A lot more people must have believed that the world really was going to end in the year 2000 than was reported. Carolyn and I met with our retirement planner today who informed us that half or 2/3 or some other dreadful number of people in their 50's have less than $10,000 saved for their retirement. With more and more companies going to defined contribution plans, most of these people will not be able to rely upon a pension plan that will guarantee them a certain fixed income per month. Except Social Security, of course.
Now granted, some people wait until their 50's because they can't afford saving before then. And for some of us it is easier to set aside money when the kids are grown and out of the house. For others of us, the expenses just keep going on with college, helping out with the first house, grandchildren's expenses, etc. These people tell themselves they'll save enough in their 60's. And some of them can and for others the expenses for grandchildren multiply as they go off to college or try to get into the housing market. Then along comes a heart attack, a chronic disease, or something else that forces you to leave the job market and now without adequate pension funds. Not a pretty picture. I can see why you'd want to see the world end.
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