This bites...

[Wolfie]

That's true in some cases.

When my Mom retired she had inheritances from a couple of spinster aunts who left Mom everything they had. Mostly stocks and bonds and the money they'd saved all their lives. The old gals were products of WWI and grew up being taught to work, work, work and save, save, save. So that's what they did. They lived in Spartan accommodations, served in the Army, worked their arses off and saved every nickel in anticipation of the next Great Depression that never came. When they were old enough to retire they did just that. Their lifetime pensions didn't hurt, either.

It's a fortunate retiree who can live on Social Security. SS is a drop in the bucket and many retirees are honestly living on a shoestring. A lot of 'em have had to go back to work part time. When your heating bill suddenly doubles, you've gotta find a way to pay it. To be sure, there are regular SS increases but the cost of fuel has outpaced SS increases.

We don't read about these folks in the papers nor hear of their plight on the evening news. But their numbers will increase -- the first wave of Baby Boomers will reach retirement age soon.

Average middle-class Americans don't save anymore because there's nothing left to save. Even if they could, with inflation the way it is the dollar you save today won't be worth a dime 20 years from now. The 401(k) saving plans are a good start but who can keep a job long enough to accumulate a nest egg these days? Your decent-paying job goes to Mexico or China and you have to work somewhere. Wally-Mart's hiring but your income goes down the toilet and you've lost your health insurance. Meanwhile, your electric bill is slated to increase by 60%.

The cost of fuel has hurt businesses, too. They don't give pay hikes out like candy anymore.