For many, achieving millionaire status has been a widely accepted goal that once achieved, you can breathe a little more comfortably. Unfortunately, the reality is that having $1 million saved does not guarantee a feeling of security. My theories for this are trifold based on discussions with clients, family, and friends. First, as humans, we are programmed to detect a threat. That natural state is tested daily (think driving on the beltway) and exploited daily (think pharmaceutical commercials for instance – do I have dry skin or psoriasis???).

For many clients, especially those in their 50s that have college-aged children, the focus of their savings plan becomes a little less complicated once college costs are paid. For those that had been socking away funds each month for tuition, they may wonder how to redeploy those future savings dollars. You could ramp up retirements savings. However, you may already be maxing out 401(k) contributions at work, including the “catch-up” amount. As I’ve written about previously, one strategy to consider is combining different types of savings vehicles to meet those needs.

As the global economy implements artificial intelligence (AI) in the workplace, concerns arise regarding the potential for widespread job losses as a result. However, if true, will these human job losses be transitory or permanent? Or will the AI revolution give way to long-term human job growth given anticipated efficiency gains?