Last month I wrote a blog post about retirement, a term that some believe is becoming an anachronism. As early as 2008, financial consultants were writing about this possibility: “The word ‘retirement’ conjures up visions of leisurely days spent traveling, dining at fine restaurants, golfing, volunteering, and getting together with friends. Unfortunately, only very, very few of us are going to be able to live the dream.”

Larry Cohen, the author of this foreboding paragraph, went on to say in his article on investmentnews.com that the reason for his negativity was that “very few households have saved enough to be able to afford such a lifestyle for the 20, 30, or more years they are likely to live after they retire in their early 60s.”

Early 60s? Come on, Larry. (more...)