Betterment CEO discusses challenges in retirement planning and the impact of student loan repayments. The hosts advise affluent millennial customers in the current market, emphasize the importance of diversification and dollar cost averaging.
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Quick takeaways
Choosing the right AI tailored to specific needs is crucial for businesses.
Employers have a moral imperative to provide support and benefits for retirement planning.
Deep dives
The Importance of Using Verified Data in AI
AI has the potential to generate solutions, but using unverified data can lead to problems. It is crucial for businesses to choose the right AI that is tailored to their specific needs. IBM introduces Watson X, a platform that allows businesses to train, tune and deploy AI using their trusted data.
The Retirement Crisis and the Need for Employer Support
Many Americans are facing a retirement shortfall, and potential cuts to Social Security benefits further exacerbate the issue. Reports indicate that the average retirement account balance is alarmingly low, underscoring the need for better retirement planning. Employers have a moral imperative to step in and provide support through long-term financial planning and employee benefits.
Student Loan Debt and its Impact on Retirement Savings
The 1.7 trillion dollars of student loan debt in the U.S. is a significant concern for millennials and Gen Z. Many individuals with student loans struggle to contribute to retirement plans due to financial constraints. Linking 401(k) plans with student loans and providing employer support can help individuals manage debt while saving for retirement.
Betterment CEO Sarah Kirshbaum Levy discusses the business of financial wellness for retirement. Hosts: Carol Massar and Jess Menton. Producer: Paul Brennan.