How Do Your Finances Stack Up?
I often fantasize about a retirement replete with Mediterranean cruises, visits with family and enough time — and money — to pick up new hobbies. My colleague’s striking article this week shook me out of those daydreams, forcing me to contemplate more of a nightmare: running out of money in retirement.
According to her reporting, American households face a $7.1 trillion retirement-savings shortfall. Half of households will have to reckon with lower standards of living when they leave the workforce. What’s more, recent market turmoil wiped out roughly $3.4 trillion from 401(k)s and IRAs in the first half of 2022.?
We here at Bloomberg Wealth can’t single-handedly solve this crisis. But we can provide you with information on preparing for retirement, such as how to be an effective investor, and offer you expert guides on the best places to put your cash to work. I’m excited because this week we launched a new tool with the goal of helping you get on track, and hopefully even ahead. It’s called WealthScore, and it offers a financial-health checkup based on questions about your age, household size, income, spending, debts and assets.
Explore our WealthScore Interactive
WealthScore will show you how your finances measure up against others by comparing your situation to average US households in similar circumstances. It will also evaluate your financial health against seven well-known benchmarks related to spending, savings and assets. I’ve done it, and was impressed by how easy it was to input my information and get a read on where I stand.??
Financial health is about more than retirement, of course. That’s why, as part of WealthScore, we’ve been rolling out new, helpful guides for common financial questions people face now. For months, my colleagues and I have been asking experts for their best suggestions on topics such as asking for a raise, protecting your portfolio in a volatile market, buying or renting a home and managing student loan payments. We will continue to publish these guides with the goal of helping you (and your portfolio) thrive.?
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Real Estate Investor at Private
2 年I recently retired and spent the past 25 years purchasing real estate in Quebec as a hobby to support my retirement. The Provincisl government has recently passed a bill that removes many rights for the English speaking population, including access to English medical records, and English notarized documents, just to name a few. These documents will be available in French only and it is up to the individual to hire a professional translator. It is obvious that the government is forcing the English speaking people and companies out of the Province. We are no longer welcome. The Quebec government should be prepared for another great exodus of commerce and wealth as in the years following Rene Levesque. There should be a statue of Rene Levesque in downtown Toronto, because no one helped build up the Ontario economy and make Ontario the business capital of Canada as he did. As in the mid ‘70’s, we will once again see the movement of wealth from Quebec to Ontario and perhaps elsewear in Canada. Personally, I have been liquidating my real estate in Quebec over the past four years and will continue to do so. It’s unfortunate, as even though I speak English at home, I always loved the Province of Quebec.
Sostenibilidad | Inversión social | RSC
2 年vboo
Senior Financial Executive | Controller | Treasurer | Financial Reporting | Relationship Management
2 年Ok
Head - Agribusiness
2 年Balance!
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
2 年Thanks for sharing, On getting a better handle on your Financial Plan with Bloomberg's WealthScore.