Posts Tagged Retirement

Financial Worries Dog Older Workers

Posted by Harley in Financial Education on October 14, 2009

Financial Worries Dog Older Workers – It’s surprising how little press the results of a survey released on 9/29/09 by AARP received from the press.  According to AARP, ages 45-64 are one worried group faced with increasing job losses, retirement worries (not enough money) and continual difficulty in paying for basic items.  David Certner, Legislative Policy Director at AARP said, “Even before the economic downturn, the 45-64 population was a high anxiety group.  They were supposed to be preparing for their own retirement and they are worried about other generations, as well.”  This is just another sad example of how deficient our schools, universities and colleges have been in teaching a basic, hands-on practical financial education so that all people don’t fall prey to the high fees, conflicts of interest and self-dealing of big Wall Street firms and financial planning firms who make the public believe that financial planning is a very complicated process.

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Questions of The Middle Class

Posted by Harley in Financial Education on July 29, 2009

Who in the middle class can answer the following questions:

1.    Is anyone on track for the retirement of their dreams?

2.    Can anyone say they have a specific game plan to get them to the retirement of their dreams?

At best, only 10% could answer yes.  Studies indicate that the average 50 year old has saved less than $50,000 which will not make for a happy retirement, especially when $1 million at 4% only generates $40,000 per year of income.  That amount of income is not much when most people have children and even grandchildren depending on them over the next 10, 20 to 30 years.  Too many people are counting on the government to bail them out which is a very bad bet today as government is literally mortgaging the future of our children, grandchildren and great-grandchildren.  So much in fact that every U.S. person has a minimum debt of $250,000 due to the gross government excesses when considering the total Federal debt (both budget and off-budget items).  It’s absolutely atrocious!

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