Never Retiring Might Be Better Than You Think

Also: What Is FedNow? The Government's First Instant Payment Service Launches Soon

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  July 25, 2023 What do people think of when they envision retirement? Travel, leisure and every day a lazy weekend day. But there are a few problems with this gauzy scenario, starting with the money. The hard truth is that many people aren't able to save enough. The only option is to keep on earning in order to live. If you find yourself unable to retire, the solution to existential despair may be to find some satisfying work. The AARP website is filled with great advice and info on working in your retirement years. And you won’t be the only one considering this: The share of people older than 75 who still work is expected to grow from 8.9% in 2020 to 11.7% in 2030. It’s the only age group tracked by the Bureau of Labor Statistics that’s estimated to expand over the 10-year period. Just because you’ve been in a profession doesn’t mean you have to stay in it. A career change may bring some much-needed inspiration to your work life. Frank Lieberman — an entertainment consultant quoted in the AARP story — started a website and app when he was over 70. His take? “The minute you go sit in a rocking chair or somewhere on a bench, it’s over.” For more on a never-retirement, read Mary Ellen Cagnassola’s story. — Jill Cornfield, deputy editor 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.

More Insights and Advice from Money

banking What Is FedNow? The Government’s First Instant Payment Service Launches Soon Money transfers and bill payments will soon be almost instantaneous through FedNow — the government’s first real-time payment service — which is expected to roll out later this month. READ MORE Money; Shutterstock

careers Rising Wages Mean It Could Be a Great Time to Ask for a Raise — or Find a New Job New data shows that both workers who stay at their job and those who jump ship for another are getting paid more, making now as good a time as ever to ask for that much-deserved raise or search for a new job. READ MORE Money; Getty Images

mortgages 8 Best Mortgage Refinance Companies of July 2023 Refinancing your mortgage is one way to improve your financial position, but first you need to find the right lender. A great place to start is our list of eight mortgage lenders. READ MORE Money; Getty Images

investing From Chipotle to American Airlines, These 22 Stocks Are Performing Even Better Than Tech A small but mighty group of stocks in the S&P 500 is actually doing better than the index's overall tech sector, which itself has soared 43% year-to-date. READ MORE Money

Retirement stat of the week: 16%

Pensions — aka defined benefit plans — are still around, believe it or not, and according to research from the Insured Retirement Institute, a lucky 16% of private sector workers can look forward to a guaranteed income stream when they retire. Many others, though, aren’t so fortunate. The average retirement savings of Gen X, who are now in their peak earning years, won’t be enough to support them in retirement, the report found.

Retirement 1, 2, 3

Was retirement better 50 years ago? Possibly not. Here’s why Social Security may be better than a pension. Confused about the five-year rule on Roth IRAs? Answers to all your Roth questions are here, including info on backdoor conversions. (Podcast) Retirement travel is a common goal. This couple turned their love of travel into an actual retirement plan.

This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money. Privacy Policy • Advertise With Us • We're Hiring! To stop receiving these emails, unsubscribe or manage your email preferences. Copyright ©2023 Money Group, LLC. All rights reserved. Metro Office Park Calle 1, Building 7 Suite 204, Guaynabo, Puerto Rico 00968, USA