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In the debut episode of "Financial Freestyle with Ross Mac," TIAA Chief Administrative Officer Derek F. breaks down major gaps in the American retirement system. More: https://lnkd.in/eQ8xtmWz #yahoofinance #finance #money #economics #retirement

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40% of all Americans run out of money in retirement. 53% of African American households run out of money in retirement. If that system is broken, everything breaks down. So if your parents, you know, can't run out of money in retirement, then you have to start funding them because they don't have money. So that's taking money out of out of what should be your, you know, your nest egg, which you should be passing on to your kids. So it's just a generational deficit if we can't retire the right way. So there's really 3 gaps that we think about, we think about. The access gap. So who has accessed the plans? 57 million Americans do not have access to an employer plan. The savings gap. First thing I tell my kids, whatever job you get, join the retirement plan, a 401K plan immediately. Many people don't join. The last gap is the guarantee gap. So in this is that guaranteed lifetime income. 1975 about 80% of employees had to find benefit plans, which gives you a lifetime income flow that's down to like 12%.

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