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Young people’s pessimism about their longevity partly explains why they under-save for retirement, new research from Bayes Business School suggests.
Conversely, very old people tend to be overly optimistic when making retirement saving decisions based on their longevity.
However, the impact of these beliefs, the study concludes, is less than that suggested by earlier research. Factors such as ready access to surplus cash, a wish to pass on a legacy and health risks are more important.
The researchers compared data on survival beliefs from the US Survey of Consumer Finances with survival probabilities from the US government’s 2019 actuarial data period life table. The research is published in the journal Insurance: Mathematics and Economics.
While younger people generally underestimate their likely lifespan, the study suggests, we become increasingly optimistic as we age.
On average, those who rely on their own subjective ideas of how long they will live save around 1% less before retirement and 4% more after retiring than people who take a more evidence-based approach to saving.
The study found that the annuities purchased by people relying on subjective survival rates are typically around 8% lower than those bought by people who base their decision on objective data. Annuities convert savings into an annual pension paid to the recipient.
The desire to leave a legacy to loved ones, however, had an even bigger impact on annuity decisions.
Co-author Dr. Iqbal Owadally, Reader in actuarial science at Bayes Business School (City St George’s, University of London), said, “It is important to look at people’s personal beliefs because this drives how much people save, invest and plan for retirement. However, our study reveals a complex relationship between subjective survival beliefs and financial behavior.”
Key recommendations from the study include:
Co-author Steven Haberman, professor of actuarial science at Bayes, said, “Rather than just focusing on survival misperceptions, policymakers and financial advisors should adopt a wider approach to addressing people’s preparedness for retirement. This would include measures to improve financial literacy among young people on topics such as life expectancy and retirement preparedness.”
Co-author Dr. Douglas Wright, senior lecturer at Bayes, said, “Given survival beliefs are not a strong driver of decision-making around retirement products, policymakers may need to focus on other barriers such as accessibility of products, financial illiteracy and trust in pension providers.”
Co-author Seung Yeon Jeong, who took part in the research as a Ph.D. student at Bayes, said more flexible annuity options are needed, including deferred annuities that can be bought at different ages. “This could reduce the impact of survival pessimism at younger ages and better prepare people for retirement,” she said.
While many of the differentiators between wealthy people in the upper class and the shrinking middle demographic are almost entirely institutional, there are still several individual-level things wealthy people refuse to do that the middle class keeps saying yes to. Despite only being the difference between having extra money and being strapped for cash in many cases, many of these middle class decisions can keep people stuck in a cycle of money stress that the wealthy largely avoid.
Of course, it’s nearly impossible to compare financial decisions between these two groups — especially considering the U.S. wealth gap and rising economic inequality is creating an inequitable situation for the middle class, according to studies from Pew Research Center, where households have less economic opportunities, mobility, and security than those at the top. So, while the financial choices and literacy of the wealthy can be interesting for middle class families to experiment with, it’s not the sole difference between their current status and financial mobility.
Considering wealthy people have the money to go out to eat, swipe without checking their bank account, or buy new clothes for every event, it’s not necessarily accurate to say that middle class people say “yes” to these expenses, while wealthy people say “no.” However, there’s an element of financial literacy knowledge that applies to this sentiment — if you don’t have the money, don’t spend it.
While it seems relatively intuitive, a 2025 LendingTree study found that Americans harbor over 1 trillion dollars in credit card debt from spending money they don’t have. Another 47% of these credit card holders carried over a balance year-to-year, continuing to fall under the weight of high interest rates and a compounded balance.
Of course, wealthy people aren’t spending on credit cards, unless it’s to build credit, make investments, and pay off their balances. The difference is, debt can become a crushing, all-encompassing experience for middle class families. It not only makes it more risky for them to say “yes” to, it’s accepted when they’re struggling to simply get by.
One of the things wealthy people refuse to do that the middle class keeps saying yes to is helping other people financially when they’re going through a tough time personally. You can’t truly give back to people and help them when it’s a disservice to yourself.
While it’s relatively controversial and short-sighted for wealthy people with the means to help others to say “no” to provide support, middle class families who are already struggling shouldn’t have to carry that burden themselves.
