Interesting article in the paper today - brings up an interesting discussion.
Jist of it is that Online Retirement Calculators on the websites of some investment firms like Fidelity & Vanguard, overestimate how much you need to save so you invest more with them of course.
My first thought was, well, yeah, and they exaggerate how well their funds do all the time too - gotta be a wash, right?
Secondly, as stated in the article, with the push to get people in this country to save, the last thing we need is to tell people they are saving too much.
Thirdly, for the savers out there. We rather err on saving far too much. IT is really pretty impossible for us to figure out how much we need in retirement. Life happens. I think the closer we get the better idea we'll have. In the meantime, heck yes, we will aim in saving too much. Of course. I Can think of far worse things...
But overall an interesting point I guess.
The article also said Americans are not so bad off - they are saving and are prepared for retirement. Pffffft. On what world? LOL. I could argue that one until the cows come home, but whatever. My only real peeve with the article.
Overall, figured could spark some interesting discussion.
Are you saving Too Much???