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☆ Spain 2023 election: PM Sanchez and rival Feijoo in chaotic live TV debate
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

[1/3] Spanish People's Party candidate Alberto Nunez Feijoo and Spain's Prime Minister and Socialist candidate Pedro Sanchez talk before a televised debate ahead of snap election in Madrid, Spain, July 10, 2023. With just under two weeks to go until the vote, opinion polls predict Feijoo as the likely winner, although he would probably need the support of far-right party Vox. Sanchez highlighted that Spain is among only a few European countries that has tamed inflation to below the European Central Bank's 2% target by 2023. Feijoo himself was recently pilloried for saying a Vox electoral candidate convicted of gender violence had a "hard divorce". Feijoo told Sanchez: "Those men who raped in the street are in the street because of you - there are more than 1,000 of them."

Persons: Alberto Nunez Feijoo, Pedro Sanchez, Juan Medina MADRID, gesticulating, Maria Jose Canel, Sanchez, Feijoo, Vox, Feijoo's, EH, Jose Miguel Contreras, Madrid's King, Madrid's King Juan Carlos University, Belen Carreno, Corina Rodriguez, Aislinn Laing, Rosalba O'Brien Organizations: Spanish People's Party, Spain's, Socialist, REUTERS, People's Party, Madrid's Complutense University, Socialists, AS, Central, Vox, Madrid's, Madrid's King Juan, Atresmedia, Thomson Locations: Madrid, Spain, Ukraine, Basque

☆ Explainer: Boosting the City: Part Two of UK's post-Brexit finance reforms
▼ + stars: | 2023-07-10 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Companies on the London Stock Exchange's AIM and Aquis Exchange's growth market would also be eligible. Many savers in direct contribution pension funds are years away from retirement, making it easier to make changes now without risking their pensions. The proposed Intermittent Trading Venue would be launched by the London Stock Exchange in 2024. Britain will make trading shares more efficient by ending the use of paper trails for official transaction records. The government will hold public consultations on some of the proposed pension reforms while regulators already have powers to implement other changes, such as the rules on research.

Persons: Jeremy Hunt, AFME, Huw Jones, Mark Heinrich Our Organizations: London, European, Companies, London Stock, AIM, ARM, London Stock Exchange, Labour Party, Labour, Thomson Locations: European Union, Britain, New York, Australia, Canada

☆ UK's Hunt to detail plans to steer pensions into growth investment
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 9 (Reuters) - British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday. But the pensions industry has said it opposes mandatory investment quotas. Financial services lobby group TheCityUK said government policy should aim for pension funds to invest in growth and in turn deliver higher returns. "On average, Australian and Canadian pension funds currently provide better performance. Hunt was also expected to reiterate that bringing down high inflation remained his priority, saying there could be "no sustainable growth without first eliminating the inflation that deters investment and erodes consumer confidence".

Persons: Jeremy Hunt, Hunt, TheCityUK, Muvija, William Schomberg, Helen Popper Our Organizations: Treasury, Reuters, Financial Times, Thomson Locations: British, London's

☆ Amazon workers at UK warehouse to strike for three days in July
▼ + stars: | 2023-07-08 | by ( Anirudh Saligrama | ) www.reuters.com time to read: +1 min

July 8 (Reuters) - Nearly 900 Amazon (AMZN.O) workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday. It coincides with a "Prime Day" sales event the company has announced for July 11-12. Last month, the union said that the Coventry warehouse workers had voted for six more months of strikes. The workers also went on strike last month from June 12-14. Amazon is expected to record about $7 billion in revenue from its Prime Day sales, an increase of 12% from what was disclosed for Prime Day during the third quarter last year, according to JPMorgan.

