All those lazy ignorant slackers, of course:
The survey "highlights the impending retirement crisis that we will face over the next 20 years," says Mark Fried, president of TFG Wealth Management in Newtown, Pa. "When I see these numbers I have ask the question: How did we get here? We need more financial education in the schools, in the media, in the workplace."
If possible, people 40 and older should try to save up to 20% of their income, he says. "If you can't afford to do that right now then set this as a target, and as you get annual raises put aside part of each raise until you reach the 20% number," Fried says.
Jesus, what planet does this guy live on.
It's like this: It's really, really difficult to save 20 percent of your income when you are required to take a 20-percent pay cut at your job, as happened to me---and many other people!---a few years ago. It's harder to save 20 percent of your income because you have no income because you are unemployed. And it's harder yet to save 20 percent of your income when every disposable dollar you have is going to pay for overpriced health care, your kids' college tuition, or a mortgage for a home that's still underwater.
Our "impending retirement crisis" wasn't caused by stupid people who don't know how to invest---it was caused by a parasitic financial order that has bled the Republic dry, which throws tantrums whenever anyone suggests we stop feeding it our money, and which is now trying to convince us to accept it as the natural order of things. It doesn't need to be taught in public schools, it needs to be destroyed in total and replaced by another model that doesn't rely upon perpetual rent extraction and the forced impoverishment of millions to create wealth. Party like it's 1789, people.
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Baron V