Just saw a show on Public TV - Retirement Crisis !

The topic looked interesting, but as I watched the panel discussion, it became more like an infomercial for annuities.

They had a moderator and 2 people from an insurance company that were basically selling annunities. Their pitch - They gave the grim statistics of no one saving for their retirement and the realities of the burgeoning retirement population. You cannot make it on Social Security alone and cannot rely on your savings, because of market fluctuations. They went on to state that you needed at least 80% of your current income at retirement and probably more like 110% to live comfortably. :

According to this pair - The only way to guarantee a safe retirement is to start buying your annuites today.

The did mention a caveat though. If you are Bill Gates, you don't have to rely on annuities. This gave real credence to their story.

Disgusting - Simply Disgusting

[Tadpole]

Almost every finanical site has a calculator in their retirement section that produces an unattainable number needed in retirement. (Except Vanguard's calculator which let's you win sometimes.)

I saw an estimate the other day that you need at least 1.3 million dollars in addition to your retirement for health care expenses. Talk about scare tactics.

[Martha]

Yesterday the WSJ had a Q&A article on retirement. Right away it set me off by starting out with a comment that retirement might mean working less or changing jobs. That's not retirement! That's work.

There were some interesting statistics in the article based on different surveys. (If TH were here he might question their methodology, I have no idea about how they did the surveys) The surveys showed that a surprising number of people thought that people are eligible for full SS at 65, no matter what year you are born. A large number of people also thought that medicare covers long term care in nursing homes. And more.

Here's the deal Martha. A "large number of people"
don't know diddly squat. Anyway, that kind of stuff
sets me off too, but disinformation about financial
matters never had much effect on me.

JG

[Martha]

When I read stuff in the popular press about retirement, I get the feeling that the underlying message is that you are old, you will lose your good job, but you will have to work in this other shitty job for little pay rather than retire. And this message is delivered as if this is an opportunity, not a problem.

Yep, that's the "underlying message" I see. If people are buying that crap, it's amazing that we don't have even more depression.
(reminds me of the Peggy Lee song 'Is That all There Is?').

I am exceptionally cynical and skeptical, so that the
"information" I receive is frequently ignored.

JG

[bruce1]

Fortunately I too have an effective noise filter.

[mickeyd]

Quote:

According to this pair - The only way to guarantee a safe retirement is to start buying your annuites today.

I wish I had seen the "show". Maybe it will be repeated.

The above statement is accurate however, a single word was left out in order to make it more accurate.

It should have read : "...guarantee US a safe retirement...".

How can you argue with th fact that these 2 annuity experts will have a better retirement if you buy an annuity from them?