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Are you going to be able to retire?

In this disturbing article, Dr. Paul Farrell of CBS MarketWatch gives some hard-hitting facts on preparing for retirement. First the bad news: only 35 percent of the population is saving enough to retire, and half of all Americans over 65 would be living in poverty if it weren't for their meager Social Security checks. Now the good news: with regular disciplined savings, the power of compound interest can turn as little as $250 per month into a million dollars by retirement age. But, Farrell says, you have to get started now. Charles Schwab put it this way: "For every five years you put off investing, you may need to double your monthly investing amount to achieve the same retirement income." Lots of other facts and figures in this article. Also a discussion of the need to teach investing in the classroom.

Tue, 14 Dec 1999 05:56:18 -0800