Financial vortex: How to manage while saving for retirement

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There were a number of big takeaways from Goldman Sachs annual Retirement Survey & Insights Report, one of which was a decline in the impact of the financial vortex. So what is the financial vortex, and how well are people managing it? Robert Powell is joined by Chris Ceder, Goldman Sachs Asset Management senior retirement strategist, to discuss the financial vortex, whether to delay your retirement, personalized planning and advice, financial wellness programs, AI, and much more in this week's episode of Decoding Retirement. According to Goldman Sachs, the financial vortex is a term used to describe the combination of personal and economic factors that can make it difficult for people to achieve financial stability. "What we're really interested in learning is how well people are managing what we call that financial vortex because it's really about competing priorities in terms of that impact [on] how people can actually save for retirement," Ceder explained. "And this is really the first year that we've seen ... people saying that things like saving for college or credit card debt or other competing priorities is actually on the decline this year." Most people who are 401(k) plan participants have access to retirement planning tools from their employer. "Tools are helpful and people can access those tools, but we need to make sure that people can take those tools and really make a personalized plan out of that," Ceder said. He noted that aspects of an individual's life, suc

Published 2024-12-17 · Watch on YouTube ↗
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