Posts by Mandi Woodruff

  • "Broken Eggs": What happens when your retirement is ambushed

    Mandi Woodruff at Yahoo Finance24 days ago

    A decade ago, Julia and Bob Beardsley were on their way to what they predicted would be a perfectly comfortable retirement. The San Francisco Bay couple (Bob was an executive consultant and Julia a retired art teacher) had diligently saved 10% of their income from day one of their 30-year marriage. But a perfect storm of events — three job layoffs in eight years for Bob, a costly cancer diagnosis for Julia, and the financial crisis — all but obliterated their nest egg.

    When Bob celebrated his 66th birthday this year, he and Julia, 71, were no longer planning for retirement. They were barely scraping by. Their 401(k)s, reduced by half when the financial market crashed, were suddenly their main source of income. Bob estimates they spent one-third of what was left in their accounts simply covering their household expenses.  

    “We were very typical middle class boomers who thought that we were fine but we weren’t,” says Julia. “And I know we’re not the only ones in this situation.”

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