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Retirement Planning: Building a Nest Egg is Essential, Despite the Lure of the YOLO Mindset
Many younger and middle-aged adults hear the alarm bells sounded by economists regarding the need to stay dedicated to the thought of saving for retirement. Some popular notions are that by the time you’ve reached 50, you should have accumulated as much as six times your annual earnings to prepare for a comfortable retirement. Today’s reality, though, is a bit different, with the accumulation of a financial buffer of this magnitude appearing quite rare. Why is that? GoBankingRate’s financial reporter Adam Palasciano, in a post on their website, explores this question with an analysis of the “you only live once” (aka, YOLO) attitude and its impact on the savings plans of many working adults. Palasciano discusses the need for future retirees to “adopt intentional financial planning” as a way to build confidence into their long-range planning for their financial plans for post-career living. Check out the GoBankingRates post here.