DIRS.INFO The most relevant business & tech news

☆ Just 4% of current retirees say they are 'living the dream,' survey finds. Here's why
▼ + stars: | 2024-05-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Brauns | E+ | Getty ImagesJust 4% of today's retirees said they are "living the dream," according to a new survey from asset management company Schroders. Image Source | Getty ImagesThe Schroders survey results come as more experts are pointing to a potential retirement crisis. "The retirement savings crisis in the United States is no longer looming: it is here, now," said a new report from the National Institute on Retirement Security. Not everyone agrees there is an emergencySome experts are skeptical there is a retirement savings crisis at all. Of seniors with more than $10,000 in retirement savings, 93% said they were doing okay or living comfortably.

Persons: —, Deb Boyden, That's, Warren Buffett's, Boyden, Andrew Biggs, George W, Bush, EBRI, Biggs Organizations: Getty, National Institute on Retirement Security, Finance, American Enterprise Institute, Social Security, Northwestern Mutual, Research Locations: —, United States

☆ Retirement prospects for women can be ‘pretty bleak,’ expert says — but there are ways to prepare
▼ + stars: | 2024-03-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

About 50% of women ages 55 to 66 have no personal retirement savings, a higher share than men (47%), according to U.S. Census Bureau data. Those who do have retirement savings are less likely to have $100,000 or more (22% vs. 30%). "The picture is pretty bleak for women" who don't save enough for retirement, Cindy Hounsell, founder and president of the Women's Institute for a Secure Retirement, said Tuesday at CNBC's Women & Wealth event. watch nowThey may become burdens on their children if they have kids who can offer financial support, she said at the Women & Wealth event. Compounding the problem: Caregiving, especially for a spouse, has a "more detrimental economic impact" on women, according to the National Institute on Retirement Security.

Persons: Momo, Cindy Hounsell, Marianela Collado, Collado Organizations: Stone, Getty, Census, Women's Institute, CNBC's, Pew Research, Security, Financial, National Institute on Retirement Security Locations: U.S, Plantation , Florida

☆ Why investing earlier may help younger workers avoid retirement worries that plague older generations
▼ + stars: | 2024-03-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A shift from pensions to 401(k) plans has made workers responsible for ensuring they have enough money to live on in retirement. Most Americans — 79% — now agree there is a retirement crisis, up from 67% in 2020, according to a new report from the National Institute on Retirement Security. Meanwhile, more than half of Americans — 55% — are worried they won't be able to achieve financial security in retirement. Younger investors have a unique opportunity to avoid that dilemma, according to experts who testified at a Senate hearing last week. "Starting earlier obviously makes the math work much better," Dan Doonan, executive director at the National Institute on Retirement Security, said during the Senate hearing.

Persons: Albert Einstein, Dan Doonan Organizations: National Institute on Retirement Security, Finance, Security, Investors, National Institute on Retirement

☆ Many workers believe pensions are key to achieving the American Dream. But getting those plans back isn't easy
▼ + stars: | 2024-03-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

watch nowMore than three-quarters of Americans, 77%, say the unavailability of pensions is making it harder to achieve the American Dream, according to a new report from the National Institute on Retirement Security. With the shift from pensions to 401(k)s, the responsibility for saving for retirement has transferred from employers to workers. "When not managed properly, defined benefit plans can end up like Ponzi schemes," Greszler said at Wednesday's Senate hearing. Neither Social Security nor multiemployer pensions can pay benefits as promised, she noted. To shore up Social Security, the average American household would have to pay at least $3,000 per year more in taxes, money that would better be invested in personal accounts, Greszler argued.

Persons: Rebecca Cook, Sara Schambers, Schambers, Teresa Ghilarducci, Ghilarducci, Rachel Greszler, Greszler, Sen, Bill Cassidy Organizations: United Auto Workers, Sterling Heights Assembly, Reuters, Ford, Washington , D.C, UAW, National Institute on Retirement Security, Pensions, Finance, Security, Workers, The New School for Social Research, The Heritage Foundation, Senate, Social Security Locations: Sterling Heights, Sterling Heights , Michigan, Washington ,, New

☆ Four new work benefits that may help you save more in 2024
▼ + stars: | 2023-11-30 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

But for anyone who doesn’t have emergency savings, or who has student loans to pay or who is a long-term part-time worker, that challenge is especially hard. Making student loan payments could help boost your 401(k)Paying off student loans can put a crimp in how much someone can save for retirement. That way, the employee can accrue retirement savings even if they aren’t able to make significant contributions themselves. Boosting emergency savings and access to fundsSecure 2.0 includes two provisions that pertain to emergency savings. That means in 2025, any part-timer who has logged 500 years annually in 2023 and 2024 would be eligible to start saving in their employer’s 401(k) and would be eligible for the employer match.

