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Be Wary of Social Media Alone for Retirement Advice
Erin Lowry is a Bloomberg Opinion columnist covering personal finance. Nearly 80% of millennials and Gen Z have used social media for financial advice per a Forbes Advisor survey . For starters, it’s difficult to set up a simple, safe and affordable retirement plan. With no federal requirement for employers to offer a 401(k) plan to employees, let alone an employer match, it falls to individuals to figure out how to plan for old age. With Social Security replacing a mere 40% of pre-retirement income, Lowry’s advice to anyone funding their own retirement accounts, no matter the amount, should overestimate how much they’ll need and plan on a conservative withdrawal rate. Designing a retirement strategy based on free advice is a dangerous plan. Full piece here.