" I ’ve been in survival of the fittest mode my entire life , and the brief periods in which I had some money , it was spent devote back debts , so I ’ve never been able to save up , never been able to get onwards . I ’ve come to terms with the fact that I will have to make for until the day I decease . "
It’s no secret that the economy is all over the place.Inflationis on the rise; plus, President Donald Trump’s tariffs announcement sent the stock market into atailspin.
That has some serious impacts for folks who have retirement money tied up in stocks, so I recently asked older adults in theBuzzFeed Communityto share how they’re feeling about their retirement prospects in today’s economy. Here’s what they had to say:
1.“I have gone from wondering if I’ll be able to retire at 65 to wondering if I’ll be able to retire, period. This is increased by uncertainty about the future of Medicare and Social Security, which I’ve been paying into for 38 years so far, with a minimum of 12 to go.”
2.“I quit looking [at my retirement account] because it was making me physically ill. Since Trump came in and started his tariff BS, in about a month, I have lost two years of investments. Two years of the money my employer and I contributed down the drain. In the past three years, I had nearly doubled my investments. Last year, I was way far ahead of my goal retirement, now I am below my goal line. I am no longer in the green; I am in the red. Instead of retiring in my 60s, I am now going to have to work well into my 70s; if I make it that long.”
— Anonymous , 49 , Oklahoma
3.“Although I’m 53 and already retired with zero debt, a home, and a diverse multi-million dollar portfolio that should enable me to live off the interest and dividends indefinitely with even a minimal return, I am incredibly nervous about my financial future and the instability introduced by current policies, as well as paying for future medical costs.”
— Anonymous , 53
4.“I’m disabled and have no retirement savings at all from chronic unemployment and underemployment. I’ll be working until I die unless I win the lottery or marry someone with more money than me (neither of which is likely). I moved to the coast not long ago, so I guess if things become untenable and unfixable, I can always walk into the sea.”
5.“I’m 50 and have $25 (yes, twenty-five dollars) in savings. $0 in retirement. No IRA, no 401(k). Still paying off student loans from 30 years ago. Live in a rental. I’m the caretaker for my elderly mother, who lives with me. I’ve been in survival mode my entire life, and the brief periods in which I had some money, it was spent paying back debts, so I’ve never been able to save, never been able to get ahead. I’ve come to terms with the fact that I will have to work until the day I die.”
— Anonymous , 50
6.“Scared as hell. Decided to buy a retirement condo in the downtown area and retire at the same time, and then this market downfall.”
— Anonymous
7.“I feel OK since I’ve been a diligent saver/investor with an aggressive diversified portfolio and never touched it during good times nor black swan events like we are experiencing now. If the ‘Great Recession’ was two years and the Covid lockdown time was less than a year, how is this greatly different? It might be, but at least it has definitely got the world’s attention and historically will hammer itself out in time. Basically, I’m staying put.”
8.“I got laid off from my contract education research job because of DOGE. It’s not just my job ending, but potentially my whole career, given the scope of the federal cuts. It’s going to be hard to get a new job because everyone with my expertise is also out of work, or soon to be, while our national research infrastructure is in shambles. And of course, my 401(k) has tanked too, so I can’t retire early. What a shitshow.”
— Andrea , 53
9.“I am 51 and going to retire in a few months. I was surprised to learn in February from my financial advisor that I could go now. It feels kind of surreal — retiring this early was not a goal, but it turns out when you do all the boring uncool stuff with your money (save, no lifestyle creep, invest for the long term/no day trading nonsense, be consistent), it tends to work out this way. The current market downturn and volatility were avoidable, so that makes me unhappy. But I have two-plus years of expenses in cash, so I’ve got a bit of time to ride this out and to make smart changes to my plans if/when it’s necessary.”
— Anonymous , 51 , NYC
10.And finally, “As a 70-year-old, semi-retired woman with a PhD, I am still working meager, part-time jobs. I am terrified as I watch the tariffs gradually destroy my retirement, and am concerned. With the fascist government currently in place, I worry that I will lose everything, as we potentially approach not only a recession, but a future depression.”
