Hannah Miao

speaker
241 appearances 5 recordings 1 series first heard Oct 2022 last heard Aug 2024

Hannah Miao’s voice in public audio — every appearance, attributed to the second.

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to advise retirees on that first year of retirement.
And it's just a rule of thumb to help retirees think about how to plan for making those retirement savings last.
Saving is just one of the levers that people can use when thinking about their retirement plan.
Other options include pushing back your retirement age a little bit longer so you can keep saving for several years.
Some retirees might also pursue part-time work in their retirement.
If you postpone the age in which you take Social Security benefits, you're entitled to a larger payout from Social Security.
And if you own a house, some retirees also downsize so that they're able to tap some of that home equity and utilize that to supplement their retirement income.
So there's no one size fits all approach.
And a lot of the advisors I talked to stressed that it's really a give and take.
You know, if you're saving more for your later years, you're obviously not going to be able to spend as much now.
So it's about knowing what your priorities are.
and making the decisions that align with both your financial health and also what your values are.
Gen X often finds itself in what's called a sandwich generation.
So they're caring for their older parents who might be aging, who might need financial support.
And, you know, people are living longer than they had in previous generations.
Meanwhile, their kids are often living with their parents for longer.
Generation X includes people born between 1965 to 1980.
So the oldest members of Gen X are 59 this year, and the youngest are 44.
So Gen X is a relatively smaller generational cohort compared with the folks that are older and younger than them.
Obviously, we hear a lot about baby boomers and millennials.
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