Joe Nocera: You’re Too Stupid to Handle Your Money

At least, I think that’s the stealth argument he’s making: (h/t: Memeorandum)

That data starkly backs up Ghilarducci’s contention. According to the Employee Benefit Research Institute, for instance, only 22 percent of workers 55 or older have more than $250,000 put away for retirement. Stunningly, 60 percent of workers in that same age bracket have less than $100,000 in a retirement account. Ghilarducci told me that the average savings for someone near retirement in America right now is $100,000. Even buttressed by Social Security, that’s not going to last very long.

So give your money to Big Daddy White Boss and let him dole out such crumbs as he thinks you deserve?

Yeah, no thanks.


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