There's nothing wrong with enjoying a few luxuries here and there to make life enjoyable, but Americans are spending a small fortune on treats that are ultimately stripping them of the opportunity to save and use their money more responsibly….
The rise of “grey divorces” – the dissolution of marriage for couples age 50 and older – presents a new challenge in America’s retirement landscape. Today, one in four divorces in the U.S. is a grey divorce, a number which has doubled since 1990. One of the toughest challenges to grey divorce is that inevitably, the retirement plan that may have supported a couple for the rest of their lives will now be divided up…
For the “Greatest Generation,” who worked diligently after World War II, defining "retirement" was easy. You simply stopped working altogether and devoted most of your time to leisure pursuits. Bolstered by fixed, defined-benefit pensions and Medicare, they often had the luxury of leaving the workforce with a decent nest egg. But things have changed dramatically for Americans over the past few decades….
Only about 1% of the 30 million or so people who contribute to their Fidelity retirement accounts have managed to save at least $1 million. The average 401(k) balance hovers around the $100,000 mark. So it must be near impossible for regular folks to reach seven-figures heading into those golden years, right? However, the numbers suggest otherwise….