Sep 25, 2008 7:43 pm US/Eastern
What's Worrying You: 'Going Back To Work At 68'
Reporting
Cindy Hsu
SCOTCH PLAINS, N.J. (CBS) ―
CBS 2 has been asking viewers to write in and let us know what's worrying them in this time of economic crisis, and we've been flooded with responses. Jamie in Scotch Plains, N.J. wrote in, saying: "I am a 68-year-old retired widow who lives on Social Security... I am frightened to death of losing everything and not having enough to money to live. These were supposed to be my golden years, but instead this is a nightmare filled with fear and anxiety."
We decided to tell her story.
"This is the craziest time I have ever lived. I never thought that I would live to see a time like this," says Jamie Wright-Butler, who thought she'd spend her retirement enjoying her grandchildren and volunteering, but instead founds herself looking for a job. She left the market 5-years ago, when her mother was diagnosed with Alzheimer's.
"There are so many young people out there so much quicker and smarter than me, but they're out there looking too," she says.
Job expert Mitchell Feldman says Wright-Butler needs to network with small businesses, and go to recruiting firms that specialize in temporary work to get the word out.
"Bring a resume with you everywhere you go," says Feldman. "Talk to everyone, tell them you're looking for a job, who do you recommend. I think in less than a week she can be hired."
Wright-Butler has been working with a financial planner for a decade and her retirement portfolio looks solid, but she's still scared.
"People are just getting hysterical," says financial planner Jay Sanders.
Sanders who is also a CPA, says the question is whether a client has built a retirement portfolio that will last at least 30 years. A good rule of thumb, he says, is to limit withdrawals to only 4-percent of that money each year.
"You've got to become realistic, don't be afraid about it, put it down on paper and if you feel you can't analyze it, get a second opinion," he says.
Wright-Butler is still concerned, but she says seniors are resilient and she'll make it through.
We want to know what financial concerns have you worried? From housing to basic food costs and everything in between.
What's Worrying You? Let Us Know.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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