Here's how much Americans have saved for retirement. (via CNBCMakeIt)
This gap in retirement savings also likely relates to the fact that Americans plan to work longer and retire later. Nearly half of survey respondents across all generations expect to retire after age 65, Northwestern Mutual found. For boomers, things are even more extreme: 68% of respondents say they expect to retire after the age of 65.
For many people, working longer is a choice, the survey found. A number of Americans believe they'll be able to take on second careers or side jobs in order to continue to bring in income later in life, Holbrook says. However, planning to stay in the workforce isn't always a reliable option. Northwestern Mutual found that when people retire at a different age than they plan to, it's typically earlier, rather than later. "It's generally due to health issues or layoffs — things out of their control — which really compounds this [retirement savings] issue," Holbrook explains.
"While people think, 'I'm not in a good position and my solution will be to continue working,' that isn't always an actionable choice that they have." While people think, 'I'm not in a good position and my solution will be to continue working,' that isn't always an actionable choice that they have.To make sure you'll be able to cover your expenses in retirement, it's key to start saving and investing as early as possible.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
7-year-old boy saves sister who was having a seizure from drowning in poolMorgan Smith was on the bottom step of a pool in her family's backyard in Brantley County, Georgia when she had a seizure and fell backwards into the pool. Luckily for Smith, her 7-year-old brother, Aiden McCullough, was nearby to save her.
Weiterlesen »
George Clooney And Amal Saving Marriage By Having Twins Again?George Clooney and Amal Clooney are not having twins again, nor is their marriage in need of saving, despite a new cover story. Gossip Cop can debunk the report.
Weiterlesen »
Running Didn’t Save My Life, But Here’s Why It’s Still a MiracleRunner’s World+ member Kate Perelman on training for a marathon while battling depression.
Weiterlesen »
Here's where Americans are vacationing this summer — and what they're spendingJust about half of Americans are hitting the road — literally or figuratively — in the next three months. Where are we headed and how will we get there? For the most part, somewhere we can drive to, according to findings from both AAA and vacation rental management company Vacasa.
Weiterlesen »
Here's one reason why Americans abroad want to give up their citizenshipEven if you cross an ocean and start a new life in a foreign country, you'll still face tax obligations stateside. Filing and reporting complexities are a driver behind some expats' desire to give up their U.S. citizenship, according to a survey from Greenback Expat Tax Services.
Weiterlesen »
Should You Find A New Financial Professional When You’re Approaching Retirement?What most people do not realize is that the financial strategies utilized during your working years are often drastically different than what is needed to provide sustainable, maximized income with minimal taxes during retirement.
Weiterlesen »