DIRS.INFO The most relevant business & tech news

☆ High inflation harms older households — and two factors determine who is most at risk, research finds
▼ + stars: | 2024-05-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

This year, Social Security beneficiaries saw a 3.2% increase to their benefits. The Social Security cost-of-living adjustment may also be 3.2% in 2025 based on the latest government inflation data, estimates Mary Johnson, an independent Social Security and Medicare policy analyst. That estimate may change between now and October, when the Social Security Administration announces next year's cost-of-living adjustment, or COLA. The average Social Security COLA has been 2.6% over the past 20 years, according to The Senior Citizens League. Many households tend to cut back on savings and increase withdrawals to try to lift themselves to where they were before inflation picked up.

Persons: Lourdes Balduque, Mary Johnson, Social Security COLA, Laura Quinby, It's, Quinby, Warren Buffett's Organizations: Social, Social Security, Social Security Administration, Senior Citizens League, Center for Retirement Research, Boston College, Center for Retirement, Finance

☆ Writing your will is 'not just a question about finances,' expert says. Here's why it's a crucial task
▼ + stars: | 2024-05-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

If the bank were to throw a $500 incentive on top of that aid, 75.6% said they would do it. However, survey respondents saw that workload as a detriment. About 40%, of U.S. adults feel they do not have enough assets to prepare an estate plan or a will, a 21% jump compared with 2022, according to Caring.com's 2024 Wills and Estate Planning Study. "Wills and estate planning are essential for everyone, not just the wealthy," Patrick Hicks, general counsel of Trust & Will, a digital estate planning and probate platform, said in the Caring.com report. Not having the proper estate planning documents in place can put your loved ones in a difficult situation in a catastrophic event, Cornell explained.

Persons: Wettstein, Wills, Patrick Hicks, Cornell Organizations: Center for Retirement Research, Will Locations: U.S

☆ BlackRock wants to make it easier to get paycheck-like income from your retirement savings
▼ + stars: | 2024-04-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

BlackRock , the largest asset manager, has launched a new product to help workers their retirement savings into a regular income stream that mimics the paycheck they receive during their working years. "We're talking about a revolution in retirement," BlackRock CEO Larry Fink wrote of LifePath Paycheck in his recent annual letter to investors. While they receive that income, the rest of their retirement savings may continue to grow. A recent BlackRock survey found 60% of employees worry they may outlive their retirement savings. For now, the LifePath product is limited to plans offered through employers.

Persons: Larry Fink, Anne Ackerley Organizations: BlackRock, Finance, Security, Transamerica Center, Retirement Locations: BlackRock, New York

☆ What's so great about Australia's retirement plan — and what it means for America
▼ + stars: | 2024-04-16 | by ( Allie Kelly | ) www.businessinsider.com time to read: +8 min

Australia's superannuation system mandates employer-funded retirement contributions. Meanwhile, the US retirement system has become anxiety-inducing for many, as older adults struggle to make ends meet. AdvertisementAustralian retirement system puts saving responsibility on employers, not employeesAmerica's current retirement infrastructure includes two major categories: defined contribution plans and Social Security. This differs from the American system, where retirees' money is often held between a 401(k), other accounts, and outside investments. Still, Reilly cautioned that applying Australia's retirement system to the US could negatively affect employee wages.

Persons: —, Sen, Bernie Sanders, Catherine Reilly, Reilly, Larry Fink, Fink Organizations: Service, Challenger Limited, Money, TIAA Institute, Georgetown University's Center for Retirement, Social Security, BlackRock, Employers, Pew Charitable Trust Locations: Australia, America, California, Colorado

☆ More people are working well past retirement age. It’s not easy
▼ + stars: | 2024-04-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +11 min

So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco. Forecasters expect that cohort of older , working Americans to double over the next decade. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That’s people who are changing jobs, younger workers and non-college educated workers.” Older workers tend not to change jobs, and they’re more likely to have a college degree. The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.

