No. of Recommendations: 8

If people are told they need (say) a million dollars, and someone has no chance in hell of getting even close...maybe they just say "forget it" and don't even try, out of despair. So instead of having a couple hundred thousand by the time they reach their 60s, they have...nothing.


Like you, I despise the doom and gloomers who promulgate this crap!

Let me say this:

-- Social Security IS here now, WILL be there for people in their 60's or 50's, and I'm almost sure also for people in their 40's, at least. People need to see what they will be eligible for -- at 62 (when ANYONE can start, albeit at a lesser rate) or the "full" level at 65+, depending on birth date. Yes, people in their 30's and younger should certainly start planning to make it without SS, just in case.

-- People also need to put aside all they can, regardless, in a tax-deferred account. (By the way, people today have a LOT more opportunities to do this than we did years ago! My gosh, the limits today are VERY generous!)

-- People also need to learn a little about investing and make sure that the money they put aside is WORKING for them and GROWING, reasonably, depending on their age and on how "smart" they may get to be about shepherding that money, with or without a good advisor.

-- Depending on your lifestyle, and whether or not you're just plain stupid (sorry!), you'll more than likely be able to live on quite a lot less than you needed when you were working.

Remember, when you retire, you will no longer be saving for retirement -- right? You also should probably save on commuting costs, suits, constant demands from growing kids for clothes and college (!), etc.

We live pretty nicely, mostly on our combined Social Security, some IRA money, and one tiny pension that I get -- and it all totals up to maybe one third of what we got when we were working and raising our three kids!


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