UK Telegraph with the story (its been about for a few hours already though, so not really fresh)
North Korea’s deputy UN ambassador Kim In-ryong
– Korean peninsula “has reached the touch-and-go point and a nuclear war may break out any moment.&qu…
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US State Department officials arrived in Ankara, Monday, to discuss the visa suspension crisis with their Turkish counterparts. The US delegation, headed by Deputy Assistant Secretary for European and Eurasian Affairs Jonathan Cohen, will meet with the Turkish Deputy Undersecretary Ahmet Muhtar Gün on Tuesday. Cohen told Anadolu that “I am not the decision maker in this regard”. On 8 October, the US Embassy in Ankara announced the suspension of all visa services at its headquarters and American consulates in Turkey “with the exception for immigrants”. Read More: Turkey to pursue EU accession process: Deputy PM In response, the Turkish embassy in Washington has immediately suspended visa applications for US citizens at its headquarters and all Turkish consulates in the […]
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Earlier today we got the New Zealand inflation data from the stats agency:
New Zealand Q3 CPI 0.5% q/q (expected 0.4%)
– (y/y was 1.9%)
The Reserve Bank of New Zealand ‘Sectoral factor model’ of inflation has come in at 1.4% y/y. The sectora…
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Awaiting more details from the ratings agency
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Q3 GDP data, and the September activity data (industrial production, retail sales etc.) is due on October 19 at 0200 GMT
Preview via Reuters:
Some 13,000 Sudanese refugees have returned to Sirba and Kulbus localities in Sudan’s state of West Darfur, the United Nations Office for the Coordination of humanitarian Affairs (OCHA) announced today. OCHA added that a joint inter-agency mission, including representatives from the Government’s Humanitarian Aid Commission (HAC), UN agencies, international and national NGOs, UNAMID and Sudanese security, have visited the refugees areas “to inspect the returnees areas and identify their humanitarian needs.” “The mission found that the nomads, residents and return communities in the return areas live together peacefully as there are functioning farms and crop protection committees that mediate and resolve disputes over farmlands’” the agency said. The villages of Korni and Kalbeen village in West Darfur, the agency noted, […]
Nobel Prize-winning economist Robert Shiller appeared on CNBC’s “Closing Bell” earlier today. During the interview he commented on the “strange enthusiasm” people seem to have for Bitcoin but ultimately sums up the cryptocurrency up as a “fad”, comparing it to the phenomena of bimetallism. For those unaware, bimetallism refers to a trend that occurred in … Continue reading Robert Shiller: “Bitcoin is a Fad” but “I’ll take Bitcoin”
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National energy guarantee is to deliver affordable and reliable electricity, ays Prime Minister Malcolm Turnbull
Guarantee made up of two parts
– reliability guarantee to ensure energy is always available
The post Australian Prime Minister Turnb…
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People’s Bank of China onshore yuan rate
In Open Market Operations the People’s Bank of Chinanet injection of 130 bn yuan (after accounting for maturing RRs)
The post PBOC sets USD/CNY reference rate for today at 6.5883 (vs. yesterday at 6.5839) appear…
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Wall Street endlessly gushes about retirement. Its TV commercials show how wonderful life will be in our golden years—when we are old, yet still healthy and wealthy enough to go hang-gliding every day.
Meanwhile, out here in the real world, most working-age Americans don’t want to talk or even think about retirement. Often this is because they know they aren’t saving enough and probably will have to work until they drop dead.
This is the elephant in the room. 10,000 US Baby Boomers turn 65 every day. For most, life at that milestone won’t look much like the TV commercials.
That sounds dire, but it doesn’t have to be. Let’s look at ways this problem could be solved.
But first, some more facts.
Retirement Shortfall Among All Income Levels
Lately, I’ve been working with John Mauldin to research the huge public pension fund shortfalls. But it’s not just big funds that don’t save enough—most individuals are in the same position, or worse.
Teresa Ghilarducci is a labor economist at The New School, specializing in retirement security. Here’s what she told the Washington Post last month.
