Goldman Sachs Exchanges The missing link to retirement security
Oct 1, 2024
Michael Moran, a pension strategist at Goldman Sachs Asset Management, dives into the changing landscape of retirement security. He highlights how the current economic climate poses challenges for savers and retirees alike, particularly for lower-income workers. The discussion emphasizes the significance of retirement planning and innovative investment options, alongside the concept of financial grit as a key trait for success. Moran also sheds light on recent legislative changes and remains optimistic about future innovations in retirement planning that could enhance security for all.
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Mixed Bag Economy
- The current economic environment presents both opportunities and challenges for retirement savers.
- While inflation is decreasing, its cumulative effect impacts individuals' ability to save.
Retirement System Disparity
- The current retirement system works effectively for high-income individuals but less so for others.
- Retirement asset growth has been significantly more muted for those outside the top 20% income bracket.
Planning is Key
- Encourage employers to offer retirement plans with planning tools, especially digital ones.
- Individuals with a retirement plan are better prepared for retirement and feel more comfortable about their financial future.