Persons: Hope Murray, ”, Murray, she’ll, “, Murray isn’t, Gal Wettstein, Monique Morrissey, ” Morrissey, What’s, Heidi Brockway, Brockway, Morrissey, ageism, Bob Vaughn, Wettstein, Vaughn, Mary Susan, they’ve, Mary Susan’s, they’d, They’re, Diane Reiter, ” Reiter, she’s, I’d, She’s Organizations: New, New York CNN, Gas, Costco, ”, Pew Research Center, Center for Retirement Research, Boston College, Economic Policy Institute, Social, Social Security Agency, Social Security, Lawmakers, AARP, Retirement Research, Amazon, Economic, Worker, Brookings Locations: New York, Hollywood, San Diego, Los Angeles, Southeast Florida, Florida, United States, Charlotte , North Carolina, Asheville, Chicago

☆ 3 things America can do to solve its retirement crisis, according to BlackRock chief Larry Fink
▼ + stars: | 2024-03-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewAmerica has a real retirement crisis on its hands — and there are three things it can do to help solve it, according to BlackRock chief Larry Fink. In his annual letter to investors, the CEO of the world's biggest asset manager pointed to an unfolding crisis for current and future retirees. 46% of Americans aged 55-65 don't have any cash invested in a personal retirement account, according to 2022 Census data. Help retirees spend their savingsMost retirees are uncomfortable dipping into their pile of savings. Give young people a reason to want to investFear is one of the main obstacles preventing young people from investing in their retirement, Fink said.

Persons: —, Larry Fink, Fink, " Fink, AARP —, BlackRock, I've, Gen Zers Organizations: Service, BlackRock, Center for Retirement Research, Business, Security, Congressional, Office, Insurance Trust Fund, Social Security, AARP, University of Michigan, America, McKinsey & Company Locations: America, Australia, BlackRock

☆ Meet the Americans who can't retire
▼ + stars: | 2024-03-23 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +12 min

More people over 65 are working as pensions disappear, people live longer, and Social Security benefits are seemingly always in peril. Business Insider spoke with several Americans of retirement age about why they are still trading their time for money. "I think older people become very invisible, and maybe it's going to take other older people to help heighten that visibility." On average, Americans who have pensions receive $25,000 annually from them; the average estimated annual Social Security benefit is $38,418 for 2024. Indeed, BI's analysis of retirement data has found that nearly 80% of retirees have Social Security income.

Persons: —, Marcia, I'm, hasn't, she's, Steve Biddle, he's, He's, he'll, Bill, Geoffrey Sanzenbacher, Sanzenbacher, they're, Debra Giarrusso, She's, didn't, I've, there's, Pam, Kurt Vonnegut's, David Certner, Certner, Rebecca, It's Organizations: Service, Business, Social Security, Behavioral Health, Disability, Aging, —, Boston College, Center for Retirement Research, Congressional Research Service, Ford Motor Company, AARP Locations: North Carolina, Connecticut, Philadelphia, America, Michigan

☆ To shore up Social Security, this controversial proposal calls for limiting retirement plan tax perks
▼ + stars: | 2024-02-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable opposition. Together, they call for limiting current tax preferences for retirement savings plans, and instead redirecting those funds to help shore up Social Security. How retirement plan tax incentives workIn 2024, the limit for total employee and employer contributions to a defined contribution plans such as 401(k)s is $69,000 in 2024. By rolling back the tax incentives provided through defined contribution retirement plans, the money saved could be used to help fix a portion of Social Security's funding gap, the researchers argue. "We now have an industry and a policy based on 401(k)s and defined contribution plans that has been, relatively speaking, successful," Fichtner said.

Persons: Andrew Biggs, Alicia Munnell, Biggs, Munnell, Michael Wicklein, Jason Fichtner, Fichtner Organizations: Istock, Getty, Center for Retirement Research, Boston College, American Enterprise Institute, Federal Reserve Bank of Boston, Social Security, U.S, Mercatus, George Mason University, Cato Institute, National Association of Plan, Center, Board

☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

☆ Saving for retirement in your 50s can be 'really stress-inducing,' expert says. These tips can help
▼ + stars: | 2024-02-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The median age that workers 50 and older expect to retire is 67, according to the Transamerica Center for Retirement Studies. Brush up on Social Security, Medicare rulesIt is a great time in your 50s to look at your Social Security statement to see the retirement benefits for which you may qualify, according to Jenkin. The Social Security Administration provides free access to benefit information online. For example, it may make sense for someone to retire at age 63 and a half and then use COBRA coverage for the 18 months until they reach Medicare age, Jenkin said. If you're in your early to mid-50s, it's also a great time to explore what the Social Security claiming strategy fits your particular situation best.

