Christine Romans interviewed me this morning for CNN American Morning. A one-on-one interview running more than five minutes on a national cable network is a generous allotment of time, but it barely skims the surface of the weighty topics at stake. Still, I can’t complain. The interview provides a nice introduction to the “Boomergeddon” book.
The Bacon bottom line: 2/3 of Boomers are financially unprepared for retirement (our friend Groveton is a relatively rare exception) and will have to work longer than they ever anticipated. We can’t count on government to act responsibly enough to preserve the integrity of Social Security and Medicare, so we’ll have to add to savings to offset the risk of cutbacks to the retirement safety net.
And how do we do that? Strip the costs out of our lifestyles to lower our spending profile, pay down debt, become as self reliant as possible — and don’t count on the government to bail you out. You’ve got about 15 years to work on it. Good luck!