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What you need to know about the US retirement crisis

Mediafeed Logo By Deb Hipp of Mediafeed | Slide 2 of 10: Today’s workers plan to live to age 90 (median), according to the 2019 survey "What is Retirement? Three Generations Prepare for Old Age" by the Transamerica Center for Retirement Studies. A Northwestern Mutual study found that on average, people think they have a 45% chance of outliving their savings, yet 41% have taken no steps to start saving more.You may be able to improve your retirement outlook by bumping contributions to retirement savings to at least 15%, reviewing and adjusting your asset mix portfolio and delaying Social Security retirement benefits, according to a 2018 Fidelity Investments study on retirement preparedness.

1. Outliving savings is a strong possibility

Today’s workers plan to live to age 90 (median), according to the 2019 survey "What is Retirement? Three Generations Prepare for Old Age" by the Transamerica Center for Retirement Studies. A Northwestern Mutual study found that on average, people think they have a 45% chance of outliving their savings, yet 41% have taken no steps to start saving more.

You may be able to improve your retirement outlook by bumping contributions to retirement savings to at least 15%, reviewing and adjusting your asset mix portfolio and delaying Social Security retirement benefits, according to a 2018 Fidelity Investments study on retirement preparedness.

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