American Fools and Their Money 1. Roughly half of all working Americans don't participate in a retirement plan or don't have an employer-sponsored plan in which to participate. 2. A huge number of adult Americans — by one estimate 150 million of a potential 200 million — aren't saving for retirement in any meaningful way, if at all. 3. Dave Ramsey, a personal-finance expert and talk-radio host, cited a recent poll in which 80 percent of Americans said they believed their standard of living would go up at retirement. 4. "Our culture today tells us that we deserve to have everything we want because we can charge it," Dave Ramsey says. "Previous generations thought you could only have something if you could pay for it. Their lifestyles were much simpler, and retirement was a time to simplify even more." 5. Many Americans are counting on Social Security has helped lower cases of poverty among the elderly in the USA, but it stands on unstable financial ground. 6. The average total income for those 65 and older in America is $25,610, and the median is a meager $16,770, according to EBRI Notes, a publication of the Employee Benefit Research Institute. That means retirees are living on roughly one-third of their pre-retirement incomes. And that's a far cry from the 70% to 80% that income replacement experts suggest Americans need to maintain their pre-retirement standards of living.
Benjamin Franklin's Advice about Money
Here is something written by Benjamin Franklin that relates to money management. If more people followed this strategy they would not have a problem with their finances in their retirement.
"When I was a child of seven years old, my friends, on a holiday, filled my pocket with coppers. I went directly to a shop where they sold toys for children; and, being charmed with the sound of a whistle, that I met by the way in the hands of another boy, I voluntarily offered and gave all my money for one. I then came home, and went whistling all over the house, much pleased with my whistle, but disturbing all the family. My brothers, and sisters, and cousins, understanding the bargain I had made, told me I had given four times as much for it as it was worth; put me in mind what good things I might have bought with the rest of the money; and laughed at me so much for my folly, that I cried with vexation; and the reflection gave me more chagrin than the whistle gave me pleasure. This however was afterwards of use to me, the impression continuing on my mind; so that often, when I was tempted to buy some unnecessary thing, I said to myself, Don't give too much for the whistle; and I saved my money."
BENJAMIN FRANKLIN, letter to Madame Brillon, November10, 1779. - The Works of Benjamin Franklin, ed. Jared Sparks, vol. 2, p. 181 (1836)
See Importance of Money in Retirement
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The chief value of money lies in the fact that one lives in a world in which it is overestimated.
— H. L. Mencken
Number 2 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
It is better to have a permanent income than to be fascinating.
— Oscar Wilde
Number 3 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
I have enough money to last me the rest of my life, unless I buy something.
— Jackie Mason
Number 4 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
There is nothing more demoralizing than a small but adequate income.
— Edmund Wilson
Number 5 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
Whether you wind up with a nest egg or a goose egg depends on the kind of chick you married.
— from Wall Street Journal
Number 6 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
If you don't want to work [in retirement] you have to work to earn enough money so that you won't have to work.
— Ogden Nash
Number 7 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
From birth to age 18, a girl needs good parents, from 18 to 35 she needs good looks, from 35 to 55 she needs a good personality, and from 55 on she needs cash.
— Sophie Tucker
Number 8 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
I don't like money, but it quiets my nerves.
— Joe Louis
Number 9 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
Money makes the world go around — that and other stupid clichés.
— Unknown wise person
Number 10 of Ten Retirement Quotes and Sayings — Importance of Money When You Retire
Having money is rather like being a blond. It is more fun but not vital.
— Mary Quant
NOTE; The above retirement quotes about money are adapted from:
The 237 Best Things Ever Said about Retirement by Ernie Zelinski and
- For retirement gift ideas, see: