REWahoo
Give me a museum and I'll fill it. (Picasso) Give
One more in what seems an endless stream of stories about the lack of retirement savings...
Do Americans plan for the long haul?
Empty bank accounts, high spending suggest no
By Manav Tanneeru CNN
Tuesday, February 21, 2006
(CNN) -- The national savings rate for Americans is at its lowest point since the Great Depression, yet 78 million Americans will retire in the next 20 years.
These statistics cast doubt on the ability of Americans to plan for the long term and whether Americans consider long-term planning important, experts say.
http://www.cnn.com/2006/US/02/15/planning.overview/index.html
Thought this quote about the public's attitude toward financial planners was interesting:
George Kinder and Susan Galvan -- founders of the Kinder Institute of Life Planning, a California-based firm that trains financial planners -- believe the decline in savings, and by extension, a lack of long-term planning in American society, is symptomatic of a broader insecurity.
"You have to look at what the source of the problem is," Kinder said. "Why save if there is nothing to save for? What is it that people should be saving for? Traditionally, we've been saving for retirement and that sort of thing, but those are just buzzwords, they don't mean much to people.
"As a consequence, many Americans are skeptical that they are being sold something by financial advisers."
The article even mentions "early" retirement... :
"A lot of us are approaching retirement and a lot of us are approaching it with much too little saved up," Wyss said. "They're either going to depend on Social Security, which is hardly a good bet given the state of the federal government's finances, or they're going to be taking early retirement at the age of 75."
Do Americans plan for the long haul?
Empty bank accounts, high spending suggest no
By Manav Tanneeru CNN
Tuesday, February 21, 2006
(CNN) -- The national savings rate for Americans is at its lowest point since the Great Depression, yet 78 million Americans will retire in the next 20 years.
These statistics cast doubt on the ability of Americans to plan for the long term and whether Americans consider long-term planning important, experts say.
http://www.cnn.com/2006/US/02/15/planning.overview/index.html
Thought this quote about the public's attitude toward financial planners was interesting:
George Kinder and Susan Galvan -- founders of the Kinder Institute of Life Planning, a California-based firm that trains financial planners -- believe the decline in savings, and by extension, a lack of long-term planning in American society, is symptomatic of a broader insecurity.
"You have to look at what the source of the problem is," Kinder said. "Why save if there is nothing to save for? What is it that people should be saving for? Traditionally, we've been saving for retirement and that sort of thing, but those are just buzzwords, they don't mean much to people.
"As a consequence, many Americans are skeptical that they are being sold something by financial advisers."
The article even mentions "early" retirement... :
"A lot of us are approaching retirement and a lot of us are approaching it with much too little saved up," Wyss said. "They're either going to depend on Social Security, which is hardly a good bet given the state of the federal government's finances, or they're going to be taking early retirement at the age of 75."
![:-\](https://www.early-retirement.org/sk/forums/images/smilies/undecided.gif "Undecided :-\")
