Retirement Saving During a Recession | Nightly Business Report | PBS
PBS Airdate: February 23, 2011 Retirement planning when you haven't saved enough and there's little time left. SUSIE GHARIB: As more baby boomers head into retirement, they are finding the recession has made it much harder to be prepared. But while the challenges are greater, there are some simple changes that can help. In tonight`s "Money Profiles," Benno Schmidt explains those changes aren`t just child`s play. BENNO SCHMIDT, NIGHTLY BUSINESS REPORT CORRESPONDENT: Linda Sanchez is doing what she loves and what she hoped would finance a healthy retirement: working with kids. LINDA CARMONA-SANCHEZ, OWNER, A+ EARLY LEARNING CENTER: I envisioned that I would be working here for the rest of my life. SCHMIDT: Her south Florida childcare center once flourished, but no more. SANCHEZ: My center is at 50 percent capacity and I end up having had to subsidize the rest of it. SCHMIDT: That means spending her savings to keep the business going. SANCHEZ: Because the economy is so bad that when parents are unemployed and at home, there`s no need to spend the money to send their children to child care centers. SCHMIDT: Sanchez knows about caring for others. Her severely disabled daughter has required constant care for nearly 30 years, making any financial planning hard. SANCHEZ: I`m looking at retirement with nothing, with no savings, no anything. That`s very scary, it really is. It`s very scary. SCHMIDT: Sanchez` predicament is extreme, but as baby boomers retire, the outlook is …
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EverythingFinanceBlog.COM With the threat to future retirees of social security funds being exhausted in 2036, we all need to start preparing now for our retirement ourselves. It is a frightening thought, having to take more money out of our checks every week just so we can save for after we retire. Read More: everythingfinanceblog.com
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I am a Chinese and I make the prediction that Americans will end up having to allow more young immigrants in to work for baby boomers' retirements.
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