Retirement—financial independence—is a fundamental goal in financial planning. Today, baby boomers think about retiring between age 62 and age 65, and few consider working beyond age 70. But according to a recent Reuters report, millennials are likely to have to work until an average of 75 years old, 13 years longer than retirees today.
You’ve probably heard by now that the 2016 cost of living (COLA) adjustment for Social Security benefits is zero—the third time this has happened in the last seven years (most recently, 2010 and 2011). In fact, Social Security benefit increases have stalled since the Great Recession; only once since 2008 have they risen by more than 2%.
Many investors will be glad to finally see the end of the third quarter of 2015, and most of them will feel like their portfolios are worse off than they actually are.
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