"You’re probably seeing a lot of pictures of old people on social media as the latest craze over the 'FaceApp Challenge' has children looking like seniors. This latest obsession of aging yourself may seem like a cool thing to do, but how do people really feel about getting older, asks Ipsos?"
Tag: financial planning
You've worked hard and earned that promotion to management or even the C‑Suite — and with it, increased your income. KT Thomas is the founder of New Day Solutions, a financial advisory firm and author of The Hard Working Woman’s Guide to Money. In this episode, we discuss: why women are more in need of financial advising assistance and overall financial education; the #1 and first mistake female leaders make when they come into wealth and money; and how to evaluate financial packages when considering career progression and earnings.
"Buoyed by a growing economy and stock market gains, more Americans are feeling confident about their ability to afford a comfortable retirement, according to a long-running national survey released this week. Still, there are big gaps in confidence between workers who have a retirement plan, such as a 401(k), and those who don't, according to Consumer Reports."
In a new survey by GOBankingRates.com, nearly a third of Americans expressed concern that they will not be able to pay off debt in their lifetime. Forty-four percent of Americans said that low income is the top reason for their ongoing struggle with debt. Respondents also reported that high costs of living and the cost of tuition contributed to their debt burden.
According to the 2018 Allianz Tuition Insurance College Confidence Index, roughly 40% of families find the Free Application for Federal Student Aid (FAFSA) challenging to complete; a troubling statistic considering the growing number of families saving nothing for college. The index reveals a growing "college savings gap," as even parents who have saved have only about a third of what they think a four-year degree will cost. Both groups expect to tap outside sources (including those accessible after filing the FAFSA) to cover 40% of the balance, a significant increase from 2017.
The year 2030 marks an important demographic turning point in U.S. history according to the U.S. Census Bureau’s 2017 National Population Projections. By 2030, all baby boomers will be older than age 65. This will expand the size of the older population so that 1 in every 5 residents will be retirement age.
More than one-quarter (26%) of older U.S. baby boomers support their adult children financially or have them living at their home. The pressure on some baby boomers to support both adult children and aging parents, while also struggling to afford their own retirement, are factors that can lead to a delayed retirement. More than two-in-five (42%) baby boomers said they have postponed their retirement due to financial issues.
Consumers with household incomes exceeding $250,000 spend more time and money managing their wealth than the rest of us. They also pay attention to advertising and hire qualified professionals to help them with their short and long-term financial plans. In 2013, financial services groups can improve their revenues and market share by promoting their services to affluent consumers who believe the economy has officially turned the corner.
The days of the defined benefit (DB) retirement plan are so over. In 1998, DB plans, a cornerstone in union heavy industries such as manufacturing and energy, comprised 4.19% of employer payroll costs. Ten years later, that amount dropped to 1.99%. In addition to the rapid shrinking of DB retirement plans, employers have made significant cuts to this benefit overall. Between 1998 and 2008, retirement benefits dropped 19%.