The most common mistakes were investing in money market funds by people who were so scared at the prospect of managing their own funds that they picked the most conservative option, and their investments did not keep up with inflation. The second major mistake was being too heavily invested in their own company's stock, and buying when it was high and there was a lot of optimism about the company, and then having to sell it low when the company got in trouble.

I personally make sure that some of my investments are in foreign securities or in international commodity portfolios that are independent of the US dollar. But that's a personal preference. I do not invest in currencies because it's so complicated and so risky. I would not attempt that without excellent professional help.

The retirement financial crisis will affect far more people than baby boomers, and certainly it will affect their children. Most of the retirees and near-retirees with whom we talked, said that they were extremely reluctant to have to depend on their children financially, or to think of moving in with their children. But the mere fact that they were discussing those issues indicates that some of them have already figured out that that is what lies ahead for them.

The main problems are insufficient diversification and the failure to pick age-appropriate strategies - that is, more aggressive when you're younger, and more conservative when you approach retirement. But even then you have to invest for growth.

Journalists cover words and delude themselves into thinking they have committed journalism.

There is no question that policy makers, corporate leaders, pension consultants, and journalists too have to get out into the real world to at least see the pain of retirement woes before they start to prescribe policies and solutions.

Television's compelling power is its immediacy . .. this immediacy feeds the politics of emotions, gut reactions and impressions rather than the politics of logic, facts and reason; it emphasizes personality rather than issues.