There are so many news articles about poor retirees that it would be nearly impossible to count them. In opposition to that trend is an opinion article (may be behind a pay wall) in Friday’s (Jan. 24) Wall Street Journal. Sylvester J. Schieber and Andrew G. Biggs, both of whom have deep experience with Social Security, report a serious data problem with many estimates of retirement income.
Here’s the thesis: the common narrative “about the declining income prospects of retirees is not true.” Continue reading →
Many retirees are having a ball. They receive pensions and Social Security, own their homes, live in the moment, indulge hobbies, travel, and worry only a little about the future. Of course there are some who are struggling, some still working, but on the whole, seniors are doing better than at any time in modern history.
On the other hand, our working children are facing hard times, even though many don’t fully appreciate it.
Most of us would like to help our children and grandchildren prepare for the changing retirement landscape. Pension plans are under siege and passing away. Although many current retirees receive generous pensions, our children and grandchildren are not likely to share that good fortune.
Their retirements will likely depend on Social Security and whatever income they can piece together from retirement investments and encore careers. To help, we can point out reasonable investment goals. Today we’ll see how Social Security influences investment goals. Continue reading →
I was born on the cusp between Generation X and Generation Y (a.k.a. the Millenials). As a member of the middle-child demographic recently dubbed Generation Catalano, I have some insight into how members of both of these generations view retirement. And I have to say, it isn’t pretty.
Pessimism and the American Dream
According to the results of a spring 2011 Gallup poll, confidence in the American dream is faltering. Defined by Gallup as the opportunity for each generation to earn a better life than previous generations, the data show that indeed, the American dream appears to be slipping away.