Michael Kappeler/EPA

Pope Benedict XVI waves to tens of thousands of pilgrims and well-wishers on Wednesday as the Popemobile transports him through St. Peter's Square.

It’s good to be the pope – even a retired one, it turns out.

As Pope Benedict XVI steps down on Thursday, his retirement package – the first one the Vatican has had to prepare in almost 600 years – would likely be considered a sweet deal by the average American senior, providing a steady income and generous perks.

Let’s start with the basics: The pope emeritus will receive a monthly pension of 2,500 euros, according to Italian newspaper La Stampa.

That translates to almost $3,300, or close to the monthly maximum of $3,350 that Social Security will pay to an American who retires this year.

Few people will actually qualify for that amount. For starters, you would have to wait until 70 to retire. You would also have to spend most of your working life earning Social Security’s taxable maximum pay, which is set at $113,700 this year.

“That’s quite rare,” said Richard Johnson, director of the program on retirement policy at the Urban Institute.

He pointed out that the average Social Security check is about $1,200 a month — not enough to pay for the typical American retiree’s expenses.

“For most people, if you look at the median, Social Security counts for about 40 percent of their income. So it’s important, but people rely a lot on other savings, like pensions or 401(k) savings,” Johnson said.

A big nest egg is not something the pope emeritus has to worry about. The Roman Catholic Church will cover his living expenses, provide him with a spacious home inside the Vatican and pay for everything from cooked meals to housekeepers, according to The Telegraph.

Such services are not available to the typical American senior, unless he or she pays for an assisted living facility or resides in a nursing home, Johnson said.

What about waiting to retire until 85, as Benedict did? The average American retires at about 64, so working that long is unusual, Johnson noted.

“If you have a job you love, it’s great,” he said.

Slideshow: Pope Benedict's XVI's departure

“(But) just like the pope, the biggest determinant of retirement is health status. When your health starts to deteriorate, that’s what often pushes people into retirement, sometimes earlier than expected.”

Health care costs are one of the big risks that older Americans face, and while Medicare pays for the bulk of their expenses, many things are left uncovered, Johnson said. Meanwhile, the pope emeritus will continue to be a member of the Vatican's generous private health care policy, the BBC reported.

Bottom line: rent-free living, few out-of-pocket expenses plus thousands of dollars deposited into your account each month would probably constitute a good deal in most people’s minds.

Of course, the pope is not most people. His financial health is of such interest that it recently got the Saturday Night Live treatment, with a mock ad showing a worried Benedict surrounded by a pile of unpaid bills and seeking the help of a financial planning firm called “Papal Securities.” Motto: “Because heaven can wait.”

Kevin Lamarque / Reuters

Graduating students at the University of Michigan commencement ceremony in Ann Arbor, Michigan in this May 1, 2010 file photograph. American families are failing to meet their college savings milestones as short-term needs and emergency savings take priority in family budgets.

Paying for your child's education is a laudable goal, but may not be realistic for some parents who could wind up jeopardizing their own financial future in order to help put their sons and daughters through college.

Parents who are saving for college frequently raid retirement funds — or plan to do so — to pay their child's skyrocketing tuition bills, according to a new study released today from the nation's largest student loan provider Sallie Mae. More parents are currently saving for their retirement than for their children's education, but these families often plan to draw from retirement savings to help cover the costs of college, especially as other goals — from building up a "rainy day" fund to increasing general savings — take priority. "The economy is putting pressure on families in terms of whether they're saving, how much they're saving and where they're saving," said Sarah Ducich, senior vice president for public policy at Sallie Mae.

The report "How America Saves For College" surveyed more than 1,600 parents with children ages 18 or younger and found half of parents said they were focused on college savings, while 60 percent were focused on saving for retirement. But if they have to choose, parents are opting to boost their retirement savings — 42 percent of parents who are not saving for college said they are saving for retirement.

The good news: More than three-quarters of those parents surveyed who are saving for college are also focused on saving for retirement.