Of course, there are still ways to volunteer, give back to people and your community, and embody this kind of fundamental empathy in your daily lives, even if you’re not spending money. From donating time, to scaling back your financial contributions, and getting creative with gift-giving and support, there are many ways to help others without hurting yourself.
Considering wealthy people tend to have access to more opportunities, resources, and compensation than their middle class counterparts in the workplace, it’s not surprising that they tend to have a greater work-life balance and better prioritization of their time.
Not only are they not latching onto misguided loyalty with their employers for a sense of stability and security, they can rely on their assets and other incomes for that by leveraging connections and knowledge that others may not have. According to a survey from Indeed, nearly 53% of workers feel burnt out — largely from being overworked, underpaid, and less flexible with their personal lives and free-time.
From side hustles, to other investments and hobbies to fill their time, wealthy people don’t just feel less inclined to overwork themselves and work endlessly with little reward, they leverage the time that others spend working to craft more financial stability and security for themselves.
According to data from Empower, Americans’ monthly spending on clothes has increased by over 72% in recent years, with Gen Xers — the biggest spenders — dishing out an average of $705 monthly on clothing and footwear. It’s not just the evolving trend cycle influencing people to spend more money and buy the “next best thing,” it’s also the consumerist mindset that tends to fuel less financially fortunate people.
Even if they don’t have the financial stability to afford it, spending money on clothes and feeding into the trend cycle is one of the things wealthy people refuse to do that the middle class keeps saying yes to.
Especially considering these trends — like the Stanley water bottle or Lululemon leggings — have transformed into “status symbols” where the lower and middle class households can feign a sense of financial belonging, it’s not surprising they’re more motivated to make purchases, even at the expense of their economic stability
One of the things wealthy people refuse to do that the middle class keeps saying yes to is constant social events. Of course, finding community, connecting with new people, and seeing your inner circle of friends is important for a sense of belonging and your mental health, but it’s not always necessary to spend money you don’t have to do so. Sometimes, the art of saying “no” can help you to build better financial stability, especially for middle class people yearning for a sense of comfort.
So, how do you combat friends inviting you to dinner or pressures to go out on the weekends?
Firstly, talk about your goals to your friends — help them to help you and hold you accountable. You can also make plans — figuring out what kind of money you want to spend or time you have to spare — and set boundaries with your friends and family. If they care about you and help you find financial stability, they’ll find ways to see you.
It’s not surprising that money impacts health — the more money you have, the healthier you are.
According to a study from Health Psychology, that’s a trend that’s applicable across the board. From fending off physical ailments caused by chronic stress, not having access to preventative care, obtaining the knowledge about health, nutrition and wellness, and even having time and money for healthy diets and workout classes, having money, access, and influence can truly make a difference for your mental and physical well-being.
Another small reason why wealthy people tend to be healthier is they don’t neglect their well-being for the sake of loyalty to a single company, overworking themselves, or setting poor boundaries. Not only do they typically have multiple income streams — making it easier to set boundaries with work and protect their own well-being, rather than their job security — they also have the knowledge and support to advocate for their health.
Studies, like one from the Journal of Economic Psychology, argue that fear-based financial decisions and investments can lead to adverse money outcomes, especially in middle- and low-income households that operate in a state of constant money stress and anxiety.
Arguably not by choice, these decisions are some of the things wealthy people refuse to do that the middle class keeps saying yes to. Wealthy individuals, with the security and stability of a comfortable financial situation, can confidently make decisions — fueled by knowledge, financial literacy, and disposable incomes — made from a clear-headed position, while middle class individuals operate from fear.
It’s not a choice they’re making intentionally, it’s simply a product of their environment, but it can put these demographics at a disadvantage in planning for the future, paying off debt, and pursuing financial freedom in a tumultuous economic climate.
According to “self-made millionaire” and entrepreneur Barbara Corcoran, constantly saving money won’t bring you wealth — it’s intentional investments that allow wealthy people to develop new streams of income and disposable incomes.
Of course, simply saving money is one of the things wealthy people refuse to do that the middle class keeps saying yes to, not just because they don’t have the money to invest in real estate or stocks, but because they don’t have the financial literacy, support, or knowledge to do it well.
