How Fed Uncertainty and Weak Jobs Hit Your Retirement

Wait, 31% have zero saved? Here’s why the Fed suddenly matters

Wait, 31% have zero saved? That’s not a typo. The Federal Reserve’s 2023 Survey of Household Economics and Decisionmaking (published in 2024) found that 31% of non-retirees had no retirement savings. No IRA, no 401(k), nothing. When that many people are starting from zero, interest-rate moves aren’t just for bond geeks, they’re the difference between a plan that pencils out and one that… doesn’t.

Here’s the setup in 2025: rate-cut odds keep whipsawing week to week, the 10‑year Treasury has ping‑ponged around the low 4s, and the labor market, while still ok, has cooled. Unemployment is hovering around 4.3%, up from last year’s lows, job openings have eased, and hiring is slower and more selective. Markets keep yo‑yoing on the “how many cuts and when?” question, which feeds straight into bond prices, annuity payout quotes, and even how target‑date funds glide through this late-stage cycle. One small policy shift, and suddenly annuity income estimates jump, then drop. Same paycheck, very different retirement math.

Why should you care if the Fed trims, pauses, or waits? Because rate policy sits under a bunch of your real decisions. When the path of cuts is hazy, bond durations swing, cash yields slip, and the price you pay for guaranteed income (annuities) can change between a Tuesday and a Thursday. If you’re in “catch‑up” mode at 50+, that uncertainty matters twice: it affects the return on what you’ve saved and the cost of buying income later. And if you’re one of the 31% starting from zero, the entry point, where yields and valuations are today, can either help you build momentum or make you feel stuck.

SHED 2023 (released 2024): 31% of non‑retirees reported having no retirement savings. Policy swings aren’t academic when a third of people are on the sidelines.

Now layer on the softer jobs picture. A cooling market tends to hit contributions first, people pare back 401(k) deferrals, skip the Roth, or pause catch‑ups. I’ve seen it too many times on the Street: bonuses shrink, matches get tweaked, folks promise to “make it up next quarter” and then… the quarter changes. That delay compounds, literally. The other squeeze is Social Security. When unemployment ticks up and savings feel thin, earlier claiming looks tempting. It’s usually costly: filing at 62 can cut your monthly check by roughly 25-30% for life versus waiting to full retirement age. It’s the same idea said a bit differently, locking in less, forever, because cash flow got tight for a few months.

So, here’s my take, and it’s just that, one analyst’s view shaped by a bunch of cycles and a few scars. This year, the mix of Fed uncertainty and a softening labor market is pushing retirement planning to be more dynamic: shorter duration where it makes sense, a clearer plan for when to annuitize (not randomly), and contribution habits that survive a wobblier paycheck. We’ll talk about how rate path scenarios change bond ladders, why annuity quotes move with yields, and practical guardrails if hours or income get cut. Not theory. The stuff you actually need when markets and jobs feel around 70% predictable, not 100%.

• What the Fed’s shifting cut path means for bond prices, cash yields, and annuity income.
• How a cooler labor market hits contributions, catch‑up windows, and timing decisions.
• Why earlier Social Security claiming is often the most expensive “quick fix”, and what to do instead.

Rates move, retirement math moves, bond prices, annuities, and cash yields

Here’s the dollars-and-cents version of the Fed uncertainty story. When policy rates fall, existing bond prices usually rise. The simple rule of thumb is duration math: price change ≈ duration × rate change (sign flipped). So if core bonds sit around a 6-6.5 year duration (the Bloomberg U.S. Aggregate was roughly in that zone in recent years), a 1% drop in yields points to something like a 6% price boost, give or take convexity and spread moves. Long Treasuries? Different animal. With duration closer to ~17-20, a 1% drop can hand you a mid-to-high teens price gain… and the mirror image on the way up. That’s why long-duration helps more in a cutting cycle but also makes your statement swingy. And yes, swingy is a technical term in my house.

Cash paid 5%-ish, but that tailwind can fade. In 2023, 3‑month T‑bill yields spent much of the year around 5% (the October 2023 average was about 5.4% per Treasury data). Last year, 2024, money market funds and short T‑bills stayed near the 5% zip code for long stretches. That’s been great for cash-heavy retirees. But if the Fed trims later this year, bill yields likely compress. If your spend plan assumed 5%, and reinvestment lands at 3.5%, cash income drops ~30%. That’s real money when you’re paying Medicare premiums, property taxes, and helping a kid with grad school. Reinvestment risk isn’t abstract; it’s your next CD rolling over into a smaller coupon.

