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Opinion: Why retirees should feel very worried right now
Opinion: Why retirees should feel very worried right now
Published: Dec 29, 2018 1:58 p.m. ET
Retirement’s big three—pensions, savings, Social Security—are under stress
By PAUL BRANDUS
COLUMNIST
You know the old adage that “a rising tide lifts all boats?” What if you don’t own a boat in the first place? That rising tide won’t do much for you, will it? ... And so it is with this historic bull market, which, if it continues, will enter its 11th year—11 years!—come March. Vast amounts of wealth has been created, lifting many boats; some folks have gotten even bigger boats.
But most Americans—perhaps you—haven’t benefited much. 54% of middle-income households (defined as income ranging from $48,000 to $95,000) don’t have enough saved to maintain a decent retirement. That’s the same percentage as in 2010, when the stock run-up was in its early stages, according to a study by the Center for Retirement Research at Boston College.
What happened? Why have so many Americans been left out? The study blames the usual culprits: high debt, surging and often unforeseen health care costs, and investment mistakes.
....
Meantime, what about those proverbial boat owners, whose wealth has soared? They’re taking their chips off the table. A survey of millionaires by Spectrem Group found that wealthy Americans “are more likely to increase cash and bonds than stocks in the next year,” and “may be amassing dry powder for better opportunities to buy into the market.”
....
Published: Dec 29, 2018 1:58 p.m. ET
Retirement’s big three—pensions, savings, Social Security—are under stress
By PAUL BRANDUS
COLUMNIST
You know the old adage that “a rising tide lifts all boats?” What if you don’t own a boat in the first place? That rising tide won’t do much for you, will it? ... And so it is with this historic bull market, which, if it continues, will enter its 11th year—11 years!—come March. Vast amounts of wealth has been created, lifting many boats; some folks have gotten even bigger boats.
But most Americans—perhaps you—haven’t benefited much. 54% of middle-income households (defined as income ranging from $48,000 to $95,000) don’t have enough saved to maintain a decent retirement. That’s the same percentage as in 2010, when the stock run-up was in its early stages, according to a study by the Center for Retirement Research at Boston College.
What happened? Why have so many Americans been left out? The study blames the usual culprits: high debt, surging and often unforeseen health care costs, and investment mistakes.
....
Meantime, what about those proverbial boat owners, whose wealth has soared? They’re taking their chips off the table. A survey of millionaires by Spectrem Group found that wealthy Americans “are more likely to increase cash and bonds than stocks in the next year,” and “may be amassing dry powder for better opportunities to buy into the market.”
....
1 replies
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