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- W296399725 abstract "Opportunity: Learn from history. When disaster first struck in September 2008, 1 was in a sixteenth-century Italian villa to attend a former student's wedding. Because the temperature in the Gulf of Mexico had been disturbingly high all summer, I figured that there was good possibility that any tropical storm that formed could prove to be a deadly threat while I was overseas. On a computer I tracked the wind velocities and rising tides. Once hitting shore, then-Hurricane Ike destroyed homes on Bolivar Island, decimated Galveston, and then headed straight for the Bayou City. Although Allison in 2001 and Rita in 2005 had caused no personal liability, I was not so lucky this time. Winds damaged parts of the second floor as well as the roof of my house. The storm disrupted domestic and transatlantic flights in and out of Houston, diverting me to New York for three days. More misfortune was in store for me. While I was waiting for a flight home, the stock market sharply plummeted. I hesitated to sell my stocks. By the end of the year, I tried to console myself by saying that I had only suffered paper losses. Still, my net worth dropped more than a third of its value in the wake of Ike. I took no comfort in realizing that other people's losses were comparable. I took stock of my options, literally and figuratively. Global warming strengthens the destructive forces of Nature in Houston. Not so the vagaries of Wall Street. For many years I had put savings in money-market accounts and invested in real estate and stocks because it seemed a prudent way to prepare for possible late-life vicissitudes. Things now seemed terribly unfair. These reversals of fortune, natural and fiscal, caught me unaware and made me fearful. I became more anxious than usual about future options. What should I do next? Stop watching the Weather Channel? Would I live to see another water moccasin swim down my street? And like a growing number of boomers, including those who live in more temperate climates, my new expectation was that I would never retire unless or until I became incapacitated. Now Ben Franklin's line about a saved, a penny earned no longer seemed prosaic: Would my retirement nest egg ever again be sufficient to underwrite the lifestyle I had expected to enjoy? Self-pity sometimes got the better of me. Why did these setbacks happen to a nice guy like me? How much longer could I dare deny environmental trends? Could I make some tough economic choices that I had neither anticipated nor desired? I am not eager to uproot again. I have good friends in Houston; I enjoy the city's restaurants and cultural life, the opportunities to grow spiritually and to contribute to the community. I also am not sure that I could obtain a comparable position elsewhere, or that I would get paid as well for doing what I treasure most professionallymentoring, teaching, and writing. There are other practical considerations. I simply cannot quit work while my retirement portfolio remains so anemic. (Colleagues five-to-ten years younger than I have time to recoup their paper losses; most are just entering prime earning years when employers increase contributions to their pensions.) I must work at least four more years to qualify for state-funded health benefits to supplement my anticipated Medicare check. My medical history hardly makes me a prime candidate for coverage under any new private policy or state plan. I have good reasons to suppose that I will age in place. Then, there is the matter of fulfilling my desire to leave a legacy. I would like my daughters to inherit some money. I also want to give several bequests to charities and schools. So, as a way to compensate for stock-market losses, I decided early in 2009 to buy additional term life insurance. In hindsight, I should have accepted the offer from the company that covers my home and car, but I thought that I could get a better deal elsewhere. …" @default.
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- W296399725 date "2009-10-01" @default.
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- W296399725 title "A Boomer at Risk: A Tale in Personal, Cohort, and Historical Perspective" @default.
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