Money in the bank hasn't helped retirees much

[NNN0LHI]

http://seattletimes.nwsource.com/html/businesstechnology/2001727841_pfelder14.html

Bernice Rudick says she feels lucky she picked up a part-time job six years ago. If she weren't working now, the 83-year-old widow might be hurting even more after a bear market cracked her retirement nest egg.

"Everything's gone down," said Rudick, who answers the phones a few days a week at Plymouth (Mich.) Township Hall. She's particularly upset with lower dividend payouts and isn't interested any more in low-rate certificates of deposit.

As it is, she's cutting back on spending. One budget-trimming trick: She's stopped subscribing to some magazines, including Martha Stewart Living, Country Weekly and Southern Living. She enjoys cooking magazines but can't afford too many, now that low rates are paid on her savings.

"You start watching things a little bit closer," Rudick said.

For all the buzz about how cheap money can get consumers to buy homes and cars and boost economic growth, there is a flip side.

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[twilight]

1. so many trying to live on the paltry dividends

and the lure in the great stock market which only a fool would invest their life savings in right now (or anytime for that matter).

I honestly feel for anyone in this situation. It is indeed disgusting as they harp "Recovery! Recovery" while the interest rates are so low it is a disgrace to those that have worked their whole lives and saved what they can!

:kick:

[SuffragetteSal]

2. these stories are going untold

for the most part it seems. My money is making 1.3% at the bank. I stay away from anything 'stock market' or not federally insured. These are scarey times and I am surprised we don't see people crying at the bank.

[NNN0LHI]

3. Because Bush is using war and terrorism as smoke and mirrors...

...to hide the truth about the economy. All the while his friends are looting our treasury.

Don

[Pale_Rider]

4. The California surplus was only a test case ...

... for bigger things to come. The California surplus was transferred to Texas and the energy companies in what will be viewed by history as the greatest transfer of wealth from one state to another. Now, we will see possibly the greatest transfer of wealth from our national government to some of the richest individuals in this country. Hopefully more people will see this and stop it cold in 2004!