Data & Research September 30, 2010

Study Finds Retirement Dreams Shattered

Many older Americans who are approaching or who have passed the traditional retirement age of 65 are decidedly pessimistic about their short- and long-term financial future, especially as it relates to their ability to retire.
Reported by

Research from The Hartford Financial Services Group, Inc. found that many pre-retirees polled say they have “no idea” as to when they can retire (28.3% for ages 60-69 and 33.3% for age 70 and older), and a significant percentage (36%) of those ages 60-69 believe they will have to postpone retirement for up to two years or more. 

With nearly nine in 10 people in their 60s expressing concerns about having enough money in retirement, more than half (55.4%) plan to work longer and put off retirement or work part time during retirement. Nearly half of those age 70 and older (44.4 %) said the same.    

Respondents say the market and economic dislocation has prompted them to reduce their standard of living or reduce expenses (63.1 % for ages 60-69 and 66.6% for ages 70 and older). Three in four people in their 60s say their number one financial priority in retirement is simply keeping up with daily expenses.

A significant percentage of survey respondents (17.4% for ages 60-69; 33.3% for age 70 and older) say they never plan to retire.   

The survey found those in their 60s worry most about a significant health event or problem (33.7%), with outliving their money (26.1%) coming in second. Respondents age 70 and older say their biggest concern is outliving their money, followed by losing their buying power to inflation (22.3%) and losing money in the financial markets (22.1%).

Diversions September 30, 2010

Who to Call If a Spaceship Lands in Your Backyard

A rumor has been circulating this week that the U.N. named a Malaysian astrophysicist as the official “greeter” for extraterrestrial visitors to Earth.
Reported by

It began with an article in London’s Sunday Times which said that the United Nations has appointed Mazlan Othman, head of the Office for Outer Space Affairs (UNOOSA), as being the official “first contact” for any outer-space visitors from now on.   The story was picked up by news outlets worldwide; the U.N. is now attempting to quash the rumor.   

“The mandate of the Office for Outer Space Affairs is defined by the United Nations General Assembly and there are no plans to change the current mandate,” Jamshid Gaziyev, a spokesman for the U.N., told FoxNews.com.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Othman was expected to formally announce the new position at a scientific conference in Buckinghamshire, England next week, according to the Times article.   

As the basis for its “scoop,” the Times cited a speech Othman delivered recently in which she apparently said: “The continued search for extraterrestrial communication, by several entities, sustains the hope that someday humankind will receive signals from extraterrestrials. When we do, we should have in place a coordinated response that takes into account all the sensitivities related to the subject. The U.N. is a ready-made mechanism for such coordination.”

The article went on to quote Professor Richard Crowther of the U.K. Space Agency who leads British delegations to the U.N. on such matters, as saying, “Othman is absolutely the nearest thing we have to a ‘take me to your leader’ person.”

The last time the U.N. dabbled in communicating with aliens was in 1977 aboard the two Voyager spacecrafts.  Phonograph records were created with images and sounds from Earth, along with a printed message from President Jimmy Carter and U.N. Secretary-General Kurt Waldheim. The phonographs are still out there, waiting to be picked up by some inquisitive life form…who will learn that this thing called the “Dow” closed the year at 831 and Star Wars – ironically – was the blockbuster of the year.     

«