38 of 65
BACKNEXT
Jack Ross: Banks balked at lending
Jack Ross: Banks balked at lending
Jack with his wife, Cathy
Equipment lease broker, 56, Las Vegas, Nev.

With banks not wanting, or able, to loan money, I have had no choice but to close my business.

I was forced to lay off 16 people. We provided 100% medical insurance for each employee, plus a generous 401(k). They will probably all find new jobs, but it is doubtful they will find employee benefits and compensation comparable to what we provided.

I am finding that because of my age, previous open heart surgery and my very qualified business background, I am over qualified, or a "threat," for even a simple service job.

I did make prudent investments and saved money while operating my business. However, I was hoping not to dip into that money to pay for my sons' college and everyday living expenses.

Since I am not employable in this city, and the housing market prohibits me from selling my home and moving to a "normal urban center" with opportunity, I have no choice but to start living off my retirement fund.

NEXT: Stephanie Joy: Walking a financial tightrope
Last updated November 15 2009: 6:21 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
What being middle class means to me For some Americans, middle class means feeling secure. For others, it's just the opposite. More
The 10 most valuable global brands Apple has the most valuable brand in the world, up 67% over the last year, according to a BrandZ ranking. More
A life's work: Photos by Mary Ellen Mark The subjects of Mary Ellen Mark's photography ranged from celebrities to world leaders to those at the fringe of society, including prostitutes and the homeless. More

Special Offer