Persons: GMB, Rachel Fagan, RMT, Anirudh Organizations: Reuters, JPMorgan, Thomson Locations: Britain, Amazon's, Coventry, Bengaluru

☆ Baby boomers own pretty much everything - but millennials could be about to catch up
▼ + stars: | 2023-07-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Baby boomers own a massive $75 trillion in wealth spread out across stocks, homes, and businesses. And that same advantage baby boomers have had—time—is about to be bestowed upon millennials as they enter the prime years for their careers and earnings growth. They will continue to grow their incomes all the way through 2050, compared to a steady decline for baby boomers and Generation X over the same time period. And while Yardeni expects baby boomers will start to spend down their savings and help bolster the economy, they won't be able to spend all of it. Various estimates suggest that more than $70 trillion will ultimately be inherited by Generation X, millennials, and to a lesser extent, Generation Y.

Persons: Ed Yardeni, Cash Ed Yardeni, millennials, boomer, Tom Lee, Lee, Fundstrat Lee, Yardeni Organizations: Service, millennials Locations: Wall, Silicon

Several countries, including Venezuela, Argentina and Sudan have been saddled with skyrocketing costs for decades. In advanced economies overall, inflation averaged 2.4% since the 1990s – the earliest aggregate data the IMF has available. In 2022, Venezuelan inflation was still 310%, the highest in the world that year. “Because everything will be more expensive tomorrow, people spend their money as they receive it, increasing the inflation,” Anselmi told CNN. Using US currency for transactions is common in Venezuela, as people don’t trust the volatile local currency, according to Guevara.

Persons: Z, Bolivar, bolivars, Andrés Guevara, bolivar, ”, “, Nelson Sánchez, Sanchez, Emiliano Anselmi, Luis Robayo, ” Anselmi, Guevara, Gaby Oraa, Anselmi Organizations: CNN, Bureau of Labor Statistics, International Monetary Fund, IMF, Federal Reserve, European Union, Pensioners, Andrés Bello Catholic University, Getty, U.S Locations: United States, Venezuela, Argentina, Sudan, Ukraine, United Kingdom, US, Caracas, Buenos Aires, AFP, Venezuelan

☆ Insight: Catholic clergy report surveillance, beatings amid Nicaragua's crackdown
▼ + stars: | 2023-07-07 | by ( David Alire Garcia | ) www.reuters.com time to read: +7 min

Nicaraguan President Daniel Ortega's five-year campaign against the Catholic church has intensified since February, according to interviews with five priests inside and outside the country. This week's brief release of Nicaraguan Bishop Rolando Alvarez raised hopes for a turning point. The priests describe heavy surveillance of church services by police or civilian members of government-sponsored community councils, especially since Easter. His latest restrictions seem aimed at silencing priests, Erick Diaz, 33, a Nicaraguan priest in exile in Chicago, said. Nine church leaders inside and outside Nicaragua did not respond to interview requests for this story.

Persons: Daniel Ortega's, Nicaraguan Bishop Rolando Alvarez, Mexican Bishop Ramon Castro, Pope Francis, Nicaragua's, Ortega, Rosario Murillo, Bishop Alvarez, Alvarez, Cardinal Leopoldo Brenes, Brenes, Martha Patricia Molina, Molina, Luiz Inacio Lula da Silva, Erick Diaz, David Alire Garcia, Philip Pullella, Ismael Lopez, Suzanne Goldenberg Organizations: MEXICO CITY, Sunday, Nicaraguan, Catholic, Vatican, Reuters, Organization of American, Thomson Locations: MEXICO, Nicaraguan, Managua, Nicaragua, Mexican, Eastern Europe, Matagalpa, Texas, Leon, Vatican, Chicago, Rome, San Jose

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ BP in talks over insurance deal for pension scheme, Financial Times reports
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowJuly 7 (Reuters) - Energy giant BP (BP.L) is in talks with insurers over a so-called buy-in deal for its 30 billion pound ($38.30 billion) pension scheme, the Financial Times reported on Friday. Such options include long-term insurance policies," BP Pension Fund Trustee said in an emailed statement. Companies have been trying to offload pension schemes from their balance sheets in recent years as they are expensive to run, while bulk annuity deals have provided a growing source of income for insurers. In February, Pension Insurance Corporation agreed to a pensions buy-in deal totalling around 6.5 billion pounds with insurer RSA Group, covering the pensions of 40,000 members, in the largest ever bulk annuity deal of the kind. That buy-in involved the insurer taking on the risk of the pension scheme's liabilities.

