Millennials are facing difficulties as they attempt to navigate in stormy financial seas according to PwC’s report: Millennials & Financial Literacy— The Struggle with Personal Finance. The study was conducted in partnership with The Global Financial Literacy Excellence Center at George Washington University.
Research conducted by the University of Amsterdam found that early retirement might potentially enhance longevity. In their study of male Dutch civil servants over the age of 54, the authors found that those who took early retirement were 42% less likely to die over five years versus those who continued to work.
Vying for a promotion, meeting tight deadlines, navigating office politics and job insecurity. Work stress can arise from these and many other circumstances. And while some bouts may be temporary, others can have more lasting effects. Chronic stress can eventually start taking a toll on an your productivity, health and well-being.
Conventional wisdom has young workers putting money aside each month for their golden years. Part of the traditional fiduciary process is paying off all debts, then transferring money into a 401(k) or other retirement savings account from each paycheck.
Younger workers are typically more reluctant to participate in qualified plans. Retirement is far away for them, salaries are lower, and they may be struggling with bills, like rent or student loan payments. A psychological theory called Construal Level Theory (CLT) suggests that the more removed an event is from our personal experience, the more abstract it is for us.