By some measures, retirement savers, overall, are doing well. As of the second quarter of 2024, 401(k) and individual retirement account balances notched the third-highest averages on record, helped by better savings behaviors and positive market conditions, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. The number […]
During my years as an advisor helping clients to put together a retirement plan, I thought of my task as twofold. The first part of the task was to build up enough assets to fund a comfortable retirement. The second part, and equally important, was to make sure that clients don’t blow their nest egg […]
JPMorgan & Chase (NYSE:JPM) CEO Jamie Dimon is among the finance executives who have vocally opposed the cryptocurrency sector over the years. While Dimon’s stance has changed slightly with JPMorgan now owning Bitcoin through ETFs, his comments about the death of the cryptocurrency sector live on. What Happened: Dimon likely made some enemies in the cryptocurrency […]
If you’re aiming to retire at the standard age of 65, buckle up because you’re going to want to hear this one. According to a simulated model that factors in things like changes in health, nursing home costs, and demographics, about 45% of Americans who leave the workforce at 65 are likely to run out of […]
Some young people are splashing out on luxuries like travel and designer clothes instead of saving, in a trend that’s being characterized as “doom spending” on social media. Doom spending is when a person mindlessly shops to self-soothe because they feel pessimistic about the economy and their future, according to Psychology Today. The practice is both “unhealthy and […]
The Labor Department will release September inflation data on Oct. 10, and shortly thereafter the Social Security Administration will announce the official cost-of-living adjustment (COLA) for 2025. COLAs protect the buying power of Social Security by ensuring benefits increase at the same rate as inflation. Retirees are eager to know how much additional Social Security […]
The final round of Social Security retirement benefits for September will be paid this week. Social Security benefits are paid directly into bank accounts each month by the Social Security Administration (SSA), with the payment date being set according to when the claimant was born. On Wednesday, September 25, Social Security recipients with birthdays that […]
Americans in their 40s and 50s are waking up to the rough reality that they’re behind on retirement savings — but is it too late to catch up? After decades of financial missteps, market crashes and mounting debt, Gen X is scrambling to make up for lost time. Recent data from Fidelity shows they’re making progress, […]
A new survey from a global investment firm recently uncovered a rare point on which Republicans and Democrats seem to agree: America faces a retirement savings crisis. Only about half of American households have retirement savings accounts. The Social Security program may soon run short of funds, and those benefits were never meant to cover […]
There are few certainties when it comes to investing. The stock market can seem to gyrate with little rhyme or reason, guided up or down by unpredictable news cycles and fickle investor sentiment. Average stock returns have historically trended up over long time periods, but their trajectory is hardly assured on a daily, monthly or […]
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Family offices are the most bullish they’ve been in years, putting their cash to work in stocks and alternatives as the […]
The idea behind saving for retirement is to provide yourself with income between when you stop working and when you die. But try to put an exact figure on that amount of time, and things can get tricky. One way to think about it is life expectancy. The average American lives to 77½ years old, […]
