In June 1997, Chicago Tribune writer Mary Schmich penned a now-famous column titled “Advice, like youth, probably just wasted on the young.” In short, the column served as the speech that Ms. Schmich would give if she were asked to make a commencement address. The following year, the column went viral, if you will, in the form of the music single “Everybody’s Free (To Wear Sunscreen).”
I recently attended a conference in Washington on the question of retirement income—how baby boomers will generate income from their 401(k) accounts once they retire. Read more »
A new poll from Gallup says that Americans expect to depend more on Social Security when they retire—and less on 401(k)s, IRAs, and part-time work. I don’t believe it for a minute.
For many years, the government has published statistics on Americans’ age and employment. A version of that data is shown in the chart below. My sense is that these figures are the basis for much of the conventional wisdom on the age at which people retire, as well as for whatever general notions people have about when they’ll start to need “replacement income.”
Do you have a tax refund coming? Some would say it means you over-withheld and should have paid less last year. Others look at it as a non-interest-bearing savings account. I’d look at it as an opportunity to improve your financial picture and prepare for the next inevitable downturn—whether it happens next week, next month, or five years from now.
