Monday, September 23, 2013

No retirement

This Bloomberg article about a 77-year-old burger flipper tries hard to evoke the "there but for the grace of God go I" narrative but it just doesn't fly.  This guy was pulling down six figures as a VP of Marketing and then six figures doing consulting work.  In 2008, at age 72, he had a grand total of $90K saved for "retirement" which shriveled to $40K because of the financial crisis but also because he didn't diversify his portfolio.

Now his back hurts because he has to stand all day at his Sam's Club job (duh).  But he's proud to tell you he "can work today."  Well, good for you buddy.  At least you can depend on full Social Security benefits which is not something I can claim when I retire.  You're supposed to save at least ten times your salary for retirement and this guy didn't save one.

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