The Indicator from Planet Money

Retirement luck, Hassett hassles the Fed, and boneless chicken in ... court?

February 20, 2026

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  • Retirement wealth can vary by a factor of 2.9 times based purely on the luck of when one starts saving relative to stock market performance immediately preceding retirement, according to research analyzed on this episode of The Indicator from Planet Money. 
  • White House economic advisor Kevin Hassett strongly criticized a New York Federal Reserve paper concluding that 94% of the tariff burden during the early Trump administration fell on U.S. businesses and consumers. 
  • A federal court dismissed a lawsuit against Buffalo Wild Wings regarding their 'boneless wings,' ruling that no reasonable customer would be confused into thinking the breast meat product contained actual de-boned wings, noting the judge quipped the case had 'no meat on its bones.' 

Segments

Retirement Saving Luck
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(00:00:17)
  • Key Takeaway: Stock market performance immediately before retirement significantly impacts accumulated wealth.
  • Summary: Hypothetical investors starting saving at age 22 showed wealth differences up to 2.9 times based on their retirement year. The best cohort retired just before the 2000 dot-com crash, while the worst retired during the 2009 Great Recession. Flexibility in retirement age or holding a cash reserve can mitigate risks associated with poor market timing.
Tariff Burden Analysis
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(00:04:22)
  • Key Takeaway: New York Fed research suggests U.S. consumers and businesses bore 94% of the tariff burden.
  • Summary: A New York Federal Reserve blog post estimated that 94% of the tariff burden fell on U.S. entities during the first eight months of the Trump administration, aligning closely with a German institute’s 96% estimate. White House advisor Kevin Hassett strongly criticized this research, arguing tariffs shift demand to American products, thereby raising wages. Researchers counter that wage increases preceded the major tariff announcements, suggesting tariffs are primarily a tax on imports paid by American importers.
Boneless Chicken Lawsuit
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(00:07:44)
  • Key Takeaway: A lawsuit alleging fraud over boneless wings being made of breast meat was dismissed.
  • Summary: A customer sued Buffalo Wild Wings, claiming fraud because their ‘boneless wings’ were made of chicken breast meat, not de-boned wings, alleging this was done because breast meat is cheaper. The federal court dismissed the case, stating the term ‘boneless wing’ is fanciful and no reasonable customer would be confused. The judge dismissed the case by stating the plaintiff’s case had, quote, ’no meat on its bones.’