Here’s a number that will knock your socks off: $400 trillion.1
By 2050, the retirement savings shortfall in eight of the world’s largest economies is expected to reach $400 trillion, according to estimates from the World Economic Forum (WEF). The shortfall is the difference between the amounts of money retirees may receive from government and/or employer pensions and individual savings. The amount they need to replace 70 percent of their pre-retirement income is also factored in.1
Conjuring an image of ‘home’ was a lot easier for Dorothy than it is for people who are on the cusp of retirement. After all, isn’t retirement supposed to be a new start? Aren’t retirees supposed to wave goodbye to friends and family as they head for new adventures in warmer climates? Shouldn’t the latter decades of life be spent traveling in golf carts down palm-lined streets and tipping umbrella-studded cocktails?
Answer: A retirement savings plan.
New jobs often come with a lot of excitement and steep learning curves. Consider this example scenario:
In many cases, the answer is yes, says S. Katherine Roy, chief retirement strategist and head of individual retirement for J.P. Morgan Asset Management.