Annuity payouts track yields (mostly). Lifetime income quotes don’t move tick-for-tick with the 10‑year, but they rhyme. When rates rose post‑2021, SPIA payouts jumped. Industry quote aggregates (e.g., CANNEX snapshots) showed that a 65‑year‑old buying a life‑only SPIA in late 2023 often saw annual income roughly 20-30% higher than comparable quotes in 2021 for the same premium. That’s the yield effect plus insurer pricing. The catch? Timing is hard. If you expect cuts and you wait too long, quotes can slip as bond yields drift down. If you lock everything today and rates back up, you’ll wish you’d legged in. I usually suggest staged purchases, maybe 2-4 tranches over 6-18 months, to reduce regret risk.

Sequence-of-returns risk and your fixed-income mix. Sequence risk bites when bad returns show up early in retirement while you’re drawing down. Rate shifts can either cushion that hit (if bonds rally as stocks wobble) or make it worse (if both sell off like 2022). A quick sketch:

• Portfolio A: 60/40 with intermediate bonds (duration ~6). Stocks -15%, yields fall 1%. Bonds +~6%. Blended hit ≈ -7% before withdrawals.
• Portfolio B: 60/40 with mostly cash. Stocks -15%, T‑bill rate falls from 5% to 3.5%. No price pop; income drops. Blended hit ≈ -9% and future income is lower.
• Portfolio C: 60/40 with long-duration Treasuries (duration ~18). Stocks -15%, yields fall 1.25%. Bonds +~20% (directionally). Blended could be flat to slightly positive. But if yields rose 1.25% instead, you’d have a rough year. There’s no free lunch.

Cash drag vs. sleep-at-night money. I’m not anti-cash, I like 6-12 months of spending needs in T‑bills for retirees. But sitting on, say, 4-5 years of spending at 5% worked in 2023-2024 and might not in 2026 if bills settle closer to 3-4%. Sometimes the “safest” bucket quietly becomes the most expensive, because it ain’t keeping up with your plan’s required return when yields compress.

Practical guardrails I use with clients (and yes, this is where it starts to feel a bit complex):

1. Map duration to rate views, not guesses. If you want upside from cuts but less whiplash, tilt core duration modestly higher (e.g., barbell short/intermediate) rather than going all‑in on 20‑year Treasuries.
2. Ladder for reinvestment risk. A 1-5 year Treasury ladder spreads the roll risk. If cuts come later this year, only part of the ladder reprices at the lower yield.
3. Stage annuities. Buy 25-50% now, revisit each quarter. Use period certain riders carefully, they change the pricing.
4. Stress test a 2-3 year “bad start.” Model a -15% equity year with either a 100 bp drop or rise in yields. See if your withdrawal rate survives both paths.
5. Don’t forget taxes. A 5% money fund in a high bracket can net closer to 3% after taxes; munis or laddered Treasuries might improve the after‑tax picture.

Bottom line: If the Fed trims later this year, long-duration bonds have more room to help, cash likely earns less, and annuity quotes can soften. Mix matters. A little pre‑planning around duration, ladders, and staged income buys can keep a rate shift from hijacking your retirement math.

Weak jobs, real impact: contributions, claiming, and healthcare coverage

This labor market has a soft edge to it. Openings have cooled from the 12 million peak in 2022 to around 8-9 million through 2024 (BLS JOLTS), and that kind of downshift shows up in retirement math in ways people don’t see until year-end statements. I’m seeing it in client data and, frankly, in my own inbox, more notes about reduced hours and role changes than last year.

401(k) deferrals and matches slip when hours or pay dip. If your pay is down or you switch jobs mid-year, you usually defer less and you can miss part of the employer match. The common formula, 50% on the first 6% of pay, equates to a 3% match, but only if you contribute steadily across pay periods. Front-loading and then leaving, or pausing contributions during a lean spell, can forfeit match dollars. For context, the employee deferral limit was $23,000 for 2024, with a $7,500 catch-up for 50+ (IRS). Missing even a few months in your 50s matters because compounding windows are shorter. It’s boring, I know, but checking that you’re on pace for the match across pay periods is free money triage.