The bad news: Many of those families who say they are saving for college also admit that they are doing so through their retirement fund. One-third intend to use these savings for college. The other two-thirds say that they would use their retirement savings to pay for college, only if necessary.

Families are more likely to use retirement savings to fund college as their children get older and the urgency intensifies. Less than half (44 percent) of families with children under age 6 would use retirement savings to pay for college, while more than seven in 10 (74 percent) families with teens would use their retirement for college, the survey found.

How much retirement money are they putting toward tuition and other college expenses?

Nearly 6 percent of parents in the thick of paying for college are drawing on retirement funds by taking a loan or withdrawal of about $6,475 on average, according to a 2012 Sallie Mae survey.

Unforeseen consequences
But here's the problem: Most parents don't realize paying for college with money withdrawn from a retirement account can result in a double whammy. First, the withdrawal can count as income, which is taxable. Plus, with that additional income, you'll reduce your financial aid eligibility the following year.

"Between the tax impact and the reduction in aid eligibility, the family may net very little return on their investment," said Mark Kantrowitz, publisher of Fastweb.com, a free scholarship matching service. "It also sacrifices retirement funds," he said.

By borrowing from your 401(k) or IRA, parents not only reduce their retirement balance, but also miss out accruing interest. And if you're under age 59 1/2 and take a loan from your 401(k), you'll have to pay back the loan with interest in five years, or immediately, if you change employers.

Jump start your college savings
So how can parents avoid raiding their retirement funds for college? It sounds very simple. Make a plan to save. The Sallie Mae study showed 70 percent of families with a set goal to save for college are confident they will save 10 percent of future college costs.

To ramp up college savings, start funding or add more money to a 529 college savings plan. A 529 college savings plan allows you to save money for college and then withdraw the funds for qualified college expenses tax-free. Studies show that people who use 529 college savings plans are more successful college savers than those without 529 plans.

The College Savings Foundation's 2012 parent survey found that 22 percent of 529 owners have saved between $10,001 and $25,000, while only 9 percent of non-529 account owners have saved a similar amount. Likewise, 18 percent of 529 plan owners reported saving between $25,001 and $50,000. Only 4 percent of non-529 account owners managed to save as much. Overall, parents who have not opened a 529 plan are the least effective college savers — nearly half have no college savings.

To help jump start your college savings, here are a few tips from Kantrowitz, who is also publisher of the financial aid information site FinAid.org:

• Make savings automatic, so you don't have to think to save.
• Increase the amount you save each year. You will quickly get used to not having the money in your checking account.
• Whenever you get a windfall, such as a big income tax refund or inheritance, contribute all or part of it to the college savings plan.
• When expenses change, resulting in some savings, devote the savings to college. "When your child no longer needs diapers or daycare, for example, redirect the savings to their college fund," Kantrowitz says.
• Use a rebating program, like Upromise, to help build your 529 plan faster.
• Finally, get grandparents and other relatives involved. Have them contribute to your children's 529 plans instead of giving gifts on birthdays and holidays.

Make college savings a true, family affair.

Let’s face it: Even if you love going to work every day, there’s probably a little part of you that’s thinking ahead to that time when you can say “I quit” for good.

A post this week about how more Americans are working past age 65 prompted many readers to share their own hopes, and fears, about retirement.

Of the nearly 40,000 people who took our poll, a little more than half said they expected to retire between ages 65 and 75.  

Some planned to work longer for financial necessity, while others just said they enjoyed staying in the workforce. Many were motivated to keep working until Medicare kicks in.

“With the need for medical insurance it is too costly to retire early,” one reader wrote.

About one-third were aiming for retirement a little earlier, between ages 55 and 64.

“I absolutely am not working till I fall over dead,” one reader said.

Experts say the trend toward working longer predates the weak economy of the last five years, and has more to do with other factors such as the gradual switch among many employers from pension-type plans to 401(k)-type plans.

Still, some experts have speculated that the tight job market of the past five years could lead to people delaying retirement in the coming decades, because they will have to make up for stints of unemployment. That seems to hold true for many readers.

