Military Officer - March 2009 - (Page 26) rapidfire Retirement Living I Panic Protection need to do anything.” Thurman says military retirees, in particular, are in a pretty safe position right now as long as they don’t sell their stocks. “If you’re receiving a pension, this current economic crisis probably isn’t going to change your retirement age,” he adds. Instead of panicking and foolishly selling stock for less than you paid for it, Thurman suggests evaluating your household or business budget instead. “Consider reducing debt and expenses,” he suggests. “What kind of fluff can you eliminate?” Reducing your cost of living to ride out the economic storm without digging into retirement savings is the best path to take. And if you have the spare cash, there is no better time to invest than the present. “This may be a once in a lifetime opportunity to buy stocks at 50-percent off,” Thurman points out. — Deborah Huso Family Matters Discover helpful resources for military spouses and children. One challenge servicemembers often face is sustaining connections with their families and one another. Myvetwork .com’s mission is to empower members of the military, their families, and others to initiate and expand the connections among them and to provide access to critical resources — all in one place. MyVetwork invites active duty, retired, and veteran servicemembers and their families to join free of charge. The Web site makes it easy for participants to find others with similar interests, locate long-lost buddies, give and receive mentoring or career advice, and exchange information on an unlimited number of topics. As the community builds, the resources are enriched, increasing possible matches on a range of needs and topics. Organizations also can use the site to increase their exposure and expand membership. To become a member, visit www.myvetwork.com. ILLUSTRATION: TIN SALAMUNIC n these troubled economic times, it’s easy for investors to panic, particularly when nearing or in retirement and who might have seen stock-invested savings plummet by as much as 40 percent over the course of the past year. However, now is not the time to sell, according to Jack Thurman, president of BKD Wealth Advisors in Springfield, Mo. “People should be concerned,” he says. “I suggest tempered optimism. It’s not as bad as the Great Depression, but this isn’t going away in six months.” Thurman cautions against reacting to the current economic downturn in an emotional manner and advises investors to consider past recessions. “Be practical,” he says. “What does history tell you?” Most markets will respond with a positive swing backwards in two to three years. “If you’re at retirement age, hold on,” Thurman advises. “You probably don’t 26 MILITARY OFFICER MARCH 2009 http://www.myvetwork.com
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