Advisors

Roughly 11 percent of those “never beneficiaries” are employees who worked in jobs that receive a public pension and don’t pay into Social Security. Among the groups potentially affected: government workers, teachers and railroad employees. (For example, a 2014 report from advocate TeacherPensions.org estimated 1.2 million teachers — or about 40 percent of the nation’s
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That’s not the only discrepancy. When asked about finances, survey respondents reported, on average, $610,000 as the ideal amount to have saved by retirement age. Age-group-wise, baby boomers think they’ll need $574,000, while millennials foresee a higher, $687,000 as the goal. Neither demographic is aiming high enough; $1 million as a minimum nest egg, long
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