“Completely depends on the economy and the labor market. I'm thinking I won't be able to retire until age 70!” one wrote.

Still, many readers said they were trying not to get down about their changed plans.

“I'm shooting for 65, but, with all of the downsizings I've suffered, I may be lucky if I retire at 85. Just have to smile and keep going!” one reader wrote.

Very few readers said they planned to work past age 75, but for some the decision was by choice, not necessity.

“I will work until I die because I enjoy it. Lazy people retire early and their brain's rot from lack of use. Not for me,” one reader wrote.

Jason Reed / Reuters file

Warren Buffett, 82, is among the most high-profile Americans who have continued their careers well past age 65.

If you’re planning to work past age 65, you may find that you have a surprising amount of company among your peers.

A larger chunk of Americans are working into their late 60s and even beyond, part of a long-term trend that has continued despite the tight job market of the past five years and is expected to increase in coming decades.

“It’s one of the most important changes in the labor force over the last generation,” said Richard Johnson, director of The Urban Institute’s Program on Retirement Policy.

Most Americans still stop working by the time they hit 65. But about 18.5 percent of Americans age 65 and over were working in 2012, according to the Bureau of Labor Statistics. That’s a nearly 8 percentage point increase from a low in 1985, when just 10.8 percent of Americans over age 65 were still at work.

The trend toward working past age 65 is an about-face from the decades that followed World War II. From the late 1940s through the mid-1980s, the percentage of people over age 65 who were in the labor force generally fell as workers took advantage of pensions and Social Security payments that gave them plenty of financial incentive to quit working by age 62 or even before.

These days, however, people have an incentive to work longer and wait to collect more lucrative Social Security benefits.

Perhaps more importantly, more companies have moved from pension-type retirement plans to 401(k)-type plans. Johnson noted 401(k) plans can have the opposite effect on retirement, because they aren’t as generous and provide incentive for people to work longer so they can bulk up their funds more.

“The erosion in traditional pension plans has really encouraged people to work longer,” he said.

Still, not everyone is healthy enough to work past age 65, and many people don’t want to. Alicia Munnell, director of the Center for  Retirement Research at Boston College, said her research has shown that people ages 55 to 64 are more likely to keep working for a few extra years because they didn’t think they could afford to retire.

But she said people who are still working at age 65 and beyond are generally healthier, wealthier and more educated than those who have stopped working, and she thinks a significant chunk are doing so at least partly by choice.

“When you’re talking with people older than 65, people are healthier and better educated and jobs are less physically demanding, and that makes it attractive to stay in the labor force,” she said.

Munnell noted that not all professions are friendly to older workers, so working longer isn't always rewarding or even pleasant. But in some fields - such as academia - it is more common and acceptable to stay at work past age 65.

There are also plenty of examples of famous older people, such as Warren Buffett, 82, who are clearly staying on the job more for love than money. 

Related: Are you struggling in the suburbs? We want to hear from you.

The percentage of people 65 and over who are working has continued to increase in the past five years, even though the overall labor force participation rate has fallen because the tight job market has made it so hard to find jobs.

Phillip Levine, an economics professor at Wellesley College who has studied retirement trends extensively, said he doesn’t think the recession itself has played a big role in exacerbating the existing trend of older workers staying in the labor force longer.

His research has shown that the Great Recession has had an opposite effect on many workers who were close to retirement, pushing them into early retirement because they lost a job and couldn’t find a new one.

But in years to come, he does expect the Great Recession will play a role in increasing the number of people who work past age 65. That’s because younger people who were unemployed for several years during this period will then work a few extra years to make up for the earnings, and retirement contributions, they lost during their stints of unemployment.

Johnson, from The Urban Institute, said the continued decline in pension plans also will likely play a role in more people choosing to hold onto their jobs longer than their parents or grandparents.

“The idea of retiring at age 62 – I think a lot of young people think that’s a quaint idea,” Johnson said.

An hourglass figure may be desirable, but it’s not a good look for an economy.

“The middle is getting squeezed and people are moving up and moving down but staying in the middle is pretty difficult,” said David Kelly, an economist for JPMorgan Funds.