Persons: Yadarisa, Shinjini Organizations: Bp, Energy, BP, Financial Times, BP's, Fund, Pension Insurance Corporation, RSA Group, Thomson Locations: Bengaluru, Shadia, London

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

July 6 (Reuters) - Global tech investor Insight Partners has raised $118 million in its second 20/20 Vision Capital fund that aims to invest in venture capital funds led by diverse managers, the firm told Reuters. This new fund expands a strategy Insights first started in 2020, after its own employees pledged $15 million of their personal capital to diverse early-stage fund managers. The environment is especially challenging for first-time fund managers. Funds including Ansa Capital Management, Hannah Grey Ventures, and Wischoff Ventures have already received backing from the Vision Capital II. Richard Wells, Managing Director at Insight Partners, said it's too early to measure fund I returns, as seed investment is a long-term game.

Persons: Dionne Chingkoe, Hannah Grey, Richard Wells, it's, Wells, Krystal Hu, Chizu Organizations: Global, Partners, Vision Capital, Reuters, Vision, Insight Partners, Investment Management Board, Pennsylvania Public School, New, The, Ansa Capital Management, Hannah Grey Ventures, Wischoff Ventures, ”, Thomson Locations: Massachusetts, New York, The U.S

☆ Opinion | America Is Living on Borrowed Money
▼ + stars: | 2023-07-05 | by ( The Editorial Board | ) www.nytimes.com time to read: +2 min

Every time they have had the opportunity in recent decades, they have passed tax cuts that force the government to borrow more money. The debt ceiling is part of the problem. It was never intended to limit the federal debt. A first step in resetting the conversation is to eliminate the debt ceiling before its next scheduled appearance in 2025. Democrats must recognize that changes to Social Security and Medicare, the major drivers of federal spending growth going forward, should be on the table.

Persons: They’ve, Biden Organizations: Republicans, Social Security Locations: Boston

Seoul, South Korea CNN —South Korea is getting older – and its care facilities are changing to match. Elderly facilities include senior care homes, specialized hospitals, and welfare agencies that help the elderly navigate social services or protections. The shift illustrates a years-long problem South Korea has thus far failed to reverse. Young students pictured in Seoul, South Korea, on November 23, 2021. The rapid rise in elderly facilities in recent years may help alleviate some of these problems.

Persons: ’, Young, Anthony Wallace, Yoon Suk Yeol, Yonhap, Ed Jones, hobbling, – Organizations: South Korea CNN, Getty, South, OECD, Economic Co Locations: Seoul, South Korea, Korea, AFP, Daejeon, Japan, “

☆ Meet a millennial who makes up to 6 figures doing blue collar work after ditching law school during the Great Recession: 'We've always had that middle-class-life dream'
▼ + stars: | 2023-07-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

During the Great Recession, Doug saw a similar situation and decided to forgo law school. For Doug, blue-collar work has meant consistently high pay and the ability to buy a house. "I was trying to save up money to go to law school," he said. You're going to college, and then you're going to get a job and an office somewhere doing the thing. Have you made the shift to blue-collar work, or are you thinking about it?

