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America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need by Jane White

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Chapter 1Why You Can’t Retire from a 401(k) Plan: You Won’t Have Ten Times Your Salary in Your Account at Age 65

Mention the word Australia and the images that come to mind are “shrimps on the barbie,” koala bears, and kangaroos. I’d like to add another image: people who can actually afford to retire.

A report issued in January 2008 by AMP Financial Services, a firm that manages Australian retirement funds and also reports on retirement readiness, revealed that Australians between the ages of 30 and 34 are projected to have assets of more than $540,000 in today’s dollars in their accounts by the time they are ready to retire; those between 20 and 24 will have nearly $700,000.

How do those six-digit projected nest eggs for the typical ...

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