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Are You a Stock or a Bond?: Identify Your Own Human Capital for a Secure Financial Future, Updated and Revised by Moshe A. Milevsky

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8. Spending Your Retirement in a Risky World

“...I am getting older, closer to retirement and can’t afford to take financial chances, so I am going to invest my money in bonds....”

—Myth #8

America is in the midst of a retirement crisis. A 2011 Gallup poll confirmed this with some shocking results—66% of Americans stated that not having enough money for retirement was their top financial concern. This was 53% higher than a similar poll conducted more than a decade ago.

However, it is no surprise Americans feel this way. The financial crisis saw retirement assets significantly drop (see Chapter 1, “You, Inc.”) and more Americans are delaying retirement as a result. In 2010, according to an Employee Benefit Research Institute (EBRI) report, 31.5% ...

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