The July issue of Calling All Bulls reveals that we adults ages 50 and over "control 70 percent of all the wealth in the U.S." And it looks like a lot of us are going to need it, as "there is a 45 percent possibility that one adult of a married couple age 65 today will see their 95th birthday."
So I wonder, are the decisions we are making today going to leave us prepared financially for that? Is it unethical for us to be short-sighted in our spending habits now? Are we being dishonest if we have a lifestyle now that will force our children or the government to provide for us when we are older?
Because something tells me we’re not going to be ready. We spend and borrow like crazy. In 2005, for example, 42 percent of mortgages "included home equity lines of credit – up from 14 percent in 2001." It doesn't look good.
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