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☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Women aren't investing at the same rate as men. Here's why it matters—and how the gap can be closed
▼ + stars: | 2023-03-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

BNY Mellon also interviewed 100 global asset managers with $60 trillion in assets under management. One is that the investment industry isn't engaging women to the same degree as men, BNY Mellon's research found. Then there is the high hurdle of the disposable income women think they need to have before they invest. On average, women around the world believe they need $4,092 a month before they would consider investing any of it, BNY Mellon found. "Once you control for income, many of those differences between men and women and investing behaviors kind of disappear.

☆ Layoffs mount, and Main Street still can't find any workers to hire for open jobs
▼ + stars: | 2022-11-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

"Inflation, supply chain disruptions, and labor shortages continue to limit the ability of many small businesses to meet the demand for their products and services." Meanwhile, the National Federation of Independent Business, the main small business trade group, reported last week the tenth-consecutive month of a confidence decline on Main Street, though little change in the need to hire more workers. When it comes to salary, small business owners generally don't play in the same league as larger companies. For example, don't just offer yoga or meditation apps or gym benefits; offer multiple ways employees can recharge, Lebovits said. Finally, small businesses need to understand what attracts job-seekers in the first place and play up these advantages in all of their communications with candidates.

☆ Gen X amid the Pandemic: How Their Finances, Shopping Behavior, and Digital Usage Look
▼ + stars: | 2022-10-18 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

In the Gen X amid the Pandemic Report, Insider Intelligence assesses US Gen Xers' finances and how they've been affected by the pandemic. Many Gen Xers have yet to recover from the Great Recession, and the pandemic didn't help the unstable financial health of this cohort. Gen X remote workWith no sign of retirement in sight, Gen X has had to adapt to a completely digital, remote-work atmosphere. Gen X spending habitsXers became more digital in their shopping during the pandemic. In this report, we assess US Gen Xers' financial standings and how they've been affected by the pandemic.

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