Money Confession - Retirement Savings

Posted by pfadvice
August 10, 2007

Many people carry around a money secret that they don’t feel they can tell anyone. I have been gathering people’s money confessions for a few months and sharing them here to give people a glimpse at some of the money issues people deal with privately. This is confession number 33 in the series:

“I gambled my retirement away.”

Other confession already listed:

This confession photo courtesy of mandj98

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Information: August 10th, 2007; 2 Responses

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Reader Comments

Comment Number:: 1
Written by:: Money Confession - Ring - SavingAdvice.com Blog
Posted on:: August 27, 2007 at 12:01 am

[...] Retirement Savings [...]

Comment Number:: 2
Written by:: Pete
Posted on:: May 16, 2008 at 3:34 pm

Common “I don’t have much saved away for retirement” things I’ve heard from friends, mostly in their 40s or 50s:

- I didn’t think I would live that long
- I’ll live off Social Security
- I’ll eventually start saving but I’ve got bills to pay
- Had to cash it in

Having said that, there is a substantial amount of people that *are* having to dig deeply into their 401(k) accounts, due to unemployment. Pundits and know-it-alls will advise against that, of course, but it’s a reality.