Retirement possible during tough times?

On the Money
July 15, 2008 3:30:25 PM PDT
Many communities and businesses are facing tough financial times. With cuts in every industry people are wandering what it all means for the future.

In our continuing series "On The Money" Eyewitness News has more on what you can do now to ride out these tough times.

No matter whom you ask the economy has people talking and worrying.

"Everyone is talking about, it's in the news every day," said one worker.

And with good reason. The bank failures, The mortgage meltdown, and the shaky stock market has shattered the confidence of millions of Americans.

The Federal Reserve Chairman admitted today that slow growth and rising inflation are threatening the nation's fragile economy. GM announced today that it was slashing benefits for its 40,000 salaried-retirees.

Financial planner Richard Bregman is getting e-mails and phone calls from many clients worried about their retirement.

"The future is unknown, we just don't know," said Bregman.

If you're worried about weathering the storm, experts say you should save as much as you can and start early. Reduce non-essential spending and don't assume your pension will support your retirement lifestyle.

But with rising prices from groceries to gasoline, saving is a struggle.

"What you can't control in saving your own money, you can control you lifestyle and choices you make," adds Bregman. ---
STORY BY: Eyewitness News Reporter N.J. Burkett

For other stories in our On the Money series, click here.