"Do what you love," they said. "Find work that you enjoy."
Now, finally, they tell us that this is because we are going to work into our late 80s.
10 years ago, about 80% of retirement plans were pension plans. If you work for 30 years and you are 60 years old, you'll get, say, 90% of your salary until you die.
Today, about 80% of retirement plans are 401(k), or IRAs. If you save for 30 years and you are 60 years old, you could be rich or you could be a pauper - no one knows. And the money you've saved might be enough to finance your retirement and your children's retirement - or might scarcely be enough to finance your grocery store habit through the end of next month.
This market crash is coming at a terrible time for the baby boomers who have just begun turning 60. To have the market drop by 30 to 40% just years before you were going to retire is terrible. No one has talked about the fact that their retirements have just been delayed by years. By the time the dust settles on this year, they may be the group that pays the biggest personal price.