Some millennials may be on track for a secure retirement, while others may have work to do. Millennials tend to get a bad rap when it comes to financial matters. Search the internet for avocado toast memes, and you’ll know exactly what that means. But the reality is that millennials have had a pretty tough […]
While retiring with a $2 million nest egg might seem rare, it’s closer to what many Americans now believe they need to retire comfortably. A survey from Northwestern Mutual reveals that Americans feel they need $1.46 million for a comfortable retirement, a number that has surged by 53% since 2020. This dramatic increase, influenced by […]
Buy one, get one free! Spend more to get free shipping! Save 10% with this special discount code! They’re the kind of sales pitches consumers often find impossible to resist. Yet spending money to save it — or “spaving,” as the practice has come to be called, rarely benefits the consumer. Instead, retailers’ clever marketing […]
Social Security offers retirement income that can never run out, and would-be retirees have many smart strategies to max out their lifetime payout from the program. But they have quite a few ways to mess up their retirement benefits, too, from basics such as not following the rules or not planning to more complex screw-ups […]
$1.46 million. That’s what U.S. adults believe they’ll need to save to live comfortably throughout their retirement years, according to Northwestern Mutual’s latest “Progress & Planning Study” surveying Americans’ views on their long-term financial security. The retirement “magic number,” as the financial services firm’s April 2024 report terms it, is 15 percent higher than it was […]
Come this time every year, it’s vacation season and no one wants to go into debt for a family trip. It defeats the point of relaxing, because debt is stressful. Financial expert, Kendal Cann has some tips for you to have some fun this summer. “Vacation is important for us,” Cann said. She owns Privileged […]
Baby Boomers are one of the largest generations in America, comprising those 60 to about 80 years of age. Many within the generation are already at retirement age, but have little saved for their retirement, an Alliance for Lifetime Income study found. Assuming baby boomers live an additional 20 years or more after retirement, two-thirds […]
Retirement looms large over most Americans, even though 28% of non-retirees had no retirement savings in 2022, and 31% thought that their retirement savings were not on track for success, according to the Federal Reserve. Americans put off saving for retirement for a number of reasons, according to a 2023 BankRate survey. The most important […]
If you’re hoping to retire sometime within the next decade, 10 years may not feel so far away — but when it comes to finances, are you where you thought you’d be with your retirement savings? Being in your 50s can come with a lot of extra baggage. Sure, you might make more money than […]
Saving money all starts with a tangible goal. So, let’s start with $10,000 in one year. Saving money is challenging, with pressures to buy, buy, buy all around us, bills to pay and debts to eliminate. If you want to save $10,000 in a single year, it is going to require financial discipline, budgeting and […]
We’re still a few months away from the 2025 Social Security cost-of-living adjustment (COLA) announcement, but the latest projections put it at a disappointing 2.6%. That would add about $50 to the $1,931 average Social Security benefit as of March 2024. It might not be enough, though. Many seniors reported their benefits rising by more […]
Just 4% of today’s retirees said they are “living the dream,” according to a new survey from asset management company Schroders. And just as many — 4% — said they are “living the nightmare.” Most of the respondents fall somewhere in between — 44% said they are comfortable; 34% said they are not great, but not bad; […]
