Warren Buffett once said, “Only when the tide goes out do you discover who’s swimming naked.”
According to the Employee Benefit Research Institute, 83 percent of American retirees among the bottom quarter of earners could run out of money during retirement. The outfit also figures that 25 percent of middle income earners might run out of money.
Once they retire, these hard-working folks could be swimming in the buff.
John Bogle blames high mutual fund fees. Others blame low savings rates.
But let’s not forget the peddlers on the beach. They’re selling would-be bathers plenty of financial pornography.
Image by Pixabay