According to experts from American Express, middle class individuals can maximize their savings in a number of ways, if they don’t have the luxury of saying “yes” to other investments. For example, choosing a high-interest savings account that grows without a lot of extra work can be the perfect way to save money that works for you, rather than against you.
A study from the Journal of Experimental Social Psychology suggests that highly loyal employees — who sacrifice their health and well-being for an employer — are often exploited and taken advantage of for the benefit of their companies.
Rather than invest in multiple streams of income and protect their well-being against symptoms of burnout — behaviors that wealthy people tend to prioritize in their lives — middle class workers feel pressured to stay overly loyal to one company, protecting their misguided job stability.
By investing in personal growth, skill specialization, and making connections over undying loyalty to an employer, middle class workers can ensure they’re set up for success in the event that they’re forced to leave their job, whether it’s mediating burnout or a lay-off.
Many low- and middle-class households are going into debt to fund vacations, according to a 2024 study, trying to mediate the chronic stress they’re experiencing in their routines. While it’s impossible to avoid credit card debt and necessary loans in certain situations, saying “yes” to non-essentials, when you don’t have the money to fund them, can put you in a worse off situation in the long-term.
Like many of the other things wealthy people refuse to do that the middle class keeps saying yes to, these “decisions” aren’t always “a choice.” Wealthy people have the freedom to pay for non-essentials from their bank accounts without reservation — they don’t have to grapple with the benefits of a needed vacation and taking out loans, they just pay for it out of pocket.
There’s a lot of nuance to these financial decisions, but the more time people spend saving and investing, budgeting for necessities, making little sacrifices from time-to-time, and investing in their financial knowledge, the better off they’ll be down the road.
Employees who make the choice to stay at their companies for more than 2 years, despite being underpaid, can experience a 50% lifetime loss of income compared to those who make a change.
Of course, sacrificing job stability, a stable income, and time for a new job hunt can be scary for people already living paycheck-to-paycheck, and in many cases, completely unfeasible, which is why so many middle class households are continuing to say “yes” to mistreatment and stagnant wages in their jobs.
Even if it means interviewing in your free time, making connections online, or building skills in a low-paying job to bolster a resume, any small change towards growth is beneficial for these individuals. Staying at a low-paying job where you’re sacrificing not just financial wellness, but personal health and well-being, is a disservice in the long run.
U.S. job openings fell in February as rising uncertainty over the economy due to tariffs on imports curbed demand for labor.
Job openings, a measure of labor demand, dropped 194,000 to 7.568 million by the last day of February, the Labor Department’s Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.
Data for January was revised slightly higher to 7.762 million vacancies instead of the previously reported 7.74 million. Economists polled by Reuters had forecast 7.61 million unfilled positions.
In a perfect world, the stock market would always work in your favor.
The reality, however, is that dips are bound to happen and can be particularly problematic in your early retirement years.
For this reason, saving for retirement and planning for market downturns is essential, especially if you’re a homeowner and wondering if you should put your home up for sale.
Factors such as inflation, the political climate, and fears of a recession can all lead to stock market dips. A recent CNBC article described the impact of these downturns on retirees.
“Your first five years of retirement are the ‘danger zone’ for tapping accounts during a downturn,” as you’ll have less money for future growth when the market rebounds, Amy Arnott, a portfolio strategist with Morningstar Research Service, explains.
Arnott’s primary advice for those who hope to avoid this issue is diversification.
“Typically, you’ll keep one to two years of living expenses in cash, which would be accessible during market dips,” Arnott says. The next five years, you may use short- to intermediate-term bonds or bond funds.
From there, you can prioritize growth through stocks. As long as you plan accordingly and don’t put all your eggs in one basket, you’re less likely to outlive your savings.
“Some retirees need to keep an eye on the market because pulling money out when it’s down can hurt their savings over time,” says Taylor Kovar, Certified Financial Planner and founder of 11 Financial. If these retirees were forced to sell investments at a lower value, they could lose more than if they had waited for the market to bounce back.
“For others, the market is not as big of a deal. If you have other income streams, like a pension, or if you don’t rely solely on your investments, you may not be as impacted by market dips,” explains Kovar. At the end of the day, it all depends on how much of your income is coming from that nest egg.
Also, for those thinking about downsizing, the market is essential.
