When I think of the financial state of some of my family and friends, it makes me so frightened for them. They’re in their 50s with mortgages and credit card debt and little-to-nothing saved for retirement.
It is scary to think they may not be able to enjoy their golden years.
I recently read America, Welcome to the Poorhouse: What You Must Do To Protect Your Financial Future and the Reform We Need by Jane White, and while it was a good read, it certainly didn’t make me feel any better.
White, who is the founder and president of Retirement Solutions, LLC and been an editor of Standard & Poor’s Your Financial Future, outlines a critical situation that is brewing in our economy: 80 percent of Americans can’t afford to retire at a time when millions of debt-burdened college graduates will be looking for work.
In America, Welcome to the Poorhouse, White explains how the government contributed to this impending perfect storm and outlines ways we can alter the course.
The first half of this book paints the portrait of a dire future for most Americans: With no plan to ensure Americans save for their retirement, and with home prices and education costs soaring out of control, Americans are swimming in debt, with little hope of preparing for a comfortable retirement. White does an excellent job of stating her case for reforms that would change our future.
The second half of the book shares her ideas for government reforms and tactics Americans can use while we work on those reforms. She offers solid advice on reducing home costs, finding afforable education opportunities, and eliminating credit card debt.
She also is a strong advocate for government-funded research on innovation (to produce jobs) and laws that would force Americans to save for their futures. This book outlines some serious concerns, but the thrust of it is a call to action – to change the path that we are on.
This is not a light read, as it is heavily mired in the politics of our economy. But if you are concerned about our economic future, this is worth the read.
Please note: FT Press provided me with a complimentary copy of this book to review. I was not compensated in any other way for this review by FT Press. The opinions reflected in my review are entirely my own, honest thoughts on this book, and were not edited by the book’s author, publisher or distributors.