Ramit over at IWillTeachYouToBeRich sent me a link to this New York Times article and asked me what I thought about it. I mentioned a similar article last month but somehow I missed the NY Times article.
The point of the Times piece is that financial institutions are overstating how much Americans need to save for retirement. The article claims that financial institutions have an incentive to get people to save and invest as much money as they can because the more assets a company can gather, the more income they can make. While I think this is true I also think that it would be irresponsible of the financial firms to suggest that people save less for retirement. I mean for most people retirement is a long way off. None of us know what the future will hold. We don’t know how expensive things will be nor do we know how long we will live in retirement. So, the prudent thing to do is save as much as you are comfortable saving.
I’m curious as to what you guys think about the New York Times article. Are you as skeptical of this piece as I am?