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:
1. 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.
2. Two-thirds of people surveyed did not know at what age they wil become eligible for Medicare (65 years old).
3, 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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