Senior Spotlight: 3 Retirement Reads
No one size retirement plan fits all - here are a few strategies that have been in the news.
Retirement planning is an important part of your financial strategy at any age. As we scoured the headlines for the latest news for you, we noticed a trend in major media publications providing updates on how Baby Boomers are facing retirement and how Millennials are planning for it. We have listed 3 recent reads below that provide some interesting insights and stats as to how Americans plan to fund their later life years. As always, please note that this article is not intended as guidance – but encouragement to obtain strategic support from a credentialed and trusted financial advisor.
Millennials Save for Retirement Years Earlier Than Boomers — Because They Have To / Bloomberg
Key Take-A-Ways: "Millennials…started saving for retirement — stuffing away money in 401(k)-type accounts — nine years earlier than their baby boomer parents did, according to a new study; Despite their efforts to put money aside early, many millennials worry that they won't actually be able to retire, and their view of what retirement means is also much different than boomers."
Average Retirement Savings for Baby Boomers / Yahoo! Finance
Key Take-A-Ways: "According to the Transamerica Center for Retirement Studies, the estimated median retirement savings for Baby Boomer is $202,000. With expected retirement income from pensions, many Boomers didn't feel the need to save as much as succeeding generations."
15 Ways Baby Boomers Will Support Themselves Once They Can No Longer Work / MoneyTalksNews
Key Take-A-Ways: The diverse methods of planning for retirement shown here range from planning on family support to cryptocurrency to cash value life insurance plans, bonds and even counting on inheritance. For each retirement strategy, the article provides a percentage of those polled who plan to use that asset.
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Bobbi Decker
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