Through several quirks of fate, I have very little of my retirement
income or assets in the "market." The defined benefit pension I have
from my nearly 40 years of union membership *is* decent and is at least
partially invested in the market, but the pension fund has diverse
holdings, and the last time I looked was worth substantially more than
it was during the Bush crash. I used to be a pension fund director and
when I was I kept a close watch because of my fiduciary liability, but I
(gladly) gave up that office when my last elected term was coming to a
close. The fund needed young blood. The fund's rules do not permit
unfunded liabilities, not even a dollar's worth.
I have a decent amount of cash at interest and in money market funds,
and I am a one-third partner in a nice, fully leased out strip shopping
mall in Connecticut. My two partners are two years older than I am, and
we are planning to sell the mall at some point in the not too distant
future. We all have adult children and young grandchildren, and all of
us are planning to leave most of what we have to them after our needs
and the needs of our spouses are met.
I'm "maxed" in the Social Security benefit.
When the financial system crashes, I'll probably be under ground. Until
then, I have the liquidity to survive and when we sell the mall, I'll
figure out the best way to keep my share of the resulting cash safe.
I don't trust Wall Street. Not any of it.
You are more deeply invested in Wall Street than you want to admit. I
have a lot of cash right now too but I know I am barely keeping even
with inflation even at the best return. Most is actually losing money.
I am scared of the market right now because of all of this election
confusion and war talk but when it crashes I will do some bottom
feeding.
I did fine after the 2009 problems.
Look at Cardinal Bank in Virginia, they offer a pretty good interest
rate on checking accounts.
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