And this “hourglass economy” is taken its toll on savings accounts.

About 49 percent of Americans say they are unable to contribute to a retirement plan, according to a survey conducted earlier this year by LIMRA, a financial services industry trade association.

But saving for retirement is not something to be ignored. You have to start somewhere. Here are four tips for those of you struggling to put money away for your golden years.

1. Save before you spend

If you're not doing it now, you have to find a way to save and the best thing you can do to help yourself is automate.  If the money lands in your checking account and you see it on your ATM receipt, it's too easy to find some "need" to spend it on.  Arrange for it to be swiped out of your checking account before that happen and put into an IRA or other savings account.

2. Prioritize your savings

• Emergency fund first: If you've heard it once, you've heard it a hundred times. You need at least six months of living expenses - in cash - just in case. When you first start to have money to put away, it's important to fill up this bucket first. That way, you have cash to fall back on when the roof leaks or the computer breaks and you don't have to reach for the credit cards. Put this money in a boring old savings account, where you may not earn much interest but you can get at it if you need it.
• Matched contributions: After you satisfy your emergency needs, you can start putting away money for other, longer-term goals. Any money that gets matched comes next on the list for the obvious reasons - the returns are big, instantaneous and guaranteed. You're most likely to get your hands on these through your retirement plan at work, like a 401(k). Another place you may see matching dollars is your state's 529 plan, which is a retirement savings tool. It's rare, but not unheard of, particularly for lower income residents: Colorado's Direct Portfolio College Savings Plan offers a dollar-for-dollar match of up to $500 for lower and middle income residents. Kansas has a similar program, matching contributions above $100 and up to $600 per year.
• Tax-advantaged accounts: Once you've maxed out your ability to grab matching dollars, saving in tax-advantaged accounts is your next best move. Some of these offer you a tax break for putting the money in - as with 401(k)s, traditional IRAs, some 529s. All let the money grow tax-deferred while it's in the account. And the Roth IRA, though you are taxed on contributions, lets the money grow tax free forever and doesn't require you to start taking it out at a particular time. All are great advantages when it comes to growing your savings.
• Discretionary accounts: So what happens when you've funded your emergency cushion, grabbed all of your matching dollars, maxed out your ability to contribute to retirement and other tax-advantaged accounts, and still have money to save? By all means, save! If we're talking about money for a short-term goal, put it into an account where you won't lose it (that means no stocks) and you can access it when you need it (no long-term CDs). If it's for retirement or something else further down the road, put it in a brokerage accounts and buy some mutual funds that give you the opportunity for growth.

3. Set a realistic savings percentage per month

Start by saving 2 percent per month. It will force you to cutout the small things that you probably won't notice. Avoid a "crash diet" savings approach (setting unrealistic goals just like some people do with food) in order to guarantee long-term savings success.  Almost ANYONE can save 2 percent.

In the long-term, aim to save 10 percent to 15 percent per month, but you can't start there. Start small and up it as you go along.  Something is better than nothing at all.

4. Save when you can

When you find yourself with some extra cash, don't go out on a shopping spree.  Resist the urge to spend it all.  You never know what the future may bring. 

More information:

• The retirement saver's credit

Radius Images / Getty Images file

As couples plan for retirement, there is a helpful checklist they ought to consult to make sure they have enough money to maintain their accustomed lifestyle after they quit working.

It’s the impossible dream to many people: coming up with enough money to retire well. But Fidelity investments has come up with a new strategy to figure out if you are saving enough and not just making it a race to The Number.

The Number, of course, is the total you need to assure an adequate retirement. For some of us it’s like those medical charts telling you the optimal weight for your height. Great, but how do I get there?

For the savings-challenged, Fidelity’s Number is still daunting: You will need to have saved eight times your final salary by age 67 if you want to maintain a lifestyle similar to the one you have had while working, the company's planners figure. But Fidelity says it’s easier to get to the peak if you think of it as a series of manageable milestones through life.

