Source: The Economist, via Greg Mankiw.
Americans, as well as citizens of many other advanced nations, now spend about twice as many years in retirement as they did a generation or two ago. Aggressive saving and adherence to a well-thought-out investment plan are more important today than they have ever been. It is a big mistake for today’s 65-year olds to no longer consider themselves to be “long-term investors.”
—-this article originally appeared 3/1/2010. As you can see from the graphic, the average US 66-year old retiree spends another 15-20 years in retirement. That’s long enough that investment performance is going to be important.