You Risk a Ragged Retirement If You’re Counting On These Numbers
A new paper lays out the dangers of one-size-fits-all savings advice. What assumptions are you making?
The Biggest Retirement Mistake People Make
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If you're relying blindly on hallowed personal finance averages—planning for 40 years of work, saving 15 percent of salary—you could be in for a rocky retirement.
Retirement advice is made to be tailored to our needs and the times. People often sit down to figure out how much they will need and assume they'll spend 40 years in the workforce, from age 25 to age 65, more or less. That's an outmoded assumption from the days when defined-benefit pension plans roamed the earth, said Diane Garnick, TIAA's chief income strategist.