[quote=UCGal]Not only do people not understand compound interest… they don’t leave money in a savings account (or investment account)… they spend it.
For a large part of the population, the answer would be zero to the question… because they’d have withdrawn that $100 and spent it at the first opportunity.[/quote]
Absolutely 100% agree. It’s really shocking how many people aren’t saving anything for retirement. I always read these surveys and statistics that show many people over 50 with less than $25,000 in savings. I’m not sure what they are going to do.
I was reading around on some message blogs and it seems like the “retirement plan” for many seems to be possibly suicide which is depressing but probably a reality for many Americans.