“If the market is strong, you could sell your home for a good price and find something more affordable. But if the market is down, you might not get as much for your house, and finding the perfect smaller place could be tricky,” adds Kovar.
Since it’s always good to have a backup plan, Kovar suggests renting for a while, as this could be a safer option while the market settles.
While you can’t control the stock market, these tips can help you safeguard your retirement savings:
Diversify: “Having a mix helps protect you if one area takes a hit,” says Kovar. Look beyond stocks, bonds, and mutual funds, and consider alternative investments like real estate or even startups or precious metals. Annuities may also be worthwhile, especially if you like the idea of guaranteed returns. Get creative and think about the various retirement income sources at your disposal.
Build an emergency fund: “Keep enough savings to cover several months of expenses,” says Kovar. You never know when the extra funds will come in handy. This strategy can prevent you from having to sell investments when the market is down.
Cut your expenses: Take a close look at your expenses and figure out where you can cut back. Perhaps you have a gym membership you no longer use. Or maybe you can eat at home more often and save on dining out. “Less expenses will stretch your savings further and reduce the stress on your investments,” says Kovar.
Delay Social Security benefits: You can begin to collect Social Security at age 62. However, depending on your situation, it might be in your best interest to put this off for a few years so that you can increase your monthly benefits and offset the impact of inflation.
Consider a side gig or part-time work: Not only can an additional income stream give you some peace of mind during retirement, it may also provide opportunities for socialization and fun while improving your physical and mental health.
Reassess your housing situation: If your house no longer suits your needs, downsizing may make sense. It can potentially save you money and boost your retirement savings. Plus, it may reduce the need for home maintenance and repairs, which can become particularly costly in retirement.
Members of the U.S. armed forces qualify for special tax breaks, which can offer unique financial planning opportunities, experts say.
Typically, earnings are higher after military service because there are two sources of income: your new career and your military retirement benefits, said certified financial planner Patrick Beagle, owner and president of WealthCrest Financial Services in Springfield, Va. The firm specializes in military and federal employees.
During service, it’s smart to make after-tax Roth contributions to a Thrift Savings Plan, or TSP, retirement accounts, he said. Roth deposits are after taxes, but the funds grow tax-free.
“You’re probably making a mistake” if you skip Roth TSP contributions while serving during your lower-income years, said Beagle, who is also a retired Marine aviator.
Another planning opportunity happens while serving in a combat zone, said CFP Curtis Sheldon, who is also an enrolled agent at C.L. Sheldon and Company in Alexandria, Va. The firm specializes in working with active and retired military members.
“For the vast majority of people, when you deploy to a combat zone, you have tax-free income,” and even a single day of service counts for the full month, he said. Your earnings are exempt from taxes during that period, including basic pay, bonuses, student loan repayments and more, according to the IRS.
Typically, you should aim to receive more income during that period to maximize your tax-exempt income, experts say.
For example, you can defer your reenlistment bonus until you’re in a combat zone, and the earnings will be tax-free, Beagle said.
While deployed in a combat zone, it’s also a “really, really good year” for higher-ranking individuals to do Roth conversions while temporarily in a lower tax bracket, Sheldon said. These service members may otherwise be higher earners and may have a larger pre-tax retirement account to covert.
Roth individual retirement account conversions transfer pretax or nondeductible IRA money to a Roth IRA, which begins future tax-free growth. The trade-off is investors owe upfront taxes on the converted balance.
Another benefit is the Department of Defense’s Savings Deposit Program, or SDP, which offers 10% annual interest on savings of up to $10,000 while service members are deployed in a combat zone.
To compare, the average interest rate for traditional banks was 0.41%, as of Mar. 17, according to the Federal Deposit Insurance Corporation. Meanwhile, the top 1% average rate savings account rate was 4.26%, as of Mar. 31, according to Deposit Accounts.
You can close the account after leaving a combat zone and use the money as a “slush fund” for living expenses to defer more Roth contributions into your TSP, Beagle said.
“There are all these different wickets,” he said. “You can pick and choose among all the [military] benefits” to maximize future investment returns.
After getting two Supplemental Security Income checks in February, beneficiaries will get their April payment at the normal time – but the month of May brings more payment quirks.
Usually SSI checks hit on the first of the month, unless the date lands on a federal holiday or weekend. April 1 is a Tuesday, so that’s when SSI checks will arrive.
