Baby boomers who became millionaires during the advent of the 21st century had looked forward to early retirement even though they were only in their late 40’s and early 50’s. But those plans have been blown to dust by the financial storm sweeping the country… the worst man-made disaster of our lifetimes.
Their stock options are underwater and their retirement accounts are cut in half at the same time they’re saddled with jumbo mortgages. In the San Francisco area, their multimillion dollar homes scattered among the bright green hills can’t be sold because most of the buyers are downsizing. Reluctant to downsize, even though their 5000 square foot super-sized “Mac Mansions” are ridiculously spacious for two people, they’ re determined to hunker down and wait out the storm.
Retirement in Maui, Aspen or La Jolla seems a distant dream. If the downturn continues and housing values and stocks rot, retirement will become even more difficult. Mark Robinson, 50, Sr. Vice President at Colliers said, “business has never been so slow in my 20 years in the industry… and I planned to retire this year.” But he expects the recession to pass relatively quickly. […]

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