I just read another sobering article today on CNBC ( Retirees Face Up to the 'Million-Dollar Illusion'
). Few reflections i had:
- cant believe the average net worth is apprx 10k
- no one is saving
- that financial writers continue to communicate that $1 million is not enough for retirement, this is really hard for me to accept and agree with
- that retired people would put all their money in bonds, i honestly don't ever plan to have all my savings in bonds, 50% maybe but never all
- on the positive side (being cheeky), if average life span is mid 80s and people are not saving for retirement, it will be incredibly difficult to eliminate social security
Would love to hear others reactions.