Daily Money - What’s Behind the Great Boomer Exodus?

The wealthiest American demographic is heading overseas
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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July 9, 2024
Retire with Money

Fortune reported this week that “boomers are leaving America to retire abroad in droves because the U.S. is just too expensive.” The story noted that a growing number of older adults are now living in poverty, and the average monthly Social Security payment of $1,900 for retirees is making it increasingly difficult to afford life stateside.  

And while that might not surprise many people who live in this country, it gave me pause because boomers are the demographic with the highest average net worth in the U.S.:

  • Under 35: $183,500

  • Ages 35 to 44: $549,600

  • Ages 45 to 54: $975,800

  • Ages 55 to 64: $1,566,900

  • Ages 65 to 74: $1,794,600

  • Over 75: $1,624,100

If the most well-off age cohort can’t afford their everyday expenses, where does that leave the rest of us? It turns out that more people should be paying attention to the retirement struggles of older generations. And if they want to avoid the same fate, they may need to save significantly more with the understanding that Social Security alone isn’t going to cut it.   

— Jordan Chussler, investing and banking editor

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Stat of the Week: 60%
Savings
Rangely Garcia for Money 
Money; Getty Images; Shutterstock

July is historically one of the best months of the year for the stock market. Since 1928, July has finished in the black 60% of the time while posting an average return of 1.7% for investors. This year, however, July could buck that trend. Despite the S&P 500 being up 1.75% so far this month, concerns about stock overvaluation and Big Tech market concentration linger… and a summer sell-off could be in store. 

Money Move of the Week
Diversify your portfolio with a gold IRA
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Worried about market swings eroding your retirement savings? A gold IRA can be a valuable tool to help you weather economic storms. It can both diversify your portfolio and offer potential protection against inflation. With some experts predicting a gold price rise this year, now might be a good time to consider this option. 

View our list of top-rated gold IRA providers and fortify your retirement strategy today.

The information provided in this email is for educational purposes only and is not intended as investment or financial advice.

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