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January
2, 2007:
Good News About Your Financial Future
Interview
with Jonathan Pond, author of You
Can Do It
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Mike
Carruthers:
Baby
Boomers, it's been said, have a perilous financial future because
they have too much debt, not enough money saved and their retirement
outlook is bleak - well, here's a different point of view…
Jonathan Pond:
Boomers are in a lot better condition than the media
and the financial services industry would have it - some studies
have suggested that as many as 80% of Boomers are on track to
achieve a pretty good retirement.
Jonathan Pond,
author of the book You
Can Do It…
One thing that
I think that people have been mislead about it is how much it's
going to require to live or maintain the same lifestyle after
retirement that you do before. My research and the research
of others have indicated that it's not much more than 65% and
given that, Social Security is going to replace it. So anywhere
from 40-50% - it may not require as much as people think they
need to have a decent retirement; it's certainly not a million
dollars for most people.
But, we've been
told that the future of Social Security is iffy and we shouldn't
count on it.
But you heard
it here first, Social Security is not going to go away and any
surgery that will be necessary to but it on a more actual sound
basis will be minor, particularly for Baby Boomers - it might
affect younger generations. But Social Security will always
be around - it is essential for many people.
Tomorrow, strategies
to implement now that will make retirement even better - I'm
Mike Carruthers and that's Something You Should Know.
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