Social Security: early claiming fills gaps, but it’s permanent. Soft income years push people to file at 62. Just remember: claiming at 62 versus a Full Retirement Age of 67 cuts the monthly benefit by about 30% for life (SSA). On the flip side, waiting earns delayed credits of 8% per year from 67 to 70. I’m oversimplifying a bit, there’s earnings tests before FRA and tax interactions, but the headline is real: a short-term job slump can lock in a long-term benefit haircut.

Earnings gaps can dent future benefits. Social Security uses your highest 35 years of inflation-adjusted earnings (SSA). Late-career years often replace low-earning years from your 20s. If 2025 ends up a zero or a low year, you could leave a higher year on the bench. Not always a big hit, but for higher earners in their early 60s, it’s not trivial.

Health coverage: COBRA vs. ACA math. Losing employer coverage is where budgets blow up. COBRA usually lets you keep your plan for up to 18 months at 102% of the full premium (the extra 2% is an admin fee). For perspective, the average family premium at work was $23,968 in 2023 (KFF), and COBRA means you pay the whole thing. The lifeline right now is the Affordable Care Act subsidies: the American Rescue Plan/Inflation Reduction Act expanded tax credits through 2025 so that benchmark silver premiums are capped at ~8.5% of household income with no strict 400% FPL cliff (IRS/HHS rules in effect through 2025). Also, losing employer coverage triggers a 60-day Special Enrollment Period on the ACA marketplaces. Translation: check the exchange first, especially if your 2025 income is lower, before writing big COBRA checks.

Timing rules to remember (yeah, I’m going a bit rapid-fire here):

• COBRA election window: generally 60 days from the notice; coverage can be retroactive if you pay on time.
• ACA Special Enrollment: 60 days after loss of coverage; subsidies reconcile at tax time, so keep income estimates realistic.
• 401(k) matches: many plans match per paycheck, not annually, spacing contributions helps avoid forfeits.

One last thing I haven’t mentioned yet, cash buffers. With the personal saving rate hovering around ~3-4% through 2024 (BEA), a weaker job market leaves less room for error. If you need to pause investing for a quarter to avoid high-interest debt, do it. But try to restart deferrals quickly, even if it’s a smaller percent. Tiny, consistent beats heroic, sporadic. That’s not poetry; it’s just how the math works.

Bottom line: Softer jobs in 2025 ripple straight into retirement: lower 401(k) inflows, potential match gaps, earlier Social Security claims, and pricier health coverage. Know your FRA math, use the ACA subsidy rules that run through 2025, and protect the match. Small tactical moves now can stop a temporary income dip from doing permanent damage.

Portfolio moves I’m actually using now: barbell, ladders, and a touch of inflation armor

Rate uncertainty + softer hiring is a weird mix for portfolios. Cash still pays, but you can’t count on 5% forever, and equities can whipsaw on every payroll print. I like boring structures that make the uncertainty do the work for you, barbells, ladders, and preset rules so you don’t talk yourself out of good decisions when the headlines get loud. I’ve used versions of this since the ’08 mess, and yea, it’s not flashy. It works.

1) The barbell fixed-income core, short T‑bills for dry powder on one end, intermediate core and TIPS on the other for total return. If we get faster Fed cuts, the intermediate side can rally; if cuts stall, the T‑bill side keeps clipping coupons and lets you redeploy. For context: 3‑month T‑bill yields sat near ~5% through most of 2024 (FRED), while the 5‑year TIPS breakeven hovered roughly ~2.2-2.4% in 2024 (FRED), a decent inflation “line in the sand.” I’ll translate the jargon: breakeven is the market’s inflation guess, owning some TIPS means you’re not betting your grocery budget on that guess being perfect.

• Practical split: something like 25-35% in T‑bills/short Treasury ETFs as dry powder; 40-55% in intermediate core bonds (Treasuries/IG corporates); 10-20% in TIPS. Adjust to your risk and tax bracket.
• Why now: CPI spiked 9.1% y/y in June 2022 (BLS) and cooled, but December 2024 was still 3.4% y/y (BLS). Surprises can and do happen, TIPS are cheap insurance against that.

