Try this on for size. Americans say they’re less likely to work into their 60s. That’s according to new data from the New York Federal Reserve.“The average expected likelihood of working beyond age 62 ticked down to 50.1%, from 51.9% in July 2020, the lowest reading since the start of the series in March 2014,” according to the press release. “The average expected likelihood of working beyond age 67 also declined to 32.4% from 34.1% in July 2020.
Workers who lost jobs, or took voluntary early retirement packages, may opt to step away from the hassle of trying to battle the ageism and rejection that come from job hunting at this stage in their career. If they were lucky enough to have tax-deferred retirement accounts, the run up in the markets certainly has been a sweetener for the pot and makes that decision much easier.
I had the opportunity to chat about this new report on Wisconsin Public Radio last week with host Rob Ferrett. And boy did we get a lot of call-ins. For more than a decade, I have been concerned, speaking and writing about the looming elder poverty crisis in this country. That crisis is emerging as baby boomers retire and are faced with longevity without the savings to finance the years ahead and medical costs, in particular, at the end of life.
And there are more nuances as well when you drill down. The amount you need will depend on which accounts you use to pay for healthcare—a 401, a Health Savings Account , which permits tax-free spending on healthcare in retirement, an IRA, or taxable accounts; your tax rates in retirement and other factors.
AYA fintech network platform provides proprietary alpha stock signals and personal finance tools for U.S. stock market investors.
Actually, personal savings rate was the highest it’s ever been in 2020.
this is terrible news
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Mirror Celeb - 🏆 476. / 51 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: seventeen - 🏆 412. / 53 Read more »
Enough of the games: we should all be working from home for goodOpinion | It's never been more clear: companies should give up on back to office and let us all work remotely, permanently. By jjchow. jjchow Well work is a place to socialize. Socialization without contact in person is poor. jjchow Completely disagree jjchow Question: what will happen to commercial spaces? Will realtors turn them into residential areas?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: TeenVogue - 🏆 481. / 51 Read more »
We're watching the implosion of the Supreme Court in real timeInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. MichaelGordonUS good MichaelGordonUS Just won this fire NFT from Santa_NFTs. The art style is crazy🔥💸 MichaelGordonUS Where are the black people to represent us? White supremacy much...!
Source: BusinessInsider - 🏆 729. / 51 Read more »