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Americans can't retire as Bill Gross sees 'financial repression'
As if it's exclusive to interest rates!
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By Jeff Kearns, Steve Matthews, and Katherine Peralta
Bloomberg News
Tuesday, March 25, 2014
Twelve years after retiring as a telephone repairman, Roger Wood clocks 12 to 15 hours a week at a Lowe's hardware store near Glen Allen, Virginia.
"About the same amount I made 30 years ago," Wood, 69, says of his $12 hourly wage. "I'm worried about my portfolio because of low interest rates, even to the point of considering full-time again."
Feeble returns on the safest investments such as bank deposits and fixed-income securities represent a "financial repression" transferring money from savers to borrowers, says Bill Gross, manager of the world's biggest bond fund. Workers 65 and older, struggling with years of depressed yields, are the only group of Americans who are increasingly employed or looking for jobs, according to Labor Department participation-rate data. ...
... For the full story:
http://www.bloomberg.com/news/2014-03-25/can-americans-retire-in-a-decad...
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