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ErnstYoung posts

Timeshare growth spurt ends severely

Posted Sep 29th 2009 4:20PM by Tom Johansmeyer (RSS feed)
Filed under: Starwood Hotels Worldwide (HOT), Marriott Intl'A' (MAR)

Timeshares, that wonderful relic from the 1970s, are about as popular as disco and excessive chest hair this year. Thanks to the recession, timeshare sales are forecasted to suffer their worst fall since this vacation option came on the scene more than 30 years ago. The plunge could reach 30 percent, according to Howard Nusbaum, president and CEO of the American Resort Development Association, a trade group, and the next year and a half could be tough, as well.

In the United States, timeshare sales fell 8.5% last year to $9.7 billion. They reached their peak the year before, when sales hit $10.6 billion, according to a study by Ernst & Young. The 2008 decline was the first sustained by the industry since it started keeping score in 1975.

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Baby Boomers: retirement may be a mirage?

Posted Jul 15th 2008 5:23PM by Tom Taulli (RSS feed)
Filed under: Personal Finance

My mom paid her way through college and spent her whole career as a school teacher. Along the way, she maxed out her investments -- taking a diversified approach.

The result: she built a sizable nest egg. In fact, she was able to retire in her late 50s.

Unfortunately, my mom might be an exception. According to a study from the Americans for a Secure Retirement (with the help of Ernst & Young LLP), it looks like about three out of five middle-class retirees will run out of savings. To deal with this, retirees may to suffer a whopping 24% cut in living standards. What's more, for those who plan to retire within seven years, there will could to be a 37% reduction.

Simply put, Americans are living much longer (it's not unusual for people to live into their 90s, for example). And, when you factor in that they don't save much -- and that we are currently in a bear market -- there are certainly lots of strains on retirement.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.