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☆ The price of love: Three important money tips for caregivers
▼ + stars: | 2023-11-21 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

For three years, Miura chipped in time, money and care, taking her grandmother to the emergency room so often that she got to know all the hospital security guards by name. "It was very stressful," said Miura, now 28, who helps others in this situation at her advisory Spark Financials. "What stands out for me is the number of people who are not only caregivers, but financial caregivers too," said Surya Kolluri, who heads the TIAA Institute. No wonder caregivers' financial lives are impacted: On average they have fewer assets and higher debt than non-caregivers, the report found. Remember that others could likely contribute money or time or both as well, including siblings, children, friends, cousins and in-laws.

Persons: Michaela Rehle, Danielle Miura, Neda, Miura, Surya Kolluri, Mary Naylor, Penn, –, Chris Taylor, Lauren Young, Richard Chang Organizations: REUTERS, TIAA Institute, University of Pennsylvania School of Nursing, NewCourtland, Transitions, U.S . Department of Health, Human Services, Alliance, National Alliance for Caregiving, Thomson Locations: Planegg, Munich, GERMANY, Ripon , California

☆ High risk, High reward: Life Lessons with Lindsey Vonn
▼ + stars: | 2023-11-15 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

[1/2] Olympic gold medalist skier Lindsey Vonn speaks during an interview with Reuters in New York City, New York, U.S., May 17, 2022. After doing that for years – and being the best in the world at it – nothing much fazes Lindsey Vonn. For the latest in Reuters' "Life Lessons" series, she talked with us about how to attack your career with speed, skill and courage. One thing he made sure I understood was that ski racing didn't make any money. Q: Was it difficult to plan a financial life, when you are only paid when you win?

Persons: Lindsey Vonn, Chris Taylor, Lauren Young, Richard Chang Organizations: Reuters, REUTERS, Angel City FC, SAG, Salt Lake, Saks Fifth, Thomson Locations: New York City , New York, U.S, Salt, –

☆ Three tips to maximize benefits during open enrollment
▼ + stars: | 2023-11-08 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

More than two out of three employees (67%) spend less than 30 minutes reviewing benefits options during open enrollment season, while almost half spend less than 20 minutes, a new Voya Financial survey shows. To get enrollment over with quickly, more than 90% of employees click the same options as last year, a new report by insurer Aflac shows. Compound that figure from enrollment every November, and you can see how your options can create a solid financial future or a shaky one. "Open enrollment isn't just a formality. After all, things might have changed since the previous open enrollment.

Persons: Eric Thayer, Sean Lovison, Jack Heintzelman, Spenser Liszt, Liszt, Nate Black, Black, it's, Chris Taylor, Lauren Young, Richard Chang Organizations: Macy's, of Labor Statistics, Employers, Employees, Thomson Locations: New York, Moorestown , New Jersey, Needham Heights , Massachusetts, Dallas

☆ Five tips for Gen Xers feeling squeezed by student debt
▼ + stars: | 2023-11-02 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

That means many competing financial responsibilities, familiar to the Sandwich Generation: student debt, retirement saving, raising kids and sending them to college, and caring for elderly parents. Something has to give – which is why Gen Xers still dealing with student debt often sacrifice saving for retirement. “For those Gen X with student debt, the average amount of retirement savings is consistently lower. “These student debt repayments can last for 30 years,” says Evan Potash, a wealth management advisor with TIAA. In particular, starting in 2024, participating employers will be able to match your student loan repayments with contributions to your 401(k).

Persons: Joe Biden's, Debbie Irk, Irk, “ I’m, ”, Xer, Xers, Gen Xers, Tyler Bond, NIRS, Joe Biden’s, Evan, TIAA, “, NIRS ’ Bond, I’ve, Chris Taylor, Lauren Young, Jonathan Oatis Organizations: Baby, University of Phoenix, National Institute on Retirement Security, Sandwich, Supreme, Thomson Locations: Washington , U.S, South Bend , Indiana

☆ Unretirement: The lure to return to work
▼ + stars: | 2023-09-27 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Sept 27 (Reuters) - When Marc Matsil retired to Connecticut's bucolic northwest hills two years ago, fly fishing and hiking filled his days. "Things have opened back up – and some people have realized that not only do they like the financial benefits of working, but the mental stimulation and social benefits as well." If you are nearing retirement, or retired and thinking about working again, here are some important things to consider. FIGURE OUT A SOCIAL SECURITY STRATEGYSome people take Social Security benefits as soon as possible to stay afloat. But if working longer enables you to delay those checks, the financial benefits are significant.

Persons: General Grant, Mike Segar, Marc Matsil, Rowe Price, Judith Ward, Ward, It's, Matsil, Walt Whitman, T.S, Eliot, Octavio Paz, Chris Taylor, Lauren Young, Richard Chang Organizations: General, Memorial, REUTERS, Natural Resources Group, New York City's Department of Parks and, Social, Thomson Locations: Manhattan, New York City, U.S

☆ Frugal but fun: 'Simpsons' and podcast star Yeardley Smith on wealth
▼ + stars: | 2023-09-14 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

[1/2] Actor Yeardley Smith arrives at the Human Rights Campaign (HRC) dinner in Los Angeles, California, U.S., March 30, 2019. Smith has a fascinating sideline: co-host of the true-crime podcast "Small Town Dicks" which is about to launch its 13th season on Sept. 22. A: We were not well off, but my mother was really good with money. Like I have a friend whose son is really good at computers, and she was paying for him to take extra classes. I invest in things I love, things that move me, things that I believe will make the world a better place.

