Is This the Newest Retirement Crisis?

Retire Once Show

Is This The Newest Retirement Crisis? Sign Up for Our Weekly Retirement Newsletter: https://mailchi.mp/theoremwm.com/weeklyretirement In today's episode of The Retire One Show, we delve into the worrying trend of Americans changing their retirement savings habits due to inflation. Numerous studies reveal that a significant number of people in the US have reduced or even halted their retirement savings contributions. With TIAA reporting that 25% of workers cut back on retirement savings and a shocking 50% of US News and World Report survey respondents having paused their contributions in 2022, the future of retirement looks uncertain for many. We also explore the alarming findings from the Senior Citizens League survey, which showed that 26% of people aged 55 and over depleted a retirement account in the first quarter of the year, up from 20% in the third quarter of 2022. Additionally, a staggering 49% of this group spent their emergency savings during the same period. We also discuss concerning statistics and highlight the long-term consequences of pausing retirement savings, such as a 27% reduction in the final retirement pot for a 30-year-old who stops contributing for just five years. With 1 in 3 Americans cashing out their 401(k)s when switching jobs, these trends spell a challenging future for retirement. In this episode, we also discuss the results of a study that examined the 401(k) leakage, revealing that 41% of participants cash out some dollars, with 35% of the total taking the entire amount. Shockingly, even earners with accounts holding at least $100,000 are opting for cash distributions. We'll discuss the distribution rules and explore alternatives to cashing out, ensuring that you're equipped with the knowledge to make the best decisions for your retirement future. Tune in to this must-listen episode of the Retire Once Show and discover the true impact of inflation on retirement savings and learn how to better navigate these uncertain times. If you have questions or comments for the show email us [e-mail] or head to www.Retireonceshow.com Sign Up for Our Weekly Retirement Newsletter - https://mailchi.mp/theoremwm.com/weeklyretirement See if you are on track to retire https://www.theoremwm.com/start-here - - - - - - - - - - - - - - - - - - - Our mission here at Theorem Wealth Management is to help diligent retirement focused savers achieve their dream retirement while reducing the stress caused by managing wealth. - Johnathan Rankin CRPC® CEPA®, Founder & CEO - Melissa Rankin - Wealth Management Advisor - Theorem Wealth Management 🎁 [ULTIMATE RETIREMENT TOOL KIT] https://www.theoremwm.com/retirement-toolkit-download 👍 [SCHEDULE A CONVERSATION] https://www.theoremwm.com/start-here 😁 [REACH OUT ON FACEBOOK] https://www.facebook.com/Theoremwm/ ➡️ [CONNECT WITH ME ON LINKEDIN] https://www.linkedin.com/in/johnathan-rankin-crpc%C2%AE-cepa%C2%AE-4a908b4a/ 🌐[HOMEPAGE] https://www.theoremwm.com/ 1️⃣[RETIRE ONCE] https://www.theoremwm.com/retire-once-show ----------------------- POPULAR RETIREMENT VIDEOS How rising interest rates affect retirement plans: https://youtu.be/FH8yU3W4oqo All About Roth Accounts - Roth Conversions, Roth IRAs & Roth 401(k)s: https://youtu.be/6WB5id7G7rA Retirement During A Recession: Are you Prepared?: https://youtu.be/sR28HxppG6o ----------------------- #TheoremWealthManagement #RetireOnce #RetirementPodcast #Podcast Disclaimer: Johnathan Rankin is a Registered Representative of Sanctuary Securities Inc. and an Investment Advisor Representative of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., an SEC Registered Investment Advisor. Theorem Wealth Management is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC.