Nearly every week some think tank, lobbying group or
financial service company reports what sad shape Americans are in, or think
they are in, when it comes to retirement. This week, for example, AARP, the
lobby for those 50 and up, released a collection of research reports showing
that if current trends continue, the living standards of middle class retirees
are in for a big decline. (The papers were produced in cooperation with
reputable academics, but are being used by AARP as part of its campaign against
any Social Security cuts, including a change in the way the annual cost of
living benefits boost is calculated.)
Meanwhile, financial
advice firm HelloWallet was generating
buzz with a new report detailing how a quarter of folks have been
“breaching” their retirement accounts and
incurring tax penalties and fees that could have been avoided if they’d
built up emergency funds first, instead of stuffing all their savings into
401(k)s.
So this happy news subject line on an emailed pitch from
Ogilvy Public Relations yesterday caught my eye: “Younger People Think They’re On Track For
Retirement.” Turns out that in a survey
of defined contribution plan participants conducted last October by State
Street Global Advisors and the Boston Research Group, 82% of those under 25
said they were on track to have enough saved to meet their retirement goals.
That compares with the 54% of those aged 35 to 44 and 63% of those 55 and older
who described themselves as on track. The
youngest workers were not only confident, but in some cases downright cocky….
Read all about it at http://www.forbes.com/sites/janetnovack/2013/01/18/are-young-workers-on-track-for-retirement-or-smoking-something/
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