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download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. According to a simulated model that factors in things like changes in health, nursing home costs, and demographics, about 45% of Americans who leave the workforce at 65 are likely to run out of money during retirement. When you have more leisure time on your hands, more money goes toward entertainment and travel, especially in the first few years of retirement. The outcome is a higher withdrawal rate, which can push you into a higher tax bracket, he noted. "People don't take into account how expensive things get over time, not realizing that they can live another 40 years in retirement.
Persons: , Spencer Look, they're, JoePat Roop, Roop, Bob, would've, it'll, Gil Baumgarten, Baumgarten, it's Organizations: Service, Morningstar's Center for Retirement, Business, Belmont Capital Advisors, IRA, IRS, Wealth Management Locations: breakeven
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Assuming no changes to Social Security benefits, 37% of Gen Z and 44% of millennials could experience retirement shortfalls, coming in below 47% of Gen X and 52% of boomers. One 68-year-old previously told BI that she cannot afford to retire and is living off her Social Security and salary. According to the report, only around 28% of US households would face retirement shortfalls if they retire at 70. "You can delay claiming Social Security and get a bigger benefit and inflation-adjusted benefit."
Persons: , Gen Xers —, Zers, Gen X, X, Spencer, Morningstar, Xers, Gen Organizations: Service, Financial, Morningstar, Social Security, Business, Consumer, Alliance, Lifetime, Pensions
Lauren Spencer is a 47-year-old OnlyFans model and in the top 0.5% of earners on the platform. She makes around $16,000 a month and gets requests to role-play as Diana. But with the cleaning business no longer operating, fans who said Spencer looks like Princess Diana suggested she try OnlyFans out. The OnlyFans creator said that she will sometimes dress like Diana at her fans' request. She customized a top and skirt to recreate Diana's "revenge dress," an off-the-shoulder black dress Diana wore to a 1994 event on the day her then-husband, King Charles, admitted to cheating on her.
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