Persons: Silke, Dogan, Ted Jenkin, Xers, Jenkin, they're, Brush, it's Organizations: Bank, Getty, Transamerica Center, Retirement, CNBC's, federal, Savings, Fidelity, Social Security, Social Security Administration Locations: Atlanta

☆ State-run 'auto-IRA' programs aim to close retirement savings gap
▼ + stars: | 2024-01-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

They save about $165 a month, on average, said John Scott, director of Pew's retirement savings project. It's unclear how many other companies instead opted to sponsor their own 401(k) plan or other workplace plan. Why states are stepping inThere's a common thread here: A realization that people aren't saving enough for retirement, Scott said. The typical saver age 55 to 64 has just $71,000 of 401(k) savings, according to Vanguard data. Pew estimates that state spending will rise by $334 billion from 2021 to 2040 due to insufficient retirement savings.

Persons: John Scott, Scott, Pew, Washington —, Roth, they've Organizations: Auto, Workers, Trusts, Center for Retirement, Companies, Vanguard, Social Security Locations: Delaware, Hawaii , Maine, Minnesota , Nevada , New Jersey , New York, Vermont, Massachusetts , Missouri, New Mexico, Washington, U.S

☆ Gen Z wants to retire early, but an expert who has helped people with money for 20 years says 3 things could stand in their way
▼ + stars: | 2023-12-01 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +4 min

Gen Z is the youngest generation in the workforce and many members want to retire early. Gen Z is in the workforce … and they are already looking for the exits. Gen Z is starting out with less money, more expenses, and higher costs." Here are a few issues Tisdale says Gen Zers could see impact their early timeline for retirement:1. What might help Gen Z reach their goal"It's important for Gen Z, since they are just getting started, to learn business basics and educate themselves on entrepreneurship, side hustles, and investing," Tisdale told Personal Finance Insider.

Persons: —, Gen Zers, Stacey Tisdale, Gen Z, Tisdale, Zers, Gen, Robinhood, Z Organizations: Service, Transamerica Center, Retirement Studies, Finance

☆ Some HENRYs are saving too much for retirement — and it may backfire
▼ + stars: | 2023-11-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementWhile it's rare that people are saving too much for retirement, Malani said it happens among HENRYs somewhat frequently. AdvertisementAdvertisement"If you're under the age of 40 and saving more than 20% for retirement, that's more than you might need to be saving," Blanchett said. "Saving for retirement takes some level of knowing what type of lifestyle you'll want in retirement," Malani said. There's little reason for wealthier young Americans to push back buying a home or starting a family due to anxiety about retirement saving. "For individuals that are 'over-saving,' are you not doing things that you would fundamentally enjoy because of how much you're saving?

Persons: —, Priya Malani, Malani, David Blanchett, Rowe Price, Gen, Zers, Blanchett, that's, we're Organizations: Service, Transamerica Center, Retirement Studies, DC Solutions, National Institute on Retirement Security, WealthCare

☆ Gen Z is the most financially savvy generation
▼ + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.

Persons: Gen, Gen Zers, Gen Xers, Zers, It's, —, they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock

☆ Say goodbye to retirement? A 'soft saving' trend is emerging among young people
▼ + stars: | 2023-10-23 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +7 min

But a "soft saving" trend is emerging among younger workers, challenging the traditional way of thinking. Soft saving refers to putting less money into the future, and using more of it for the present. "Soft saving is the soft life's answer to finances," said the report. In addition, Americans are "re-focused" on post-pandemic travel, a possible reason why there is a decrease in personal saving rates, said Fidelity's Viktorin. ""Soft saving is the soft life's answer to finances."

Persons: Gen, Athima, —, Ryan Viktorin, Gen Z's —, Liz Koehler, Koehler, Viktorin, Andy Reed, X, Boomers, Z's, Z, Gen Z, Fidelity's Organizations: Intuit, Fidelity Investments, BlackRock's, Wealth Advisory, CNBC, U.S . Bureau, Trading Economics, Blackrock, Vanguard, Transamerican Center, Retirement Studies, Retirement

☆ With Social Security trust funds 'rapidly heading to zero,' some ask whether the money should be invested in equities
▼ + stars: | 2023-10-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The trust funds that Social Security relies on to pay benefits are "rapidly heading to zero," according to the Center for Retirement Research at Boston College. Those funds, which are typically invested in Treasury securities, are projected to run out in 2034, at which point just 80% of benefits may be payable. As that date draws closer, that has prompted more discussion as to whether that money should also be invested in stocks. "Theoretically, yes," said Anqi Chen, senior research economist and assistant director of savings research at the Center for Retirement Research, which recently published research addressing the question. More from Personal Finance:Here's what happens to Social Security benefits after you dieAs student loan bills resume, how economy may be shakenHow Congress may fix looming Social Security benefit shortfallBut the real-world answer is not necessarily clear-cut, Chen and other experts say.

