I was reading this article on msnbc and when I get to the end, it had quote that is just wrong. For some reason, it irked me more than most of these articles tend to. Economy hitting elderly especially hard - Retirement - MSNBC.com
And I ask myself, how can someone have been saving for 40 years, especially the last 40 years where the S&P500 has returned over 10% on average, and not have enough to retire on? Of course, the article won’t actually provide numbers; that would hinder the authors ability to get his message across: that the elderly are having problems retiring.
Don't get me wrong: overall it's a sad situation. I suspect that a good part of it comes because most people don't prepare properly and it's not necessarily their fault, just the reality of the situation.
It's just the quote at the end that rubbed me wrong. 40 years savings, yeah, right. More articles like this, and then nobody will save. After all, if he can't do it after 40 years, then what chance do I have...
“I have been saving every year for some 40 years now trying to get ready for this moment where I might be able to have a little more time for family, for friends,” Looney said.
Now he expects to have to work for at least five more years.
If anyone should know, it’s John Looney. He works for AARP.
And I ask myself, how can someone have been saving for 40 years, especially the last 40 years where the S&P500 has returned over 10% on average, and not have enough to retire on? Of course, the article won’t actually provide numbers; that would hinder the authors ability to get his message across: that the elderly are having problems retiring.
Don't get me wrong: overall it's a sad situation. I suspect that a good part of it comes because most people don't prepare properly and it's not necessarily their fault, just the reality of the situation.
It's just the quote at the end that rubbed me wrong. 40 years savings, yeah, right. More articles like this, and then nobody will save. After all, if he can't do it after 40 years, then what chance do I have...