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Paying Catch-Up with Retirement Savings
Old 06-22-2005, 12:24 PM   #1
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Paying Catch-Up with Retirement Savings

Can you believe this...that half of workers 55 and over have not calculated the amount they need to retire (read: have not seriously considered retirement) Oh well, to each his own...


Playing catch-up with retirement savings
Smart moves in the 10 years before you quit working can better your odds of a cushy retirement.

June 16, 2005: 3:32 PM EDT

By Walter Updegrave, MONEY Magazine

NEW YORK (MONEY Magazine) - In an ideal world, we'd start planning and saving for retirement the day we land our first job, and we wouldn't let up until we grab the gold watch and exit the work force for good.

In the real world, life doesn't exactly turn out that way. More than half of workers age 55 and older haven't yet calculated how big a nest egg they'll need to retire comfortably, and over a third aren't saving any money toward that goal.


All the best....Mike
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Re: Paying Catch-Up with Retirement Savings
Old 06-22-2005, 12:27 PM   #2
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Re: Paying Catch-Up with Retirement Savings

These stories (usually funded by people who make money when people invest) are constantly sparring with the stories saying everything is great and nobody has to worry (usually funded by a variety of 'dont worry, be happy' government agencies).

Although my experience says most people dont save enough, early enough, then start desperately trying to catch up when its too late. All rolls back to the thought that a lot of people in their 40's and 50's now will be working into their 70's and 80's, still paying for the stuff they'll be buying in their 50's and 60's.

Maybe that will be a good example to those a decade or two behind them to smarten up.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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