About 7.4 million Americans who may be disabled or have limited resources get monthly SSI benefit payments. About one-third of those who get SSI also get Social Security.
Traditional Social Security payments – for those who are older or retired – are issued for most recipients on Wednesdays throughout the month. So, if your birthdate falls between the first and 10th of the month, you are paid on the second Wednesday of the month; between the 11th and 20th, you’re paid on the third Wednesday, and if you were born after the 20th of the month, you get paid on the fourth Wednesday of the month, according to the Social Security Administration’s calendar.
Recipients who began getting Social Security before May 1997 are paid on the 3rd of the month – and if they also get SSI, that benefit comes on the 1st.
In May, SSI recipients will get two checks: the May SSI payment is scheduled to be issued on May 1, according to the SSA calendar, and the June SSI payment on May 30 – payments are issued early because June 1 falls on a weekend.
That means in June, as it was in March, SSI beneficiaries will not get a payment in that calendar month.
The calendar quirk crops up again in August when SSI recipients will get two checks – the August payment on Aug. 1 and the September payment on Aug. 29 – but no payment in the calendar month of September.
SSI recipients will also get two checks in October, but not one in the calendar month of November, according to the SSA calendar.
Supplemental Security Income checks will be sent out on the following dates in 2025, according to the SSA calendar.
Supplemental Security Income is a benefit payment for those with limited income or resources aged 65 or older, who are blind or have a qualifying disability. Children with a qualifying disability can also get SSI, according to the SSA’s website.
In general, adults who qualify for SSI do not earn more than $2,019 from work monthly.
If you or someone you know thinks they may be eligible for SSI, you can begin the application process online, in person at your local Social Security office, or by calling 1-800-772-1213 (TTY 1-800-325-0778) between 8:00 a.m. to 7:00 p.m. local time during the work week.
If you think you may want to apply for Social Security or SSI in the near future, you may want to create an online account soon if you haven’t, as the agency is implementing “stronger identity verification procedures,” including online identity proofing, starting March 31.
North Liberty, Iowa — At the weekly senior lunch social in North Liberty, Iowa, chicken was on the menu, but Social Security was top of mind.
Iowa, like the U.S., is aging. One in four people in the state is age 60 and older, according to the Iowa Department of Health and Human Services. Uncertainty in Washington means anxiety here.
Anne Bacon tells CBS News the issue gives her “daymares.”
Bacon relies on the $1,600 a month she receives from Social Security to pay for the 24-hour care of her brother, Rick Clark, who has dementia.
“Every day I’m worried that somehow he’ll lose his care,” Bacon said.
When a Social Security check didn’t arrive in January, Bacon called the agency and ended up on hold for more than six hours on two separate calls. When she finally got someone on the phone, the problem was resolved in minutes.
The average wait time for Social Security calls has doubled in the last six months to 104 minutes.
John Hale worked for Social Security for 25 years. He and his wife Terri are now advocates for older and disabled Iowans through the Hale Group.
“It’s about retirement benefits,” Hale said. “It’s about survivors’ benefits, and about payments to people with disabilities.”
President Trump has insisted that he is not touching Social Security, which has more than 70 million recipients. But he is touching jobs within the agency. Last month, the agency announced plans to cut about 7,000 employees, or about 12% of its workforce.
The agency has also been hit by a bevy of changes. The Social Security Administration announced earlier this month that it would require in-person identity checks for new and existing beneficiaries, with some limited exemptions. Following backlash to the move, this week it said it was delaying implementation of the policy until April 14.
Also this month, the SSA said that recipients would no longer be able to change direct deposit and other banking information with the agency by phone, claiming that it could lead to fraud. Recipients will instead be required to use the SSA’s online platform or visit a local SSA office.
The moves come as Frank Bisignano, President Trump’s nominee to run the SSA, faced questions during his Senate confirmation hearing Tuesday about the potential role of the White House’s Department of Government Efficiency, or DOGE, in the SSA. DOGE is being run by billionaire Elon Musk.
“One of the things that concerns us, and I think concerns those people, is there’s a bunch of billionaires who are making decisions about this service who will never need Social Security,” Terri Hale said. “They’ll never have a family member who needs Social Security. They are out of touch with the real world.”
