How We Save for Retirement Has Changed Radically

Also: Inflation Isn't the Only Reason Your Turkey Will Cost More This Thanksgiving
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
November 1, 2022
Retire with Money

It’s a very different world from 1972.

We’ve just started putting classic issues of Money online, and it’s eye-popping to see how a half-century changed how we talk about, think about and write about money.

For instance, saving for retirement. In the now long-gone On the Job column, that first issue addressed employee benefits — and retirement was barely mentioned. The article discussed flexible benefits plans, still called cafeteria plans. (That’s where your flex spending, dental or vision plan comes from.) Companies were starting to tinker with letting employees decide if they wanted more of one benefit (like life insurance) over another (like vacation pay). Retirement was mentioned just twice, including when one executive called retirement pay “too important to be juggled around.” (We think he meant it was too important to cut back on, and boy, is that still true.)

At the time, the retirement plan options were limited to pension plans and deferred-compensation arrangements (similar to 401(k)s but they were not an institutionalized plan offered by financial services providers). Individual retirement accounts (IRAs) didn’t come into existence until 1974. The game-changing 401(k) plan was created in 1978.

Take a spin through more classic Money stories here.


Saving for retirement: getting harder

Saving

Inflation + saving for retirement is a hard equation for some people. More than half of Americans (54%) have cut back on retirement contributions or stopped saving altogether, amid higher prices, an Allianz survey found. 

The hit to retirement savings varies by demographic:

  • Millennials (65%)
  • Gen Xers (59%)
  • Baby boomers (40%) 

Read our reporter Mary Ellen Cagnassola’s story about the impact of inflation on retirement planning.

— Jill Cornfield, deputy editor

P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.

 

Timely Retirement News, Insights and Advice

 

Cooking Thanksgiving dinner will be more expensive this year thanks to inflation — but the traditional main course has soared in price for another reason. Turkey production is down significantly because the industry is dealing with what could soon become the worst year ever of avian flu outbreaks for poultry.

 

High food prices are no joke. To save money on groceries, our editor Julia Glum learns to shop smarter and win at meal-planning. She learns the importance of lists, how to shop the sales and that you don’t have to live on ramen (unless you want to).

 

Between a looming recession in Europe, the ongoing war in Ukraine, major losses in China's stock market and the lingering effects of the pandemic on the world's supply chain, it's no wonder international assets are struggling right now. Despite that lackluster performance, you should probably be investing overseas anyway.

 

Has the stock market finally hit a bottom? After falling into a bear market in June and plunging again after a summer rally, the S&P 500 index has ticked up around 5% over the last month.
That positive performance has some wondering whether stocks are finally on the upswing for good or if investors should brace for this being another temporary bear market rally.

 

Sign up for Money Moves

 

Money Moves
Sam Sharf
Every Saturday, Money real estate editor Sam Sharf dives deep into the world of real estate, offering a fresh take on the latest housing news for homeowners, buyers and daydreamers alike.

Subscribe here

 

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US NEWS & WORLD REPORT
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Access our vault for free ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Issue #166: Don’t borrow trouble — or money, if you’re the government

Wednesday, October 26, 2022

plus a CDMX soundscape + Timmy ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Save More for Retirement in 2023 — the IRS Raises the Limit

Tuesday, October 25, 2022

Also: Inflation's Impact on the Holiday Season: High Spending, Fewer Gifts ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

On CDs — and not the Jonas Brothers kind

Wednesday, October 19, 2022

plus the pickleball boom + Cookie Monster facts ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

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