Why We're Not Wired for Successful Retirements

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I'm not sure what the actions of the Hungarian government have to do with what the Obama administration may have proposed, but this sounds like paranoid hooey to me.

Victor Germanica of IL 2:27PM February 04, 2011

One can tell that the creators of the study not only had an agenda, but the study itself was poorly done. In addition to the valid criticisms mentioned above, the questionnaire asks questions that only a financial illiterate would conceive. For example, the problem with interest doesn't say how frequently it is compounded. Another, the answer to the diversification question is the same as it is to all interesting financial question; it depends. I personally have very little diversification in my portfolio, and yet I guarantee it is much safer than the average mutual fund. That is simply because I thoroughly research every company I invest in, and my circle of competency extends to only a few companies.
I think the only evidence this study suggests is that researchers who think people in general are financially illiterate aren't too bright on the subject either. Then again, if they were, they would unlikely be researchers...

Rich, the student of KS 6:19PM February 03, 2011

A useless analysis. America, due to post 1965 immigration, is diverse. White and Asian populations approach finances differently from black and Hispanic ones. The best evidence is creditworthiness -- controlling for income, blacks and Hispanics have much lower credit scores, largely because they are much less numerate. They are much less future time oriented.
This article wants to lump all consumers together, but that's just dumb. I and all my friends are carefully saving for retirement. I still haven't gotten around to buying a flat screen tv, and I drive a 12 year old civic in spite of my 6 figure income.
I'm tired of the government saving for me. I don't need social security, but I'm forced to keep it solvent for my economically incompetent countryman.

Joe Smith of CA 5:39PM February 03, 2011

The liberal/left do like not IRA's and 401 K's as they create independent wealth for the individual and frankly, the liberal/left would love to control the 7 trillon dollars in private retirement accounts. Recently the Obama administration has been floating the idea of government retirement accounts that would get a return of 3% and when you die any money left over in the account would immediately become the property of Uncle Sam. The above article strikes me as an attempt to introduce the idea that private accounts are unreliable and after all, the government is much smartter than we are so let's turn over all our money to them to manage.
If you are skeptical of my assessment Hungary is taking control of peoples private accounts. Keep a look out for more reasons for a government retirement accounts and eliminations of 401k's and standard IRA's.

Bill of NY 5:19PM February 03, 2011

It is quite possible that a person would send in the answers right away for less money because of not having the time to fill it out later. That is why "clutter cleaners" advise that a person should handle each piece of paper at once. File it, process it, or shred it at once. The test of "impatience" is not really a good one.

Sabba Hillel of MD 5:04PM February 03, 2011

I was going to share this piece on facebook and a couple of websites but decided not to when I realized that the embedded links within the article were not for more information related to this topic (as is commonly done) but rather links to try to sell things related to the article.
Especially disgusting was the blue-highlighted "National Bureau of Economic Research." Surely if the name of an organization is a hot link, it's link to that organization's website. At least that was what I was expecting to get when I clicked on it. But no, it's a link to a "Luxury Active Adults Communities" company.
Hey, I know it's getting harder and harder for magazines and newspapers to generate sufficient income to keep going. But you've gone too far on this one.

Joanne of IL 3:41PM February 03, 2011