When You Haven't Saved Enough to Retire

Work for collective safety net; minimum income for all

The fundamental reality is that the richest country in the world does not afford its citizens with a meaningful collective safety net. We should be about EXPANDING Social Security and Medicare to afford everyone basic shelter, clothing, food, education and healthcare. An honest cost-benefit analysis of the affordability of this would factor in the real costs of social inequity in leaving people without enough to live out our lives.

bradthegrad of LA @ Jun 16, 2008 23:44:01 PM

Saving for Retirement

I thought I was doing the right thing by saving through my company, little did I know that the executives were taking money out and lining their own nest while leaving their employees without a job, lost stock and no retirement fund. At 59 years old their isn't much you can do. It took me almost six months to get over the shock of losing my job along with everything else. Seeing my friends and thousands of my fellow employees lose their jobs all due to the obscene greed of the executives . The disbelief that the federal government would allow this theft. Now most of us have to start over making a hell of a lot less while they get away with a slap on the wrist. For shame on them all. Worse of all, knowing they don't even feel guilty about what they did.

Ann Marie of IL @ Jun 16, 2008 13:42:30 PM

save or invest

Savings for retirement needs to start early, most like myself will not do it as other expenses come up. Some people also in todays economy have been out of work for months or years and can no longer save the way they used to until they decide to downsize which is often difficult with the housing market being what it is. There are a few lucky ones whose parents managed to save during their lifetime and when they inherit their parents estate will be the only time they will be able to retire comfortably. Long term I think rental housing is still a good buy, people must always live somewhere. The best way to buy today is to assume one unit will alway be empty and the remainder of the cash flow show pay for all the exenses. This way when you do retire you will have some sort of cash flow from the property based on how may years you held it.

Jim Evans of CA @ Jun 16, 2008 13:14:54 PM

Dont worry

It is stupid to save for retirement in these times. The world wil be coming to an end soon or you will get an incurable disease. Then your no good kids will be partying in vegas with your hard saved dough.

Loek van Welhy of GA @ May 12, 2008 18:46:44 PM

Invest in property as well

not to limit yourself with subprime and all...diversify overseas since property the best asset class for retirement according o me

GOIN VYTHILINGUM @ May 12, 2008 14:12:20 PM

Save or Invest?

Doesn't it make more sense to talk about investing rather than saving?

Reaching any financial goal often involves putting money at risk, which is nvesting. Investing also opens the mind to multiple areas of opportunity such as starting a home-based business, buying investment real estate, or even investing in oneself through further education or lifestyle changes. Investing is not limited to buying securities.

When advised to diversity, doesn't it make more sense to diversify by investing in several different types of assets, not just within one asset class, such as securities?

Finally, why not insure retirement by owning a quality long-term care insurance policy? Despite what is always said, this insurance is not need to pay for nursing home costs. Find out what it can do for you from someone who actually knows.

Bill of AZ @ May 12, 2008 09:18:29 AM

LATE LIFE SAVINGS

True stuff happens. Very few boomers stated saving 30 years ago.maybe this generation will . we see lots of boomers stuff huge anounts of money away in 10 years prior to retirement , and most who are older , do have a huge chunk of real estate equity to access when they downsize. i think the next 20 years for real estate and stocks will not be like the last 20 years .the flat world means lower growth and more economic competition.So the 20 somethings should start saving early and the boomers can finish their savings late ( 60-70 )

paul of MA @ May 12, 2008 07:28:50 AM

People need a plan, This article does not address the issue....

here is the Issue, People Need to do something to make more money faster, instead of working until they die. Why do we work? To retire in 40-50 years, right? Why not CREATE a lifestyle by Owning your own business to support your Long Term Financial needs. Then you can 'Retire' when you have built a business and have the income, and the age does not matter!

Nathan of MI @ May 12, 2008 00:14:10 AM