Rich American retirees hoarding cash out of fear
All of a sudden, they're not getting a regular salary and they're afraid they would run out of cash too early
New York
THERE'S a time in everyone's life to save. There's also a time when you're supposed to spend. That time is commonly known as retirement.
Millions of Americans aren't doing that, however, which has put the US in a perverse situation. Younger generations aren't saving enough as their income slips further behind previous generations. Older Americans meanwhile sit atop unprecedented piles of assets built through stock market and real estate booms.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Abu Dhabi’s IHC to buy back up to US$1.4 billion of its shares
Dubai’s financial centre expects ‘busiest year’ as firms rush in
Israel strikes Gaza city of Rafah after evacuation order
Britain's King Charles III marks first anniversary of coronation
German deficit forecast at 1.75% in 2024, says stability council
SNP veteran John Swinney set to be Scotland’s next leader