Working longer may no longer be an option for Americans who didn't save enough (#366)

Financial Advisors Say The Darndest Things

In this episode, host A.B. Ridgeway discusses a common misconception about retirement: the idea that if you haven't saved enough, you can simply work longer. Featuring insights from economist Teresa Ghilarducci, A.B. Ridgeway challenges this notion and breaks down the harsh realities that many retirees face when trying to extend their working years. From the uneven distribution of longevity gains to the fallacy that all Americans can continue working well into their older years, this episode tackles one of the most critical financial issues today.

Key Takeaways:

1. Working longer isn’t always an option: Many people assume they can just continue working if they haven't saved enough for retirement, but job loss, health issues, or caregiving responsibilities often prevent this.
2. The wealthy live longer: Longevity gains are primarily enjoyed by wealthier individuals who have the resources to invest in their health, leaving the less wealthy with fewer options and more health-related retirement challenges.
3. 401k and savings systems need improvement: Although tools like the 401k have been available for decades, many Americans still don’t save enough for retirement. A bold reform in retirement savings plans may be necessary to secure future financial stability.

Top 3 Quotes:

1. "Not everybody is living longer. The longevity gains over the past 40 years have mainly gone to the wealthiest Americans."
2. "Half the people who are retired say that they didn’t retire—they were retired. They were pushed out of their jobs due to layoffs, health issues, or caregiving responsibilities."
3. "The 401k system just doesn’t cut it. After 40 years, only half of the workforce is participating in a 401k plan at any one point in time."

Tune in to this episode for a deeper understanding of why working longer might not be the safety net many believe it to be, and how you can better prepare for retirement.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.