The Social Security Administration announced Wednesday that it is pushing back the rollout of a controversial anti-fraud measure by two weeks and reducing the number of applicants it will affect.
It’s the latest backtrack at the agency, which is in turmoil amid a massive reorganization spurred by the Department of Government Efficiency, and comes as the Elon Musk-led initiative is hunting for fraud at Social Security. More than 73 million Americans receive Social Security benefits.
The planned policy, which was set to take effect Monday, would have required all those filing benefit applications who cannot verify their identities through their online “my Social Security” account to visit a field office to complete the claim in person.
Currently, they can also apply over the phone.
But now the new identity verification policy will only apply to those filing for retirement, survivors or family benefits and will take effect on April 14.
People applying for disability benefits, Supplemental Security Income and Medicare will continue to have the option of filing their claims over the phone.
Also, the agency will not require filers in “extreme dire-need situations,” such as terminal illnesses, to adhere to the new policy and will instead develop an alternate process for them, it said.
“We have listened to our customers, Congress, advocates, and others,” Lee Dudek, Social Security’s acting commissioner, said in a statement, noting the delay allows for more training for employees. Applicants for disability, SSI and Medicare have other opportunities to verify their identity during the decision process, he said.
Advocates have raised concerns that the change would prove onerous for senior citizens and people with disabilities who are not able to go online or travel to agency offices.
“Our members nationwide have told us this change would require hundreds of miles and hours of travel merely to fill out paperwork,” Nancy LeaMond, AARP’s chief advocacy and engagement officer, said in a statement. “Merely delaying the implementation of this change is not enough, though.”
The change, along with another new rule barring beneficiaries from changing their bank account information over the telephone, could send millions more people to the agency’s offices, forcing folks to wait longer for payments and straining Social Security’s operations at a time when the agency is downsizing its staff, advocates have said.
The new policy regarding bank account information will take effect on April 15, instead of Saturday, as originally planned, according to an agency spokesperson.
However, a two-week delay is still “nowhere near enough time” to develop a comprehensive plan, train staff and inform the public of the identity verification change, Kathleen Romig, director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities, wrote in a Bluesky thread.
Plus, she questioned the need for such a policy.
“SSA has provided no evidence of direct deposit fraud that would require such heavy burdens on customers & staff, & no evidence at all of apps filed under assumed identities,” Romig wrote.
The agency reported $88 million of confirmed fraud for financial fraud in fiscal year 2023, according to a Congressional Research Service report. That’s separate from improper payments, though some of these payments may have fraud-related causes. Social Security sends about $1.5 trillion in payments annually.
Last week, he suggested he would shut down the agency in the wake of a court ruling temporarily blocking DOGE representatives from having access to Social Security data containing individuals’ personal information. He then announced in a news release that he would not do so after getting clarification from the judge.
Dudek has rolled out a series of rapid-fire changes – as well as some reversals – during his stint as acting commissioner, which began less than six weeks ago. He told advocates in a call earlier this week that these types of policies typically take two years to implement but said the White House is pushing him to act swiftly.
And earlier this month, he reversed a decision to end a program that lets parents sign up their newborns for a Social Security number and card at the hospital in at least one state, admitting it was a mistake. Dudek told The New York Times in an interview last week that he originally ordered the change because he was “ticked” at Maine’s governor (who is a Democrat) for “not being real cordial” to President Donald Trump at the White House.
Viewers who haven’t recently engaged with a channel despite having been sent recent push notifications will not receive push notifications in the experiment. Notifications will still be available via the notification inbox in the YouTube app. Channels that upload infrequently will not have their notifications affected. Actively engaged viewers with push notifications enabled on their device will continue to receive them. (No change)It’s not clear whether users will have any indication that they’re missing notifications, and it doesn’t seem normal to have a platform manage your notifications for you. “When viewers turn off all notifications from YouTube, all creators are unable to reach even their most engaged viewers outside the app. The goal of this experiment is to help us find ways to reduce this problem,” wrote Rob. Too many notifications can certainly be annoying, it’s possible some viewers want to see their favorite channels’ updates, even if they don’t immediately watch them. The test is just a “small experiment,” but there’s no mention of how long it will go on for or whether it will expand to more users.