Protecting your nest egg in uncertain times

Thursday, October 2nd 2008, 7:45 pm
By: News 9

By Jon Jordan, NEWS 9

OKLAHOMA CITY -- With the uncertainty of the economy, many older Oklahomans are concerned about their nest egg. Some are scared to retire and others wonder if they retired too soon.

There's a common belief that when we retire, we've worked hard and we deserve it, like taking a trip we have always wanted. But given the current economic situation, that trip may have to be put on hold or worse, it may have to be put off for good.

Tom Gray is doing what many concerned citizens are doing these days, sitting down with their brokers and double checking their savings and investments to make sure retirement will be possible.

"I was thinking I was going to have to work until I drop," Gray said.

Thanks to some life choices and his broker, Gray made decisions that will allow him to retire. But for every fortunate person like Gray, there are hundreds questioning if retirement is possible.

"I've worked at one place for 30 years. It's like ‘Can't I retire? No, probably not, I can't afford to.' I have to keep at work," Darrell Jackson said.

It isn't only those looking at retirement who have concerns. Residents who are already retired are turning to people like Bob Rader for help.

"I think there are a lot of them that are looking at their cards and seeing if they might have gotten out to early," Director of Corporate Finance Bob Rader said.

People are fearful they may outlive their retirement funds.

"Safe to say that for some people that retirement may not be what they were hoping it would be." Rader said.

Unable to change the damage that's been done, Rader said all people can do now is play it smart.

"I don't think now is the time for anybody going out getting debt and doing things they don't need to do," Rader said.

Rader suggests if you really fear for your future to take action, call a financial advisor and, most importantly, don't wait and get help now.

Retirees are getting some help. AARP has a campaign out urging Oklahomans to vote for candidates who are working for "lifetime financial security." So far, the company has received over 10,000 signatures.