Retire Soon
Full time employment: Posting here.
- Joined
- Nov 23, 2005
- Messages
- 655
The events of the past few weeks on Wall Street are causing many Baby Boomers to consider spending more years in the w*rk force before retiring.
With the spend and borrow mentality Americans have embraced, especially over the past decade, it should come as no surprise that savings took a back seat to McMansions, luxury suv's and exotic vacations.
WSJ published the results of a recent survey by Employee Benefit Research Institute which showed the percentage of people over the age of 55 who had reached certain savings and investment levels:
Less than $10,000 --28%
$10,000 to $24,999--8%
$25,000-49,999--- 7%
$50,000-$99,999-- 16%
$100,000-$249,999--18%
$250,000 or more-- 23%
It is very sad how Americans who have been overly influenced by mass advertising and peer pressure to keep up with the Joneses have misplaced their priorities and will now will suffer the consequences by having to w*rk longer than what was originally planned. Deferred gratification is quickly disappearing and has been supplanted by our need to impress others with lives of extravagance.
Baby Boomers Delay Retirement - WSJ.com
With the spend and borrow mentality Americans have embraced, especially over the past decade, it should come as no surprise that savings took a back seat to McMansions, luxury suv's and exotic vacations.
WSJ published the results of a recent survey by Employee Benefit Research Institute which showed the percentage of people over the age of 55 who had reached certain savings and investment levels:
Less than $10,000 --28%
$10,000 to $24,999--8%
$25,000-49,999--- 7%
$50,000-$99,999-- 16%
$100,000-$249,999--18%
$250,000 or more-- 23%
It is very sad how Americans who have been overly influenced by mass advertising and peer pressure to keep up with the Joneses have misplaced their priorities and will now will suffer the consequences by having to w*rk longer than what was originally planned. Deferred gratification is quickly disappearing and has been supplanted by our need to impress others with lives of extravagance.
Baby Boomers Delay Retirement - WSJ.com