This content was created by Louis Barajas. This content was uploaded by Louis Barajas. This is a YouTube video titled "CBS Evening News 1/22/08" containing a news segment from November 18, 2008, featuring Sandra Hughes reporting on retirement planning during economic uncertainty, with interviews from Carlos Sosa, a semi-retired social worker, discussing his financial concerns and strategies.
You protect your retirement nest egg. Sandra Hughes looks at that now as many Americans find these hard times hitting home. This was a roller coaster ride 63 year old Carlos Sosa didn't want to take.
The administration is talking about quick tax rebates.
But he's holding on, watching for word of when the bumpy ride may end.
Is this a real big trend? A dangerous trend?
He's a semi retired social worker teaching part time at the University of Southern California. His wife Margaret sells her art. They still help out their grown kids. My husband and I are close to full retirement. Not now. With their own 401ks invested in nervous markets.
I said, yeah, at 60, that's it. I'm staying home. At 62, that's it. No more. Okay, now I'm going to be 64 next week. And I said, wow, I'm not saying that anymore.
But financial advisors say whether you're 34 or 64, now is not the time to panic and sell.
Right now their losses are unrealized, meaning that they're just there. It's paper losses. As soon as they pull out, it's a real loss.
Fact is, the Sosas have been here before.
So 911 was a terrible thing. We took a big hit, but then.
It went back up and the experts say it'll go up again.
Like my wife, I have faith in the American economic system, but I have faith, but I'm very cautious.
For now, the Sosas will keep the faith, but they'll also keep working. Sandra Hughes, CBS News, Los Angeles.
