Data and Research March 23, 2018

Gen X Needs Retirement Planning Help

The top three retirement risks Gen Xers are most concerned about are changes to Social Security, high health care costs and running out of money.

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The majority of Gen Xers believe their retirement savings will cover basic expenses as well as leisure and travel, but the fact of the matter is, 40% have no retirement savings, the Insured Retirement Institute (IRI) learned in a survey. This is up from 35% in 2016. In addition, 66% have not tried to figure out how much they will need to save in order to retire.

The oldest of the members of Generation X are only 10 years away from turning 65, IRI notes. “Time is running out for Gen Xers to save for a financially secure retirement,” says IRI President and CEO Cathy Weatherford. “Unfortunately, fewer Gen Xers are saving for retirement or utilizing professional financial advice than in previous years. The top three retirement risks Gen Xers are most concerned about are changes to Social Security, high health care costs and running out of money—and financial advisers are uniquely positioned to help them effectively plan for these concerns.”

Sixty-seven percent of Gen Xers say they are satisfied with their lives from a financial standpoint, up from 64% in 2016. While 60% have money saved for retirement, this is down from 65% in 2016.

Among those with retirement savings, 70% have less than $250,000 saved, down from 80% in 2016. However, 23% have $250,000 or more saved, up from 12% in 2016.

Sixty percent think the government should make it a legal requirement for employers to offer 401(k) plans, and 81% would like to be offered the option to take a portion of their savings in monthly guaranteed income.

Sixty percent think they have enough money saved for retirement to cover some (36%) or extensive (24%) travel and leisure activities.

Asked what their top three retirement fears are, Gen Xers say changes to Social Security (66%), higher than expected health care expenses (64%) and running out of money (59%).

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Break from the Grind March 22, 2018

A Little Friday File Fun

And now it's time for FRIDAY FILES!
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In Severobaykalsk, Russia, a voter in Sunday’s national election decided to show he was bullish on Russia by dressing up as a bear. Russian government-controlled Sputnik News reported that the unnamed voter scared a few people with his loud roar, but that most people seemed amused. Other voters reportedly dressed in costume as well—one as a panda and one as a yeti.

 

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In Philadelphia, Pennsylvania, a car dealership salesman who accompanied a man on the test drive said the man started driving erratically, so he told him to pull over. As the salesman tried to switch seats with the man, the driver allegedly pulled out a g.un and drove off, leaving the salesman stranded on the side of the road.

 

In Waterboro, Maine, an 83-year-old woman who changed her name to Jesus Christ began a letter-writing campaign 50 years ago “to spread a message of faith and peace,” she said. She recently sent a letter to Oprah Winfrey because she likes her. According to the Associated Press, Gayle King, one of the hosts of “CBS This Morning,” posted about the letter to Winfrey on Instagram, asking if it was the sign her best friend was looking for. Winfrey had said on “60 Minutes” that if God wanted her to run for president “wouldn’t God kinda tell me?”

 

In Marion County, Florida, a woman broke into a car at a dealership to sleep. While in there, she tossed a cigarette under the front seat, which caught the car on fire. A report from Orlando’s News 6 said deputies were called to the scene for a suspicious incident and found the woman in the car with the windshield shattered. After getting her out of the car, the woman claimed she couldn’t get out of the car, so she began to smash out the front windshield with her hands and feet.

 

In Eloy, Arizona, during the city’s “Day of the Dinosaurs” children’s activity in its Main Street Park, a woman dialed 911 and asked if there were dinosaurs in the park. The operator said there were and explained the event to the caller. The caller then asked, “Are they real?” according to an audio file provided to The Eloy Enterprise by the police department.
This poor cockatoo has apparently gone crazy.

If you can't view the below video, try https://youtu.be/bUNECHCKWBc.
You’ll never guess what happens when this truck tries to pull a tree down.

If you can't view the below video, try https://youtu.be/qb_464W6fD0.
In Milton Keynes, England, a driver handed a fake license to officers during a traffic stop. It was a driver’s license for Homer Simpson, a character in the adult comedy “The Simpsons.”

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