People hope to work later in life. Here's the reality: Retirement Scan
People hope to work later in life. Here’s the reality
Several studies have found that many workers intend to continue working past their retirement age, according to this article on The Wall Street Journal. However, findings from a Gallup survey show that the average retirement age is 61, with only 4% of seniors working until the age of 70 or older. A survey by the Federal Reserve also found that only 7% of retirees claimed that they received income from a job.
'Age in place': How self-driving cars will transform retirement
The number of senior population is expected to increase in the coming years, and they are likely to stay in their own home as autonomous vehicles will help enable them to live independently, according to this article on Yahoo Finance. “The aging of the population converging with autonomous vehicles might close the coming mobility gap for an aging society,” says an expert with the Massachusetts Institute for Technology AgeLab.
5 times you don’t need to give out your Social Security number
Workers are not required to provide their Social Security number to the company before getting hired, according to this article on Yahoo Finance. Clients also don't need to submit their Social Security number to their doctor and the school or university that they are attending. They should also avoid showing their Social Security number at grocery stores, pharmacies and other retailers, or disclosing the number when booking travel.
How far $1 million goes in every state
Amassing $1 million for retirement is a good savings goal, but the amount's worth varies depending on the location and may not be sufficient if they live in certain states, according to this article on CNBC. For example, $1 million in retirement savings will last nearly 12 years in Hawaii, while the same amount will last 16 years and five months in California. "It's the benchmark everyone has in mind but it's important to be more specific, there's so much range across different states. Your personal situation plays a big role," says an expert with GOBankingRates.
Love those high stock prices? They could reduce your future retirement income
Similar to past studies by experts with Morningstar and the American College of Financial Services, a new paper shows that the bull market in recent years could lead to lower returns in the future, according to this article on Money. This would have serious implications to future retirees' withdrawal strategies, says Newfound Research's Justin Sibears who wrote the paper. "[R]etirement withdrawal rates that were once safe may now deliver success rates that are no better—or even worse—than a coin flip."