A new study indicates that baby boomers have ignored what their parents tried to teach them about saving for retirement. The new NAVA study states:
Adult children are not doing as well as the older generation in a number of financial areas, such as staying out of credit card debt, having an emergency fund, and importantly, saving enough for retirement.
The statement is hardly shocking, but it should be noted that NAVA is an interest group promoting annuities and variable life investment products. The full report can be seen on the NAVA website.
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2 comments:
Saving for retirement is daunting. Starting early, my wife and I thought we were miles ahead. We're in fine shape, but not nearly as solidly positioned if we would have been more aggresive.
Saving for our children's college tuition has been the initial target and with one finished and the second halfway through, we've just gotten to the point where the last of the tuition is fully funded. A long road, but worth the effort. Next is bolstering retirement funds.
All the topics you discuss are right on the money - so to speak. It is a challenge to live conservatively, in spite of knowing the future return on that "investment" is worth many times the current effort. It takes a lot of work to envision the future and then carefully make the trip.
For a glimpse into my mental journey counting down to retirement, I invite readers to:
http://theretirementcountdown.blogspot.com/
Here, I track the emotions and reality of counting dow to retirement.
Many thanks for your views on your blog. I would appreciate your perspectives on mine.
Dave
Sorry for an additional post, but something of a suggestion came to mind. We have provided our children with an incentive to pursue and conquest scholarships.
Our offer is this: earn (and use) a scholarship and receive a 10% commision on the deal. I would gladly pay 10 cents on the dollar and they receive some significant spending money.
My college Ecomonmic professor used to preach: "People respond to incentives." This has provided incentives to our children to complete the applications, write the essays, and complete all the boring work. So far, so good.
Cheers.
Dave
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