"There is no God-given right to an easy retirement"
Fund Manager Robert Rodriguez, of FPA, was recently interviewed by Consuelo Mack. He's not too optimistic about the next several years. Of note: His predictions (given his long-term success) and his view that retirement as we know it is a "fool's paradise":
"In my opinion it’ll take probably upwards of eight or 10 years for the S&P 500 to get back to where it was in October of ‘07. There has been severe capital destruction, and for some it is permanent because of where they are in their life cycle. If you are in your 20s or 30s or 40s, you have the benefit of time. If you are in your 60s and are part of the baby boom generation and you got destroyed, guess what? You better be working....
"There is no God-given right to an easy retirement. It was a fool's paradise out there. My parents and grandparents did not have an easy retirement out there. The world is unsafe and unstable. We had in this country, I believe, a perverse view of what reality truly was, and now that veil is being lifted, and I’m sorry but it's going to take a long time, and that nice retirement home or continuous vacations may not be there."