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Money Retirement Confidence Is Down Across All Generations. Here's How to Boost Yours.

17:21  03 june  2020
17:21  03 june  2020 Source:   fool.com

This Is How Much the Average Worker Thinks Retirement Will Cost

  This Is How Much the Average Worker Thinks Retirement Will Cost Retirement may cost more than you think.How much retirement will cost varies widely from person to person. Some people may only spend a few hundred thousand dollars over several decades, while others may need well over $1 million just to make ends meet. While everyone's needs will be different, this is how much the average worker thinks retirement will cost.

Here ’ s what you can do to boost yours . Credit Lan Truong. By Eric Ravenscraft. Self- confidence is a bit like the running water in your house. You may not know every detail about how it works or where it comes from, but it’s painfully obvious when it’s not there.

That confidence varies among generations , with baby boomers likely to feel the most insecure. Meanwhile, more workers are taking money from their retirement savings to cover their financial Of those respondents, 32% said their confidence in their ability to retire has gone down due to Covid-19.

a man sitting on a table: Retirement Confidence Is Down Across All Generations. Here's How to Boost Yours. © Provided by The Motley Fool Retirement Confidence Is Down Across All Generations. Here's How to Boost Yours.

The COVID-19 crisis is changing the way many Americans work, spend, and think about the future -- and not necessarily for the better. In fact, 23% of workers say they're less confident in their ability to retire comfortably due to the pandemic, according to a new Transamerica survey.

Not surprisingly, retirement confidence wanes increasingly with age. While 20% of millennials have less retirement confidence than they did pre-pandemic, the same holds true for 25% of Gen Xers and 32% of baby boomers. If you're feeling insecure about retirement in light of the economic crisis our country is facing, you're clearly not alone, but there are some steps you can take to improve your outlook and increase your chances of getting to enjoy your senior years without financial worry.

49% of Americans Worry About Outliving Their Savings. Here's How to Ease That Fear

  49% of Americans Worry About Outliving Their Savings. Here's How to Ease That Fear Running out of retirement savings is a very valid concern. Here's how to address it.It's this very notion that worries 49% of Americans today, according to the May 2020 Simplywise Retirement Confidence Index. If you're concerned about outliving your savings, here are some key steps to take.

You can develop your confidence by using these secrets that Alpha has discovered. 3. Do something good about your body every day - it doesn't matter how much or how little. Just make a conscious effort, and the result will be a direct impact on how you feel about yourself.

Confidence is something that you can create and cultivate in order to push yourself towards your goals. Those who want to learn how to be more confident often forget they’ve had plenty of times where they’ve exuded confidence in the past, and reliving these moments can give them the boost

a man sitting at a table: Man holding pen against mouth while reading document © GETTY IMAGES Man holding pen against mouth while reading document

1. Run the numbers

One thing that makes retirement so daunting is not having an idea of how much it will cost. If you're younger, you may not be in a great position to start crunching numbers, but if you're in your 50s or 60s, you can start thinking about what your lifestyle might look like in retirement, and doing some research to see how much money it will take to pay for it. For example, last year, HealthView Services, a cost-projection software provider, found that the average healthy 65-year-old couple will spend an estimated $387,644 on healthcare in retirement, not including long-term care. While that number shouldn't be taken as gospel, it's certainly a starting point.

2 Social Security Moves That Can Protect Your Retirement From Future Benefit Cuts

  2 Social Security Moves That Can Protect Your Retirement From Future Benefit Cuts Social Security cuts may be on the horizon, but you can still safeguard your retirement.If you're just a few years away from retirement and your investments have been negatively affected by the COVID-19 crisis, you may need to rely on Social Security benefits for a larger chunk of your retirement income. However, Social Security is facing its own financial challenges, and there's a chance benefits may need to be reduced in the future.

