I guess I'm fortunate. My retirement is sufficiently covered, and I have promised my son that he will always be 'okay' too. I'm glad I don't have more than one child, though. I don't know if I could cover the lifetime needs of more than one person.
I think that parents owe their children a considerable amount of security. Those who can't provide it have no business becoming parents. I was pretty old when I married and became a Dad - for precisely this reason. By the time he came along, I knew with certainty that I could provide him a good life.
If I live to 100, it won't be a problem. In fact, though I should work the numbers, I'm confident m wife and I will be able to live off of a nest egg that continues to grow, even when after we're no longer working.
I have friends and relatives who aren't as prepared. Some of them claim they'll "just work forever" - which is an incredibly naive plan. There will come a time when continuing to work is NOT an option. Without adequate savings, what do you do then? Live off your kids? Maybe . . . if you're fortunate enough to have kids who will taken you in. Not everybody does.
The eskimos had a good solution, a long time ago. They took their elderly out onto the ice and just left them there. That way, they wouldn't be a burden. I suspect that Americans will need to institute this practice themselves one day, in the not too distant future.
April 12, 2012, 12:02 a.m. EDT
Planning for retirement? Plan to live to 100
By Robert Powell, MarketWatch
BOSTON (MarketWatch) — Researchers will debate ad infinitum whether it’s better to use mortality data or a fixed time period when studying the subject of retirement planning.
But there’s no debate about what you should use when planning for retirement in real life. In fact, most researchers and financial advisers say you should only use a fixed period of time when planning your retirement.
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Consider: According to the mortality tables, there’s a two-thirds chance that a male who’s age 55 today will live to age 80. Imagine if you play the odds as if you were at a Blackjack table — and plan on being among those who die before age 80, but don’t.
More: http://www.marketwatch.com/story/planning-for-retirement-plan-to-live-to-100-2012-04-12
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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