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Most people expect to retire at age 60. Is this realistic?
There’s been a big shift in the way people think about their later years: New data from the Federal Reserve Bank of New York shows that most Americans don’t expect to work past age 60.
The number of workers who plan to work full-time beyond the age of 62 has fallen to 46%, down from 55% four years ago. Just 31% of workers expect to work beyond age 67, down from 36% in 2020. The declines span age, education and income groups, but more female workers than men are eyeing the door sooner or later.
This raises the question: are these expectations reasonable?
Sorry to roll your eyes. The straight answer is that for many people, taking a paycheck at age 62 and leaving behind the health care and other benefits that come with full-time employment is a terrible idea.
For starters, multitudes of Americans have woefully little saved for retirement. And the simple cost of having to pay medical bills during the three-year gap before being eligible to enroll in Medicare is certainly something they didn’t put into the calculator.
Then add in the growing future medical expenses not covered by Medicare. A 65-year-old single person may need about $157,500 saved (after taxes) to cover healthcare expenses in retirement. The average retired couple may need to save approximately $315,000, according to Fidelity.
Calculating the cost of living three decades after retiring at 62 makes my head spin. If you think Social Security benefits will help you, think again. Social Security offers less than most people think.
How much you need for retirement varies greatly from person to person, but the gist is that the more years you earn in salary, the greater your chances of not outliving your money.
See more information: How much money should I have saved by age 50?
Behind the 62-Year-Old Exit Strategy
The factors driving the decline in the age Americans expect to retire are unclear, the researchers wrote, but they pointed to a rise in the number of people preferring to work part-time rather than full-time, a post-pandemic rethink about the internal value of work and what really matters to them and how they want to spend their time in a life where things can change in an instant, and a jump in household net wealth due to retirement account gains.
The dream of retiring at age 62 does not take into account the advantages of working longer. The longer you keep earning in some form, the better for your future financial security, even if it’s just a safety net. And mental pay for work, while difficult to put a value on, may be an essential ingredient in feeling happier and more engaged as we age. It can provide purpose and a sense of feeling worth.
The story continues
Maybe that’s why older Americans now work, on average, more hours than in previous decades. Today, 62% of workers aged 65 and over work full time, compared to 47% in 1987, according to the Pew Research Center. And they are more likely to have a four-year college degree than in the past.
Not retiring or returning to workoften part-time after leaving the workforce, is gaining momentum across the country, especially after many people were forced to retire earlier than they expected during the pandemic.
The number of workers who plan to work full-time beyond age 62 went into free fall, falling to 46% in March, down from 55% four years ago, according to a study by the Federal Reserve Bank of New York. (Getty Creative) (Ira T. Nicolai via Getty Images)
Expectations of workers versus reality of retirees
While the New York Fed’s investigation is somewhat surprising, it is in line with the reality for many Americans. Due to health problems, being laid off or caring for elderly relatives, the majority of retirees – 7 in 10 – report retire before age 65.
Therefore, whether by necessity or choice, retiring early can spell trouble when it comes to covering living costs in retirement. Less than half of retired Americans believe they have saved enough, according to study new research from investment manager Schroders.
Around a quarter are unsure and around a third are convinced they do not have enough savings. Meanwhile, 1 in 3 retirees are worried that financial stress will affect your overall health.
“Many baby boomers retired with no idea if their savings would be enough, which is creating undue financial stress,” said Deb Boyden, head of US Defined Contribution at Schroders. “This situation is a wake-up call for the generations that will follow the boomers into retirement and highlights the need for better planning and retirement income solutions.”
It’s not pretty. Nearly half of all retirees report that their retirement expenses are higher than they expected, and about half believe that Medicare would cover more of their healthcare expenses, according to Schroders research.
See more information: Retirement Planning: A Step-by-Step Guide
Inflation is certainly one of the main concerns. “Prices in the US have increased noticeably in recent years, and this is particularly challenging for retirees living on fixed income sources,” said Boyden. And most retired Americans admit they have no idea how long their savings will last.
Almost half of all retirees say that their retirement expenses are higher than expected, according to a survey carried out by investment manager Schroders. (Getty Creative) (LordHenriVoton via Getty Images)
Never retire and live forever?
In a turnaround from the New York Fed survey, about a quarter of adults ages 50 and older say they hope to never retire. by an AARP surveyand about 1 in 4 have no retirement savings.
Another report reinforces this “never retire” sentiment. More than a quarter of all non-retired investors are unsure whether they will ever retire, and another 19% expect to retire later than planned because of inflation, according to the new research from the Nationwide Retirement Institute.
“High prices, combined with the fact that too many people don’t have enough savings for retirement, are making it increasingly difficult for people to choose when to retire,” David John, senior political consultant at AARP, told Yahoo Finance.
One of the reasons people want to stop working full-time before the traditional retirement age of 65 is that they are not sure how long they will be able to live.
Only about a third of Americans know the average life expectancy of retireesand only 12% knew the right answers to a basic longevity literacy quiz.
These were: Men are likely to live to age 84 and women to age 87. The probability among 65-year-olds of living to at least age 90: 3 in 10 men and 4 in 10 women. Finally, the probability among 65-year-olds of not living beyond 70: 5% of men and less than 5% of women.
The bottom line: Retiring at 62 sounds great, but having enough funds to live comfortably for what could be three decades after you leave the workforce can be formidable.
One key concern: The 2024 Social Security and Medicare trustees’ reports projected that the retirement trust fund would run dry by 2033. (Getty Creative) (Douglas Sacha via Getty Images)
Retirement plans and the impact of Social Security
The big X factor in all of this: Social Security.
“To the extent that these expectations signal actual future retirement behavior, they also have implications for consumers’ future decisions about the future. timing of claims for Social Security benefits and receipt of those benefits,” the New York Fed economists wrote.
In other words, people may be more likely to claim their Social Security benefits at age 62, the earliest age possible, rather than delaying until full retirement age, which ranges from age 66 to 67 – or Better yet, wait until you’re 70 to get your deferred earnings. retirement credits, which significantly increases the monthly check for decades.
It also means that more retirees could tap the retirement trust fund and not pay, which could undermine the economic foundations of the program.
A fundamental concern: the Social Security and Medicare Trustees Projected Reports for 2024 that the retirement trust fund would be depleted in 2033, unchanged from last year. If the trust fund is depleted, payroll taxes will continue to fund 79% of scheduled benefits – slightly better than the 77% projected last year.
This has consequences for the millions of workers who plan to rely on Social Security for a major portion of their retirement income. About half of the population aged 65 and over lives in households that receive at least half of their family income from Social Security and about a quarter rely on Social Security for at least 90% of their family income.
As Maya MacGuineas, chair of the Committee for a Responsible Federal Budget, summarized previously for Yahoo Finance: “We are less than a decade away from a massive solvency crisis that would reduce benefits for more than 67 million seniors and severely limit their access to health care soon after.”
While there are certainly people who have adequately saved for a long retirement—a hearty congratulations if you’re one of them—the reality is that an all-or-nothing work spirit is a thing of the past, no matter how tempting it may be. is to climb aboard the Dream Weaver train.
Kerry Hannon is a senior columnist at Yahoo Finance. She is a career and retirement strategist and author of 14 books, including “In control over 50: how to succeed in the new world of work” and “Never too old to get rich.” Follow her on X @kerryhannon.
Read the latest financial and business news from Yahoo Finance
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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It is) |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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