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Average Retirement Savings

Average retirement savings don’t correspond with healthy retirement savings. Saving as much as possible, and wise investing is imperative.
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Are you on the path toward a comfortable retirement? In other words, are you saving enough for the time when you leave the workforce? Unfortunately, average retirement savings don’t correspond with healthy retirement savings. Fewer Americans receive a pension upon retirement. Increasingly, Americans are on their own when it comes to retirement savings. That’s why starting early, saving as much as possible and wise investing is imperative.

Average Retirement Savings by Age

Saving for retirement is a journey, not a sprint. It’s crucial to start saving early and contributing as much as possible to employer-sponsored retirement plans and other vehicles, such as IRAs.

Currently, millennials have an average retirement balance of $63,300. Of course, millennials range in age from 25 to 40, so older members of this cohort should have more money saved. Gen Xers, who are now 41 to 56, have average retirement savings of about $99,000. Baby boomers, that huge postwar generation whose sheer numbers influenced every segment of the economy, have average retirement savings of about $139,000. Boomers now range in age from 57 to 75.

Gen Z ranges in age from six to 24. Those who are just beginning their working lives have an impressive average retirement savings of $37,000. One reason is that employers are increasingly enrolling workers in 401(k)s and similar employer-sponsored retirement plans automatically. Rather than opt-in to a retirement plan, employees must specifically opt-out.

What is the Average Retirement Savings Upon Retirement?

The average retirement savings amount at age 65 is approximately $210,000, according to Vanguard. At the recommended 4 percent annual withdrawal rate, that’s just $8,400 a year, or $700 a month. With an average Social Security benefit of $1,657 per month, that’s a monthly income of $2,357.

The bad news is that a substantial number of those approaching retirement age have no retirement savings. Zip, zero, nada. In 2017, virtually half (49 percent) of adults aged 55 to 66 had no personal retirement savings. Since then, they’ve experienced a pandemic which likely made the situation worse. Older Americans with little in retirement savings may have been forced to retire if they lost their jobs due to COVID-19.

Exactly half of all women in this age group have no retirement savings. For men, the number is 47 percent. Marital status affects retirement savings. About 35 percent of those married once have no retirement savings, compared to 60 percent of the never married. Of those who married more than once, 40 percent have no retirement savings.

Those married once are not only the least likely to have no retirement savings. They are also more likely to have $100,000 or more in retirement savings compared to the never married and the multiply married.

How Much Should You Save for Retirement?

Workers should aim to save at least 15 percent of their income for retirement. While that’s a laudable goal, there’s no one-size-fits-all. Much depends on your individual circumstances. If you plan to work past the age at which you qualify for full Social Security benefits, that can affect your retirement savings plan. So can the possibility of a significant inheritance.

One caveat on that front: Never depend too much on receiving an inheritance. People do not die in the order in which you assume they might. Parents divorce or remarry. A serious illness or the need for long-term nursing home care can devastate even wealthy individuals. Then there’s the prospect of a family member just living a lot longer than expected. The number of centenarians is rising rapidly. That cuts two ways. You may not receive that planned inheritance until your own old age, and you could end up living a lot longer than you thought. You’ve got to save enough for retirement to take extreme old age into consideration, even if you don’t think it likely.

Another calculation recommends that by age 30, you should have the equivalent of your salary saved. By 40, you should have four times the amount of your salary saved. At 50, it’s six times and by 60, eight times. That means Gen X is not saving enough to meet retirement needs. Baby Boomers are faring even worse, and they have little or no time left to make a difference.

How to Save More for Retirement

If you’re concerned that you aren’t saving enough to enjoy a comfortable retirement, there are ways to remedy that. The IRS permits taxpayers to put up to $20,500 in their 401(k)s annually. The same holds true for those participating in other plans such as 403(b)s, the majority of 457 plans, and the federal government’s Thrift Savings Plan. Saving that much money may not prove realistic. However, by increasing your contribution amount by just 1 percentage point, you can reap the benefits over time.

In addition, consider funding an IRA. That’s a must if you are self-employed or not covered by an employer-sponsored account. Even if you are covered by a workplace plan and can’t deduct your IRA contributions, they still grow tax-deferred in a traditional IRA. Roth IRA contributions are not deductible, but qualified distributions are tax-free. If under 50, you can contribute up to $6,000 annually to an IRA. After 50, you can contribute up to $7,000.