To reach the 8x altitude, Fidelity says, here are check-down markers for getting to the golden peak at the right time:

• 1x — Reach age 35 with one times your annual salary saved.
• 3x — By 45, accumulate three times your salary.
• 5x — When you are 55, your savings should have risen to five times your salary.
• 8x — You are there. It is age 67.

Seems easier than climbing to the 8x level all at once, right? That’s the idea. If you follow the rule of thumb, your savings along with Social Security will likely deliver 85 percent of your ending salary until you reach age 92.

“These savings targets offer a rule of thumb to help employees get engaged in retirement planning by making it simpler and more achievable,” said James M. MacDonald, president of workplace investing at Fidelity Investments.

Fidelity admits the rule of thumb might not work in all situations. But it offers a plan for millennials, gen-Xers and baby boomers increasingly skeptical that they will ever be able to retire.

Boomers already are swelling the ranks of the retired at a rate never seen before. Each day 10,000 Americans reach age 65. As they do so they are less likely to acknowledge the "R" word: retirement. A recent Pew Research Center study found that they believe "old age" begins at 72, and on average they feel nine years younger than their true age. Far more of them plan to work full or part time to an older age than the generation that retired before them. 

The fact the “Forever Young” generation is working longer into life might say more about lack of savings than feeling young for their age. The financial collapse of 2008 blew up savings plans, and low rates on fixed-income investments have had a hugely negative impact on financial plans.

“Retirement age is creeping up. And that may show that people have not have done the necessary steps to save enough and need to keep working,” said Jean Setzfand, vice president of financial security at AARP.

Some people might get “shocked and discouraged” when they hear they are far short of what they need to retire. The Fidelity savings plan, and similar lifelong saving plans, could help people think realistically about saving money over time, Setzfand said. But it is only a start.

“Generally, retirement savings calculators and self-assessments are great tools. The thing they do is create an 'aha' moment for people, a point of realization,” Setzfand said. 

Even if people end up discouraged, as many are, “the seed is planted, and they are more aware of the need to save and plan.” And research shows that people who undertake self-assessment get more serious about saving more, she said. The eight-times salary rule of thumb recommended by Fidelity is “in line with a lot of others.” AARP's own figure is nine times, she added. 

“Rules of thumb are a rigid way of looking at retirement — but (it's) easy to wrap your head around a figure that can go on the back of an envelope,” she said. “It’s better to use a more sophisticated calculator that lets you customize for your own needs. The most important thing is to get a clear understanding of what retirement means to you and get a better look at what you need to finance that kind of life.”

There are many variables in each person’s financial profile that the rule of thumb might not account for. Whatever they might be, goal-setting is a good way of jump-starting savings, Setzfand said — and the younger the better.

Fidelity lays out the steps savers need to reach their 8x level. It means contributing 6 percent a year to a workplace savings plan and raising that total 1 percentage point each year until you reach 12 percent. The assumption is that employers will add 3 percent in matching funds.

In its calculation, Fidelity factors in a 1.5 percent annual salary increase and average portfolio growth of 5.5 percent a year.

“The two factors that have the greatest impact on retirement savings over time are starting early and saving consistently,” said MacDonald. He added: “Having age-based targets provide benchmarks to help retirement savers stay on track toward their ultimate goal.”

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The tight job market has taken a serious toll on some people’s retirement plans, forcing many to withdraw money set aside for their golden years early despite the potential for stiff penalties.

A new survey from the Transamerica Center for Retirement Studies finds that about one-third of people who are unemployed or underemployed and have a retirement account have withdrawn money from that account.

That’s despite the widespread knowledge that such a withdrawal could carry a stiff penalty if the person is under 59-½ years old.

What’s more, many unemployed and underemployed people reported having very little money set aside for retirement.

Transamerica used a Harris panel of 621 people who were either unemployed or underemployed for the survey. A person was defined as underemployed if they were working part-time because they couldn’t find a full-time job or had a full-time job but still considered themselves to be less than fully employed.

