Retirement

One Really BIG Savings Goal for 2019

One Really BIG Savings Goal for 2019

Goals, plans and new years resolutions. Those are the things that people do each year in anticipation for a brand new year. They’re going to make changes for the better. They’re going to start working out or losing weight. They’re going to buy a new home or pay a crazy amount of the mortgage off this year. Most new year’s resolutions are short term and only really focus on one year. It makes sense to focus on a small timeframe to make things attainable. However, I have never been a big new year’s resolution fan, as most people don’t follow through with their resolutions.

How Bad is Retirement Looking for Millennials?

How Bad is Retirement Looking for Millennials?

Two weeks ago as I was working on some articles for the website, I stumbled on an interesting article about social security. The article was titled, "Millennials and Retirement: How Bad is It?" by Alicia H. Munnell on Politico's website. The article dug into the numbers of savings for retirement. The data that they shared was from a study conducted by the U.S Board of Governors of the Federal Reserve System, titled, "Survey of Consumer Finances, 1983-2016." In the article, they shared the following graph.

The Great Pension Myth

The Great Pension Myth

A couple of months ago, I was talking with one of my relatives about retirement. During this discussion the topic of a pension came up and our conversation sounded something like this:

Me - "I hate my pension, because I have to put in 7.7% of my income into my pension."

My Relative - "At least you have a pension. I wish I had a pension."

The conversation didn't go much farther, but this conversation made me wonder. Do people really still believe in pensions? I feel like throwing my money in a pension is a waste and I wish I could choose to deny those contributions.