Nevin's Data "Points"

  As Father’s Day approaches, I’ve been thinking about my dad, the life he led, the choices he made, and his legacy. Mind you, I’m not talking about money. In fact, I didn’t learn anything about finance from my dad.  Not that our family’s income provided a lot of “room,”—but Dad avoided big purchases with the fervor of Ebenezer Scrooge. However, he’d spend that much (and more) on small things (mostly books, which remain in jaw-dropping abundance in my mother’s home 18 years after his passing!). My dad was a man of few words—spoken words, anyway. At 6’ 5”, he was an imposing figure, all the more so behind the pulpit from which he’d speak three times each week. He was a good speaker, though not a natural one. He worked hard at it, studied his subject matter (hence the books), and practiced his presentation relentlessly each and every week. I always thought it odd that such a quiet, introverted man would choose that career, but it was something he felt called to do at an early ag...

  Once upon a time, we talked about retirement as having three legs   [i] : Social Security, workplace savings/pensions, and personal savings. But to a number of vocal pundits, the full burden has been put …on the 401(k). But before there was a 401(k)—and even before the advent of ERISA—there was Social Security, a program designed to provide retirement income to working Americans. It remains absolutely integral to even the most rudimentary retirement planning calculation, and with good reason.  That said, despite a looming financing shortfall—and a fairly widespread notion that those benefits aren't "enough" for a full retirement income replacement, you don't see headlines in the New York Times—or folks going on book tours—proclaiming that program was a "mistake" the way some do about the 401(k).  The reality is that Social Security­—like the 401(k)—has undergone significant changes in scope, funding, and mission since its 1935 inception. People are often c...