The Wall Street Journal Podcast Interview with Pamela Yellen: Why You Won’t Work as Long as You Planned

I was recently interviewed by the Wall Street Journal for an episode of their “Your Money Briefing” podcast.

The episode is described as, “Financial security expert Pamela Yellen explains why most people stop working earlier than planned, and offers safe investment tips to reduce the chances of running out of money in retirement.”

In this interview I discussed:

  • The three main reasons you’ll likely be forced to retire sooner than you planned… and before you’ve reached your savings goals
  • New research that shows most people need to double the percentage of their income they are currently saving
  • How the typical 65-year-old retiring today will run out of savings 10 years before they die, according to the World Economic Forum
  • The staggering amount of money you must have saved just to cover out-of-pocket health care costs that Medicare does not pay
  • An alternative to cash and savings accounts that provides safety and liquidity, but earns a much higher return – you would need to earn 6%-7% in a tax-deferred account such as a 401(k) or IRA over time in order to equal it

You Can Listen to My WSJ Interview Here – It Starts at the 2:35-Minute Mark.

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There’s a Good Chance You May Be Forced to Retire Sooner Than You Expect

Perhaps you’ve heard that the best way to make God laugh is to tell him your plans. … Particularly your plans for retirement!

And you’ve probably heard that with the unpredictability of the markets – stocks, bonds, real estate, whatever – you’re going to need to work longer than you had planned, in order to have enough to live on in retirement.

But that doesn’t mean the universe will cooperate.

Research from the Center for Retirement Research reveals that on average 21 percent of workers intend to work to age 66 or later. But more than half of them fail to reach this target.

The share of workers who say they expect to work past age 65 rose from 16% in 1991 to 48% in 2018. But the study shows that 37 percent of all workers end up retiring earlier than they had planned.

How can this be?

Why Are Hard-Working Americans Retiring Earlier Than Planned?

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