Amid stubborn inflation, 60% of Americans live paycheck to paycheck
Despite higher prices, consumers are still spending, although not as much as they were a year ago, which is giving their budgets some breathing room.As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report. That’s down from 64% a year earlier, suggesting […]
1 in 6 retirees are considering a return to the workforce
Mixetto | E+ | Getty ImagesFor some retirees, heading back to work has emerged as an aspiration.Roughly 1 in 6 retired Americans say they are mulling over whether to get a job, according to a recent study from Paychex. On average, those “unretiring” individuals have been out of the workforce for four years.The top reasons […]
Opinion: Bernie Sanders and Elizabeth Warren’s bold tax hike to shore up Social Security
Elizabeth Warren and Bernie Sanders want to shore up Social Security by raising the top rate of income tax by a third, and the top rate of capital-gains tax by more than a half. The Democratic senators have made the proposals in a new bill that would balance Social Security’s books, and expand benefits. It […]
54% of Americans are dipping into savings to pay for everyday expenses
Inflation is still taking a hefty toll on households, recent reports show.Prices continued their upward momentum in January, rising 0.5% for the month and 6.4% over the past 12 months, according to the latest consumer price index data released by the U.S. Bureau of Labor Statistics.To make ends meet, 27% of Americans said they’ve had to take money […]
Investors Need To Prepare For Era Of ‘Big Government,’ BofA Says
Investors need to prepare their portfolios for mega economic and geopolitical trends that are sweeping the world and creating new market conditions that will make the next five much less certain than the last decade was, a Bank of America executive said. In particular, investors need to closely examine how much risk their […]
What happens to my youngest daughter’s share of my estate if I die before she’s 18?
Dear Harry, I’m a divorced single mother with three daughters. The older two are married and live separately from me. The youngest is under 18 and lives with both myself and her father (my ex-husband). I currently do not yet have a will. If I died, would any of my assets go to my ex-husband […]
Wall Street to Jerome Powell: We don’t believe you
Do you want the good news about the Federal Reserve and its chairman, Jerome Powell; the other good news; or the bad news? Let’s start with the first bit of good news. Powell and his fellow monetary-policy-committee members just lifted short-term interest rates another quarter of a percentage point to 4.75%, which means retirees and […]
Can virtual reality help older adults battle loneliness?
Carl Hortsmann found a way to take his 87-year-old father scuba diving on the Great Barrier Reef, go skiing for the first time and bring him on a tour of his old neighborhood in Union, N.J., where he grew up – all with the help of virtual reality. As part of a first phase of […]
Want an ‘average’ retirement lifestyle? You’ll need more than $1 million — sometimes a lot more — in these cities.
It now takes retirees more than a cool million to fund an average lifestyle in nearly 40% of the 384 U.S. metropolitan areas. Nationally, retirees would need an average nest egg of $1.07 million. Meanwhile, a retiree in San Francisco needs nearly $1.37 million, a study by LendingTree found. That’s the highest figure in the […]
Addiction among older people is rising. How to spot the signs and get help.
In the 2021 movie “The Good House,” Sigourney Weaver plays an alcoholic in her early 70s. While there are dozens of movies about young people battling substance abuse, it’s startling to see an older person struggle with addiction.It’s easy to forget that older people can suffer from what doctors call “substance abuse disorder” just like […]