Persons: Doug, —, Doug —, he'd, Z, we've, We've, it's, you'll, I'm Organizations: Service, Toyota, Marine, Coast Guard Locations: Deloitte's

☆ Sri Lanka parliament approves domestic debt restructuring plan
▼ + stars: | 2023-07-01 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, July 1 (Reuters) - Sri Lanka's parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF). To put its debt on a sustainable footing and pass an IMF review, Sri Lanka unveiled a much-anticipated domestic debt restructuring framework last Thursday that seeks to rework part of the island nation's $42 billion domestic debt. "This debt restructuring plan is essential for Sri Lanka to meet the target set by the IMF agreement to reduce debt from the current 128% of GDP to 95% of GDP by 2023," State Minister of Finance Shehan Semasinghe told parliament. Implementing the domestic debt plan is also crucial to push forward negotiations with bondholders and key bilateral creditors China, Japan and India. Sri Lanka aims to finalise debt restructuring talks by September.

Persons: Finance Shehan Semasinghe, Sajith Premadasa, Shivangi Acharya, Andrew Cawthorne Organizations: International Monetary Fund, Sri, Finance, Thomson Locations: COLOMBO, Sri Lanka, China, Japan, India, New Delhi

☆ While investors can't expect a deal like former baseball star Bobby Bonilla, they can use an annuity to create a stream of income in retirement
▼ + stars: | 2023-07-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Infielder Bobby Bonilla of the MLB's New York Mets at a game against the Los Angeles Dodgers at Dodger Stadium, July 25, 1993. Stephen Dunn | Getty Images Sport | Getty ImagesFormer Major League Baseball player Bobby Bonilla collects a $1,193,248.20 check from the New York Mets every July 1, and he'll continue to do so until 2035. In fact, ever since, July 1 has been known as Bobby Bonilla Day. Annuities provide a guaranteed stream of incomeAn annuity is a lump sum of money, often taken out of a retirement plan, which is converted into a future stream of income, or annuitized. The allure for investors is a guaranteed stream of income, much similar to Social Security or pensions.

Persons: Bobby Bonilla, Stephen Dunn, hasn't, Bonilla, they've, Louis Barajas, Limra, Barajas Organizations: New York Mets, Los Angeles Dodgers, Dodger, Getty, Major League Baseball, Mets, International Private Wealth, CNBC's, Finance, Social Security, ., Barajas, American Council of Locations: Irvine , California, Barajas

☆ Analysis: Dutch pension fund reform spells investment rethink
▼ + stars: | 2023-06-30 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

The idea is that pension funds will allocate more risk to younger cohorts and less to those nearer retirement. The new rules also mean pension funds can be less strict in protecting against swings in interest rates and exchange rates using derivatives like swaps. Commerzbank expects a "seismic" change to the market, where Dutch pension funds are key players. Pension funds are surveying their members to understand how much risk different age groups are willing to take. Ultimately, interest rates determine how much risk pension funds need to take to generate future payments.

Persons: Eva Plevier, Wim Barentsen, Frank Vinke, Vinke, Jaap Teerhuis, Commerzbank, Onno Steenbeek, PGGM's Vinke, Achmea's, Gerard Moerman, Yoruk Bahceli, Dhara Ranasinghe, Catherine Evans Organizations: REUTERS, ABN AMRO, European, Achmea Investment Management, European Central Bank, Asset Management, Reuters Graphics, Aegon Asset Management, Thomson Locations: Amsterdam, Netherlands, AMSTERDAM

☆ $104,400 classes as a 'low' income for a single-person household in San Francisco, California's housing department says
▼ + stars: | 2023-06-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

$104,400 is a "low" income in San Francisco County, according to California's housing department. Such a salary classes as a "low'" income in San Francisco County, according to California's Department of Housing and Community Development. In San Francisco County, the median income for a one-person household is listed as $122,500, per California's housing department. Making $18,400 a year is an "acutely low" income, $39,150 is "extremely low," $65,350 is "very low," and $104,400 is "low." Marin County, which is directly north of San Francisco County, and San Mateo County, to the south, both have the same income limits.

