Are You Saving Too Much for Retirement?
Tom Blumer at BizzyBlog offers some down to earth advice on saving for retirement. He questions an AtMarketWatch article where the author suggests that Americans are saving too much for retirement. He counters this with some very reasonable “what ifs” that bear consideration.As I read about Social Security, Medicare and especially the impact illegal immigration is having on these already precarious programs, I don’t think we Gen Sandwichers can save too much for retirement. And if we do, well… our kids will be a step ahead.
Labels: Baby Boomers, finances, Medicare, retirement, Social Security
4 comment(s):
It is hard to know how much to save because of increasing longevity and the possibility of illnesses.
But a person can save less by giving to charities. And in retirement, they can give to charites. We are late 50's and giving more to charity than savings. The kids can make their own way, that is why we paid for their education.
By
LoieJ, at
6:28 AM
You're right. We're doing the same thing, although we do want to leave some to the kids. But hopefully by the time we're gone, the money will be as well.
By
Pat, at
11:03 PM
It is hard to take "too much saving" as a serious problem. As a bankruptcy attorney, I see untold numbers who make minimum credit card payments on overwhelming debt and save nothing for retirement. My standard line is that "MBNA does not have to retire, but you do".
By
Unknown, at
7:03 AM
Cathy, I couldn't agree more. Thanks for the good work you do. Too bad people have to get to the point of bankruptcy before you get to educate them!
By
Pat, at
11:18 PM
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