Consumer Reports Finds New Rules, Tools, and Attitudes for the Retirement Reality of Every Generation
Retirement planning rules have changed for people of all ages, but it's never too late to pivot to a new approach or too early to start planning for the future, finds Consumer Reports in its latest look at "The New Retirement," in the nonprofit organization's
In its story, CR takes a thorough look at the new forces that are altering the traditional approach to retirement planning for consumers. The new reality of retirement shows that 401(k) plans are getting better, retirement advice is getting more reliable, savers can essentially design their own pension through an immediate annuity that guarantees cash flow, and those applying for
"If you were young and working during the '60s, '70s, or early '80s, you probably thought your own retirement would be the traditional life-of-leisure kind, but the era of the golden-watch goodbye is clearly a thing of the past," says
For new strategies and tools to reroute retirement plans, read "The New Retirement" story available on CR.org, or on newsstands in the
Consumer Reports finds that the Great Recession disproportionately affected Baby Boomers, sending many into early retirement without sufficient funds, or pushing them to work longer than originally planned. A recent survey by the
CR reports that Generation Xers (born between 1965 and 1981) are faced with financing their children's education and paying off mortgages but still have time to ramp up savings before retirement. If they're 50 or older, they can take advantage of catch-up provisions that let them contribute up to
The Silent Generation (born before 1946) are for the most part well into retirement, but have faced an unprecedented spell of near-zero interest rates that has eroded the earning power of fixed income securities. In addition, CR's recent survey shows that a quarter of retired CR subscribers said their retirement expenses were higher in their first year of retirement than they'd planned for; 45 percent said their healthcare costs were higher than anticipated. Those concerned about running out of money may want to consider a new, counter-intuitive solution that prescribes investing more heavily in stocks as they age, CR reports.
Millennials may have already taken a lesson from the retirement challenges that the previous generations face. The CR story cites a recent survey by the
"Millennials with access to employer-based retirement accounts are beginning to save earlier in their lives than other generations did," Stanger says. "If more of this generation is offered access to such plans, they actually may face an easier time in retirement than their parents."
Regardless of the generation bracket, these websites help see where to start strategizing for the future: SSA.GOV (
The complete article, including more tools and a full breakdown of generational challenges, advantages, and strategies for retirement is available at CR.org, or on newsstands in the
About Consumer Reports
Consumer Reports is the world's largest and most trusted nonprofit, consumer organization working to improve the lives of consumers by driving marketplace change. Founded in 1936, Consumer Reports has achieved substantial gains for consumers on health reform, food and product safety, financial reform, and other issues. The organization has advanced important policies to cut hospital-acquired infections, prohibit predatory lending practices and combat dangerous toxins in food. Consumer Reports tests and rates thousands of products and services in its 50-plus labs, state-of-the-art auto test center and consumer research center.
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Read the full story at http://www.prweb.com/releases/2016/11/prweb13870735.htm
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