Eligibility for Roth IRA contribution amounts is based on adjusted gross income. The 2022 phase-out range is $129,000 to $144,000 for single taxpayers and heads of households. For those married and filing jointly, the phase-out range is $204,000 to $214,000. Those with an AGI above the high end of the range cannot make Roth IRA contributions.

Aim Beyond the Average Retirement Savings

If you compile only the average retirement savings by the time you stop working, you could find yourself struggling to enjoy your newfound freedom. If time is still on your side, save as much as possible so that you experience the retirement of your dreams.

The post Average Retirement Savings appeared first on Investment U.

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Government

Mike Pompeo Doesn’t Rule Out Serving In 2nd Trump Administration

Mike Pompeo Doesn’t Rule Out Serving In 2nd Trump Administration

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Former Secretary…

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Mike Pompeo Doesn't Rule Out Serving In 2nd Trump Administration

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Former Secretary of State Mike Pompeo said in a new interview that he’s not ruling out accepting a White House position if former President Donald Trump is reelected in November.

“If I get a chance to serve and think that I can make a difference ... I’m almost certainly going to say yes to that opportunity to try and deliver on behalf of the American people,” he told Fox News, when asked during a interview if he would work for President Trump again.

I’m confident President Trump will be looking for people who will faithfully execute what it is he asked them to do,” Mr. Pompeo said during the interview, which aired on March 8. “I think as a president, you should always want that from everyone.”

Then-President Donald Trump (C), then- Secretary of State Mike Pompeo (L), and then-Vice President Mike Pence, take a question during the daily briefing on the novel coronavirus at the White House in Washington on April 8, 2020. (Mandel Ngan/AFP via Getty Images)

He said that as a former secretary of state, “I certainly wanted my team to do what I was asking them to do and was enormously frustrated when I found that I couldn’t get them to do that.”

Mr. Pompeo, a former U.S. representative from Kansas, served as Central Intelligence Agency (CIA) director in the Trump administration from 2017 to 2018 before he was secretary of state from 2018 to 2021. After he left office, there was speculation that he could mount a Republican presidential bid in 2024, but announced that he wouldn’t be running.

President Trump hasn’t publicly commented about Mr. Pompeo’s remarks.

In 2023, amid speculation that he would make a run for the White House, Mr. Pompeo took a swipe at his former boss, telling Fox News at the time that “the Trump administration spent $6 trillion more than it took in, adding to the deficit.”

“That’s never the right direction for the country,” he said.

In a public appearance last year, Mr. Pompeo also appeared to take a shot at the 45th president by criticizing “celebrity leaders” when urging GOP voters to choose ahead of the 2024 election.

2024 Race

Mr. Pompeo’s interview comes as the former president was named the “presumptive nominee” by the Republican National Committee (RNC) last week after his last major Republican challenger, former South Carolina Gov. Nikki Haley, dropped out of the 2024 race after failing to secure enough delegates. President Trump won 14 out of 15 states on Super Tuesday, with only Vermont—which notably has an open primary—going for Ms. Haley, who served as President Trump’s U.S. ambassador to the United Nations.

On March 8, the RNC held a meeting in Houston during which committee members voted in favor of President Trump’s nomination.

“Congratulations to President Donald J. Trump on his huge primary victory!” the organization said in a statement last week. “I’d also like to congratulate Nikki Haley for running a hard-fought campaign and becoming the first woman to win a Republican presidential contest.”

Earlier this year, the former president criticized the idea of being named the presumptive nominee after reports suggested that the RNC would do so before the Super Tuesday contests and while Ms. Haley was still in the race.

Also on March 8, the RNC voted to name Trump-endorsed officials to head the organization. Michael Whatley, a North Carolina Republican, was elected the party’s new national chairman in a vote in Houston, and Lara Trump, the former president’s daughter-in-law, was voted in as co-chair.

“The RNC is going to be the vanguard of a movement that will work tirelessly every single day to elect our nominee, Donald J. Trump, as the 47th President of the United States,” Mr. Whatley told RNC members in a speech after being elected, replacing former chair Ronna McDaniel. Ms. Trump is expected to focus largely on fundraising and media appearances.

President Trump hasn’t signaled whom he would appoint to various federal agencies if he’s reelected in November. He also hasn’t said who his pick for a running mate would be, but has offered several suggestions in recent interviews.

In various interviews, the former president has mentioned Sen. Tim Scott (R-S.C.), Texas Gov. Greg Abbott, Rep. Elise Stefanik (R-N.Y.), Vivek Ramaswamy, Florida Gov. Ron DeSantis, and South Dakota Gov. Kristi Noem, among others.

