Life Insurance

Millions of Americans are going through tough economic times right now. Because of setbacks, they are forced to retreat to survival tactics that worked for a long time in the past.

Because of shrinking pensions, rising costs of medical care and insurance, and the fear of outliving their money, many wage-earners are choosing to work longer.

Now, there's a time-tested idea from the past: Until recent decades, "early" retirement was generally not possible. And today it's nearly unthinkable. Are there any folks left who believe they can, or should, retire at 50?

All of this means that millions of Americans will be spending less and conserving more. Living within our means was another time-tested idea from the past. It worked for generations. Surely, it will work now.

Many of us grew up in regions going through hard times - areas that were scarred by the Great Depression. Many recall the sacrifices, the material shortages, and rationing in World War II. Others may remember painfully the economic devastation of strikes, layoffs, corporate takeovers, and downsizing in recent decades.

Many of us who lived in less frenzied, less prosperous, and less wasteful eras also recall the mantra: "Use it up, wear it out, make it do, or do without." Those would be harsh words today, but a bit of frugality won't hurt us.

On top of all this, inflation is rearing its ugly head again. High energy prices are beginning to drive up the cost of just about everything, including transportation, utilities, and a growing list of goods and services.

Self-reliance was another great American idea from generations ago. But will we ever be able to fashion a national energy policy that will get us back to self-sufficiency in that costly sector? Can we save our home-grown automotive industry? Can our markets survive without massive foreign investment?

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