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| Monday, March 20, 2006 |
| Is it really as bad as all that? |
| According to the BusinessWeek article: A Crisis in the Making it is if you are a baby boomer and want to retire someday. Personal Finance writers have gone from just tsk tsking the public for not saving enough to strident nagging. But so far, it does not appear that enough are listening or heeding their advice. |
| posted by Boston Gal @ 3:00 PM *
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| 2 Comments: |
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I skipped the tsk tsking and strident nagging and started right into the "you dumb ****." Then my family told me to shut up and go back to the internet. :(
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I'd like to see the breakdown by age group. Retirees are likely to have negative savings rates. They are living off of their savings. Students are going to be in negative territory too, as are some of their parents.
Aggregate data can sometimes be very misleading. Certainly an aggregate negative savings rate does not mean that every family in American is eating the seed corn. It does mean that someone is.
I keep saving for my own retirement regardless of the numbers. I encourage all of my friends and family to do the same. The point they all need to hear is that some savings is better than total denial. If all you can manage is $10/week, start there. Increase it the next time you get a raise.
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I skipped the tsk tsking and strident nagging and started right into the "you dumb ****." Then my family told me to shut up and go back to the internet. :(