On the heels of some wild trading in global markets, people are worried about running out of money.
April 30 (King World News) – Gerald Celente: A year ago, Americans responding to a Northwestern Mutual survey said they needed an average of $1.46 million to retire comfortably.
This year the number has fallen to $1.26 million.
“Americans’ magic number has come down,” John Roberts, the financial firm’s chief field officer, acknowledged in a statement announcing the survey results.
Still, the lower figure “is far beyond what many people have actually saved,” he added.
The stock market’s steady rise last year inspired visions of what a comfortable retirement could be, CNBC noted. In last year’s fourth quarter, balances in 401(k) plans averaged $131,700. For Individual Retirement Accounts, the figure was $127,534. Both were the second-highest on record.
Now a new reality has set in. By 21 April, the Standard & Poor’s 500 index had lost 10 percent. The NASDAQ had shrunk by 15 percent and the Dow Jones Industrial Average was off 8 percent. Donald Trump’s tariff assault wiped an estimated $7 trillion from personal and business stock market accounts in a matter of days.
As a result, people are recalibrating the level of “comfort” they are willing to accept.
About 67 percent of workers still on the job told the survey they were financially confident about being ready to retire when the time comes. However, 51 percent said they expect to run out of savings during their lifetimes.
“The current generation of retirees could be the last to use predictable sources of incomes such as pensions as the primary way they fund retirement,” Rita Assaf, Fidelity Investments’ vice-president of retirement products, said in a recent statement.
“The shift toward relying on retirement savings heightens the importance of grounding yourself in a financial plan as early as you can,” she added.
TREND FORECAST:
The need for additional income before and during “retirement” will continue the rise as inflation keeps rising. But there is no mention of how the lives of the people have been destroyed by politicians running the country that have sunk the nation deep into debt and keep printing hundreds of trillions of dollars backed by nothing and printed on nothing.
And there is not a word about how, once-upon-a-time having a million dollars was considered being extremely wealthy. Indeed, The Millionaire was a big TV show from 1955 to 1960. It was about a benefactor who gave a million dollars to a person and how their life changed for the better or worse.
To do that show now, thanks to inflation, the benefactor would have to give them nearly 12 million dollars.
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