UNCOMMON CENTS 45

A RECENT STUDY'S ASSESSED THAT AT 65 A PERSON NEEDED $200,000 IN SAVINGS FOR FUTURE OUT OF POCKET HEALTH CARE COSTS. OTHER THAN SELLING ONE'S HOME, HOW MANY AMERICANS WILL HAVE SQUIRRELED AWAY $200,000? AS EITHER A CUSHION FOR UNPREDICTABLE HEALTH COSTS OR FOR LIVING EXPENSES AFTER RETIREMENT? AMERICA’S SAVINGS RATE IS IN THE RED FOR THE FIRST TIME SINCE THE 1930'S DEPRESSION. WE ARE UNDERSAVING AND UNPREPARED FOR RETIREMENTS, WHICH AMERICANS OPT FOR AT EARLIER AGES THAN WERE ALLOWED IN THE PAST. WHAT PROVISIONS ARE AMERICANS MAKING FOR THEIR 'GOLDEN YEARS?' WE HAVE NO EXCUSE FOR FISCAL PROFLIGACY. WE LIVE IN A COUNTRY WITH A RULE OF LAW WHICH ALLOWS FOR THE RELEASE OF IDEAS AND ACTIONS TO IMPLEMENT THEM. AMERICANS WITH BELIEFS IN RELIGION, FAMILY, PERSONAL RESPONSIBILITY AND THE NON-INTERVENTION OF GOVERNMENT IN THEIR PURSUITS OF HAPPINESS, TEND TO GIVE MORE TO OTHERS (CHARITY). I SUGGEST THAT AMERICANS OF EVERY PHILOSOPHICAL PERSUASION ALSO GIVE TO THEMSELVES.

UPON RETIREMENT, WITHOUT $200,000 IN SAVINGS, WHAT OTHER THAN SELLING A HOME WILL FREE UP CASH? AFTER CASH HAS BEEN FREED UP, DEPENDING UPON THE AMOUNT REMITTED AFTER THE MORTGAGE HAS BEEN PAID OFF, HOW MUCH FINANCIAL SECURITY REMAINS? WHAT DO YOU LIVE ON? A PENSION? SOCIAL SECURITY? IS RETIREMENT POSSIBLE ONLY IF YOUR STANDARD OF LIVING IS CURTAILED? WHO OR WHAT WILL PICK UP THE SLACK WHEN THE BILLS ARE DUE? THESE REALISTIC BUT FRIGHTENING QUESTIONS SHOULD BE ASKED NOW OF THE YOUNG, FREE TO WALK THEIR OWN PATH TO WEALTH OR DEPENDENCE. THE ALTERNATIVE TO ACCUMULATING WEALTH, DEPENDENCE, REQUIRES THAT SUPPORT COME FROM THE GOVERNMENT VIA CONTRIBUTIONS FROM YOUR FELLOW CITIZENS.

HINT: CHARITY BEGINS AT HOME.