News
COVID-19: Negatively Impacting the Social Security Retirement System
COVID-19 has changed the way we interact with others and our ability to work. Currently, one in four worldwide confirmed COVID-19 cases is occurring in the U.S. The halting of economic activity is expected to damage our economy more than any other previous occurrence. While remote work is happening at some companies, many Americans are unable to collect their regular paychecks and are waiting on unemployment assistance from their state. Undoubtedly this will negatively impact Social Security tax collection and the Social Security Retirement System. Here’s why:
HENRYs (High Earners Not Rich Yet) with Limited Wealth-Building Potential- Are You One of Them?
The term HENRY (High Earners Not Rich Yet) refers to individuals who have the potential to become wealthy in the future because of their income. These individuals or families earn between $250,000 and $500,000 per year and are between 25 and 45 years of age (Gen Z, Millennials, and Gen X). Despite their income, after paying their living costs, taxes, and other expenditures, HENRYs have little left over to save and invest for their retirement. HENRYs are a demographic that politicians consider being ‘rich,’ referring to them as the wealthiest Americans during the 2008 elections. However, there’s more to the HENRY story.
Is Retirement Really About Numbers?
For some people, retirement is all about the numbers, the age you plan to retire, how much money you need, and so forth. We have built our planning processes in financial services based on numbers and algorithms in financial planning software to help us contrive a numeral or group of numbers that are uniquely yours. But is retirement really about numbers?