The Retirement Crisis: Real or Phony? (with Michael and Josh)
Two dueling versions of the looming retirement crisis that affects millennials, Gen Xers and Boomers in various ways. Mary Childs wrote that the shortfall is actually worse than we all think. For example:\nThe average saver puts 6.8% of their annual income into their workplace retirement plan...\nBoomers are saving 8.5% of their annual income, while Gen X workers save 7.4%. Millennials are saving just 5.7% because many of them are more focused on paying down debt, starting a family and buying their first home. Okay, so far this makes sense.\nBut according to the article, "Two-thirds still factor in income from Social Security, in addition to what they\u2019re saving for retirement personally, the survey found. But 42% don\u2019t even believe those benefits will be available to them when the time comes. What\u2019s worse, 27% of American workers have already borrowed against their workplace retirement plan, and 27% have accepted penalties to pull money out."\nEnable our Alexa skill here - "Alexa, play the Compound show!"\nhttps://www.amazon.com/Ritholtz-Wealth-Management-LLC-Compound/dp/B07P777QBZ\nTalk to us about your portfolio or financial plan here:\nhttp://ritholtzwealth.com/\nObviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:\nhttps://thereformedbroker.com/terms-and-conditions/\n\xa0\nSubscribe to the mini podcast on iTunes or Spotify\nEnable our Alexa skill here - "Alexa, play the Compound show!"\n Hosted on Acast. See acast.com/privacy for more information.\nLearn more about your ad choices. Visit megaphone.fm/adchoices