Spendthrift nation

Ben Stein on Americans' perilous refusal to save:

The Baby Boomers are the single largest part of the population by generations. They're about 78 million men and women. They will need a staggering sum to maintain their lifestyles after retirement, especially with pension systems that promise defined benefits collapsing.

But the Baby Boom generation is pitifully unprepared for the future. The average savings for Baby Boom households is less than $50,000, not including their homes. Even including the equity in their homes, it's not much over $100,000. And roughly half of all boomer households have either little retirement savings or none.

Max out your 401(k), dammit! Eat out less often and forgo that new car. You've been warned. If you're eating dog food in your old age, you'll have no one to blame but yourself.

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