Thursday, March 30, 2023

Retirement: Knowing when not to save for retirement can be important. Here's when.

Read in browser

Retirement

Thu Mar 30 2023

Knowing when not to save for retirement can be important. Here's when.

As the baby boomer generation continues to age, and as birth rates slow nationwide, the U.S. population is rapidly growing older. The number of Americans older than 55 grew by 27% in the last decade, 20 times faster than the growth rate of the under 55 population, according to census data analysis. Currently, the median age in the United States is about 38. By 2060, the median age is projected to be 43. While there are still decades to go before the median age in the U.S. exceeds 40, there are already counties that are ahead of this trend. Every state has at least one county or county equivalent where the median age is over half a decade above the national median. Using data from the U.S. Census Bureau, 24/7 Wall St. identified the youngest county or county equivalent in each state. Depending on the state, the median age in the oldest county ranges from about 44 to 67. An aging population can carry significant economic implications. In places with large retirement-age populations, working-age residents often shoulder a greater burden in supporting non-working older residents who tend to rely more on social and health services. In nearly every county on this list, the ratio of residents 65 and older to working-age residents is far higher than it is across the state as a whole. Here is a look at the best (and worst) states for a healthy retirement . A given area can have a higher than average median age for any number of reasons. It can be a retirement destination or simply lack institutions that tend to host large numbers of young people, like a college or university or a military base. Often, however, areas where the median age is higher than average are not drawing in new residents and young families, which is also often evidenced by net population decline. Most of the counties on this list are home to fewer people now than they were half a decade ago. Here is a look at the fastest shrinking place in every state .

You should always save for retirement, except for a few exceptions. Here's how to know when there's an exception.

Advertisement

Adult looking at financial paperwork.

Can new retirees recover from inflation, rate, failed banks havoc?

Inflation, aggressive Fed rate hikes, failed banks are creating market havoc that's crushing new retirees' futures. Will they be able to recover?

Serious person with hand on chin looking at laptop.

Can you afford to have a long retirement? 3 things to consider.

Retirement can have some unexpected drawbacks, too. Here are three downsides you may not have considered and how you can prepare for them.

A house with a large front lawn.

Low on savings? Here's how your home might save your retirement.

You may be surprised at how your home can come to the rescue if you fall short on building a nest egg.

A person sitting at a table with a laptop and calculator.

3 steps to claiming the $4,555 max monthly Social Security benefit

You could be in for quite a nice payday -- but don't sweat it if your benefit is lower.

Sign up for the news you want

Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you.

SEE ALL NEWSLETTERS ➔

Advertisement

Follow Us

Problem viewing email? View in browser

Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)