The Motley Fool and the Worst Mistake You Can Make
According to the Motley Fool, "The best time to start saving for retirement is yesterday. The second best time is now."
And who's saving? Apparently not many. Facts:
- Fifty-six percent of eligible employees participated in defined contribution plans in 2006;
- 39% of Americans age 55 and older have less than $25,000 saved for retirement;
The Fool's take on the power of time value of money:
If you start contributing $250 a month to a 401(k) at age 20, and match the market's historical annualized return of 10%, your nest egg will reach $1.4 million by the time you're 60. That $1.4 million nest egg assumes no employer match. Include an employer match of 50%, and your retirement account rises to $2.2 million!
Are you making the same mistake as 44% of Americans by not participating in your company's 401K plan? Are you on the path to having less then $25,000 saved for retirement? If so, you need to read The Motley Fool.
I agree with The Motley Fool ... read how my son Nathan is becoming a millionaire. You can be a millionaire too!
Pierre Cutler
The Sacramento Executive
Comments
Perhaps we should merge the hundreds of billions of public employee retirement and health insurance funds with social security and medicare. Believe it or not, there are trillions in those funds - paid for by taxpayers - that could be used to shore up the solvency of social security and medicare.
Every American worker should get the same retirement benefits. Taxpayer funded pensions for public employees is one of the greatest inequities - and evidence of the utter corruption of our city, county and state governments - in the history of this great nation.
While we work 5+ days, 40+ hours, 50+ weeks per year for 40+ years, public employees - who now make more for similar work than private employees whose taxes pay for them - work 4 days (on average), 40 hours (or get overtime), for 20-30 years.
Then they retire with pensions, so all of their life savings remain intact, generating interest, available to pass on to their heirs. Meanwhile, we work till we're 70+ years old, then sign up for a reverse mortgage, and die with nothing for our children.
It is a crime. Wake up, America.
Posted by: Ed Ring | September 23, 2007 10:57 PM