Persons: — Organizations: Service, California's Department of Housing, Community, Fox Business, US Department of Housing, Urban, Survey, Stanford University, San, US Bureau of Labor Statistics, Census Locations: San Francisco County, Mississippi, San Francisco, Marin County, San Mateo County, Santa Clara, Jose, Google's, Palo Alto, New York City, Jersey City, San Francisco's

☆ Thames Water's turnaround plan backed by investor USS
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 30 (Reuters) - Universities Superannuation Scheme (USS), one of the largest investors in Thames Water, has given its support to Britain’s biggest water supplier after the abrupt departure of its CEO raised concerns about its viability. The British government is considering temporary state ownership of the company, which supplies a quarter of British households, if it cannot raise more funds to drive its turnaround. “We have given our backing to Thames Water’s turnaround plan and Net Zero roadmap and engage with them regularly to support their long-term strategy,” USS group CEO Bill Galvin said on Friday in a note to its sponsoring employers. Thames Water is struggling with 14 billion pounds ($17.8 billion) of debt and has failed to meet customer and environmental targets, including stemming the flow of raw sewage into rivers. ($1 = 0.7876 pounds)Reporting by Carolyn Cohn; Writing by James Davey; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Galvin, ”, USS’s Galvin, Carolyn Cohn, James Davey, Daniel Wallis Organizations: Thames, System, China Investment Corp, Thomson Locations: Thames, Ontario

The exemption is allowed so long as Super PACs stay independent of the campaign they are supporting. This year's record spending by outside groups has been fueled in part by massive transfers by political groups tied to the candidates. "We've never had anything quite like this before in campaign finance," said Saurav Ghosh, a lawyer at the Campaign Legal Center. 'DISASSOCIATED'The Trump and DeSantis campaigns did not respond to requests for comment, but both Super PACs said the transfers were legal. "Campaign Legal Center is a fringe leftist organization that exists to file frivolous complaints," said MAGA Inc spokesperson Alex Pfeiffer.

Persons: Donald Trump, Ron DeSantis, Trump, DeSantis, MAGA, Stuart McPhail, We've, Saurav Ghosh, Alex Pfeiffer, Trevor Potter, John McCain, McPhail, Jason Lange, Nathan Layne, James Oliphant, Scott Malone, Suzanne Goldenberg Organizations: Florida, Republican, Inc, Federal, Commission, MAGA Inc, Citizens, MAGA, Republicans, Democrats, Social Security, Trump, DeSantis, Super PAC, Thomson Locations: Florida, Washington, Wilton , Connecticut

The Supreme Court ruled on Friday to strike down President Joe Biden's student-loan-forgiveness plan. Republicans, who had said the plan was unfair and unconstitutional, immediately celebrated. Republican lawmakers — many of whom had been outspoken critics of the plan — were happy to see it. Rep. Virginia Foxx, the GOP chair of the Education and Workforce Committee and an outspoken opponent of Biden's plan, wished "good riddance" to Biden's "illegal, economically disastrous taxpayer-funded bailout for the wealthy." Other Republicans took aim at the plan's constitutionality and claims that the relief was unfair, talking points that the GOP seized upon after Biden first introduced the plan.

Persons: Joe Biden's, —, Bill Cassidy, Cassidy, Brown, Biden, Virginia Foxx, Biden's, Foxx, Kevin McCarthy, Nancy Pelosi's, McCarthy, Rep, Pfluger, John Thune, Thune, Eric Schmitt, shouldn't, Schmitt Organizations: Republicans, Service, Republican, Health, Education, Labor, Pensions, Biden, US Department of Education, . Nebraska, GOP, MOHELA, Workforce Committee, Twitter, White Locations: ., Rep, Texas, South Dakota, Missouri

☆ One in seven Britons faced hunger in 2022, says food bank charity
▼ + stars: | 2023-06-28 | by ( James Davey | ) www.reuters.com time to read: +3 min

