Retirement Help in a World of Shaky Markets

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August 16, 2022

What’s your retirement number? That can mean some magic account balance you think will get you through your post-work years without stressing over every dinner out. Or it could mean the age you’ve targeted for stepping away from work.

For most people, that second number is rising. About 30 years ago, the average retirement age was 57, according to a Gallup poll. Since then, U.S. adults who are already retired are reporting their retirement age as 61. And for people who are still working, that age target has also inched up, from 60 in 1995, to 66 today.

People’s confidence in a comfortable retirement is also lower than it was a year ago, according to a Schwab survey of 401(k) participants. If you’re worried about having to retire later than you’d originally hoped, check out my story with tips from experts on how you can close in on a satisfying retirement.

— Jill Cornfield, deputy editor

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Timely Retirement News, Insights and Advice

Want a safe place to park savings that’s shielded from stock market volatility and rapidly spiking inflation? The federal government offers one of the most sought-after investments of 2022: the Series I Savings Bond, aka the I bond.

Are we in a recession? It depends who you ask. By one measure , the economy is shrinking. Gross domestic product — a statistic that experts use to measure economic output in the U.S. — fell at a rate of 0.9% last quarter, according to government data released last month. That follows a contraction of 1.6% in the first fiscal quarter.

Unlike traditional mortgages, reverse mortgages don’t require homeowners to make monthly payments. Instead, the borrower receives payment from the lender.

If you’re collecting Social Security benefits or will start soon, you might be cheering inflation on for the next few weeks. That’s because the U.S. government will use price data from July, August and September to calculate monthly benefits for next year. The higher inflation goes, the bigger the check will be.

Retirement News From Around the Web

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