Persons: Brian Graff, Graff, Gen Xers, NIRS, ” Organizations: New, New York CNN, American Retirement Association, National Institute on Retirement Security, Boomers, ARA, Employees, Secure Locations: New York

☆ Pensions do have a big economic efficiency advantage, says NIRS' Dan Doonan
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPensions do have a big economic efficiency advantage, says NIRS' Dan DoonanDan Doonan, executive director of the National Institute on Retirement Security, joins 'The Exchange' to discuss the potential formation of unions at banks, the pension renaissance, and more.

Persons: NIRS, Dan Doonan Dan Doonan Organizations: Pensions, National Institute on Retirement Security

☆ 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

☆ Five tips for Gen Xers feeling squeezed by student debt
▼ + stars: | 2023-11-02 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

That means many competing financial responsibilities, familiar to the Sandwich Generation: student debt, retirement saving, raising kids and sending them to college, and caring for elderly parents. Something has to give – which is why Gen Xers still dealing with student debt often sacrifice saving for retirement. “For those Gen X with student debt, the average amount of retirement savings is consistently lower. “These student debt repayments can last for 30 years,” says Evan Potash, a wealth management advisor with TIAA. In particular, starting in 2024, participating employers will be able to match your student loan repayments with contributions to your 401(k).

Persons: Joe Biden's, Debbie Irk, Irk, “ I’m, ”, Xer, Xers, Gen Xers, Tyler Bond, NIRS, Joe Biden’s, Evan, TIAA, “, NIRS ’ Bond, I’ve, Chris Taylor, Lauren Young, Jonathan Oatis Organizations: Baby, University of Phoenix, National Institute on Retirement Security, Sandwich, Supreme, Thomson Locations: Washington , U.S, South Bend , Indiana

☆ The majority of Americans think they're better off financially than their parents were—especially Gen Z
▼ + stars: | 2023-10-17 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Despite this, a slight majority of adults say they're doing better financially than their parents were at their age, according to a recent LendingTree study . Just over half — 51% — of adults say they're in a better financial position than their parents were at their age. The more money they make, the more likely people are to think they're better off than their parents, LendingTree found. Among households earning $100,000 a year or more, 79% say they're doing better than their parents. Interestingly, though, adults who have their own children are more likely to say they're doing better financially than their parents were at their age.

Persons: it's, LendingTree, Gen Zers, they're, Gen, Millennials, flack, X, Gen Xers Organizations: Pew Research, National Institute on Retirement, CNBC

☆ Is Gen X Prepared for Retirement?
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIs Gen X Prepared for Retirement? According to a recent report by the National Institute on Retirement Security, most Gen Xers—roughly defined as those born between 1965 and 1980—are failing to meet retirement savings targets. 2050 Wealth Partners Co-Founder & Co-CEO, Lazetta Braxton and National Institute on Retirement Security Executive Director, Dan Doonan explain how advisors can take what they know about this generational cohort and create plans to help them reach their goals.

Persons: Xers, —, Lazetta Braxton, Dan Doonan Organizations: National Institute on Retirement Security, Partners, National Institute on Retirement

AdvertisementAdvertisementA report from the National Institute on Retirement Security found that Gen X is woefully unprepared for retirement. However, Gen X is increasing retirement savings now, and government programs could provide extra help. Gen X and retirement: The statisticsThe oldest Gen Xers turn 58 this year — only a few years away from retirement and claiming Social Security benefits . AdvertisementAdvertisementMost Gen Xers are failing to meet retirement savings targets regardless of race, gender, marital status, or income. This meant that there was no longer a guaranteed benefit amount from the employer upon retirement; retirement savings became solely the responsibility of the employee.

Persons: X, Gen Xers, Gen X, —, millennials, Xers, haven't Organizations: National Institute on Retirement Security, Service, Boomers, Social, Fidelity Investments, Gen, National Institute on Retirement, Social Security

☆ Gen X isn't financially prepared for retirement
▼ + stars: | 2023-09-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Gen Xers are now in their 40s and 50s and account for about a fifth of the US population. And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000. “Retirement savings for Generation X is highly concentrated among the highest earners,” the report notes. Nevertheless, the average Gen X retirement savings balance (nearly $130,000 for individuals and $243,000 for households) suggests that many higher earners may not be saving enough, if those savings are intended to be one’s main source of income in retirement. Also, changes to an existing Saver’s Credit may help lower income Gen Xers.

Persons: Xers, ”, Tyler Bond, Gen Xers, Stark, Rowe Price, —, “ Organizations: New, New York CNN, Boomers, National Institute on Retirement Security, Social Security, Social, Fidelity, Vanguard Locations: New York

In the US, 401(k)s are the most common retirement savings account. That's created a disparity in retirement saving — just 38% of Black households have retirement savings compared to 63% of white households. As a Black woman, I opened a Roth IRA to take control of my retirement savings no matter what my employer provides — and I think every person of color should do the same. This is a problem, since employer-sponsored 401(k)s are the most ubiquitous form of retirement savings account. A Roth IRA (Individual Retirement Account) is another tax-advantaged retirement account.

Persons: That's, —, Nari Rhee, Dr, Roth, I'd Organizations: Service, National Institute on Retirement Security, IRA, Roth IRA

Search resuls for: "National Institute on Retirement Security"

13 mentions found