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Millions of Americans nearing retirement age with no savings

This first story scares me a little bit.

I look at U.S. Census Bureau data from time to time and it’s incredible that nearly half of those ages 55 – 66 have NO retirement savings. Zero. It’s astonishing.

Millions of Americans nearing retirement age with no savings [CBS News] – “Millions of Americans nearing their golden years are still financially unprepared for retirement. According to U.S. Census Bureau data, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.”

Why your house is a terrible investment [JL Collins] – “So a few weeks back I was at an awards banquet and sitting at our table of 10 with me was a woman I know. She began talking about how she was encouraging her young son to buy a house. You know. Stop throwing away money on rent and start building equity.

I suggested that, since her son was single, living alone and without children maybe he didn’t actually need a house. That if he didn’t need one and since they are lousy investments (and here I gave her a few reasons why this is so), maybe he should consider some alternatives instead. Or at least run the numbers first.

This didn’t sit well and it was a short conversation. It ended when she said, “Well, he’d be better off buying a house than a clapped-out Camaro!”” LOL

ECB confronts a cold reality: companies are cashing in on inflation [Reuters] – “Data articulated in more than two dozen slides presented to the 26 policymakers showed that company profit margins have been increasing rather than shrinking, as might be expected when input costs rise so sharply, the sources told Reuters.” Hmmmm…

A wonderful talk given by former NFL head coach Tony Dungy about the difference between significance and success:

See you next week!