Ken and I have long contended that the reason Americans are such poor savers is due, at least, in part, to the mistaken idea that they’ll always have Social Security on which to depend for a happy, secure retirement.

So, I wasn't surprised at the results of the AssociatedPress-LifeGoesStrong.com poll that asked Boomers how prepared they are for retirement.

64% of Boomers expect Social Security to be the foundation for their retirement instead of pensions, investments and/or other income.

Yikes!

How will Washington ever reign in entitlement spending--which is ABSOLUTELY CRITICAL to saving our country's finances--with SO many Americans expecting so much from a system that was supposed to be the default position?

The survey results get even more dramatic and alarming.

44% of Boomers surveyed believe they won’t have enough money for a financially secure retirement when they come to the end of their careers.

25% said they plan on never retiring, while fully two-thirds of those currently working say they will continue working in some capacity after retirement.

I hope that the unemployment numbers start reversing or continuing to work may not even be an option for them!

By the way, according to Social Security Administration data, less than half of people aged 65-74 currently receiving benefits are still earning any other income.

24% of Boomers admit they have NO retirement savings but only one-third of this group admits that they will have to live more modestly when retirement day arrives.  

Get real!  

This is an ugly snapshot of my generation and one that underscores what’s wrong with government social programs.  

Why be an industrious ant preparing for the long winter when you can remain the grasshopper fiddling and playing until the snow buries you hip-deep?  

"Uncle Sam will make it all better."

NOT!

If you aren't where you need to be in terms of your retirement savings, read our retirement catch-up plan and get a move on! 

As the 2012 budget battle gears up for a very protracted and ugly fight on Main Street, we’ll be watching the ants battle the grasshoppers.

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