REUTERS/Peter NichollsSummarySummary Companies 11.3 mln Britons faced hunger in 20223 mln food parcels provided by Trussell Trust in 2022/23 yearIneffective social security system blamedLONDON, June 28 (Reuters) - One in seven people in the United Kingdom faced hunger last year because they did not have enough money, according to a report published on Wednesday by food bank charity the Trussell Trust. Government forecasters estimate UK households are in the midst of the biggest two-year squeeze in living standards since comparable records started in the 1950s. "This consistent upward trajectory exposes that it is weaknesses in the social security system that are driving food bank need, rather than just the pandemic or cost of living crisis," it said. The charity said that 7% of the UK population was supported by charitable food support, including food banks, yet 71% of people facing hunger had not yet accessed any form of charitable food support. Soaring food prices have contributed to the biggest squeeze on living standards in Britain since records began in the 1950s, and prompted questions about who is responsible.

Persons: Jerald, Aryee, Daniel Kennett, Brown, Peter Nicholls, Rishi Sunak's, they've, James Davey, Aurora Ellis Organizations: Volunteers, REUTERS, Trussell Trust, LONDON, Trussell, Department for Work, Soaring, Trade, Thomson Locations: Greenwich, London, Britain, United Kingdom, Scotland

☆ Your employer may be quiet quitting on you
▼ + stars: | 2023-06-27 | by ( Aki Ito | ) www.businessinsider.com time to read: +9 min

Some bemoaned it as quiet quitting; others celebrated it as a much-needed correction to the toxic demands of hustle culture. But employees, it turns out, aren't the only ones distancing themselves from the office: Employers are quiet quitting on the whole idea of traditional full-time employment. If workers are going to be remote, the thinking seems to go, why not get the cheapest remote workers available? That ruled out contractors, because contractors work remotely. And that could be a huge problem for everyone, given America's insistence on tying basic benefits to full-time employment.

Persons: Nicholas Bloom, Slack, they're, —, Gen Zers, It's, Bloom, they'll, Jessica Schultz, she's, Schultz, They're, it's, Liz Wilke, Aki Ito Organizations: Atlanta Fed, Stanford University, McKinsey Locations: American

☆ Republican senator challenges Teamster president to a 'MMA fight for charity' after the union boss told him 'you know where to find me
▼ + stars: | 2023-06-26 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

GOP Sen. Markwayne Mullin challenged a union boss to a MMA fight for charity. "An attention-seeking union Teamster boss is trying to be punchy after our Senate hearing. MMA fight for charity of our choice," Mullin wrote on his official Twitter account. An attention-seeking union Teamster boss is trying to be punchy after our Senate hearing. MMA fight for charity of our choice.

Persons: Sen, Markwayne Mullin, Sean O'Brien, O'Brien, Mullin, —, Republican Sen, — Markwayne Mullin, James P, Hoffa, Jimmy Hoffa, Michael Avenatti, Avenatti, Stormy Daniels, Donald Trump Jr, Bernie Sanders, Sanders Organizations: Service, Republican, Oklahoma, Monday, Teamster Union, National Wrestling Hall of Fame, Teamsters, Health, Education, Labor, Pensions, Tulsa World Locations: Tulsa, Tulsa , Oklahoma, Oklahoma

☆ $1.27 million is the magic number for retirement, Americans say. The average person has just 7% of that saved.
▼ + stars: | 2023-06-25 | by ( Aaron Mcdade | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Americans on average have saved a fraction of what they think they'll need to "retire comfortably." A new study from Northwestern Mutual found that many age groups think they'll need over $1 million. People have saved 3% to 12% of their retirement goal, depending on which age group you look at. "At the end of the day, the 'magic number' for retirement savings and retirement age are personal for each of us," Kyle Menke, CEO of Menke Financial, a Northwestern Mutual firm, told Insider in an email. "It's clear that rising prices are impacting people's expectations for retirement savings," Menke said.

Persons: —, Kyle Menke, Menke, Gen Z, Xers, you've, they're, Gen X Organizations: Northwestern Mutual, Service, Privacy, Northwestern, Menke, of Labor Statistics

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