March 30, 2017
MarketWatch: Most Americans failed this eight-question retirement quiz
Q: About what percentage of your savings do many financial experts suggest you withdraw annually in retirement?
Why would I even care what "many" financial experts would suggest? Many financial experts suggest many things, especially when it concerns the money of others. Take Ben "There's No Housing Bubble to Go Bust" (2005) Bernanke or Ken "Housing Boom!" (2007) Fisher, for examples.
Q: Given the current average life expectancy, if you want to retire at age 65, about how long would you need your retirement savings to last?
The correct answer is 87, or 22 years after a retirement age of 65, according to Social Security Administration data.
No, the correct answer is not the life expectancy of people similar to you. You need your money to last until you actually do die. 87 would have been horrible advice to my mom, who died at age 93 this year, and to both of her brothers who lived into their 90s. Don't even get me started on my aunt currently rooting for Gonzaga at the age of 94!
I know that there are 6 other questions to heckle, but I must stop at 25%. My time is still worth something to me. Using advanced statistical algorithms based on mood, available sunshine, expected life expectancy, and current video game addictions, I currently estimate it to be exactly $6.77 per hour. I know it is below the federal minimum wage, but it's a fact. Trust me.
P.S. Eddie Lampert, if you are reading this then please don't build up your hopes that I will be shopping at Sears just because my free time is only currently worth $6.77. I still consider it to be worth far more than temporary shopping experiences at any mall. It doesn't help your cause that I recently bought a video game on my phone for just 99 cents, and have experienced nearly 100 hours of enjoyment from it so far. A penny an hour? See? My free time is practically priceless by comparison! ;)
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