A Leveling Effect of the Financial Meltdown

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Numerous studies have shown Americans failing to save enough for retirement. The current economic crisis certainly won’t help matters in a tangible way. But it may have an oddly soothing psychological effect, as people adopt the view that their savings would have been adequate had it not been for that darn meltdown! We see some evidence of this in a new AARP report, based on polling conducted in September among working Americans age 45 and older.

In one part of the poll, 69 percent of respondents claimed to have felt they were saving enough for retirement before the financial markets went haywire.

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