How My College Professors Lost their Retirements in 2008
First and foremost, they were all-in the stock market via their 401(k)s and IRAs. They had bought into the fallacy that the stock market was teflon invincible, because no doubt that’s what the mainstream news had told them over and over again.
But it just goes to show you that if “the smartest” people i.e. University professors are capable of losing their life-long retirements thus having to work an additional 10 years just to have enough to finally leave the workforce, then it can happen to anyone who does not prepare accordingly.
To make matters worse, much of the losses from IRAs in 2008 have not recovered.
This is why a Gold or Precious Metals IRA is such a great tax-free way of holding your retirement or a portion of it safely out of the unpredictability of the stock market. Will a Gold IRA make you rich? Who knows, but consider the fact that gold prices historically have only risen, while stocks have risen- and fallen- often without a hint of warning, leaving millions of people reliant upon a measly social security check when they should be enjoying a relaxing well-deserved retirement.