Quote:
Originally Posted by manaboutown
This narrative totally ignores the time value of money and the interest, dividends and capital gains one can obtain over the years. It is similar to pitches I used to hear from whole life insurance salesmen 50 years ago.
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You’re absolutely correct, and I totally agree with you, however, we tend to neglect the fact that there are millions of people who are collecting social security and have no other source of income whatsoever. Whether it be unfortunate life circumstances, bad planning, or no planning at all, some people need a lot of handholding; some mechanism to squirrel some money away so they will have some means to support themselves in old age, no matter how meager.