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Cruising Your Way to Retirement

In: Managing Your Personal Finance From Start of Career to Retirement and More

Author

Listed:
  • Wai Mun Fong
  • Benedict Koh

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…

Suggested Citation

  • Wai Mun Fong & Benedict Koh, 2020. "Cruising Your Way to Retirement," World Scientific Book Chapters, in: Managing Your Personal Finance From Start of Career to Retirement and More, chapter 41, pages 263-268, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811212574_0041
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    More about this item

    Keywords

    Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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