2) Build a 2-7 year ladder, individual Treasuries or CDs. One rung matures every year. That way, if cash yields slide later this year or in 2026, you won’t have to reinvest the whole pile at lower rates at once. And if yields pop? You’re rolling bonds annually into better coupons.

• How: equal dollars in maturities at 2, 3, 4, 5, 6, 7 years. Refill the longest rung each time the 2‑year matures. No guessing the Fed’s next move.
• Tip: mix Treasuries and FDIC‑insured CDs if you want a little extra yield, watch call features and early withdrawal penalties on CDs.

3) Keep some TIPS as inflation insurance, retirees on fixed budgets feel unexpected spikes the most. Even 10% of fixed income in TIPS can help. If you prefer simplicity, a low‑cost TIPS fund or a 5‑, 10‑year Treasury ladder with a TIPS sleeve works fine.

4) Rebalance into drawdowns, preset bands make you act when your gut says “freeze.” I use 5% absolute or ~20% relative drift bands. If equities fall and your 60/40 becomes 55/45, buy back to target. It feels wrong in the moment; it’s the point.

5) Hold 6-12 months of spending in cash equivalents, high‑yield savings, T‑bills, money funds. With the personal saving rate around ~3-4% through 2024 (BEA), lots of households have a thin cushion. This buffer prevents panic‑selling stocks to pay bills if the job market softens again. Yes, the yield might drop. That’s fine; it’s an insurance premium against bad timing.

Last note, complexity creeps in fast. If you find yourself comparing convexity stats (I caught myself typing that), stop and translate: “Will this help me stick to the plan when rates or jobs wobble?” If the answer’s yes, it stays. If not, cut it.

Income planning under foggy rates: Social Security timing, annuities, Roth moves, and taxes

Macroeconomic uncertainty is annoying because it tempts you to wait. Retirement income planning is one place where waiting strategically helps, and waiting passively hurts. So we stage decisions across the calendar and use what the rules give us.

1) Social Security: delay if you can stomach it

Do higher rates change the math? Not really; the rules do. For every year you wait between Full Retirement Age and 70, your benefit grows by about 8% per year via delayed retirement credits (SSA rules in effect; that’s statutory, not a market guess). If your FRA is 67 and you claim at 70, that’s roughly a 24% bump plus any COLAs. People ask, “What if the Fed cuts and markets wobble, should I claim early?” Usually no. If you’ve got a cash buffer and portfolio income to bridge, delaying is still the cleanest longevity hedge. Quick check I do with clients: can your baseline spending be met from portfolio yield + cash for 36 months? If yes, consider waiting. If not, we sometimes split, one spouse claims, the other delays.

2) SPIAs when yields behave

If you need guaranteed income, shop single premium immediate annuity quotes when Treasury yields are friendlier. SPIA pricing tracks long rates; when the 10-20 year part of the curve is firm, quotes usually improve relative to last year. Don’t overcomplicate: get at least 5-7 quotes across highly rated carriers on the same day, joint vs single life, period certain or not, apples to apples. A small tactic I like: stage purchases in tranches (say, 50% now, 50% later this year) to reduce rate‑timing regret. And yes, look at insurer ratings and statutory capital; yield is not the only input.

3) RMDs and tax bracket smoothing

Required minimum distributions still start at age 73 under SECURE 2.0 (passed in 2022). The rule didn’t move in 2025, even if the Fed does. The planning move is to coordinate withdrawals with tax brackets throughout the year. I map a “bracket fill” schedule in Q2 after estimated taxes, then adjust in Q4 when we see bonus/interest totals. Why? Because spreading income can shrink lifetime taxes compared with big spikes at 73+. Tie this to your investment plan: if stocks are down mid‑year and you need cash for RMD withholding, harvest from bonds or cash, not your equity sleeve, then rebalance. It’s unglamorous, it works.

4) Low‑income years = Roth conversion windows

Job loss or a sabbatical this year? That stings, but it can be tax gold. Fill the lower brackets with partial Roth conversions, deliberately. The aim is to prepay tax at, say, the 12% or 22% bracket and avoid 24%+ later when RMDs and Social Security stack up. Timing? I like to convert in quarters (Q1/Q2/Q3/Q4) to stay nimble; with markets moving and income surprises, it’s easier to true‑up in December. Could Congress change brackets later this year? Possible. We adjust sizing, not the strategy.

