The Long and the Short of It: Financial Fragility in America

Much media and policy attention is devoted to enhancing Americans’ long-term financial security. For example, financial planners work hard to help people boost their savings for the long term. Many firms automatically enroll workers in pension plans, sometimes with company matches, to help their employees build up retirement assets. Also, government policy promotes saving for old age, including the important tax deferral provided to qualified retirement plans.Read More

Why Making Big Decisions At Older Ages Is So Risky

Every single day from now until 2030, about 10,000 Baby Boomers turn 65. While this doesn’t mean we become instantly feeble on our birthday, it does mean that we must start planning ahead for things that will be much more difficult to handle later. Unfortunately, too many of us avoid thinking about tomorrow, with potentially dangerous and certainly undesirable consequences.Read More

A Financial Literacy Test That Works

Brokers, financial advice providers, and many others need to test peoples’ ability to manage their money. Nevertheless, there are some who debate such tests arguing that they aren’t useful for predicting behavior. But our work has confirmed that there actually IS a short and very effective diagnostic financial literacy test that can be used to measure financial know-how and predict behavior.Read More

Moving To The Next Step: Reboot, Rewire, Or Retire?

Many Boomers currently in their 50s, 60s, and 70s confront crucial decisions about the next steps for their careers and post-career activities. Some seek new conventional job opportunities; others want a new active life that follows a different script; and yet others choose a traditional retirement path.  While younger people often have well-established ideas about career planning, those of us in later life stages are often unclear about next steps.Read More