Younger people more prepared for retirement than Baby Boomers?
Financial savviness based on age group?
Actually I have read many studies saying that the younger group is more financially savvy and usually has more investment knowledge versus the older ones including the Gen-Xers like me. So, when I read this, I think I need to share with everyone and remind the ‘oder ones’ that the runway for us to earn more is shorter than the younger ones who could still afford to take their own sweet time. So, if they start early, they will definitely be far more ready than many. Read on about the recent study by Vanguard.
Article in cnbc.com: Gen Z may have a reputation for delaying adulthood milestones like moving out on their own, getting married and having kids, but saving for retirement is one area where the youngest working adults may be outperforming their elders.
Gen Z is the generation most likely to be on track to retire successfully, with 47% of workers aged 24 to 28 currently poised to have enough money to maintain their current lifestyle in retirement, according to a recent study by investment management firm Vanguard.
In total, 42% of all U.S. adults are on track to have enough retirement savings, Vanguard finds. Generationally, millennials come closest to Gen Z’s preparation with 42% of those aged 29 to 44 on track, followed by 41% of Gen Xers (aged 45 to 60) and 40% of baby boomers (aged 61 to 65). Article in cnbc.com:
Where could I retire then if I like it to be affordable?
As per movingto.com: here are the countries with affordability and quality; balanced. “Portugal, Malaysia, Mexico, Costa Rica, Ecuador, Panama, Thailand, Spain, Vietnam, and Colombia are some of the most affordable countries to retire in, providing a high quality of life at a fraction of the cost of many Western countries.”
Just need to note that if one is a Singaporean, I do think the amount they have in the CPF should be enough for their retirement. Singapore provides healthcare to its citizens through a universal system that is funded by a combination of government subsidies, compulsory savings through Medishield Life insurance. Of course if they prefer to have much higher quality of living, then living in Malaysia by converting the SGD to Ringgit will help tremendously.
I told my wife that we need to search for those cheapest flight tickets and travel more when our children has already graduated and started working. We cannot be staying with them all the time! Haha. There are also the cruise which she likes to go for. There are also those countries where we can go experience different seasons of which some could be a low season too. Many people leave their country during winter but hey, we can visit their countries during winter to experience snow too. Haha. Retiring and not doing anything is suffering… Happy saving and investing for your retirement!
Happy reading!
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