Sunday, October 25, 2020
Sunday, October 11, 2020
Article Summary from MarketWatch- Opinion: Half of Americans over 55 may retire poor
Article Key Points:
· Over half of Americans over 55 may retire in poverty
· Poverty is defined as having to live on less than $20,000 a year.
· Loss of job due to COVID and an inability to get it back; many job losses are permanent
· No employer contributions to 401K's
· Inability to save due to the impacts of job loss and having to tap into savings to survive
· Most vulnerable population are those who lose their jobs in their 50s, and unable to access Social Security or Medicare benefits
Mitigation Strategies mentioned:
· Create a six-month emergency fund
· Make full contributions to 401K, even if you do not get a match
· Teresa Ghilarducci, expert on retirement, of The New School based in New York
o For additional information from your local library or Amazon; here are some of Ms Ghilarducci's books
§ https://amzn.to/3dpxLWP ; Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans (Columbia Business School Publishing) Hardcover – Illustrated, January 23, 2018
§ https://amzn.to/36VJ1c8 ; How to Retire with Enough Money: And How to Know What Enough Is
Date of Post: 11Oct20
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