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Happy Friday, and welcome back to the Life is Rich Roundup!
The new strategy offers lifetime income during retirement and will be available as a Collective Investment Trust (CIT). CITs are pooled retirement investment vehicles only available to qualified retirement plans like 401(k) plans and government plans.
“Providing plans with a new way to access lifetime income through a DC-friendly CIT will give plan sponsors the convenience and optionality they’re looking for.”
- Jennifer DeLong, head of defined contribution at AllianceBernstein
This comes shortly after BlackRock’s “Paycheck for Life” announcement. Read our thoughts on that here.
Cool visual of the total tax burden in each U.S. state as of March 2024. New York residents have the highest total tax burden, paying 12% of their income to state and local governments. On the other end of the spectrum, Alaska has the lowest: 4.9%.
Check out the full breakdown here.
The New York Times
Check out this fun and interactive little adventure about writing your retirement mission statement. It’s the exercise of writing down your key principles to help guide you toward your goals.
Check it out. Here’s our favorite part:
Retirement will probably be easier if we have people to share it with. Researchers have found that close relationships, more than money, are what keep people happiest after 65.
Maybe the most important thing we can do now is invest in relationships, even as we try to earn and save what we can.
- Ron Lieber, The New York Times
In a recent study from Northwestern Mutual, the average retirement savings balance among millennials is $62,600. That's a respectable sum for younger millennials in their late 20s. But the “elder” millennials closer to 40 are in trouble.
There’s no doubt millennials have had it tough, so it’s not surprising they are behind on retirement. But instead of listing all the hardships they’ve faced, we’ll just share this funny meme.
The headline kind of says it all. Spain’s Universidad de Alcalá recently released a report that found longevity in humans is increasing and the gap between male and female life expectancy is narrowing.
Now if only there was a new way to help hedge against longevity so people would have enough money in retirement. Oh, wait….
Shelter becomes “retirement sanctuary” for older pups
Just 4% of current retirees say they are ‘living the dream
Our amazing CU Boulder interns made it through finals and officially started at Savvly this week. In honor of them, our latest blog post focuses on how recent graduates can navigate the transition from campus to career with smart financial moves.
Roller coasters were invented in the 1880s to distract Americans from sin.
See the others here.
Got a story recommendation or idea to share for our next article? Hit us up at marketing@savvly.com.
Over and out,
Team Savvly
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