Persons: Anqi Chen, Chen, Peter G Organizations: Social, Center for Retirement Research, Boston College, Finance, Social Security, Security, Peterson Foundation Locations: New York

☆ Gen Z Is Poised to Spend More on Debt Than Others. It Could Derail Retirement.
▼ + stars: | 2023-09-27 | by ( Martha C. White | ) www.nytimes.com time to read: +2 min

Evidence suggests that more young adults are struggling financially today than in the immediate aftermath of the pandemic. Ms. Rascon said many young adults don’t understand the fundamentals of borrowing, including interest rates and the way high borrowing costs can cause a debt balance to balloon. “The shocking thing for me as a counselor is they don’t know what an A.P.R., or annual percentage rate, is. They don’t know how to track their expenses,” she said. Experts worry about the high rate at which young adults are tapping into their retirement savings.

Persons: Diana Rascon, Rascon, ”, —, Transamerica, Catherine Collinson, “ Organizations: Money Management, Transamerica Center, Retirement Studies, Transamerica Institute

☆ NextEra workers roll the dice with big bet on company stock
▼ + stars: | 2023-09-21 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

America’s largest renewable power company is among several U.S. energy and utility companies, including Exxon and Southern Company, that continue to promote big, concentrated bets on company stock in worker retirement plans. Nearly 50% of the investments in NextEra’s employee-funded 401(k) retirement plan are in company stock, the highest among all 30 companies in the S&P 500 Utilities Sector (.SPLRCU). NextEra declined to comment on its use of company stock in employee 401(k) plans. "If we saw a concentration of more than 20% in a single company stock, we would definitely tell them it's a big risk." `Keith Rasmussen, a retired geologist, said he still feels the financial repercussions of holding big bets on company stock in his retirement plans.

Persons: Robert Knoche, Yoon, NextEra, ”, Alicia Munnell, Kristin McKenna, McKenna, Ryan Frazier, Keith Rasmussen, jolt, Rasmussen, “, ” Rasmussen, Richard Valdmanis, Anna Driver Organizations: REUTERS, Exxon, Southern Company, Corporate America, Enron, Utilities, Vanguard Group, Center for Retirement Research, Boston College, Employees, Silicon Valley Bank, Darrow Wealth Management, SEC, Corporations, U.S . Securities, Exchange Commission, Southern Co, Dominion Energy Inc, Dominion, Chesapeake Energy Corp, Thomson Locations: Douglas County , Kansas, U.S, Silicon, Boston, Atlanta , Georgia

☆ Student-loan borrowers risk losing Social Security benefits if they fall behind on payments. Democrats want to make sure that doesn't happen when repayment starts back up next month.
▼ + stars: | 2023-09-14 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers who miss payments risk having their Social Security benefits garnished. "It's past time Congress protects seniors and the Social Security benefits they have earned with every paycheck." Those Social Security recipients are at risk of seeing around $2,300 in benefits garnished every year if they go into default. On October 1, millions of federal student-loan borrowers will once again be footing an extra monthly bill. "For many, Social Security benefits are the only source of income they can depend on and it's time we restore that certainty for seniors."

Persons: that's, Raúl Grijalva, John Larson, Ron Wyden, Wyden, they're, she's, Grijalva Organizations: Social, Service, Social Security, Center for Retirement Research, Retirement Research, Education Department, eBay, Seniors Locations: Wall, Silicon

☆ Saving $100 a week from age 25 could give you over $1 million when you retire
▼ + stars: | 2023-08-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The key to a comfortable retirement may be saving $100 a week starting at 25. The chart below shows how much you can save up by putting away $400 a month starting on your 25th birthday, assuming that historically reasonable 7% annual return. Putting this into perspective, if people saved just $100 a month starting at 25, they'd save over $250,000 by 65 because of compounding interest. This jumps to over $550,000 when saving $50 a week starting at 25, which highlights Milken's suggestion to focus on "holistic life planning." About 25% of Americans lack retirement savings, while half have no access to employer-sponsored retirement plans, The Motley Fool reported based on data from the Federal Reserve.