The data suggest that some younger people are dipping into retirement savings even though that can lead to costly penalties and fees. The researchers also looked more narrowly just at people who were under 60 years old and had a retirement account with their most recent employer. More than four in 10 of those people said they had taken a withdrawal.

The unemployed and underemployed workers also reported very little savings for retirement. The Transamerica survey found that the median household savings in retirement accounts was just $5,800. The figures included people who hadn’t saved anything at all.

The respondents in their forties and fifties had the lowest median retirement savings of $2,300. Those in their twenties had a median savings of about $10,000, and those in their sixties had a median savings of $47,000.

The number of companies offering wellness perks, including everything from fitness club membership reimbursement to weight loss programs, has barely budged since the Great Recession started. But employers are increasing the pressure on employees to shape up anyway.

If you quit smoking or lose weight, more companies are willing to offer you discounts on those hefty insurance premiums today, according to a survey by the Society for Human Resource Management released Monday.

In 2009, only 4 percent of employers offered such breaks for weight loss, compared to 9 percent today. And 20 percent of companies offer the discount for smoking cessation, compared to 8 percent in 2009.

Society for Human Resource Management

But the number of companies providing smoking cessation classes has stayed at about 40 percent for the past four years. Also, fitness club subsidies has actually declined to 31 percent this year, down from 35 percent in 2009, but up from 30 percent last year. And weight loss programs have stayed around the 30 percent mark since 2009; rising slightly this year to 32 percent.

On the financial wellness side, more employers want workers to manage their own retirement. The study found that 92 percent of companies now offer defined contribution retirement plans such as 401(k), compared 21 percent of those offering traditional pensions. In 2008, the numbers were 83 percent and 33 percent respectively.

“By shifting primary responsibility in controlling certain healthcare and financial benefits, employers are recognizing a shift in workplace culture,” said Mark Schmit, vice president of research for SHRM. “The new plans allow employees have more control over how they save for retirement and manage their health, while reducing costs for employers. These plans are also more flexible, and thus more attractive, to employees who will likely not spend an entire career with one organization.”

In another area of employee health management, companies are further pushing medical screenings for employees. This year, 21 percent of companies offer insurance discounts for those workers who agree to take such health risk assessments, up from 10 percent just three years ago.

Such medical incentives, however, can sometimes run afoul of labor and medical privacy laws.

All medical data that comes out of health assessments is supposed to be kept strictly confidential. And under HIPAA, the total awards for participating in wellness programs cannot exceed 20 percent of an employee’s total coverage cost of the plan. But a provision in health care reform will up that number to 30 percent in 2014. The Americas With Disabilities Act also protects workers who may not be able to slim down, or can’t participate in company-sponsored exercise programs because of a disability.

 So what’s your take on employers working on slimming you down and having you take more financial responsibility for your future in the anticipation that you’ll be leaving soon anyway?

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The Great Recession and slow-like-a-slug recovery has hit all Americans in some way, but there’s been a lot of debate about who’s been hurt worst.

By one measure, Gen X appears to win the unenviable prize. This week, the Census Bureau reported that 35- to 44-year-olds saw their median household net worth decline by more than half, on average, between 2005 and 2010.

Still, every age group took a hit, and that was reflected in what our readers had to say about the post.

About half of the more than 27,000 readers who took our survey said they were worse off financially than back in 2005.

Many complained that their homes and investments are worth less, and yet costs for things like health care were going up. For others, it’s just been really tough to find, and keep, a good job.

“Had a full time job 2 years ago. Lay off. Now working part time and still looking for that full time job. Hourly wages have going down,” one reader wrote.

Still, others said that thanks to promotions, education, marriage or smart financial planning they were doing better than seven years ago, or at least about the same.

“Much better off, but I know that a) I am blessed and b) I am the exception,” one reader wrote.

No wonder so many of us aren’t looking forward to retiring. A separate post this week reported on a survey finding that only about half of working-age Americans were actively looking forward to retirement. For those who aren’t, to cost of retiring is a big factor.

A little more than one-third of the more than 28,000 people who took our poll on that subject said they were looking forward to retirement, but were unsure if they’d have enough money for it.

