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The shocking number of Americans without a retirement account

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The shocking number of Americans without a retirement account
A study by the Aspen Institute has found that about 60% of American workers do not own a retirement account, according to this article on Motley Fool. Many people do not have access to traditional workplace benefits such as 401(k) plan as they opt to work as a freelancer or join the gig economy. Workers who do not have a retirement account should consider getting one to secure their future. If an employer-sponsored plan isn't available, they should open an IRA with a brokerage firm or financial institutions and max out the contributions if possible.

Don’t let clients lowball their retirement income like these Americans
A recent study has found that about a third of workers are on track to replace two-thirds of their current income in retirement, according to MarketWatch. The research, conducted by Transamerica Center for Retirement Studies and Aegon Center for Longevity and Retirement, also found that a third of the respondents were uncertain if they could achieve that goal. Experts say the two-thirds replacement ratio may not be enough, as retirees need to replace 70% to 80% of their pre-retirement income to secure their golden years.

4 ways Washington may soon change how clients save for retirement
Lawmakers are poised to merge two bills that would make it easier for workers to save for retirement, according to Yahoo Finance. The bills are likely to include provisions that would encourage small businesses to offer multiple-employer plans to their workers and workers to pay off student loan debt while building their nest egg. The final bill may also include provisions that would scrap the maximum age for contributing to IRAs and lower the barriers for workers to enroll in retirement accounts.

Retirees say, "We're doing okay." Experts refuse to listen.
Contrary to what experts think, studies have shown that retirees are in a much better financial situation, writes a Forbes contributor. "The fact is that the vast majority of U.S. retirees are doing well: their incomes are rising, poverty is falling and when asked by pollsters, retirees’ opinions reflect these facts," the expert writes. "By and large, the U.S. retirement system is working. And yet almost nothing in media reporting of Americans’ retirement savings reflects these successes."

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