Quote:
Originally Posted by 2BNTV
Unfortunately for them, people did not listen to financially savvy people that one should save 10% or more of their salary for their future after all their bills are paid. I don't know what the statistic by AARP is at the moment but many people don't have 25K in savings when they are ready to retire.
It's sad that so many people didn't take advantage of the tax deferred options that companies offer or other investment opportunities. I have heard the sad lament that so many people have said, "I don't have enough in my paycheck to put away, any savings".
Some people have it backwards saying they will save after, (fill in the blank), and realize too late in life they should have saved more.
I always say, "it doesn't pay to be stupid about money".
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My company started offering financial seminars for free to employees. The seminars were set up for financial planning for those 50 and older and for those under 50. I was in the 50 and over seminar, and was very disappointed to see the responses to the investment counselor asking who has NOT used the pension modeler tool the company had available, and who felt that their pension would cover their retirement expenses. Many people had not seen or knew about the tool (actually not a "biggie" but they could have seen what their projected income would be), and what was worse, there were too many people (1 is actually too many) who thought the company pension would support them. I think that there were quite a few people who realized that retirement might be a distant reality for them-most were in the "I'll save later" scenario you pointed out 2BNTV. I am thankful that my nephew listened to me and began getting money into his 401K early in his career and had his then fiancee do the same-especially since neither will get pensions from their companies.