The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study. Even as the vast majority of millennials struggle with student debt, low-wage service-jobs, unaffordable housing and low savings, the millennial elite are surpassing […]
If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called “non-eligible designated beneficiaries,” have a 10-year window to deplete […]
In your 40s, you’re likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it’s for retirement or your children’s future. In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that’s lower than the $8,911 people in this age group aimed to […]
New projections show the Social Security trust fund will run out of money by the year 2033. Financial expert, Marshall Clay from The Welch Group says that money is safe, but that’s just in the short term. “There’s been a lot of press about the Social Security trust fund and how it’s depleting rather rapidly,’ […]
The Biden administration on Tuesday finalized a new rule to crack down on retirement advice given by financial professionals, a move that has already drawn fierce backlash from Wall Street. The Labor Department regulation aims to ensure that financial advisers, brokers and insurance agents work in the best interests of their clients. It purports to […]
Retirees should be prepared to cover all of their costs from their Social Security and savings. Most people think about expenses like housing, cars and travel when they predict their future financial needs. But, there’s another important expense you cannot overlook: healthcare. While you may assume Medicare will pay for everything you need, that couldn’t […]
If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called “non-eligible designated beneficiaries,” have a 10-year window to deplete […]
Forget the traditional picture of retirement filled with rocking chairs. A recent YouGov survey reveals a fresh perspective on retirement for Gen Z and millennials, highlighting some intriguing trends and contrasting viewpoints. The survey dives into their desired retirement age. Both generations share a surprising ambition, with roughly 3% aiming to retire before 40. However, Gen […]
With inflation picking up again and highly anticipated Federal Reserve interest rate cuts delayed, it may be a good time for Americans to tweak their investment and retirement portfolios, financial advisers say. While U.S. rate cuts are on hold, the European Central Bank (ECB) suggested last week that its first rate cut could come in […]
Future retirees are being urged to familiarise themselves with certain retirement rules or risk losing vital Social Security benefits. A Social Security Advisory Board (SSAB) report is reminding older Americans of why it is important to understand the Retirement Earnings Test. RET impacts those who are approaching the full retirement age (FRA) who are working […]
If you’re heading into retirement with a $5 million nest egg, congratulations. Northwestern Mutual’s 2024 Planning and Progress Study found that the average American believes they’ll need $1.46 million to retire comfortably. However, according to the Federal Reserve, the median retiree closes out their career with just $87,000 to see them through. So, with nearly […]
In your 30s, your list of financial burdens is probably growing, including everything from paying for child care to saving up for a first home. Despite these challenges, Americans in their 30s managed to save the most money out of any age group in 2023, according to data from New York Life. Those in their 30s socked away […]
