The shine is coming off of Americans’ expectations for their Golden Years.
Two-thirds of Americans anticipate being stressed about their finances in retirement, and nearly 60 percent don’t think they’ll have enough money, according to a new report by Merrill Edge.
The report found that younger generations—Gen Xers and Millennial--are the most likely to expect to feel stress in retirement. Nearly half of those who aren’t retired expect to work in retirement, and 41 percent said they’ll rely on the government for financial help in retirement.
It may not be as bad as they expect. The survey also looked at how current retirees were doing, and it found a brighter picture. About 75 percent of current retirees believe they’ll have enough money to last through retirement, while just 57 percent of pre-retirees feel the same.
One promising finding in the report: Americans are putting a higher priority on saving for the future, perhaps because of their anxiety about running out of money. More than 60 percent of those surveyed said they would prioritize saving for the future, versus less than half of those asked the same question last year.
“In comparison to a year ago, we’re seeing a significant jump in positive investment behaviors and intent,” Aron Levine, head of Bank of America Preferred Banking and Merrill Edge said in a statement. “It’s encouraging to see Americans prioritizing the future along with the present and turning financial concerns into positive investment decisions.”
The White House on Friday unveiled plans for a new effort to ramp up testing for Covid-19, which experts say is an essential part of limiting the spread of the virus. This chart from Vox gives a sense of just how far the U.S. has to go to catch up to other countries that are dealing with the pandemic, including South Korea, the leading virus screener with 3,692 tests per million people. The U.S., by comparison, has done about 23 tests per million people as of March 12.
The Air Force has scrapped a planned upgrade of its B-2 stealth bomber fleet — even after spending $2 billion on the effort — because defense contractor Northrup Grumman didn’t have the necessary software expertise to complete the project on time and on budget, Bloomberg’s Anthony Capaccio reports, citing the Pentagon’s chief weapons buyer.
Ellen Lord, the undersecretary of defense for acquisition and sustainment, told reporters that the nearly $2 billion that had already been spent on the program wasn’t wasted because “we are still going to get upgraded electronic displays.”
Bernie Sanders wants to eliminate $1.6 trillion in student debt, to be paid for by a tax on financial transactions, but doing so won’t be easy, says Josh Mitchell of The Wall Street Journal.
The main problem for Sanders is that most Americans don’t support the plan, with 57% of respondents in a poll last fall saying they oppose the idea of canceling all student debt. And the politics are particularly thorny for Sanders as he prepares for a likely general election run, Mitchell says: “Among the strongest opponents are groups Democrats hope to peel away from President Trump: Rust Belt voters, independents, whites, men and voters in rural areas.”
That’s how much Michael Bloomberg is spending per day in his pursuit of the Democratic presidential nomination, according to new monthly filings with the Federal Election Commission. “In January alone, Bloomberg dropped more than $220 million on his free-spending presidential campaign,” The Hill says. “That breaks down to about $7.1 million a day, $300,000 an hour or $5,000 per minute.”