Persons: they'd Organizations: Service, Milken Institute, Transamerica Center, Retirement Studies, Federal Reserve, of Labor Statistics, Fidelity Locations: Wall, Silicon

☆ The rich often misjudge the potency of their retirement savings, report finds
▼ + stars: | 2023-06-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Thirty-two percent of high-income households are "not worried enough" about their retirement risk, a larger share than the 26% of low- and middle-income earners. The Center for Retirement Research uses the survey data to construct a National Retirement Risk Index. The index models retirement preparedness according to a range of assets like Social Security, pensions, home equity and employer-sponsored retirement plans, such as a 401(k). Anqi Chen assistant director of savings research, Center for Retirement Research at Boston CollegeIn 2019, 47% of American households were at risk of not being able to maintain their standard of living in retirement, according to the index. Why the rich are more likely to underestimate riskWestend61 | Westend61 | Getty ImagesNineteen percent of U.S. households correctly identify as being at risk of falling short in retirement, according to the center's report.

Persons: Anqi Chen, Chen, they're, David Blanchett, Louis Organizations: Getty, Center for Retirement Research, Boston College, Finance, GOP, Federal Reserve's Survey, Consumer Finances, Retirement Research, Social Security, for Retirement Research, Westend61, Prudential Financial, Federal Reserve Bank of St, Center for Locations: U.S, PGIM

☆ 401(k) Hardship Withdrawals Tick Up as Inflation Stays High
▼ + stars: | 2023-05-27 | by ( Martha C. White | ) www.nytimes.com time to read: +2 min

As much as his retirement accounts have functioned as circuit breakers to reset his debts, he’s relieved that he doesn’t have the option of withdrawing his pension contributions. Two large retirement plan administrators, Fidelity and Vanguard, have observed increases in hardship withdrawals, which may be taken only if there is “an immediate and heavy financial need,” according to the Internal Revenue Service. Fidelity found that 2.4 percent of 22 million people with retirement accounts in its system took hardship withdrawals in the final quarter of 2022, up half a percentage point from a year earlier. A similar analysis by Vanguard found that 2.8 percent of five million people with retirement accounts made a hardship withdrawal last year, up from 2.1 percent a year earlier. In the first three months of 2023, Bank of America found that the number of people taking hardship withdrawals jumped 33 percent from the same period a year earlier, with workers taking out an average of $5,100 each.

☆ Divorce Can Wreck a Woman’s Financial Future. Here’s How to Rebuild.
▼ + stars: | 2023-05-13 | by ( Lela Nargi | ) www.nytimes.com time to read: +2 min

At the time, I smugly demurred, but eventually there was no denying she had been right. Although this money would theoretically be equitably divided when divorce papers were signed, I realized the precarious situation I had unwittingly set myself up for: I’d relinquished control over my financial future. Facing reduced income and the extra expenses that come with divorce proceedings, wresting it back would be painful. Preparing for a financial setbackI’m hardly alone. Women of color are also disproportionately affected because of a wider gender pay gap.

☆ A retirement-savings gap may cost the economy $1.3 trillion by 2040. How state-run programs can fix it
▼ + stars: | 2023-05-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Many Americans aren't saving enough for retirement — and the shortfall could pressure state and federal budgets in the decades ahead. But research shows that state-run programs could help people save for retirement while reducing that strain. Without changes, the retirement-savings gap could create a $1.3 trillion economic burden through 2040, with increased public assistance costs, lower tax revenue and more, according to a study released Thursday by the Pew Charitable Trusts. If the current trends continue, 61% of elderly households are expected to have an annual income below $75,000 in 2040, and the yearly income shortfall is projected to be $7,050 by the same year. Roughly half of working households may struggle to maintain their pre-retirement standard of living in their golden years, the Center for Retirement Research at Boston College reported this week.

☆ Some Republicans want Gen Z to retire later to avoid outright cuts to Social Security: 'Does it really make sense to allow someone who's in their 20s today to retire at 62?'
▼ + stars: | 2023-03-14 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Several Republicans have said recently that they want to raise the retirement age for younger generations. Social Security is rapidly approaching insolvency, with the Congressional Budget Office estimating that the fund will become unable to make all of its payments starting in 2033. Social safety net programs like Medicare and Social Security have been a partisan battleground for Democrats and Republicans for decades now, with Republicans eyeing big cuts for both programs. There are going to be no cuts in Medicare, Social Security." The White House has continued to criticize Republicans for not being publicly consistent about their goals for Social Security and Medicare.

Search resuls for: "Center for Retirement"

25 mentions found