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NEW YORK (MainStreet) — Americans live for today but worry about tomorrow. Even though many of us fear running out of money during retirement, we are unwilling to change our current spending habits, according to a Merrill Lynch survey of "mass affluent" individuals with $50,000 to $250,000 in investable assets. Having enough money to live "in the here and now" is a bigger priority for most of those surveyed (63%) than saving more for the future (48%).
A word of caution to folks reading the post and not the article. The surveyed population is called mass affluent and defined by ALREADY having 50-250k in investment assets. There current situation may not reflect that of many other Americans. The survey is presented by an investment firm which of course has a desire to see everyone invest more.
I used to see this 30-something guy, always driving a new crew cab 4x with towing package (for his boat, 5th wheel, etc). He had the vanity plate "LIV4NOW."
I suspect he was not buying all that stuff with cash.
A word of caution to folks reading the post and not the article. The surveyed population is called mass affluent and defined by ALREADY having 50-250k in investment assets. There current situation may not reflect that of many other Americans. The survey is presented by an investment firm which of course has a desire to see everyone invest more.
I suspect if they surveyed the general population, there would be a much higher percentage of people who would say 'Having enough money to live "in the here and now" is a bigger priority.' So many are living paycheck to paycheck, so many working at low-level, low-paying jobs, so many who barely make it through the week -- I don't think they have money to set aside for retirement.
You can't predict the future, so the verdict will never be in! Live for the future, or live for today!
I read the Obituary columns every day, and when I see those dying between 55 and 65, I really wish I knew more of the details! Were they future-minded idiots or live-for-today type of idiots?
Some of those obituaries are pretty lengthy (yes, it can be very pricey to put in a long obituary!) and I wonder about those with those long ones, dying at 62, 63, 64. The heirs to their future-mindedness felt guilty, and the least they could do is splurge on a long obituary?
So many people can't envision a future even 10 or 15 years ahead, so naturally they are not thinking about retirement in their 20-30's. Some don't even imagine retirement until they are getting into their 40-50's then it's almost upon them and getting a bit late in the game. I wish I had started thinking about it earlier. I was fortunate that I found a good job with a pension plan and stuck with it or I would be one of those playing catch-up. But in the end it is a matter of being able to envision a retirement that works for you. Once you have the vision then it is just setting priorities to make it happen. Unfortunately most people's first priority is not saving or downsizing their current lifestyle in favor of their future life.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by Longford
This is news?
That was my reaction, too, saving for retirement (regardless of age or income) has never been a priority over having a nice car, the latest electronics, vacations, and raising kids.
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