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Retirement Savings Needs? Guess! |
June 14, 2008--That’s what close to half of people do, according to a survey reported in today’s Wall Street Journal. Only one in five consults a financial advisor. Other survey results were equally dismal. What’s your answer?
Survey results that should make your blood run cold:
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The majority of people surveyed think a retirement fund of under $500,000 will be enough to live comfortably. Most will wind up wrong by a large margin and will have to change their lifestyles to match their financial resources.
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Two-thirds of people surveyed did not know at what age they wil become eligible for Medicare (65 years old).
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In spite of widespread predictions to the contrary, the median value of baby boomer inheritances to date is less than $50,000, and only 2% of boomers have received an inheritance greater than $100,000. If you’re counting on Mom and Dad, you’d better count again.
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John's Money Mythbuster Blog
August 18, 2008--The most influential economist you never heard of, Nouriel Roubini, was featured in a major New York Times piece yesterday that I urge everyone to read. Roubini, who predicted just about all the elements of our current financial mess, says we're facing the worst recession since the Great Depression. Link.
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July 25, 2008--The Wall Street Journal recently published an excellent article by Jason Zweig on the science of fear and how investors can learn to control the fear response that often leads to bad financial choices. Link.
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