Many said they’ve had to adjust their expectations for retirement, and may not be able to take as many trips or do other things.

“Won't be able to live as I had originally planned, but at least I'll be out of the rat race and enjoying life!” one reader wrote.

Still, many readers said they were more than ready to make the leap, both emotionally and financially. Some are literally counting down the days.

“I can't get there soon enough. I've got to hang on for 896 more days, then free to do what I like on my own schedule. Wooohooo,” one reader wrote.

Forget sandy beaches, long cruises and plenty of time for the garden and the grandkids.

About half of Americans aren’t looking forward to retirement, at least in part because they fear they won’t have enough money, a new survey finds.

The survey, conducted in March on behalf of TD Ameritrade, found that only 52 percent of working adults agreed with the statement, “I am looking forward to retirement.”

The remaining 48 percent were either neutral or disagreed.

TD Ameritrade then asked the people who had disagreed with the statement why they weren’t looking forward to retirement.

The most common reason was that they didn’t have enough money saved, although a similar number of people said they were too young or retirement was too far away.

Other popular responses included that they like their work or feared being bored.

Baby boomers, born between 1946 and 1964, were most likely to be looking forward to retirement. Older workers born from 1930 to 1945 were most likely to feel negatively about retirement, perhaps because at their age it seems they might never retire.

The responses were from a survey of 2,000 U.S. adults.

The recession has had a varied effect on workers’ retirement plans. Some older people are working longer than they expected because they can no longer afford to retire. Others have been forced into early retirement because they lost a job and couldn’t find a new one.

The average age at which Americans expect to retire has been gradually creeping up. A recent Gallup poll found that it has risen to  67.

David Bach

The stock market turmoil of the past few years has spooked many of you looking to invest and save for retirement.

But it’s time to get unspooked, advised David Bach, personal finance expert and author of numerous money management books, during a live web chat Wednesday where he took readers questions about retirement planning.

He had a spirited exchange with one reader who saw little value in stock market investing at this point, and had little confidence in financial planners or the U.S. economy.

Jeff wrote:

What if the stock market just goes side ways for the next twenty to thirty years and compound interest ends? Have fun saving for retirement then. All of these models financial planners have blow up. And the reality of it is most American will be totally screwed. Then what?

Bach said:

The reality is, Jeff, that the plans haven't totally blown up. In fact, according studies, people that have stayed the course since the stock market crashed after the recession are now UP, and have seen their 401(k) accounts go from the mid $40,000 levels to the mid $70,000 levels. The Dow Jones Industrial Average is up over 100 percent in the last four years from the bottom. We've just lived through one of the fastest stock market corrections in our lifetime. The bond market continues its historic bull market, and has produced annual returns of double-digit proportions. Municipal bonds last year were up over 15 percent. So, good financial planning and consistent savings have helped Americans survive and prosper through this recession. If you believe the stock market is going to stay flat for thirty years, then you should be focusing all of your savings on paying down your debt (specifically your mortgage).

And Jeff countered:

Over the last ten years the market has been side ways. Yes, pick the low point to the current run up to distort reality. Look at Japan. That could well be the future of the U.S. Good luck saving enough for retirement with out compounding.

To that, Bach added:

People save weekly and monthly and quarterly and annually. You my friend are the one distorting the facts. People didn't pile into the stock market ten years ago and then never add to their retirement accounts. And bonds have done extremely well. So has gold, silver and on and on. People are making money investing. If you don't believe it to be true, then don't invest. You can simply spend everything you make, live paycheck to paycheck and then get on live chats like this one and just complain the world is always going to be a terrible place. Sounds like a tough way to live however. I would rather bet on myself to win and bet on America.

Bach’s frank money advice touched upon everything from when to start taking disbursements from retirement plans, to whether you should raid your retirement fund to pay for your kid’s education.

Here’s a transcript of the web chat:

You can follow Bach, author of “The Automatic Millionaire" and "Debt Free For Life: The Finish Rich Plan for Financial Freedom,"  on his Twitter account, or check out his website.