No. of Recommendations: 5
For a look at how bad it can be, check out the Sindlinger story now playing out in NJ.

http://www.nj.com/search/index.ssf?/base/news-14/1079682753291630.xml?starledger?ntop

In the last few days, a couple in their 70s were found on the Jersey shore tied together. They had tried to commit suicide by walking into the ocean. She died; he survived.

Now we learn they were retired on $1700 per month Social Security combined. They were home owners but had recently filed for bankrupcy owing $136K in credit card debt and $2.6K in back property taxes. They have a daughter, but the relationship is estranged. There is a suggestion of declining health.

It looks like their retirement plan went awry. They outlived their assets.

This is an age group that may have retired based on CDs paying 10% and had difficulty adjusting to the new economic realities: declining interest rates and the need to invest in equities.

Its a useful reminder to plan that retirement carefully.

And if Social Security and pensions do faulter, we could see a lot of this.
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