No I do not feel my retirement is anyones responsiblity but my own. However, for an employer to attract higher levels of employees, it would benefit them to offer retire savings plans or pensions in addition to health insurance. As common everyday workers, we need to put ourselves in a position to be that valuable employee and strategically plan our own retirement through our employers. In addition, we cannot put all of our eggs in one basket. Employers and savings plans are not the only road to a comfortable retirement.
Jacquelyn Wilkesof WA2:19PM April 20, 2010
What a great article, Emily. You have hit on two of the most important elements of retirement planning, (i) the realization that one has to send money ahead and (ii) the inability of the person (or their mutual fund salesperson) to wear the pension fund manager's hat.
This is a serious problem because the tradition approach that the investment community uses is to simply keep doing the exact same thing that has failed so many millions of retirees not once, but twice in the past decade. The investment people have tried to come up with fresher approaches, but the underlying premise remains the same: the investor takes all the risk and the investment people get paid no matter what happens. There's something wrong with that picture.
People who are trying to plan for their retirement have to take a broader approach and look at other ways to produce their own private pension plan. You might find some great help at www.retiredsafely.com
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Jacquelyn Wilkes of WA 2:19PM April 20, 2010
Randy McKee of SD 10:03AM April 10, 2010