Yep, you read that right. A study found that working age American’s would increase their retirement savings by 33% (50% in another study) if shown a rendering of what they might physically look like at 65 versus those not shown a rendering. Here’s the full article: http://www.financial-planning.com/news/retirement-planning-boomers-facing-the-facts-2675948-1.html
ING Direct’s Personal Finance Talk Replay
Also, a number of readers emailed asking if there would be a replay of the Personal Finance Chat hosted by ING Direct Canada last week. To recap, it was a panel discussion with myself, Ellen Roseman, Dan Bortolotti and Rubina Ahmed-Haq. They have provided a link to watch the replay for anyone interested: http://www.ingdirect.ca/personalfinancetalk/
As you can see from the picture below, big words make Dan fall asleep.
Well played, Banerjee. Well played.
So, the first agenda item is any class on personal finance should be to show participants under 30 a picture if themselves at 65. I love it!
Not a bad idea Ken – then show them how much they might buy a house for and compare that to how much they will pay in interest for it.