The Encore Quiz: How Much Do You Know? at The Wall Street Journal is about how prepared people are for retirement. Of course, since My Wealth Builder is a personal finance blog, I was particularly interested in the financial parts of the quiz.
Here are some interesting answers from the money section:
The last point is especially scary. To me, retirement is definitely not a good time to find out one is living beyond one's means, has too much debt, or hasn't saved enough. While there are no guarantees, spending less (and saving more) seems like a good start for a solution. Personally, I would rather spend less voluntarily while working than to be forced to spend less while in retirement.
For a printout of the quiz questions and answers, click on this link.
For more on Reaping the Rewards, check back every Friday for a new segment.
This is not financial advice. Please consult a professional advisor.
Copyright © 2008 Achievement Catalyst, LLC
September Income – $4560.09
3 weeks ago
1 comment:
Good post. It doesn't surprise me that 86% don't contribute to an IRA though. I think the reality is that most people think contributing a measly 6-10% in their 401k program is enough. It's kind of a shame that people are wasting valuable compounding time....
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