Happy National Save for Retirement Week
Did you know that Congress has officially mandated a national weeklong holiday devoted to saving for life after work? Click here to read the June 21, 2007 press release that earmarks October 21 through October 27 as a time to "put those pennies away."
According to the Boston College Center for Retirement Research, anything to encourage saving for post-employment comes none too soon. Their National Retirement Risk Index suggests that "43 percent of households sampled in 2004 will not be able to maintain their standard of living in retirement even if they retire at age 65, which is later than the current average retirement age." Authors Alicia H. Munnell, Anthony Webb and Francesca Golub-Sass point out that early retirement and "reluctance to annuitize 401(k) balances or tap housing equity" increases the number of persons who are unlikely to be able to sustain a decent post-retirement existence.
Click here to read "Is There Really a Retirement Savings Crisis? An NRRI Analysis" by Alicia H. Munnell, Anthony Webb, and Francesca Golub-Sass (August 2007).
For this holiday, celebrate by not going out. Focus instead on how much money you are not spending.
