Deliberately or not, they’re trying to scare you…
(For the video version of this click here.)
A question was posted to financial advisors on a website I follow asking if “there is a retirement crisis”. They had a panel of experts discuss this and of course they came to the conclusion that, yes indeed, there IS a retirement crisis. Look out below!!!
In the comments I chimed in, “No. The purported “Retirement Crisis” is nothing more than a way for the industry to scare people into staying working for longer and longer instead of enjoying the remaining years of their lives.”
To which I received some derision. One of which stated,
I don’t think most of us would consider John Bogle someone who would “scare people into staying working for longer and longer” (see The Train Wreck”). It probably also feels more like a crisis if you’re one of the 50% of Americans who will have to get by on Social Security benefits alone.
I know lots of people (many of them friends) who are at or near retirement age who are scared to death. One described her retirement as “dropping out of the middle class.” Are there enough of them to justify the term “crisis?”
Think about this for a second, my friends. This guy, well-known and respected in my business, states he knows many people near retirement age who are “scared to death”.
Why are they scared to death? Because they’re worried about “dropping out of the middle class.”
Okay, but where is the evidence that this is happening? In my mind, this is no different than being addicted to the cable news shows and being worried about your bogeyman of the day. Obama, if you watch Fox or Trump if you watch…well, everything else.
It IS a crisis to you because you’re convinced by it, thus you watch Cable News to keep alert. But just because you think it doesn’t make it so.
After 8 years of Obama I think we can see quite clearly we aren’t all wearing Red Stars on our Mao hats in allegiance the Party.
3 years after Trump, I’ve yet to meet anyone speaking German or Russian.
Thus, the crisis wasn’t real. It was purely in one’s mind.
Back to the guy who replied that he knows many people who are scared to death. This guy actually confirmed my point that no crisis exists other than the financial industry scaring people. He’s a financial advisor, people he knows, presumably clients, are scared to death.
Here’s a way for you to look at this. On May 25, 1997(but who’s keeping dates) I quit drinking I did it not because I was living in a van down by the river but because I took an accounting of my life and realized everytime something bad happened there was always one constant variable, want to guess what that was?
So, I removed that variable. Logically, I said to myself get rid of alcohol better results should be had. Do bad things still occur sans alcohol? Of course. But they mostly occur of no action on my part, whereas before they would occur BECAUSE of what I did while partaking in alcohol.
Same thing applies here. Fearful of retirement? Yes. What’s causing that fear? Well, everything you read or hear. Is this fear rational, based on solid evidence?
You might think it’s a rational fear, after all EVERYONE is saying it. But show me the evidence. If the evidence is an article from John Bogle, who I love, or other folks in the financial advisory business, is that truly rational evidence…for YOUR situation??? What is their evidence based on and why should it make YOU scared?
What if we turned off that source of fear? Would that be simply putting our heads in the sand or would it be turning out the negativity in your life that haunts you?
And again, I need to see the actual EVIDENCE of people dropping out of the middle class, of people being destitute in retirement. or people running out of money.
If it’s out there, show it to me. However, I see the exact opposite, and that’s not just anecdotal. I see it in study after study of retirees being happy. Not all of them, mind you, but enough to confirm for me that the fear-mongering around a retirement crisis is just that, fear-mongering.
Thus, as with me and alcohol, get rid of the thing that is keeping you from enjoying to the fullest the blessings you have. All that matters is how the evidence relates to YOU. If some lady in Peoria has a retirement crisis on her hands there is nothing you can do about that. But you don’t need to live in fear of what is happening to her. You need to take into account your actual situation and nothing more.
I think if you do that, you’ll find for the the vast majority of us, there is no crisis. Not in the least, certainly not to be “scared to death”.