Most people like movies where the main characters get into a world of hurt but then, somehow, escape at the last minute and all is well.
The movie I'm about to tell you about is not like that. At least not completely.
The first part is what you'd expect (the world of hurt part), but unfortunately there's no happy ending.
Yep, it's a film about the retirement crisis in America. Here's a video summary of the movie:
The film covers several people planning to retire with absolutely no financial plan to do so. As you might imagine, that plan isn't going well.
A few key quotes:
- "Twenty years from now I'll be 62. I will be $32,184 in debt." (I think that's her net worth. Yikes!)
- "I think a good retirement for the American public is pretty much a fairytale at this point."
- "My retirement plan right now? It's called a life insurance policy. (laughs) My retirement plan right now is Social Security."
- "It's (Social Security) supposed to be the first leg of the stool, not the whole stool."
The film's website says:
As a whole, American workers are estimated to be $6.6 trillion short of what they need to retire comfortably.
I'm not exactly sure where the filmmakers are coming from. They highlight a young guy who's running for congress. I'm not sure if this is part of his campaign or not, so they may have hidden motives. But I don't doubt the facts that most Americans are woefully unprepared for retirement.
What's the solution? Work longer? Never retire?
It's certainly not count on Social Security to pay for any sort of reasonable retirement.
It's not an issue for me personally, but one I'm aware of and watching from the sidelines. What do people think is going to happen when they plan to "retire" and yet haven't saved for it? Do they think the government will handle it all? I'm frustrated that so many people don't take the issue seriously and as a result it may put our nation in a tough position.
Ok, I'm rambling now. What do you think of this issue?