SENTINEL WATCH November 17, 2008 Issue

TODAY'S RETIREES AND THE DIVINE ECONOMY

DAVE HOHLE

THE EFFECTS of the recent global financial crisis reach into nearly every home and touch average citizens in way they seem to have little influence on. One group particularly hard hit includes many retirees, and those close to retirement. Alarming front-page headlines tell about the destruction of $2 trillion of wealth held in individual retirement accounts that may have left 43 percent of households without sufficient future income (see Peter Grier, "Fallout of stock plunge—retirement woes," The Christian Science Monitor, October 17, 2008).

Watching funds decline in huge increments is disconcerting and frustrating, and people feel understandably helpless in the face of losses that can affect them so profoundly. Some employees are delaying retirement to work longer. Some retirees are seeking reemployment to ensure that their basic daily expenses continue to be met.

In a situation like this—one that seems huge, unwieldy, and detrimental—a question arises: Can the average person do something to help stabilize the situation, and bring security and comfort to his or her own financial picture?