5) Tax‑loss harvesting for flexibility

Even if your income is fine, bank optionality. Realize capital losses in taxable accounts to offset present or future gains and up to $3,000 of ordinary income each year (current law). Mind the wash‑sale rule, no repurchasing a “substantially identical” security for 30 days. Use a tight substitute (S&P 500 to total market, growth to quality, etc.) so you stay invested. One caveat: check state rules; they vary and my memory on one state’s conformity, was it New Jersey?, isn’t perfect, so verify.

How to stage this across the year

• Q1-Q2: baseline your brackets, model Social Security claiming ages, begin small Roth conversions if income is low.
• Mid‑year: revisit SPIA quotes if long Treasurys are stable to higher; harvest losses during volatility, swap to like‑minded funds.
• Q3: confirm withholding and estimated taxes; prep RMD cash if you’re 73+; reassess conversion headroom with updated income.
• Q4: finalize conversion amounts, rebalance, and double‑check wash‑sale windows. Claiming Social Security in January next year? File now, small admin lag matters.

Rule of thumb I keep taped to my monitor: premiums for certainty (delay credits, SPIA payout rates, Roth tax paid now) must be weighed against your personal risk, longevity, sequence risk, and yes, job volatility. If it helps you stick with the plan when markets twitch, it earns its keep.

One last thing, if unemployment ticks up again and bonuses miss late this year, that’s your cue to widen Roth conversion room and harvest losses; if the opposite happens, throttle back. Simple system; fewer regrets.

Okay, your turn: a 30‑day checkup before the next Fed surprise

This is the short, slightly uncomfortable audit you do while 2025 is still on the clock. Not perfect. Useful. I do the same drill with my own stuff, pen, spreadsheet, coffee, and a timer so I don’t overthink it.

• Update your 12‑month cash runway. Add up baseline spending (mortgage/rent, insurance, utilities, groceries, taxes). Back out reliable income. The gap is your runway need. If rates drop 1-2 percentage points later this year or early next, your cash yield falls. Basic math: on $100,000 in cash, a 1% drop = $1,000 less annual interest; 2% = $2,000. Doesn’t sound like much until you multiply by 3-5 years.
• Confirm your bond ladder maturities against spending. Line up the next 12-36 months of rungs with actual bills. If a 2026 rung matures but you need cash in March 2026 for property taxes, that’s a mismatch. Fix the timing, not the forecast. Rates have swung enough this year that CD and T‑bill quotes moved meaningfully inside a quarter; the ladder is how you keep that volatility from bossing you around.
• Stress‑test two hits: a 1-2% rate drop and a 6-9 month job gap. Use your actual budget. Map the month‑by‑month cash flow. Where do you draw funds first? Which expenses flex? For reference, the Bureau of Labor Statistics reported the average unemployment duration was about 20 weeks in 2024, with tails that run longer in slowdowns. That’s why I model 6-9 months. Break it on paper so it doesn’t break you in real life.
• Price an annuity quote and a Roth conversion scenario. You’re not committing, just getting prices. Pull a real SPIA quote for your age/health and compare it with your bond ladder yield. Then run a Roth conversion bracket test (what can you convert without jumping tax brackets or IRMAA tiers?). Remember Social Security tax torpedoes and the five‑year Roth clock. The number isn’t the plan; the number is the flashlight.
• Revisit Social Security claiming with actual SSA estimates. Run age 62, your FRA, and 70. Facts that don’t change: claiming at 62 can cut your benefit by up to ~30% if your FRA is 67; waiting adds delayed retirement credits of 8% per year from FRA to 70. 2025 checks already reflect last year’s announced COLA, but your personal bend points and earnings record drive the real result, so get the MySSA printout, not a guess.
• Set a quarterly rebalance rule, and calendar it. Pick a simple trigger: either a date (March/June/September/December) or a band (5% off target). Then actually do it even when headlines are loud. Rebalancing is boring. Boring is good.

Small confession: I used to over‑engineer this with six tabs and macros. Now it’s one tab. Intellectual humility beats spreadsheet heroics.

Quick over‑explanation before the point, sorry, habit. Cash runway = emotional buffer. Bond ladder = timing buffer. Stress‑test = expectations buffer. When the Fed surprises, direction, size, or tone, you’re already holding the buffers. That’s the point.

