According to the latest Business Owners Outlook from Wilmington Trust, the number of larger business owners who plan to retire sooner than expected shot up by 110% since August 2020, as confidence about the economy has taken a dive since the start of the COVID-19 pandemic. Moreover, the number of smaller business owners planning the same has doubled. Will those business owners have enough money put away to retire comfortably? Joel Anderson writes for GoBankingRates that a popular way to calculate retirement needs is to use Fidelity Investment's "10x income rule," which mandates putting aside 10 times your annual income in order to maintain a quality of life similar to the one you had while working. But Anderson notes that annual incomes are very different today than they were 10 or 20 years ago — or especially 30 years ago. Using U.S. Social Security Administration data on average annual wages, GoBankingRates has provided a look at the price tag for retirement from 1951 through 2019. See our slideshow for highlights from that report (along with some carefully chosen cultural markers). Related: |

 

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Richard Binder

Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.

Personal Lines
Personal Lines