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Americans spending far too much money

In his report in the Business section on May 17, Frank Bass says, “Financial planners recommend that retiring Americans be able to replace 70 to 100 percent of pre-retirement income through wealth and savings.” I suggest that what they need to replace is not income, but outgo or spending. After all, if they spend all their income while working, they won’t have any savings or investments.

Frank Needham

Angola