Down ward Spiral The Retirement Years
I know that people have differing opions about the Motely Fools investment advisors but I think these two articles are worth mentioning:
Prepare For a Gruesome Retirement
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It's time for some tough love. I want you to have a comfortable retirement, doing things that you enjoy and things you've always wanted to do. That may mean dining in some fine restaurants, traveling to the Galapagos Islands to see blue-footed boobies, taking your grandchildren to Hershey, Pa., and living in a spiffy retirement community. But judging from some statistics I recently ran across, you're in danger of a retirement that instead features dining on Salisbury steak TV dinners, traveling to the Git'n'Go down the street for a bag of chips, taking your grandchildren to the Salvation Army store with you as you shop for some new clothes, and living in your grouchy daughter's damp basement.
The facts
According to the 2005 Retirement Confidence Survey (RCS), we can be confident that many people will have gruesome retirements. Why? Here's a clue: According to a another survey, 31% of Americans would rather scrub a bathroom than plan for retirement. That's right -- if you've been putting off planning for your retirement, you're not alone.
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According to the latest Retirement Confidence Survey, nearly 60% of American workers report they've never attempted to calculate their savings needs for retirement. Of the workers who have calculated their savings, 75% report their assets total less than $10,000.
You can't retire on that!
A $10,000 nest egg won't last the average retiree 10 months -- and with the average retirement getting longer and longer, that statistic is meant to scare you. After all, not having a plan is the fastest, easiest, and surest way to a disastrous retirement.
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