Thursday, January 26, 2006

Retirement...get your lotto tickets!

It seems like there's a new survey out every week depicting how woefully unprepared Americans are for retirement. But a recent survey conducted jointly by the Consumer Federation of America and the Financial Planning Association indicates not only that Americans are unprepared financially for retirement, but that trying to save a significant sum is nearly hopeless.
...less than half (49%) of Americans polled even know how to define net personal wealth. After being told how to calculate net worth, more than half the respondents (54%) had no idea as to their own number. Behind the public's disinterest, according to the survey, lies a general sense that acquiring any substantial wealth is largely impossible. Indeed, only one quarter of those polled believe they could save $200,000 or more in their lifetime. Dig further, as the survey did, and reality grows bleaker. One fifth (21%) of Americans now believe winning the lottery is the best way to accumulate several hundred thousand dollars. For those making less than $25,000 per year, that number increases substantially to 38%.
There you have it. Winning the lottery is your best shot for a comfortable retirement.

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