“There is no part of the country where the majority of middle-class older workers have adequate retirement savings to maintain their standard of living in their retirement.”
Her research shows even high-income workers haven’t saved enough to fund comfortable retirements.
The circles in this chart show how much money people should be saving for retirement. The shortfall (the red part) is around 30% for all income levels.
The green part of the circles is what Social Security provides. The program was never meant to be a full pension, and it clearly isn’t delivering one.
Yet a majority of the age 65+ population depends on Social Security for at least half of its income.
These are sobering numbers:
Now, consider what John Mauldin wrote in Thoughts from the Frontline last weekend (I’d also highly recommend subscribing to his weekly letter here). The federal government’s unfunded 75-year liability for Social Security and Medicare combined is $46.7 trillion.
So Americans aren’t saving enough for themselves, nor is the government saving on their behalf. And the Millennial generation, whose taxes Boomers and Gen-Xers will depend on, is not exactly off to a great career start.
It’s hard to see how this story could end well. It certainly won’t end with every older American enjoying a leisurely retirement.
“I’m Going to Work Until I Die.” Yes, You Most Likely Will, So Embrace It
Unprepared retirees are filling the gap the only way they can: by working well into their golden years.
In 1986, 10.6% of the population older than 65 was still working. In 2016, it was 18.6%, and I suspect the number will keep rising.
The Washington Post story profiles some working senior citizens:
Richard Dever had swabbed the campground shower stalls and emptied 20 garbage cans, and now he climbed slowly onto a John Deere mower to cut a couple acres of grass.
“I’m going to work until I die, if I can, because I need the money,” said Dever, 74, who drove 1,400 miles to this Maine campground from his home in Indiana to take a temporary job that pays $10 an hour.
Dever shifted gently in the tractor seat, a rubber cushion carefully positioned to ease the bursitis in his hip—a snapshot of the new reality of old age in America.
Dever’s story isn’t unusual. Many older people sell their homes, buy campers, and move around the country. Some just enjoy sightseeing—but many are making ends meet as seasonal laborers. Amazon even has a formal program for them called CamperForce.
Amazon makes it sound fun: “Your next RV adventure is here,” says the website. But it’s not the kind of adventure most camping enthusiasts would prefer.
Now, the idea of working past age 65 isn’t necessarily so bad. After all, work isn’t “work” if you enjoy doing it. The problem arises when the work is physically difficult or otherwise unpleasant.
I know many people over 65 who are very happily employed. John Mauldin, for one.
He’s 68 and keeps a schedule that would exhaust much younger folks. Working past retirement age isn’t always a nightmare—though it can definitely be one if you are forced into it.
We know most Americans in that age group don’t have enough savings to simply stop working. If that’s you, here are some tips what to do.
1. Save and invest as much as you can, even if the amount seems small. It will still come in handy. (In my recent exclusive special report, I describe one fixed income asset class that can yield up to 6-8% returns with moderate risks. Download it here for free).
2. Take care of your health. Lose weight, get exercise, eat healthy. This will both minimize your medical expenses and let you work more comfortably if you need to.
3. Think ahead about what kind of work you can do in retirement. Identify a job you can “retire into.” It should be something you enjoy, that earns real income, and that you’ll be able to continue even as aging slows you down.
4. Don’t look at it as Plan B. Think of retirement as a new stage in your career. As I said, work is only work if you don’t enjoy it. If you plan ahead, it can be a time when you work on your own terms instead of someone else’s.
In my case, there’s no reason I can’t keep writing into my seventies. Maybe I’ll take more vacations, but I don’t want to stop writing completely. I’m not sure I could stop even if I wanted to.
Meanwhile, those extra working years will let me save longer and my savings to compound, which will leave me in a better position when I can’t work anymore and have to tap my savings.
Medical breakthroughs extend what my colleague Patrick Cox calls “health spans.” Not only can we live longer, we can be healthier longer. There’s a good chance 80 will be the new 60.
In that regard, watch this short video by Gary Vaynerchuk. It has a little profanity at the end, but watch anyway. He has a message that may help.
We all have more time than we think… and we can do a lot with it.
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