Tyler Durden Wed, 03/13/2024 - 17:00

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International

Riley Gaines Explains How Women’s Sports Are Rigged To Promote The Trans Agenda

Riley Gaines Explains How Women’s Sports Are Rigged To Promote The Trans Agenda

Is there a light forming when it comes to the long, dark and…

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Riley Gaines Explains How Women's Sports Are Rigged To Promote The Trans Agenda

Is there a light forming when it comes to the long, dark and bewildering tunnel of social justice cultism?  Global events have been so frenetic that many people might not remember, but only a couple years ago Big Tech companies and numerous governments were openly aligned in favor of mass censorship.  Not just to prevent the public from investigating the facts surrounding the pandemic farce, but to silence anyone questioning the validity of woke concepts like trans ideology. 

From 2020-2022 was the closest the west has come in a long time to a complete erasure of freedom of speech.  Even today there are still countries and Europe and places like Canada or Australia that are charging forward with draconian speech laws.  The phrase "radical speech" is starting to circulate within pro-censorship circles in reference to any platform where people are allowed to talk critically.  What is radical speech?  Basically, it's any discussion that runs contrary to the beliefs of the political left.

Open hatred of moderate or conservative ideals is perfectly acceptable, but don't ever shine a negative light on woke activism, or you might be a terrorist.

Riley Gaines has experienced this double standard first hand.  She was even assaulted and taken hostage at an event in 2023 at San Francisco State University when leftists protester tried to trap her in a room and demanded she "pay them to let her go."  Campus police allegedly witnessed the incident but charges were never filed and surveillance footage from the college was never released.  

It's probably the last thing a champion female swimmer ever expects, but her head-on collision with the trans movement and the institutional conspiracy to push it on the public forced her to become a counter-culture voice of reason rather than just an athlete.

For years the independent media argued that no matter how much we expose the insanity of men posing as women to compete and dominate women's sports, nothing will really change until the real female athletes speak up and fight back.  Riley Gaines and those like her represent that necessary rebellion and a desperately needed return to common sense and reason.

In a recent interview on the Joe Rogan Podcast, Gaines related some interesting information on the inner workings of the NCAA and the subversive schemes surrounding trans athletes.  Not only were women participants essentially strong-armed by colleges and officials into quietly going along with the program, there was also a concerted propaganda effort.  Competition ceremonies were rigged as vehicles for promoting trans athletes over everyone else. 

The bottom line?  The competitions didn't matter.  The real women and their achievements didn't matter.  The only thing that mattered to officials were the photo ops; dudes pretending to be chicks posing with awards for the gushing corporate media.  The agenda took precedence.

Lia Thomas, formerly known as William Thomas, was more than an activist invading female sports, he was also apparently a science project fostered and protected by the athletic establishment.  It's important to understand that the political left does not care about female athletes.  They do not care about women's sports.  They don't care about the integrity of the environments they co-opt.  Their only goal is to identify viable platforms with social impact and take control of them.  Women's sports are seen as a vehicle for public indoctrination, nothing more.

The reasons why they covet women's sports are varied, but a primary motive is the desire to assert the fallacy that men and women are "the same" psychologically as well as physically.  They want the deconstruction of biological sex and identity as nothing more than "social constructs" subject to personal preference.  If they can destroy what it means to be a man or a woman, they can destroy the very foundations of relationships, families and even procreation.  

For now it seems as though the trans agenda is hitting a wall with much of the public aware of it and less afraid to criticize it.  Social media companies might be able to silence some people, but they can't silence everyone.  However, there is still a significant threat as the movement continues to target children through the public education system and women's sports are not out of the woods yet.   

The ultimate solution is for women athletes around the world to organize and widely refuse to participate in any competitions in which biological men are allowed.  The only way to save women's sports is for women to be willing to end them, at least until institutions that put doctrine ahead of logic are made irrelevant.          

Tyler Durden Wed, 03/13/2024 - 17:20

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Part 1: Current State of the Housing Market; Overview for mid-March 2024

Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024
A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market.

I always like to star…

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Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024

A brief excerpt:
This 2-part overview for mid-March provides a snapshot of the current housing market.

I always like to start with inventory, since inventory usually tells the tale!
...
Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com:

However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.
Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels.

There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now).

And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range.

But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.
There is much more in the article.

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