Saving for Retirement Might Seem Like a Pipe Dream — But It Doesn't Have to Be

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Some young people have a nihilistic view of saving for retirement. Distressed by climate change, they wonder why they should save for a future that might never arrive. Now, the coronavirus and its accompanying job losses add another layer of anxiety to an uncertain outlook. I get it. But we're still going to need to save for whatever kind of future unfolds. And if climate change accelerates, we're going to need more money, not less, to stay comfortable. Alongside these challenges, we can anticipate scientific breakthroughs that will improve our health and longevity (yet another reason to save more). In today's edition, my Gen Z colleague Kenadi Silcox describes how she got over her misgivings and started saving for retirement. Share her story with the young people in your life.    Best wishes, Elizabeth P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. To listen on podcast platforms or smart speakers, click here. TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE Yes, the World is on Fire. Here's Why I Started Saving for Retirement Anyway   The future may be unclear, but the need for savings isn't. 'COVID Is Different': How Coronavirus Upended the Rules of Investing in a Recession   Certain sectors aren't acting like they normally do in a downturn. From Day Trips to Finding a New Quarantine Spot, What Safe Summer Travel Looks Like in 2020   The emphasis is on the great outdoors. RETIRE WITH MONEY COMMUNITY INSIGHTS Our Retire with Money book club talk was a great success! Thanks to all who joined in our Facebook discussion of Suze Orman's The Ultimate Retirement for 50+. For those not on Facebook, here's a taste of what we discussed. We discussed people's peace-of-mind plans to make their money last. Orman advocates getting guaranteed income sources to cover all essential expenses, so if the market tanks you can still meet your housing, food, health care and other needs. That guaranteed income could come from a pension (for those lucky enough to have one), Social Security, and a simple fixed income annuity. Members debated the merits of annuities. One preferred TIPS, inflated protected Treasury bonds.  One member constructed his own bucket approach to retirement income. It's a strategy that many financial planners recommend, but this member said he did it himself with help from the investing site Morningstar.  "Three buckets. At least two years of income in cash. Eight-10 years of needed annual income in bonds. Rest in stocks. Take any dividends and replenish first two buckets. Rebalance as needed to keep things properly apportioned."  Money and Saving: What They Mean in 2020 Visit this digital experience based on the "Money and Saving" study from Synchrony Bank and Money.com.   Saving money these days is on the top of everyone's mind. But how much and what for — that's not a simple answer. In a new Synchrony Bank/Money.com survey of more than 2,000 participants we asked the most basic questions: Are you saving money? And what are you saving for?  While 4 of 5 of those who responded describe themselves as savers rather than spenders, illuminating differences about our savings habits stood out between couples, retirees, spendthrifts and more. Where do you fit in? Are you a saver or a spender?   VISIT THE SITE to see some of our key discoveries on money, savings and happiness.  RETIREMENT NEWS FROM AROUND THE WEB Uncle Sam Is Paying 5% Interest on Your Late Tax Refund. And Yes, It's Taxable   Refunds issued after April 15 will have interest applied. CNBC How to Work From Home Without Hurting Your Back   Improving your posture and positioning can help prevent lasting damage. FUTURITY I'm Over 50. When Can I Go Back to the Gym?   Are the rewards of working out at the gym worth risking getting the virus? Experts weigh in.  NEXT AVENUE Opinion: My Dad Left Me His IRA When he Died, Is There a Way to Share it With my Siblings?   It could get complicated. MARKETWATCH ABOUT ELIZABETH Elizabeth O'Brien is deputy editor at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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