Cruising Your Way to Retirement

Wai Mun Fong and Benedict Koh

Chapter 41 in Managing Your Personal Finance:From Start of Career to Retirement and More, 2020, pp 263-268 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Dear David,Recently, I watched a documentary on American baby boomers and how financially prepared they will be when they retire in a couple of decades’ time. I’m used to shocking news, but the statistics reported jolted me nonetheless. It appears that despite the decade-long economic boom in the US, one-third of American baby boomers have saved practically nothing for their retirement. Another third has saved too little to make a difference. Half of American households have a net worth of less than $1,000. Yet, the average baby boomer dreams of retiring earlier and living better than their parents’ generation. What is most amusing is that many Americans believe that their best chance of accumulating wealth for retirement lies in playing lottery rather than their savings…

Keywords: Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020
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