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— - 1 Priya Malani - 1 Malani - 1 David Blanchett - 1 Rowe Price - 1 Gen - 1 Zers - 1 Blanchett - 1
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☆ 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
☆ The cost of retirement is rising, and many Americans will have to work longer than they planned. Here are the 10 industries with the highest share of older workers.
  + stars: | 2022-11-08 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com   time to read: +3 min
As the cost of retirement rises, many Americans will work later in life than previously planned. Funeral homes and fishing are among the 10 industries with the highest share of older workers. A survey for Nationwide Retirement Institute conducted by Edelman Data & Intelligence also suggests some older workers may have to consider delaying their retirement plans. The rising cost of retirement could mean at least 60% of boomers will enter retirement age without sufficient savings, Boston University economist Laurence Kotlikoff previously told Insider. As Americans continue living longer and struggle to accumulate retirement savings, the 65-and-older share of the workforce is likely to rise further.
☆ Over half of Gen Z and millennials could face a retirement crisis as inflation rises and homeownership falls, says a Boston University economist
  + stars: | 2022-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +5 min
Over half of Gen Z and millennials could enter retirement with insufficient savings, says a Boston University economist. As of 2017, roughly half of all retirement age Americans had no personal retirement savings, per a January Census Bureau report. While the expectation that young Americans will live longer than the generations before them is a positive development, this also raises the total cost of retirement. "The retirement age will rise and it's been rising," he said, pointing to BLS projections of older workers' labor force participation. To prepare for retirement, Kotlikoff says Gen Zers should be saving 15% of what they earn after taxes, although he adds that that "may well be on the low side."
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