Our ridiculous approach to retirement - and almost everything else

A sobering wake-up call from a writer at the New York Times. Looking ahead to the boomer retirement binge, it is safe to say that America is well and truly screwed.

To maintain living standards into old age we need roughly 20 times our annual income in financial wealth. If you earn $100,000 at retirement, you need about $2 million beyond what you will receive from Social Security. If you have an income-producing partner and a paid-off house, you need less. This number is startling in light of the stone-cold fact that most people aged 50 to 64 have nothing or next to nothing in retirement accounts and thus will rely solely on Social Security.

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I thought I knew a lot about America's looming retirement disaster, but it turns out that I'm ignorant just like you. None of us know what the hell we're talking about ... even as the USS America steams steadily forward into the retirement iceberg.

Read the article! It is a powerful condemnation of our free-market approach to everything. The only conclusion I can come to is that the human species is made up of idiots and morons.

It is now more than 30 years since the 401(k)/Individual Retirement Account model appeared on the scene. This do-it-yourself pension system has failed. It has failed because it expects individuals without investment expertise to reap the same results as professional investors and money managers. What results would you expect if you were asked to pull your own teeth or do your own electrical wiring?