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One in four Americans have no retirement savings. Austin Kilgore, a consumer finance expert with the Achieve Center for Consumer Insights, a digital personal finance think tank, said our grocery cart is one place where we can bridge the money gap. Food expenses take up an average of $6,490, or 12.4% of annual expenses for many retirees. 

For those hoping to become wealthy, a job with a high salary would seem to be a big step in the right direction. However, high income alone doesn’t guarantee a high net worth, and a growing number of high earners say they don’t see themselves as wealthy. Advisors call this group HENRYs: “High Earners, Not Rich Yet.”

The future of Social Security remains a looming question for millions of Americans who count on those benefits in retirement. If President Joe Biden wins a second term, his administration will face mounting pressure to make changes for the future of the Social Security program. Substantial reforms may be necessary to ensure the program remains available for generations to come.

When financial advisors seek ways to manage risk in retirement investing, they typically look to bonds, which are traditionally seen as the optimal asset for offsetting the volatility in stock markets. By orchestrating a healthy mix of stocks and bonds in retirement accounts, advisors create a higher level of stability.