Here’s more for those concerned about costs in retirement: Baby Boomer Ben Stein is warning us that standards of living are set to take a huge dive not long from now. Here’s the health care example:
Look at it this way: Think of the most crowded freeway you’re on every day. Imagine what it’ll be like in 10 years. That’s what hospitals will be like — if they’re not that way right now.
Ben continues his grim prediction and provides some financial advice: invest in a total stock market index and switch to bonds before retirement. He even suggests annuities after the individual is sufficiently educated about fees.
There’s no doubt that the future is grim, but I think globalization will go a long way to soften the standard-of-living crash. We may not even notice it as we continue to communicate with the rest of the world, as long as we don’t close our eyes to options beyond home.
Updated November 20, 2009 and originally published March 6, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.