Confidence is an incredibly important asset. It helps us to be happy in who we are and it means that we aim high at achieving our goals and ambitions The first thing to remember when trying to boost others’ confidence is that this is a covert operation. You need to make your attempts go unnoticed

To boost your confidence , dress well. Choose clothing that reflects who you are and the image you want to project You won’t be able to achieve this until you learn how to keep your insecurities at bay, and this will Your confidence is your own to develop or undermine. Confidence is based on reality.

Similarly, try to narrow down other numbers, like your housing costs. If you're planning to move, research home prices and property taxes in your target city. And also, think about what you'll do with your time, and try to estimate what it will cost you. Even having a rough idea will put you in a stronger position to plan and save well.

2. Assess your savings

Right now, a lot of retirement portfolios are down due to the stock market crash fueled by COVID-19 earlier in the year. If your 401(k) or IRA has taken a major dip, and you're at least a few years away from retirement, try not to let that get to you -- there's a good chance your savings will recoup those losses in time, provided you leave them alone and don't make any drastic changes. But one thing you should do is see how well you were doing on retirement savings before the pandemic hit.

As a general rule, it's good to retire with 10 times your ending salary in savings, so if you're 50 years old with a pre-pandemic IRA balance of $400,000, and you earn $60,000 a year, you're in pretty good shape. On the other hand, if your pre-COVID IRA balance was just $100,000, it means you have some work to do.

Money lessons you should teach your children at home-school

  Money lessons you should teach your children at home-school Money lessons you should teach your children at home-school

What is often forgotten (or ignored) is that most people who enjoy self- confidence were once plagued by fears born of imagined or Please help us continue to provide you with free, quality journalism by turning off your ad blocker on our site. For instructions on how to disable your ad blocker, click here .

Enlist your imagination to boost your confidence . If there’ s one, instant way to boost your confidence , it’ s cracking a smile. Flashing those pearly whites will make you appear both confident and composed, according to Christine Clapp, a public speaking expert at The George Washington

3. Plan to save more if needed

You may not be in a position to increase your retirement plan contributions right now, as a lot of people have lost their jobs or seen their income fall during the COVID-19 crisis. But once things normalize, make a plan to start increasing those contributions if you're behind savings-wise. Cutting back on expenses will free up more cash for your 401(k) or IRA, as will getting a side job (which is much easier when we're not grappling with a pandemic). At the same time, keep investing your long-term savings in stocks despite the recent volatility that's ensued. That's a great way to grow your contributions into a healthy sum that allows you to enjoy retirement rather than struggle through it.

At a time when there's so much economic uncertainty, it's easy to see why retirement confidence may be down across the board. If your long-term outlook has changed for the worse, arm yourself with information about what retirement might cost, review your savings, and aim to ramp up once it's feasible to do so. At the same time, remind yourself that the current situation won't last forever, and once life is able to return to its previous state, it'll be easier to have a more positive view of all things financial, retirement included.

43% of Americans Worry About Doing This in Retirement

  43% of Americans Worry About Doing This in Retirement Hint: It's something every senior has to face.It's not surprising, then, to learn that 43% of Americans worry about paying medical bills during retirement, according to the May 2020 Simplywise Retirement Confidence Index. If you're concerned about healthcare costs during your senior years, there's one handy savings tool it really pays to put some money into: a health savings account.

Today’ s the day: The Christy Wright Show is here ! This is something God laid on my heart a while ago, and I truly believe it’ s going to have a huge impact.

Here are 39 confidence - boosting quotes to help you believe in yourself right now. Self- confidence is all about you and how you feel about yourself, not about your situation or any other person. I’m right there with you, I love reading quotes when I’m feeling down . They’re just such a powerful tool for

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Only 23% of Older Workers Are Considering This Smart Social Security Strategy .
This strategy could significantly boost your monthly retirement income.However, Social Security is facing serious financial challenges that have only been exacerbated by the coronavirus pandemic, so you may not be able to depend on your benefits as much as you expect to in retirement. That means it's wise to take action now and start planning for how you'll maximize your monthly checks -- but few older Americans are planning to take advantage of this one benefit-boosting strategy.

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