No Payday Loan for the Golden Years

Our waning hope

According to an April 2009 Gallup poll, for the first time this decade, a majority of non-retired Americans, 52%, doubt they will have enough money to live comfortably once they stop working. We may be able to solve our money worries today with a quick payday loan or a debt consolidation. But what about tomorrow?

Research shows morale is low

For 19 years, the Employee Benefit Research Institute has been conducting a survey of Americans’ plans for retirement. This year's poll, conducted in January, shows that workers’ and retirees’ confidence about retirement security is at a record low. Just 13% of those surveyed are very confident about having enough money to retire comfortably. That's down from 18% in 2008 and the record high of 27% in 2007.

Gee, that sure is surprising (if you're a troglodyte)

You'd have to be pretty reclusive to be surprised by these results. Do we really need a formal survey to find out just how much confidence Americans lack in the economy? Can't we get that just by eavesdropping on a random conversation in a local bar or a grocery store checkout line? And the reasons for our lack of confidence are painfully obvious.

We've been warned

For years we’ve been warned that we will not be able to retire on Social Security. We've been warned that the system will run out of money. Our only remaining confidence is that those hefty deductions will continue to be made from our paychecks. We've known for a long time now that our retirement income will need to come from our own resources. ... click here to read the rest of the article titled "No Payday Loan for the Golden Years"