzz surrounding the Facebook IPO made it clear that people still want a get rich quick scheme and see the market as a place to make that happen.
What do you think? Have you changed your investment strategies since the economic collapse in 2008? Do you have any faith in the stock market or do you feel that your money would be better invested elsewhere? Are you depending on social security to fund your retirement? Have you put much thought into this issue?
I would love to hear your thoughts. Thank you for reading!