www.byzcath.org Forums General Discussions Town Hall Economy

That my IRA recover what it lost last quarter.

R: Lord, have mercy!

I know the economy is not a laughing matter to many right now. Some have lost much more than interest in an IRA. The list of foreclosures in the newspaper keeps growing. I try to make myself realize that those legal notices are someone's home that's been lost. Maybe we can all remember this in our prayers. Of course, feel free to mention my IRA to God while you are at it!

Prayers for all those who are suffering financially--for their fears and their despair, and for God to enlighten their choices and provide for their needs.

Through the intercessions of St. Xenia of Petersburg,
Alice

Do we need a panakhida for the IRA loss?
Just kidding, I do realize the seriousness of losing retirement money. Do I ever!
Prayers for all.

I didn't lose that much, so I was just kidding a bit. But it did make me think of those who are really suffering through this faltering economy.

If you look, though, in most cases the "loss" doesn't bite into what went into it, but rather the gains it made.

If you opened within the last year or two,this is likely not the case

It also doesn't make it easier to look at the money gone "poof" . . .

hawk

"If you look, though, in most cases the 'loss' doesn't bite into what went into it, but rather the gains it made."

It's also the expectation of where the portfolio should be. Sometimes it's gauging it to the economic environment of a bull market when there's slower growth in the general economy.

Personally, I don't expect or hope the government will bail me out. Any investments I made have been in my control. If I take any loss or gain less than I should, I should have invested elsewhere.

Terry

You live in arguably the most wealthy country in the world, with a standard of living unsurpassed by any other generation. Think about that before you say your prayers at night and forget about the IRA.

I.F.

The IRA is not important. I can easily afford the loss, and it will recover over time. That is the way the market operates, down today, up tomorrow. The growing list of foreclosures in the newspaper is important. I feel for those who are losing homes and jobs. They are in my prayers. As for the standard of living surpassing other generations, I don't believe that's true anymore. People today are more heavily in debt and generally have little in the way of savings. Many economists say that when those folks retire, their incomes and living standards will go into a decline.

It is so funny that everytime I see this topic on the forum front page list I think that it is about ecclesiastical dispensation, known as 'economy' in the East!

Alice

Being a small hobby farmer, I especially see the agricultural impacts out here in the "breadbasket"; the cost of fuel has forced even more smaller family farms over the edge. When operating costs explode, an already slim profit margin heads south real quick (and that on top of some serious weather the last few years).

Exactly. Farmers are hurting economically, industrial workers have lost jobs, and I don't think the transportation industry is doing all that well either. The Catholic charities in my area are overloaded with requests for assistance. They have put out several calls for emergency donations this summer. If we don't find a way to get this fuel problem under control, it's going to continue to wreck the economy. I was watching T. Boone Pickens explain his energy plan on Nightline last night. It may not be perfect, but is anyone else of prominence in government or business proposing anything better?