I recently read an article in Money magazine’s August issue called The Financial Fix. The premise “These late-in-life parents want to retire at the same time they’ll be paying three college tuition bills. Can they do it?” I was a little put off. First of all I’m not sure what list I ended up on to “deserve” Money magazine monthly but some how it arrives like clock work. Anyway, the problem I have with the article is that the family of 5 has a load of money and assets. Their combined income is $165,000 yearly, a $770,000 retirement 401k and three rental properties. The article stated they put away about $21,500 into their retirement annually with a $12,000 match. Oh wait…it did say they were hobbled by $25,000 in credit card debt. Seriously? I had a hard time caring. This couple with 3/4 of a million dollars in retirement was concerned on how they would pay for college and still retire? What about the single mother who works three jobs to put food on the table? The teacher that works a summer job so that she can pay bills? How about an article that reflects the current 9% unemployment rate rather than someone who has more money in retirement than some people make their ENTIRE lives? I’m tired of seeing articles about this government bail out and that stock plunge. Where are the stories of real people? Those that are suffering the unemployment? debt? loss? The stories of hope? faith? Back when Madoff ripped off a bunch of investors I saw a lot of articles about rich and famous people who lost money. What about the little guy? Maybe I will need to go read ‘No Money’ magazine in order to get real advice.
-E-