One more nudge. If layoffs creep up or bonuses look soft later this year, widen conversion room and harvest losses. If the opposite happens, throttle back risk moves. You’re not guessing the Fed; you’re making your household antifragile. Different energy here: this stuff actually works. And it takes, what, 90 minutes? Put the 30‑day window on your calendar and hit send on the reminders before you forget, like I did last quarter, ugh.

Frequently Asked Questions

Q: How do I start if I’m one of the 31% with no retirement savings?

A: Open a Roth IRA or use your 401(k) at work this week, automate $50-$150 per paycheck. Use a target‑date fund for now. Take the full employer match (free money). Set a 1% auto‑increase each year. Build a $1,000 cash buffer so market dips don’t scare you into stopping. Simple beats perfect.

Q: What’s the difference between buying an annuity now versus waiting if the Fed may cut later this year?

A: Immediate annuities (SPIAs) and fixed annuities price off interest rates. Today’s 10‑year is hovering in the low 4s, so income quotes are decent; if the Fed cuts and long rates drift lower, future payouts can shrink. But waiting also means you’re older, age is a big lever, so delaying can raise income too. Trade‑offs: buy a partial tranche now (say 25-50%) to lock current rates, then revisit in 6-12 months. Compare quotes with and without inflation adjustments, and ladder start dates. And, do the boring but essential: check insurer ratings and state guaranty limits. I’ve seen too many folks chase an extra 20 bps and ignore credit quality, don’t be that person.

Q: Is it better to sit in cash near 5% or extend duration into bonds while the Fed path is hazy?

A: Cash feels great, no price swings and still solid yields today. But if cuts arrive later this year or early next, cash rates drop fast, and you miss price gains longer bonds can deliver when yields fall. Balanced approach: keep 6-12 months of expenses in high‑yield savings/treasuries, then ladder Treasuries/IG bonds out 1-5 years. Add some intermediate duration (core bond fund or 3-7 year ladder) to participate if yields decline. If you’re rate‑sensitive, split the difference with barbell: short‑term T‑bills plus intermediate bonds. Taxable account? Favor Treasuries/munis for tax efficiency. And please, match duration to your spending horizon, don’t fund next year’s rent with a 10‑year note. I’ve made that mistake once…never again.

Q: Should I worry about the softer job market derailing my 401(k), and what adjustments make sense right now?

A: Short answer: plan for bumps, don’t quit the plan. Unemployment is around 4.3% this year and hiring is slower, so contributions are at risk when paychecks wobble. Here’s how I’d bulletproof it:

• Prioritize the match: set your 401(k) deferral to at least capture 100% of the employer match. If cash is tight, drop extras but keep the match, the ROI is unbeatable.
• Automate a fallback: if a layoff hits, have a Roth IRA draft of $50-$100/month from savings so you don’t go to zero. You can pull contributions (not earnings) later if life happens.
• Build a 3-6 month cash runway in T‑bills or a high‑yield account so market dips don’t force a 401(k) loan. Loans sound harmless; they aren’t if you separate from your employer.
• Adjust risk, not direction: if volatility is keeping you up, shift a slice from equities to a target‑date or balanced fund instead of stopping contributions. Momentum matters.
• Use a mini bond ladder for near‑term needs: 3, 6, 9, 12‑month T‑bills can cover expenses if hours get cut.

Example scenarios:

• Mid‑career, variable bonus: contribute 10% from base, toss a flat $200/month to Roth, sweep any bonus into a taxable T‑bill ladder.
• Late 50s, catch‑up eligible: do at least the match each paycheck, then front‑load catch‑up into pre‑tax if you expect a job change; pair with 2-5 year IG bond ladder for stability.
• One income household: keep the 401(k) on, but route childcare/essentials through a dedicated 6‑month T‑bill ladder so a surprise job loss doesn’t zero out retirement saving.

Last thing, avoid panic rollovers. If you switch jobs, keep assets in‑plan or do a direct rollover to avoid taxes. Sloppy paperwork has cost more retirements than bear markets, no joke.

@article{how-fed-uncertainty-and-weak-jobs-hit-your-retirement,
    title   = {How Fed Uncertainty and Weak Jobs Hit Your Retirement},
    author  = {Beeri Sparks},
    year    = {2025},
    journal = {Bankpointe},
    url     = {https://bankpointe.com/articles/fed-uncertainty-weak-jobs-retirement/}
}