A new Thrivent survey reveals more than half of widowed women experienced financial challenges after their spouse’s passing, with 51% either living paycheck to paycheck or struggling to manage their bills.
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Gen Xers are feeling less confident than ever about their finances and more worried about retirement than boomers or millennials, according to the 2024 Annual Retirement Study from Allianz Life.
Cerulli finds that only 24% of active 401(k) participants say they are very confident they will be able to maintain their current standard of living in retirement.
Achieving financial independence is the highest priority for Americans aged 25 to 44, according to the 2024 Millennialsā Financial Milestones study, the latest CFP Board research report.
The Alliance for Lifetime Income released a study with an eye-catching headline: Two-thirds of peak baby boomers are not financially prepared for retirement. According to the study, more than half of these soonto-be retirees will rely primarily on Social Security for income, whichwas intended to replace about40% of annual pre-retirement earnings.
3 ways for financial advisors to connect with Gen Z other than social media
While building a social media following is important, one expert recommends a triple-action approach beyond social media.
More older employees choose to reduce theirwork hours and phase into retirement. In 2024, people 50 and older can contribute up to $8,000. Increaseslifetimeincomebydelaying Social Security: The extra income you earn fromworking part time can help you afford to postpone claiming Social Security benefits and could boost your monthly payout when you…
Your credit score remains an important financial indicator throughout retirement, influencing various aspects of your financial life and overall well-being. While retirement often involves a shift in financial priorities, maintaining a healthy credit score can provide essential benefits and opportunities during this life stage.
The approaching summer has me daydreaming. If your dreams are focused on making the big leap into retirement sooner than later, here are three tips to consider as you prepare for the next act in your life. No. 1: Numbers matter but so does how you plan to live your life.
Suze Orman, a well-known financial advisor and author, is a strong advocate for Roth retirement accounts, including Roth 401 s and Roth IRAs. According to Orman, these accounts provide substantial benefits over traditional retirement savings options due to their unique tax advantages and flexibility. Suze Orman advocates for Roth retirement accounts, as…
āRecent years have seen spiking inflation as a result of a number of shocks, including supply bottlenecks caused by the coronavirus pandemic and Vladimir Putin's invasion of Ukraine. The Federal Reserve Board's Open Market Committee in 2012 set a target of reducing inflation to 2%. However, according to a report released Thursday by the Federal Reserve Bank of…
As artificial intelligence continues to evolve and fuel debate about its transformative power on business and society, younger Americans are far more optimistic about the technologyās potential to help them reach their financial goals.
It has a long history of successes and at times, failures in steering the U.S. economy through ups and downs. After the stock market crash on Oct. 19, 1987, just two months after Alan Greenspan assumed the chairmanship of the Federal Reserve bank, he fired off a one-sentence statement before the start of trading on Oct. 20: "The Federal Reserve, consistent with its…
Credit card debt is clearly causing restless nights after many consumers simply attacked higher prices for gas, groceries, and other goods by pulling out the plastic. A record $1.13 trillion in debt ended up on credit card balances during the fourth quarter of 2023, according to the latest report on household debt from the Federal Reserve Bank of New York.
One of your important sources of retirement income will likely be Social Securityā but when should you start taking it? You can start collecting Social Security benefits at 62, but your checks will be considerably bigger if you wait until your full retirement age, which is likely between 66 and 67. However, if you have adequate financial resources to meet your…
Exchange-traded funds are financial plannersā top choice for the investment vehicle they most often use/recommend with clients, and their popularity does not appear to be weakening, according to the 2024 Trends in Investing survey, conducted by the Journal of Financial Planning and the Financial Planning Association.
More than a third of working-age Americans have money in a 401 account, and another 18% have individual retirement accounts. The median balance in those accounts is $30,000, according to the census. "Over four of the previous five years, technology stocks have outpaced the broader stock market," according to a recent U.S. Bank report.
Health is the foundation upon which our financial dreams are built
Financial advisors who address their clients’ wealth from a holistic point of view will have a significant advantage in securing their clients’ business and getting referrals.
Congress still has time to make fixes to shore up the retirement system but hasnā t shown any such resolve. The Social Security system has two trust funds that hold surplus money accumulated in prior yearsā one for Old Age and Survivors Insurance and one for Disability Insurance. The much smaller DI program isnā t expected to run out and combining the two funds would…
āMagic numberā for a comfortable retirement surges upward
Americans believe they need $1.46 million to have a comfortable retirement. Can advisors help them meet that magic number?
