A report released yesterday says that in spite of “conventional belief,” $1 million is not enough money to guarantee a secure retirement.
Citing longer life spans, inflation, and the uncertain future of Social Security, over 200 registered investment advisors say that the average American couple cannot make it through their retirement years with a measly million bucks in the bank. Over 71% of those same “financial experts” say that a couple from my generation, the Baby Boomers, (ages 43 to 64), should have two to three million dollars available before retirement.
Younger generations should save even more during their working years, according to the same “experts.”
They add that if you are lucky enough to be a senior citizen already, you can probably squeak by on as little as $500,000 to $1.5 million if you live an “average” lifestyle.
I don’t know what these people consider an average lifestyle, but once again I find myself below average, as I do in so many aspects of life.
Actually, I don’t know many people in my generation who have $1 million in savings and assets. Some may have before the stock market crashed and their pension funds went sour, but most of the people I hang out with are of more modest means. They’re working people who have enough problems just making ends meet, let alone saving several million dollars for retirement.
And these days, even if I could save up that kind of money, where would I put it to keep it safe? In the hands of these same financial experts? Aren’t those the clowns that played fast and easy with so many peoples’ retirement funds and blew them already? Maybe that’s why they are telling us we need to entrust even more money with them.
I’ve made a few bucks in my time, but I always figured that I can waste my money just as quickly as an investment counselor, and not have to pay him a commission to do so. I spent most of any money I ever had on fast cars, cheap women, and other big boy toys. The rest of it, I just pissed away. Today I’m a happy pauper, with some great memories that are worth more than money in the bank.
I have my own retirement plan. I want to bounce my last check, max out my last credit card, and have a fatal heart attack, all on the same afternoon. If that doesn’t work out, I’ll just hang around and be a burden to my kids for as long as I can.
Tags: average American, average lifestyle, Baby Boomers, financial experts, future of Social Security, inflation, investment advisors, investment counselor, investments, longer life spans, making ends meet, money in the bank, pauper, pension funds, retirement funds, retirement plan, retirement years, secure retirement, senior citizen, stock market, working people, working years