Hive and Honey Wealth’s Post

This right here is why we all do what we do! With high inflation the past few years, I don't know how retirees can make it on less than $30,000 a year income. How can the retirement plan industry make a bigger impact and get Americans more retirement ready? Do you agree with Bernie Sanders that we just need to beef up Social Security payments? Or should the government automatically set up retirement savings accounts for Americans? Or should employer sponsored plans be set up to be more proactive with automatic enrollment and automatic increase? Would love to hear what others think is the best solution for retirement readiness! #401k #retirementplans #retirementreadiness https://bit.ly/3wHIlWW

I found several facts in this article interesting: 1. US Adults estimate they will need $1.5 million to retire comfortably, up 15% from last year. 2. Average retirement savings decreased to $88,400 this year, after a positive stock market performance in 2023. 3. (Good News) Gen Z is beginning savings for retirement at age 22, earlier than any other generation. Millenials are starting at 27, and Gen X is starting at 31. 4. Only 3 in 10 Americans have a tax minimization strategy for their retirement savings. You don't need to do this on your own. Ask for help. Many people spend as many year, or more, in retirement, than they did working. Do go in blind. https://lnkd.in/eRQBMRVd

According to this Gallup study, many Americans are pleasantly surprised in retirement to find themselves more financially comfortable than they anticipated - though there are some interesting insights for my friends in the #annuity business here. The insight from Gallup shows that a higher percentage of retirees find themselves relying upon Social Security for their income - despite having other resources available. I think that speaks to fear - a well-founded fear of outliving their assets - which is why pre-retiree expectations were that 50% of their income would come from their 401(k) / IRA or retirement savings account, and the reality is that only 29% is. The contrast between expectation and reality there, logically, seems rooted in that fear of tapping their accounts. That fear also seems like it could be naturally assuaged with solutions like guaranteed income riders on annuities, or lifetime income annuities to provide stable monthly income that may outweigh that natural fear of outliving assets. As always - #longtermcare should be accounted for in the client's longevity planning. #retirement #financialplanning #fearofrunningoutofmoney

Americans Believe $1.46 Million Needed for Comfortable Retirement, But Savings Fall Short According to a study, by Northwestern Mutual Americans think they require $1.46 million for a retirement, which's a 53% rise from the previous year. Yet the average retirement savings is $88,400 indicating a deficit. Reasons for this shortfall include the decrease in pension plans and limited engagement, in 401(k) plans. The research stresses the significance of starting to save regularly making use of employer provided retirement schemes and consulting experts to meet retirement objectives.

1 in 5 adults ages 50+ have no retirement savings, and more than half are worried they will not have enough money to support them in retirement, according to a new AARP survey. The study reflects concerns amid a shaky economy, high prices and an uncertain future. #oakwoodwealthpartners #retirementplanning #financialplanning

Amanda Umpierrez, Managing Editor for 401(k) Specialist Magazine reports that a new survey of over 2,000 investors just released by Nationwide's Advisor Authority finds that more than half (61%) hold different expectations for their retirement compared to five years ago. The latest findings shows that nearly half of respondents say their retirement dreams have been delayed, altered, or canceled because of changing markets in the last years. Moreover, the rising “magic number” of needing $1.46 million to retire has left some feeling hopeless about affording their later years. According to the findings, 42% of respondents measure needing between $1 million and $2 million to retire, and 18% seek over $2 million to retire comfortably.  There's more here: https://lnkd.in/eAbpeGG3 #nationwide #401k #retire #retirementplan

Interesting data from a survey on retirement. $1.46M is the new target for retirement funds Some respondents said that their number was a guesstimate Average retirement savings is $88K I still think Grandma's advice still holds a lot of weight. -Live on less than you make -Start saving early and be consistent -Avoid debt For those in my network that are retired or close to it; what have been your keys to success? https://lnkd.in/epxBAJbz

1 in 5 adults ages 50+ have no retirement savings, and more than half are worried they will not have enough money to support them in retirement, according to a new AARP survey. The study reflects concerns amid a shaky economy, high prices and an uncertain future. #oakwoodwealthpartners #retirementplanning #financialplanning

Despite aspirations of celebrating a 100th birthday, only 26% of Americans believe they will have to work past age 70, according to the Corebridge Financial and The Longevity Project study, which included a survey of 2,284 U.S. adults. Four in 10 respondents said they plan to retire between ages 65 and 69. More than one-fifth (22%) expect to retire between ages 62 and 64, while 12% plan to retire between 50 and 61. “Balancing the age you want to retire with your financial situation can be challenging,” Brian Pinsky, Corebridge’s president of Individual Retirement, said in a March 12 press release. “Individuals need the right financial strategies and solutions to help ensure they can pursue quality of life without outliving their money.” Here are three of the main retirement concerns cited by Corebridge survey participants: https://lnkd.in/d5Z896N4 #retirement #longevity #401k #retirementplanning

If you’ve got nothing saved for retirement, you’re not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. Another 33% have less than $50,000 saved. If you fall into either category and you’re approaching retirement age, it may be time to start preparing to live on a smaller budget after you stop working, says retirement expert Anne Lester. Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.