The Booming Stock Market Is Helping Many Retire Early. God Bless Bidenomics.

[Joe Capitalist]

The Booming Stock Market Is Helping Many Retire Early

https://apple.news/AdasDBZZeSVaJAwgjNePuEA

How much does the historically low unemployment rate owe to the record-high stock market? That would seem to put the economic horse before the cart. A fully employed labor market typically is the result of a robust economy, which in turn is reflected in the equity market, according to all of our college textbooks.
But it seems that strong gains in asset prices have lifted the wealth of many older workers sufficiently to allow them to attain their goal of retirement. With the value of their securities portfolios and homes having been levitated by the effects of strongly stimulative monetary and fiscal policies to fight the effects of the Covid-19 pandemic, the labor-force participation rate of those over 65 has fallen, and doesn’t look likely to get up again. Meanwhile, labor-force participation among those in the so-called “prime” working years has recovered and exceeded prepandemic rates.

 

[Joe Capitalist]

Goldman Lifts S&P 500 Target With Profit Optimism to Drive Rally

(Bloomberg) -- Just months after setting a 2024 target for the S&P 500 Index, Goldman Sachs Group Inc. strategists have boosted their forecast for a second time, reflecting Wall Street’s optimistic outlook for earnings.

“Increased profit estimates are the driver of the revision,” a team led by David Kostin wrote in a note to clients dated Friday. The 12-month forward earnings expectations are at a record high for the US stock index after forecasts bottomed out a year ago.

Kostin now sees the S&P 500 gaining to 5,200 by the end of this year, implying a 3.9% rise from Friday’s close, raising his forecast from the 5,100 level he predicted in mid-December.

He initially projected in November that the S&P 500 would hit 4,700 by the end of this year, but the gauge has already eclipsed the significant 5,000 milestone this month.

 

[ExpressLane]

Roughly two-thirds of working Americans who are 55+ years old say they will delay retirement or are uncertain whether they can retire at the time they expected, according to a new Axios-Ipsos poll.
About 20% believe they'll never retire.
Why it matters: Millions of people who are nearing retirement age are financially unprepared.

About half of people between 55 and 66 have no personal savings, according to Census Bureau data.
Meanwhile, more seniors are experiencing homelessness and experts predict that trend will get worse, PBS Newshour reports.

State of play: Financial worries are the main reason people feel they can't retire, according to the Axios-Ipsos poll.

More than half of respondents who still work said they plan to move somewhere with a lower cost of living when they retire.

Of note: Just over 40% say they have never talked about saving for retirement with their friends and 57% say they have never talked to a financial planner about retirement, Axios' Erica Pandey reports.

https://www.axios.com/local/des-moines/2023/07/24/retirement-working-poll-americans-desmoines-iowa

 

[Joe Capitalist]

Roughly two-thirds of working Americans who are 55+ years old say they will delay retirement or are uncertain whether they can retire at the time they expected, according to a new Axios-Ipsos poll.
About 20% believe they'll never retire.
Why it matters: Millions of people who are nearing retirement age are financially unprepared.

About half of people between 55 and 66 have no personal savings, according to Census Bureau data.
Meanwhile, more seniors are experiencing homelessness and experts predict that trend will get worse, PBS Newshour reports.

State of play: Financial worries are the main reason people feel they can't retire, according to the Axios-Ipsos poll.

More than half of respondents who still work said they plan to move somewhere with a lower cost of living when they retire.

Of note: Just over 40% say they have never talked about saving for retirement with their friends and 57% say they have never talked to a financial planner about retirement, Axios' Erica Pandey reports.

https://www.axios.com/local/des-moines/2023/07/24/retirement-working-poll-americans-desmoines-iowa

That's their fault, not the government's. You think the government is responsible for people's retirement?
What are you? A fucking liberal?