Hello,

The 2024 Employee Benefit Research Institute (EBRI) Retirement Confidence Survey was recently released, and it provides an illuminating look at the current state of retirement preparations and mindsets across the country.

While the findings show reason for optimism, with 68% of workers and 74% of retirees feeling confident about their retirement prospects, this represents only a modest rebound from 2023's significant dip in confidence levels.

Inflation remains the overarching concern, with 83% of workers worried that rising costs may impede their ability to accumulate sufficient savings.¹

The survey data reveals a few other key themes that reinforce the importance of prudent, personalized retirement preparation:
 
Social Security Expectations

Social Security remains the bedrock of most retirement income strategies. An overwhelming 91% of retirees report receiving Social Security benefits, with 62% indicating it's a significant income source. However, only 25% of retirees say they grasp the program's nuances and how to optimize their benefits.¹
 
Savings Imbalance

While Americans have ambitious retirement savings goals (one-third of workers believe they'll need $1.5 million or more), there's a disconnect with current realities.

One-third of workers have less than $50,000 saved, and 14% have under $1,000 put away. This disparity underscores the necessity of developing a tactical, long-term strategy.¹
 
Emergency Savings Needs
Two-thirds of workers would like more opportunities to save for unexpected expenses through their workplace retirement plans. Nearly one in five people admit to tapping their retirement funds for emergencies.¹
 
Lifetime Income Appeal

There's been a notable uptick in interest regarding products that can provide a guaranteed income stream throughout retirement. A full 83% of workers contributing to an employer's plan are interested in converting some of their savings into a product that generates a steady income. As the risk of outliving one's assets remains a pressing concern, these products may play a greater role.¹
 
The 2024 EBRI survey highlights retirement preparation's complexity and evolving nature in. While no two individuals' situations are alike, constant monitoring, being proactive, and adaptability are required to navigate the challenges and maximize the opportunities.

As your financial team, we’re here to provide the guidance, tools, and solutions to position you for the comfortable, worry-free retirement you've envisioned and worked diligently to achieve. If you have any questions or concerns, we’re happy to help.

Until next week,
 
Your Eagle Wealth Team

Health Benefits of Garlic

Garlic isn't just for making your meals taste amazing; it’s also a health superstar. Packed with antioxidants, garlic can help boost your immune system, keeping those pesky colds at bay. It’s great for your heart, too—garlic has been shown to lower blood pressure and reduce cholesterol levels, making it a natural ally against heart disease.

Got any inflammation? Garlic's got you covered. Its anti-inflammatory properties can help soothe arthritis pain and reduce other types of inflammation in the body. Plus, garlic is known to have antibacterial and antiviral properties, so it’s like a little warrior fighting off germs.

Some studies even suggest that garlic can improve brain health and may help reduce the risk of Alzheimer's and dementia. It’s also great for detoxifying the body, helping to flush out toxins and support liver function.

So, whether you’re chopping it up for a stir-fry or taking it as a supplement, garlic is a simple and delicious way to boost your overall health. Just be ready for that garlic breath—totally worth it for all the benefits!
 
Tip adapted from healthline.com: https://www.healthline.com/nutrition/11-proven-health-benefits-of-garlic#body-detox

The Week on Wall Street

Stocks edged lower in the final week of May as fresh news on economic growth and inflation failed to inspire investors.
 

Stocks Slide

Markets shrugged off news that the Q1 Gross Domestic Product was revised lower to 1.3 percent from the initial estimated 1.6 percent. Despite concerns that the economy was cooling faster than expected, investors didn’t believe the update was enough to influence the Fed’s decision about adjusting short-term rates.2

On Friday, investors were on edge waiting for the update on inflation. The Fed’s preferred inflation indicator, called the personal consumption and expenditures (PCE), rose 0.2 percent in April, which was in line with forecasts.3

Stocks rose slightly in pre-market trading on the news but were under pressure throughout the day as investors digested the inflation update. But in the last hour of trading, stock staged a powerful rally led by the Dow, which had its best day of the year.
 

Is Bad News Good News?

On the economic front, last week's news was generally disappointing. The update on Q1 GDP was a bit discouraging, and several Fed officials gave seemingly more hawkish updates. Also, the Fed’s “Beige Book” revealed modest economic growth nationwide.

Yet despite the drumbeat of bad news, stocks were resilient and closed only slightly lower for the holiday-shortened week.4

Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance. Source: YCharts.com, June 1, 2024. Weekly performance is measured from Friday, May 24, to Friday, May 31. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.

1. EBRI.org, 2024

2. CNBC.com, May 30, 2024

3. CNBC.com, May 31, 2024

4. Investors Business Daily, May 30, 2024

nvesting involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

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Please consult your financial professional for additional information.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.