Nevin's Data "Points"

I’ve learned two things about Millennials over the years: first, that there are few things they find more bothersome than having Boomers tell them  what they should be doing – and if there is anything more bothersome than the first, it’s being called “Millennials.” Setting that aside, I was recently asked to participate in a forum focused on the challenges to retirement savings faced by Millennials. That event, “The Millennial Perspective: An Intergenerational Discussion on Retirement Savings,” was sponsored by Women for a Secure Retirement (WISER), centered on the organization’s iOme Challenge to develop a comprehensive proposal to address the challenges Millennials face in saving for retirement. Of course, the definition of a Millennial has proven to be surprisingly elusive over time. But those in the forum were willing to accept the definition recently put forth by the Pew Research Center, that it would apply to those born between 1981 and 1996 – which, of course

One of my favorite cinematic quotes is from that Clint Eastwood classic, “Dirty Harry.” It comes at the very beginning of the movie – there’s a bank robbery in process, and Clint Eastwood (in the personage of Inspector “Dirty” Harry Callahan) is trying to wolf down a hot dog when the commotion starts up. Harry, clearly irritated, gets up and heads out, and proceeds to shoot it out with the robbers, and then strolls over to the one who is still breathing, who has a shotgun within reach. Harry proceeds to point out the attributes of his .44 Magnum as he wonders aloud if he still has any bullets left, as the wounded robber contemplates his chances of getting to his shotgun before Harry pulls the trigger. At that point, Harry reminds him: “You’ve got to ask yourself one question: ‘Do I feel lucky?’ Well, do ya, punk?” When reading the various surveys of workers who seem confident about their retirement prospects – or don’t – when most haven’t even tried to figure out how

Several weeks back, I was invited to participate in a group conversation on retirement and the future. The group of 15 (they’re listed at the end of the document that summarized the conclusions) that  Politico pulled together was diverse, both in background and philosophies, and included academics, think tanks, advocacy groups, and the Hill. It was conducted under Chatham House rules, which means that while our comments might be shared, they wouldn’t be specifically attributed. That latter point was helpful to the openness of the discussion, where several individuals had opinions that they acknowledged wouldn’t be supported by the groups they represent. The conversation touched on a wide range of topics, everything from the key challenges to the current system, the private sector’s role in addressing these problems, the individual’s role (and responsibility) for securing their own retirement, government’s role and the potential for current congressional proposals t

You may have missed it, but there was a bit of a “twitter storm” regarding retirement last week. More specifically, a relatively innocuous post about how much a 30-year-old should have saved toward retirement got a lot of 35-year-olds stirred up. The CBSMarketwatch article  quoted Fidelity as saying that you should have a year’s worth of salary saved by the time you’re 30 – but the real point of controversy  appears to have been driven by the premise that by the time you’re 35, you were supposed to have twice your salary saved. 1 The point, of course, is that it’s easier if you start early. But honestly, devoting 15% of your pay to retirement savings at any age is a daunting prospect, much less at a point when college debt and the prospects of a mortgage, kids and setting aside money for the kids’ college savings loom large. If this is “easy,” imagine what hard looks like! I’ve been a consistent saver over my working career – never missed an opportunity to save in a

Life has many lessons to teach us, some more painful than others – and some we’d just as soon be spared. But as graduates everywhere look ahead to the next chapter in their lives, it seems a good time to reflect on some of the lessons we’ve learned. Here are some nuggets I’ve picked up along the way…. Be willing to take all the blame – and to share the credit. There actually are stupid questions. Shun those who are cruel – and don’t laugh at their “jokes.” Never say you’ll never. Be on time. “Bad” people eventually get what’s coming to them. But you may not be there to see it. Always sleep on big decisions. Sometimes the grass looks greener because of the amount of fertilizer. Never email in anger – or frustration. And be extra careful when using the “Reply All” button. If your current boss doesn’t want to hear the truth, it may be time to look for a new one. Never pass up a chance to say “thank you.” If you wouldn’t want your mother to learn about it, don’t do it.