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During my working years I was fortunate to earn enough that I could occasionally invest small amounts toward retirement income.
Over time, the interest on these investments accrued to an amount that I was able to live comfortably in my retirement.
However, during these last three years this retirement income has decreased significantly, causing me to wonder what the actual percentage of this income loss would be?
Using the 1099‑INT form’s information provided for income tax purposes, I started with my total income from interest for tax year 2008 and continued for each year through 2011. From 2008 through 2009 my interest income decreased by 33 percent.
It has continued to decrease in significant amounts each year through 2011. My numbers show my yearly interest earnings to be reduced by 55 percent over this period of four years.
Can we afford to keep Obama in the White House with Bernanke fiddling with interest rates for another four years?
Am I better off than I was four years ago? A big NO. The numbers tell the story.
What’s in your wallet?
Curtis A. Clay