| Sargent & Lundy Savings Investment Plan |
| EXCUSES, EXCUSES |
| The following excerpts are from an article in the Friday,
June 12, 1998 "Chicago Tribune". The opinions of the author,
Humberto Cruz, may or may not reflect those of the SIP Committee.
It's the same old tired list of excuses.... Too many other financial responsibilities now. Retirement will work itself out. These, and a bunch of other equally lame reasons, are why a third of American workers haven't saved anything for retirement, according to a survey released by the Employee Benefit Research Institute in Washington, D.C. This year 45 percent of workers said they have tried to figure out how much money they will need to save to be able to retire, up from 32 percent in 1996 and 36 percent in 1997. But the percentage of American workers who are very confident they'll be able to retire comfortably has stayed pretty much the same for six years, between 19 percent and 25 percent. So let's all wake up and do something. Now is always better than tomorrow, even for those who may have waited a bit too long to get going. And please, no more excuses. These are the excuses listed in the retirement survey, and what I think of them: "Too many financial responsibilities now." You are forgetting a most important one - to pay yourself first. Add savings to your list of essential expenditures. Lots of time remains until retirement." The more reason to start now, so your savings, even if modest, have that much more time to grow. "I expect to have a pension." And you actually think your pension, assuming you get one, will be enough? "Social Security will take care of me when I retire." Dream on. "My retirement will work itself out when the time arrives." And I'll win the lottery this week. "I don't know where to start." How about with $20 a week? "I am not comfortable dealing with banks, life insurance companies or mutual funds." You'll be much more uncomfortable if you don't have money to live on in old age. "I don't anticipate retiring." What if you change your mind? And what if you get 'downsized'? "My children will help me out." Do you really want to be dependent on your kids? That also strikes me as selfish and unfair. "Other family will help me out." What if you have to help them, including your parents as they get older? "Economic events, such as inflation and unemployment, are too uncertain." The more reason to be prepared and start growing a nest egg. |
This page updated on 6/22/98