[mitchntx]

Since about 30, I've been saving, scrimping and hoarding pennies, working 2 jobs, 3 sometimes, all so that I could retire at 55.

Everything ... mortgage, debt, housing amenities, shop, tools ... everything was set up on this idea that I could retire with reasonable comfort and then work as I wanted, when I needed and do what I liked.

The last year has seen that dream slowly dwindle into the reality that I will have to work at this stinking job till I'm a hundred and 55. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/unsure.gif)

My job is great ... been there since March of 1982. I really like what I do. Unfortunately it comes with it's share of migraine headaches, mostly with the title of Manager attached somewhere.

I was talking with a very good friend yesterday and he made some really good sense. Might as well pull all the money from market accounts and buy a new car. The drop in value couldn't be any worse.

Oh well, just thought I'd rant a while ... kind of feeling sorry for myself. So I want all of you to feel bad, too. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/drink.gif)

[pknowles]

As someone who is just starting his career in January (finally graduating with PhD in Mechanical Engineering in December), I really feel for you guys close to retirement. I don't have a house or a retirement fund, when you have nothing you lose nothing. Both of my parents retired this year, my dad fully retired and mom is working a side job. My mom is counting on pulling Social Security in 7 years which I don't think is going to be around or at least not in any real form. I think we are just at the beginning of this economic down turn and if it gets much worse I think she will have to move in with my wife and I. I'm sure many families are going to be in the same boat, I think this is what my generation is going to have to do to cover the Social Security my parents aren't going to get and help the government control it's spending to get out of debt.

The housing market had to deflate. Prices were running out of control and the only thing that could stop it was people not being able to pay, and that's where we are now. Most of my friends that didn't buy a house before 2004 have moved far away from DC or to other states to be able to afford to live. These are people making over $100,000 combined that can't afford to buy even a crappy 70 year old house in this area.