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In Like a Lion

March 1st, 2017 at 01:35 pm

I walked to school in a rainstorm, but halfway through my class, everyone started oohing and aahing. No, it wasn't my brilliant teaching, it was a big snowstorm. It's heavy wet snow and looks gorgeous.

It looks like another NSD. I had student meetings after class, but managed to make a quick cup of coffee in the office before heading out, ate lunch afterwards at the TIAA Cref seminar held for "America Saves" week. I think the seminar was pretty basic--especially for frugalites like us here at SA, but it was pretty clear not many people thought much about money and debt. They did an interesting exercise--handing out cards with eight categories including housing, savings, debt, transportation, utilities, food, entertainment, and healthcare. Our small groups tried to figure out percentages for each. I was astounded some folks argued for food at 20% of their budget while others thought housing should go to 40%. Then they told us to factor in retirement savings too and figure out where the cash would come from.

It was worthwhile--especially since I won a prize--a small notebook and pen--and several packages of mints for guessing the answers. But I was a bit worried at the level of financial literacy around me. I think perhaps I was one of the few faculty there--lots of admin folks, some unionized cleaners, etc. Financial literacy should be taught earlier, I think. And I think workplace pension contributions should be automatic; folks should have to opt out rather than in. It gave me some good ideas for class projects. But like attending healthy eating seminars, this is information many of us know, but often don't act on.

Now twice buried--snow and still grading.

5 Responses to “In Like a Lion”

  1. creditcardfree Says:

    I think opting out would be better too for so many people. Of course, I don't want it mandated or required either.

  2. VS_ozgirl Says:

    Here in Australia retirement fund savings (known as superannuation contributions) became compulsory for all employees earning over $450 per month, and the employer is required to contribute 9.5% of the employees gross earnings (and the employer can claim it as a tax deduction). It is good to know that as long as you are working even if you don't really pay attention to it you will have retirement savings when you retire. The drawback is that it is government controlled. They have changed retirement age from 65 to 70 now (I wouldn't want to have to work at 70 if my body is past it!) so who knows what will happen now in 25-30 years for me? You are allowed to take a part retirement from 55 but that's it. What are the retirement rules in the US? When are you allowed to retire?

  3. rob62521 Says:

    It is frightening to think how little even the highly educated get about saving.

  4. My English Castle Says:

    When you receive Social Security depends on your age. We can start getting a reduced benefit at 62, but if you're born between 1943 and 1954, full retirement benefits start at 66. It then goes up by two-month increments until those born in 1960 get full retirement benefits at 67.

  5. FrugalTexan75 Says:

    At my job we are required to put in 7% - bit's matched 9%. I'm happy about it - but not everyone is.

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