Oh, wait, that's right, I'm not a socialist. I actually support myself.
That being said, my self-reliance and true manliness of self-supportation does not dull the pain, nor lessen the anger when I see data like this;
Apparently, that vast majority of Americans do not have enough saved up for retirement. And by default, then, must be expected Daddy Government to come in and save them.
The question is, with what?
Social security?
So here's what I want all real men and women to do. If you're interested go to this web site which will help you calculate what you need to retire. Then compare it to the above chart. And then rack your brain trying to balance your desire to be a real American and support yourself or to just capitulate and go the route of Sodom and Gomorrah.
Anyway, another great article from The Economist.
5 comments:
Remember, Captain, we as a nation are being both told and taught that the government WILL save us, and that whatever's wrong with Social Security will be fixed; we just have to wait.
In the meantime, we just need to patiently pay into the senior citizens' retirement accounts and don't hurl such language as "private accounts" around. It gives lefties tummy upset.
A leisurely retirement is a modern concept. I plan on working until I die so that I don't have to rely on anyone else.
My retirement fund is for funding my health care. MediCare is the real fiasco.
I'm embarrassed to say but I have family members who have made a (pathetic) career of living on the dole: They don't get invited to Thanksgiving at my house, that's for sure. I could tell you stories.
But hey, can't the government make us safer, bolster the economy with large tax increases, and save our jobs from off-shoring? If we can put a man on the moon, then gosh darn it--Yes, we can!
I'm curious how the balances held in retirement accounts breaks out by age. In other words, if the average 55 year old has less than $10,000 or if the average 55 year old is in the top category by value of assets. Or perhaps better said, if the average person in the top category is also the oldest. Another interesting study would be to use this information to either counter or support those who claim when the boomers start to liquidate in retirement their selling pressure will be a downward force on stock prices. I'm guessing not too much, as those lucky few (relatively speaking) who hold the assets aren't going to liquidate everything they own at once. Those who have anything to sell will be more like me (53 y/o), liquidating something on the order of 4% of holdings annually in order to preserve assets for a looooong retirement.
Cheers
MacroMicro Bob
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