Well, Boomers, the next few years will be rocky!! That's my take on the election results and the subsequent dive in the markets. Hold onto your investments and don't do anything rash. Wait for things to settle down on the economic front. Remember that you won't have to dip into those IRAs or 401(k)s just yet, so things can turn around. Even though things look grim right now, the market will come back up at some point. If you're very close to retiring from your job, you might want to consider staying a little longer --to help pay that mortgage and continue your health insurance.

It remains to be seen what campaign promises will be delivered, if any. Universal health care? I doubt it. That would take years to put into place, even if all the politicians agreed it needed to be done or how to implement it (and they certainly don't at the moment). Tax cuts? That would be nice, but I don't see where the money will come from, especially with the billions going to Wall Street and other gigantic companies waiting in line for handouts. Tax increases? More likely. Housing? I don't foresee any housing assistance that the government could offer that would stem the tide of foreclosures and losses in home values; it's too late for that. If you still have a home with a reasonable mortgage, consider yourself lucky. If you were thinking about selling and downsizing, you may need to stay in it for a few years until prices come back up (if they do).

So, as they say, prepare for the worst and hope for the best. I sincerely hope we don't end up in a depression or have another 9/11 or lose our jobs, but the trends and predictions unfortunately are making those situations more likely. Chins up, Boomers!