Another way the rich get richer: Study shows widening gap in life expectancies A study by the Congressional Research Service has found that there is a widening gap in life expectancy between affluent and low-income Americans, according to this column from the Los Angeles Times. As such, rich retirees tend to collect bigger Social Security payouts compared with those in the lower income groups, making the program less progressive, the study found. "Proposals that increase the retirement age will tend to skew Social Security benefits toward higher earners."
Money milestones: This is how a client’s finances should look in their late 20s Millennials should get started in retirement saving and invest the funds to take advantage of the power of compounding over time, according to this article on MarketWatch. Although they are pre-occupied with short-term financial goals, such as paying off student loan debt, they should start socking away even a small amount in their retirement account, cutting back on spending to free more money to save. “Re-examine your lifestyle. Build that discipline so that when you do receive additional income, you can afford to save it toward your goals,” says a financial adviser.
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