Anne Lester is here today to discuss the retirement solutions and challenges that are facing each generation. Ann shares insights into the challenges of saving for retirement, influenced by her personal experiences as a former "terrible saver." There is a lot the anxiety surrounding retirement savings, the pitfalls of focusing on "the number," and the importance of understanding personal spending flexibility and failure lines. Ann discusses generational differences in retirement preparedness and highlights strategies for building retirement savings, such as saving future raises and adjusting spending priorities. Today we discuss...
- How Anne helped create the JP Morgan Smart Retirement Target Date Fund.
- Retirement challenges, including income uncertainty and spending in later life.
- Understanding personal "failure lines" and acceptable lifestyle adjustments.
- Generational wealth differences, with Gen Z and Millennials saving more early.
- The importance of employer-sponsored 401(k) plans for wealth building.
- Younger generations face challenges saving for retirement but are encouraged to stay the course for long-term stability.
- The housing market imbalance is influenced by limited supply, high prices, and generational trends in homeownership.
- Starter homes are increasingly unaffordable, forcing many young buyers to rely on financial help from family.
- The housing market could improve in 5-10 years as demographics and housing supply gradually shift.
- Multifamily housing and smaller new builds are growing trends, potentially offering more affordable options for buyers.
- Behavioral economics and AI have the potential to assist individuals in managing spending habits and savings strategies.
- Credit availability and understanding its consequences play a significant role in financial outcomes for younger generations.
- Boomers struggle with transitioning from saving to spending in retirement, often leaving unused funds.
- Generational differences in attitudes toward spending, saving, and credit reflect diverse economic experiences.
- Future perspectives on bonds may involve alternative strategies as economic conditions evolve.
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Today's Guest: Anne Lester
Anne Bio: Anne Lester is a retirement expert, author, media commentator, top-rated speaker and former Head of Retirement Solutions for JPMorgan Asset Management, where she worked almost 30 years. In 2020, Anne was recognized for her extraordinary lifetime contributions to Americans’ economic security with the prestigious Ray Lillywhite Award. She is on a mission to help rising leaders retire on their time and target. A top-rated speaker, Lester addresses the under-45 crowd as well as professional audiences, including P&I, NAPA, Wharton, plus financial firms and their clients. Lester is also a media commentator and regular contributor on personal finance and retirement issues. She has been featured on outlets including Bloomberg TV, CNBC, Forbes, Business Insider, Wall Street Journal, The New York Times and Barron’s. She also co-founded The Aspen Leadership Forum on Retirement Savings with AARP. Her book, Your Best Financial Life: Save Smart Now for the Future You Want (William Morrow, 2024), helps younger savers find long-term savings success by overcoming their behavioral biases. Anne earned an M.A. in international economics and Japan studies from Johns Hopkins and a B.A. from Princeton. She was awarded a Fulbright Graduate Research Fellowship. She and her husband have two children—a Gen Z-er and a Millennial—who are working to become retirement-ready.
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Today's Panelists
Douglas Heagren | Pro College Planners
Megan Gorman | The Wealth Intersection
Kirk Chisholm | Innovative Advisory Group