Researchers such as Angela Duckworth, a professor of psychology at the University of Pennsylvania, have found convincing links between personality traits and savings. Duckworth doesn’t talk about “oversleepers,” but about the Big Five personality traits: conscientiousness, agreeableness, neuroticism, openness, and extroversion. Conscientious types, she’s found, tend to save more money.
America’s Seniors Find Middle-Class ‘Sweet Spot’
People on the leading edge of the baby boom and those born during World War II — the 25 million Americans now between the ages of 65 and 74 — have emerged as particularly well positioned in the nation’s economic timeline. While there are plenty of individual exceptions, as a group they are better off financially than past generations and may well enjoy a more successful old age than future ones, even those merely a decade younger.
“These are people who have been blessed with good economic circumstances, especially those who were able to ride the wave of postwar economic growth,” said Gary V. Engelhardt, an economist at Syracuse. “They’re definitely in a sweet spot.”
A Path to Retirement, for Those Far From It
Like John C. Bogle, the founder of Vanguard, whom he admires, Mr. Bernstein views Wall Street as a largely parasitic enterprise that flourishes at the expense of ordinary investors. “You are engaged in a life-and-death struggle with the financial services industry,” he warns in the pamphlet. “Every dollar in fees and expenses you pay them comes directly out of your pocket.” He recommends using basic, low-cost index funds whenever possible.
.. The nonpartisan Employee Benefit Research Institute puts the proportion of baby boomers at risk of running out of money in retirement at 40 to 50 percent.