Thirty-year-old Jason Fieber says he has saved $100,000 in three years even though his annual net income is $50,000. His goal: retire by age 40. USA Today reports.
What areas have residents who are the best prepared for retirement? The Ameriprise Financial planning company put together the New Retirement Mindscape City Pulse index. Here they are, ranked by the confidence level of residents.
Baby boomers, with their inheritances, homes, and old-fashioned pensions, may appear to be on track for a solid retirement — but some experts say the forecast for the generation born from 1946 through 1964 isn’t necessarily so rosy.
Gen X is the first generation to deal with the changing models of American retirement—and its members are flustered. The generation once called “slackers” has been true to form with retirement planning.
The financial hurdles of student loans, a weak housing market, and high unemployment are shaping this generation’s savings rate, with no end-date guarantee.
Baby boomers could stand to inherit more than $8 trillion in a transfer of wealth from their parents and, according to one estimate, more than a quarter of that money has already been doled out.
"Delaying retirement leaves a worker with fewer years of retirement to finance, more time to save and earn returns, and higher Social Security benefits," says one financial planner.