To retire at 65, millennials will need to save nearly half of their paycheck. (via CNBCMakeIt)
If saving almost half of your salary is not an option, what can you do to make sure your retirement fund is on track? You need to play with the math you have control over. Market returns may be out of your control, but when you plan to retire is more manageable.
With the current unemployment rate the lowest it's been in decades, Mitchell adds that this is a great time for older folks to get jobs. Of course, it does depend on a potential employee's skill set. People should continue investing in their skills well beyond 45 or 50, she says. Beyond simply planning to work longer, Mitchell says more Americans may need to consider purchasing an annuity as they get older. Mitchell has researched and written extensively on annuities, both independently and through collaborations with the, which is supported, in part, by the Mutual of America Life Insurance Company and through member contributions from financial firms and insurance companies.
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