The Coming Retirement Crisis
As previously noted, this Thursday marks the beginning of the “Don’t Worry, Be Happy” crowd on Wall Street biggest yearly fable, “The Santa Claus Rally.” And during this period, the no “Bah-Humbug” Fly Zone is fully enforced.
Therefore, yours truly, not wishing to be “bombarded” with “Grandich is a Grinch” artillery shells, is publishing the following missive with the hope that some of my readers will hide under the covers and read it with a flashlight – if necessary. It is my hope that my readers do not wait until the next ritual, New Year’s Resolutions, usually resulting mostly in ruins, begins after the first of the year – resolutions to handle personal finances properly.
I’ve often stated that traditional financial planning (which is what most in the financial services business practice some variation of) is a flawed process and those “selling” the advice, far too often do better than those receiving it. In no area does this “advice” fall shorter in than in the “retirement planning” arena. Sadly, by the time most realize it, they have already fallen off the cliff.
In my 33 years in, and around, the financial arena, I’ve never seen such a high degree of complacency amongst the investing public at a time when they can truly ill-afford to be so.
This article validates what I had covered in my book. I only hope that it awakens a few more to the harsh reality before they too find themselves up the typical financial planning creek without a paddle too.
P.S. Please read Chapter 13 of my book, “Retirement: A Man-Made Myth” and Chapter 17, “The Seven Deadly Sins of Finance”.