It’s in everyone’s best interest to be successful, so it’s part of a fiduciary’s duty to show them how.
Never belittle the question or the person asking the question. These are sincere queries that represent commonly held beliefs. These beliefs live a Schrodinger Cat-like existence, being generally not quite true and not quite false. It’s critical, for the benefit of all retirement savers, that these questions be asked and that fiduciaries encourage their asking. This is the only way that allows the fiduciary to respond in the second noteworthy way: By using these questions to refute misconceptions and promote good retirement saving decision-making.
But, as the cliché goes, “What about the children?” Arguably, it is minor children who have the best (and easiest) opportunity to shield themselves from a retirement crisis. They have the advantage of time (to maximize the benefits of compound interest).
Franklin was not merely an advocate of entrepreneurism, he was also one heck of a financier. His will actually calculated the precise growth he expected from the trusts and further instructed the trustees in terms of allocating those assets at the end of the first hundred years and again at the end of a second hundred years upon which the trust would be terminated.
Quite the opposite from being “over the hill,” those in their forties may find they’re still slogging up hill in terms of saving for retirement.
It’s often difficult for those not immersed in the everyday concerns of retirement saving to know what to ask (let alone how to interpret the answers). It’s up to plan sponsors and the service providers they employ to guide plan participants along the proper route.
If retirees could go back in time 50 years, this is what they’d want to know.
Who wants to be a millionaire? It’s easier than you think – especially if you’re in your twenties.
The truth is, many retirees continue working, but not always for reasons you might guess.
The answer is all across the board – and, believe it or not, there’s a good reason for that.
