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Interesting article from an ER skeptic. Apparently the $1M or bust idea is hard to kill:
http://cbs.marketwatch.com/news/story.asp?guid={4A623B46-90AE-46FB-B30E-181A9CC8A6E7}&siteid=mktw
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Sorry, only millionaires can retire
By Paul B. Farrell, CBS.MarketWatch.com
ARROYO GRANDE, Calif. (CBS.MW) -- Hey boomers, if you're close to retirement run to Wal-Mart now and put in your application. And if you still have time before retirement, be forewarned. Keep that application handy.
Why? Because you have no choice but to work right up to the day the kids put you in long-term care or a mausoleum.
Seriously: Professional financial planners tell us we need a million bucks to retire today, multimillions in the near future. Unfortunately, the average American has a paltry net worth of $15,000 exclusive of home equity.
And things are going from bad to worse. A few years ago I ran across a study by the American Savings Council and the Employee Benefit Research Institute. Was anybody saving for retirement? Not many: Only 35 percent were 'Planners,' folks saving enough to retire comfortably.
The rest? Bad news: 13 percent were 'Deniers,' saving nothing; 15 percent were 'Impulsives,' consumers who save if there's anything left over after they buy that hot new toy; 20 percent were 'Strugglers,' who don't trust the market so they won't save much; and 18 percent were in the 'Cautious' category who know they're grossly unprepared.
Get it? Two out of three Americans had some kind of lame excuse for not planning their retirement: "I'm cautious, I'm struggling, I'm too impulsive, I'm in denial and can't save." Excuses, excuses, excuses. No wonder America's savings rate dropped from eight percent just 20 years ago to one percent today....(more) "
http://cbs.marketwatch.com/news/story.asp?guid={4A623B46-90AE-46FB-B30E-181A9CC8A6E7}&siteid=mktw
(requires free registration)
-----------------------------------------
Sorry, only millionaires can retire
By Paul B. Farrell, CBS.MarketWatch.com
ARROYO GRANDE, Calif. (CBS.MW) -- Hey boomers, if you're close to retirement run to Wal-Mart now and put in your application. And if you still have time before retirement, be forewarned. Keep that application handy.
Why? Because you have no choice but to work right up to the day the kids put you in long-term care or a mausoleum.
Seriously: Professional financial planners tell us we need a million bucks to retire today, multimillions in the near future. Unfortunately, the average American has a paltry net worth of $15,000 exclusive of home equity.
And things are going from bad to worse. A few years ago I ran across a study by the American Savings Council and the Employee Benefit Research Institute. Was anybody saving for retirement? Not many: Only 35 percent were 'Planners,' folks saving enough to retire comfortably.
The rest? Bad news: 13 percent were 'Deniers,' saving nothing; 15 percent were 'Impulsives,' consumers who save if there's anything left over after they buy that hot new toy; 20 percent were 'Strugglers,' who don't trust the market so they won't save much; and 18 percent were in the 'Cautious' category who know they're grossly unprepared.
Get it? Two out of three Americans had some kind of lame excuse for not planning their retirement: "I'm cautious, I'm struggling, I'm too impulsive, I'm in denial and can't save." Excuses, excuses, excuses. No wonder America's savings rate dropped from eight percent just 20 years ago to one percent today....(more) "