26 • MARTIN H. RUBY
Your three-legged stool is now, in es- sence, a one-legged stool. I like to call it a barstool (and not just because this discussion may lead you to drink!). Help! I Need Somebody! A final structural risk many Amer- icans face is financial advice and assis- tance. I’m always amazed by this conver- sation, which I have with almost every new client who comes into our office. Me: So how is your 401(k) cur- rently invested? Client: Um, I’m not really sure.
Me: Is it in mutual funds? Client: Yes, mutual funds. Me: Which ones? Client: Um, I’m not sure. Me: Large cap, growth stocks, bonds, emerging markets? Tar- get-date funds? Client: I’m not really sure. Whatever they told me I should be in. Me: Well, how’s your account doing? How’s it done these past few years? Client: I’m not really sure. I try not to look at it. Did that hit a little too close to home? If it did, don’t be ashamed. The majority of savers respond in a similar way. Here’s the big problem with today’s savings culture. You are re- ally on your own. Today’s savers have been put in charge of grow- ing their own retirement funds. In the past, someone managed a company’s pension fund. Those people — financial experts —
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