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☆ Fed Chair Powell warned of ‘pain’ to come. Seniors on fixed incomes are already feeling it
▼ + stars: | 2022-09-26 | by ( Martha C. White | ) edition.cnn.com time to read: +8 min

“Social Security comes up short by at least $1,000 [a month] in many locations. John Harriger, a resident of Chilhowie, Virginia, suffered a disabling back injury in 1994 and relies solely on Social Security for income. “I get about $1,800 a month [from Social Security] but… when gas and groceries started going up, I couldn’t make it any more. Sites, who relies wholly on Social Security for her income, said she worries what will happen when the mortgage on her home near Asheville, North Carolina, resets. This has a pass-through effect on the financial security of older Americans.

☆ Remote work is killing Florida as a retirement paradise
▼ + stars: | 2022-09-11 | by ( Gadel Valle | ) www.businessinsider.com time to read: +14 min

Housing prices, combined with the rise of remote work, threaten to end the middle-class dream of spending your final days in Florida. "It does put the retirement industry at risk because it's going to become more and more difficult" to retire in Florida, he told me. The political influence of Florida retirees is so significant that national publications send reporters to The Villages before elections to check its political pulse. The dream of a Florida retirement is dying as housing prices make it too expensive for most. And for people who are retiring now, the Florida retirement dream is starting to look a lot less sunny.

As someone who is in their 20s, I know how hard it can be to start saving for retirement. To make the process less intimidating, start small when saving for retirement and slowly increase your savings rate over time. Fidelity Investments Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Fidelity Go account, but minimum $10 balance for robo-advisor to start investing. Betterment Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected.

☆ A Harvard-trained economist says 'early retirement is one of the worst money mistakes'—here's why you'll 'regret' it
▼ + stars: | 2022-02-01 | by ( Laurence J. Kotlikoff | ) www.cnbc.com time to read: +4 min

So, I'll be blunt: For most Americans, early retirement isn't just a decision to take the longest vacation of their lives — it's one of the biggest money mistakes that they will regret. The reason is simple: We are, as a group, lousy savers, making early retirement unaffordable. According to a Boston College Center for Retirement Research report, half of today's working families risk a major living standard decline in retirement. Still, almost two-thirds of people — between ages 57 and 66 — choose to retire early out their own volition, despite having saved next to nothing. If she continues to do so, her post-retirement living standard will be half her pre-retirement living standard!

For most people looking to retire, it involves years of saving, investing, and planning to go successfully. Here are a few signs you won't be ready for retirement, regardless of how long you've saved. You've made an early withdrawal or taken a loan from your 401(k)The CARES Act made it easier than ever to take loans and early withdrawals from a 401(k). Financial planners recommend saving about 15% of your salary for retirement, including any employer match in a 401(k). "You'd be amazed at how many 401(k) accounts I see with 50% or more sitting in cash," Taylor writes.

Saving for retirement as a couple may seem easier if both people are bringing home a paycheck. But many dual-income couples aren't taking advantage of tax-deferred retirement accounts, such as 401(k)s, according to data reported in an article on MarketWatch. Only about half of private sector workers have access to a workplace retirement plan, but experts say those who do should be maxing it out. The study looked only at married couples who save in a workplace retirement plan. Dual-income couples with one person contributing to a 401(k) are saving just 5% of their total household earnings.

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