Fear of the Great Depression
In the wake of the global economic crisis, many retirees are afraid of their livelihood and the repeat of the Great Depression. Things are very bad in the economy and they seem to get worse and worse daily.
The stock market has crashed or is near crash while the housing market is not doing any better either. People are afraid of what will happen to them when their 401k is reduced to nothing.
Their companies may be laying off people soon and they may even be filing for bankruptcy. There are uncertainties everywhere and it is hard for people to spend money to help the economy when they don’t know what is going on.
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