No Excuse for No Retirement

Dan Hamermesh wrote recently that he doesn’t feel sorry for would-be retirees who lost their savings by bad asset allocation. Boston University economics professor Laurence Kotlikoff thinks people aren’t capable of predicting how much they’ll need to save in the first place. So he has developed a “consumption smoothing” program that helps users maintain stable spending patterns up to and through retirement. It’s free here. But users beware: if you still botch your retirement, you’ll get even less sympathy from certain economists. [%comments]