Author’s note: Some of you may remember a booklet called “How You Got Screwed” that Jim shared here about a year and a half ago. After seeing it online, a publisher contacted me and asked if I would flesh it out so they could release it as a full book. It just came out a few days ago (you can find it here), and Jim suggested I share a few chapters through TBP. This is the first of three to be shared; I’ll release the next two over the next few weeks. Thanks to Jim for all his support!
Note also: Footnotes/sources not included here but are in the book itself.
Chapter 4: How you’re getting screwed by…Retirement Promises
The Point: Most people have an expectation that they’ll be taken care of later in life thanks to government programs like Social Security and Medicare, private or public pensions, or through their own efforts to build up their net worth. In reality, it was never possible for governments and corporations to fulfill the promises they made to you, and those assets you saved may not be worth what you think they will be, when it’s time to cash them in.
There is a predictable pattern to life: We start out as dependent children; grow to be independent adults; and, inevitably, become dependent again as we move into old age. We know this is coming; not a single person in history has avoided it. So it’s important for us to plan for that while we’re in our prime.
Unfortunately, the vast majority of Americans are completely unprepared for the 100 percent certainty of old age. There are many reasons for this:
Continue reading “Book Excerpt: How You Got Screwed”