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44% of workers are ‘cautiously optimistic’ about retirement: CNBC poll

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2 years ago

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Many American workers are optimistic about their retirement goals, but most believe it will be challenging for them to retire comfortably. 

Almost half, 44%, of workers in a new CNBC poll are “cautiously optimistic” about their ability to meet their retirement goals, and 27% say they are “realistic” about that happening. 

Even so, 82% of workers in that survey say achieving a comfortable retirement is “much harder or somewhat harder” to achieve than it was for their parents. A majority, 69%, are concerned about being able to afford to stop working or retire fully and 80% worry that Social Security will not be enough to live on in retirement.  

The CNBC report, conducted by SurveyMonkey, polled 6,657 U.S. adults, including 2,603 who are retired and 4,054 who are working full time or part time, are self-employed or who own a business.

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The decline in traditional pensions, the rising cost of health care, and increasing life expectancy have contributed to workers’ need to rethink their retirement plans.

“Retirement itself is being retired,” said Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab. “Often, within a year, two years, they found out that, frankly, they’re either need more money or need something to do.” 

Here are smart moves you can make at every age to make it easier to meet your retirement goals: 

In your 20s & 30s: Maximize tax-advantaged savings

Many younger workers in the CNBC poll — including 43% of Gen Z and millennials, who are in their 20s to early 40s — are “cautiously optimistic” about their ability to meet their retirement goals.

For people in their 20s and 30s, “retirement” is far away and means having the financial freedom to be “working because we want to, not necessarily because we have to,” said certified financial planner Rianka Dorsainvil, founder of YGC Wealth in Lanham, Maryland, and a CNBC Financial Advisor Council member.

Personal Finance Tips 2024: Roth IRAs

Starting to invest for retirement early, especially in tax-advantaged accounts, helps you make the most of your time investing in the market and leverage the power of compound interest. 

Various work opportunities can offer flexibility in options to save for the future. Many people in their 20s may work a 9-to-5 job and have a “side gig” or part-time job in the evenings or weekends.

That means you could save in a 401(k) plan at work as well as a self-employed retirement plan, like a Simplified Employee Pension-Individual retirement account or Solo 401(k) on your own, said Nate Hoskin, a certified financial planner and founder of Hoskin Capital in Denver, Colorado. 

While you may have opened a 401(k) plan in your first job, aim to increase the percentage you contribute each year. Put in at least enough money to get the company’s full matching contribution.

Traditional IRAs and 401(k) plans give you an upfront tax break. Making contributions with pre-tax money lowers your taxable income now, but you’ll have to pay taxes when you withdraw the money in retirement at your future tax rate.

Roth accounts, which let you contribute after-tax dollars that then grow and can be withdrawn in retirement tax free, can also be a smart bet for young workers who qualify.

In your 40s: Monitor rising expenses 

While you’re in your peak earning years, expenses can also rise quickly. About half, 52%, of millennials and 47% of Gen Xers in the CNBC poll said “paying off debts or loans” is the main reason they feel behind in retirement planning or savings. 

In that case, “it’s probably time to reassess financial goals,” said Dorsainvil. Focus on paying down credit card and high-interest debt and boosting your emergency savings so that you won’t be forced to dip into retirement savings for unexpected expenses.

Also, be careful of “lifestyle creep.” You don’t necessarily need to spend more just because you are making more. Don’t let the cost of your lifestyle increase faster than your income. See what expenses you can reduce or cut out.

2024 Tax Tips: New 401(k) limits

In your 50s: Estimate your retirement income   

The CNBC poll finds that 48% of GenXers hope to have saved $500,000 or more for retirement, yet the same share have currently saved $50,000 or less. Nearly 20% of this age group are “not sure” how much money they will need to spend each year on living expenses and other purchases in retirement.

In your 50s, it’s time to turbocharge your savings and start crunching the numbers to determine how much income you will have in retirement.

“Not enough people actually do financial planning, so they’re not aware of the numbers that they’re faced with early enough,” said Catherine Valega, a CFP and founder of Green Bee Advisory in Winchester, Massachusetts.

Tips for mapping out your retirement plan

Starting at 50, you can boost your retirement savings with “catch-up” contributions. In 2024, the maximum you can contribute to a 401(k) is $23,000, but the IRS allows you to add an extra $7,500 if you’re 50 or older. For an individual retirement account (IRA), the maximum contribution for 2024 is $7,000, with an additional $1,000 if you’re 50 or older.

Online calculators can show you how much your retirement savings might grow between now and your anticipated retirement, and how much that balance it might provide in monthly income. Also, factor in how much money you may get from Social Security.

Even if you think you’re behind in saving, estimating your retirement income presents an opportunity to figure out how to make it work, said Valega.

“We’re not going to dwell on what you’ve done in the past. Let’s start today with what we have,” she said. “What are our assets? What are income-producing abilities, capabilities? And then we’re going to move forward.”

In your 60s: Test drive your retirement 

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While 38% of baby boomers in their 60s and 70s say they are “on schedule” with retirement planning and savings, according to the CNBC poll, 41% say they are “behind schedule.” 

As you enter your 60s, and are closer to retirement, take your retirement for a test drive. Think about what you will do, who you will do it with and where you will do it. 

For example, Coughlin said to ask yourself: “What will you do on any given Tuesday? There will be many Tuesdays with expenses, challenges and opportunities.”

Many people today live well into their 90s and beyond. While travel, pursuing hobbies and interests and spending time with family are what most people of all ages say they will “ideally” do in retirement, the CNBC poll finds those who think they will “realistically” be able to do so are much lower.

Once you identify your aspirations, do a test run of the lifestyle and the location. Use your time off from work to engage in activities you think you’d like to do and vacation in the places where you think you’d like to live. Also, test drive your retirement budget by comparing housing, transportation, food, entertainment and health care costs in that area to what you’re paying now. See if you can stick to that new budget for a few months while still working.

No matter your age, Hoskin said, stick to some basic rules to achieve financial security: “You still need to spend less than you make, save a significant portion of your income, locate that money in the correct accounts, and invest it for the future,” he said. “That is the cycle that creates generational wealth.”

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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7 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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