Persons: Yeardley Smith, Kyle Grillot, Lisa Simpson, Smith, Tom Stoppard, Jeremy Irons, Glenn Close, Christine Baranski, Cynthia Nixon, Yeardley, Lauren Young, Richard Chang Organizations: Human Rights, REUTERS, Apple, Reuters, Broadway, Saks, Thomson Locations: Los Angeles , California, U.S, New York City, Italy, Florence

☆ At what age should kids become financially independent?
▼ + stars: | 2023-08-29 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - At what age should American kids become financially independent? In almost every category, Baby Boomers expect people to become financially independent a year or two earlier compared to what Gen Z has to say. With health insurance, for instance, adult kids can typically stay on parent plans until the age of 26. BE STRATEGIC ABOUT FINANCIAL ASSISTANCEThe reality is the parents do indeed help adult kids out financially: 68% of them have made such a sacrifice, according to Bankrate. For instance, if such help has erased your own emergency fund, or depleted your retirement accounts, that is not going to help anybody – and, in fact, will boomerang on those kids later if you become dependent on them.

Persons: Dado Ruvic, ”, Ted Rossman, Amy McGahan, –, Lauren Young, Diane Craft Organizations: REUTERS, Boomers, Pew Research Center, Thomson Locations: Cleveland

☆ The Golden Girls approach: Buying homes together amid high prices
▼ + stars: | 2023-08-17 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

Combined, those two factors can make it very challenging to break into the housing market. Currently, it represents about 3% of the housing market, although that rises to 5% among first-time buyers, according to NAR. Imagining a 20% down payment, for instance, may cause potential buyers to throw up their hands in despair. So there is wiggle room, and you might be more equipped to buy on your own than you think.”Nonetheless, the harsh realities of the housing market may dictate more co-buying in future. With high prices and high interest rates, some potential buyers may not have much of a choice – and this relative rarity in the real estate world may soon become more common.

Persons: Dorothy, Blanche, Rose, Sophia, “, I’m, ”, Jacob Channel, Gus Gibbs, Gibbs, Jessica Lautz, Howard Pressman, Lauren Young, Aurora Ellis Organizations: LendingTree, National Association of Realtors, Federal Reserve, NAR, “, Housing Administration, Thomson Locations: Boise , Idaho, Vienna , Virginia

☆ Tackling money shame: Personal finance advice from top TED Talks
▼ + stars: | 2023-08-15 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

We combed through them for the most helpful advice to get our money lives under control. “And so many of you are left believing that you’re crazy, or stupid, or just bad with money. It wants to consume, whereas the future self wants the present self to save ...“So what can we do about this? Maybe the reason money doesn’t make us happy is that we’re always spending on the wrong things – in particular, always spending it on ourselves. If you think money can’t buy happiness, you’re not spending it right.”Editing by Lauren Young and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Sinek’s “, TAMMY LALLY, “, ” DANIEL GOLDSTEIN, TEDSALON, Derek Parfit, ” ESTELLE GIBSON, TEDxDayton, ” ELISE PAYZAN, ‘, couldn’t, ” MICHAEL NORTON, we’re, you’re, Lauren Young, Stephen Coates Organizations: TED, Thomson Locations: TEDXORLANDO, TEDSALON NY, TEDXCAMBRIDGE

☆ The ultimate wedding gift? Newlyweds want cash for a down payment
▼ + stars: | 2023-08-10 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

REUTERS/Carlo Allegri/File PhotoNEW YORK, Aug 10 (Reuters) - When Valentina Valentini was putting together gift ideas for her wedding, the freelance journalist quickly realized that a traditional registry would not work. While asking for cash gifts makes financial sense, it is tricky. "Put a few traditional gifts on it, which they can purchase for you. PUT IT TO WORKWhatever does get donated to your down payment fund, it likely will not be enough to pull the trigger on a purchase right away. "This is a very practical idea for wedding gifts – and one that we have chosen for my sister-in-law's upcoming wedding."

Persons: Carlo Allegri, Valentina Valentini, Clare Trapasso, Realtor.com, Valentini, Realtor.com's Trapasso, Randy Bruns, –, Lauren Young, Richard Chang Organizations: REUTERS, National Association of Realtors, invitees, Thomson Locations: Long Island , New York, U.S, London, California, New England, Realtor.com, Naperville , Illinois

☆ YOUR MONEY How to get high rates to work for you
▼ + stars: | 2023-07-17 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

July 17 (Reuters) - There is no doubt that higher interest rates are hard on a many people – especially if you are taking out a loan on a home or a car, or are struggling to catch up with credit-card debt. But for some, steep interest rates are not actually bad news. In fact, 38% of people say they have benefited from higher interest rates during the past year, according to a new survey from Allianz Life Insurance. “That’s the dichotomy: Higher interest rates are both crushing some people and benefiting others at the same time,” says Kelly LaVigne, vice president of Consumer Insights for Allianz Life. That means if you have some savings set aside, it is time to think about how to flip this negative of higher interest rates into a positive.

Persons: “, ”, Kelly LaVigne, Amy Arnott, Morningstar, Arnott, Rowe, Baird, Jeremy Keil, Keil, George Gagliardi, Lauren Young, Aurora Ellis Organizations: Allianz Life Insurance, Consumer, Allianz Life, U.S . Federal Reserve, Morningstar, FDIC, Bills, CIT Bank, BMO Alto, Citizens, Financial, Thomson Locations: New Berlin , Wisconsin, Toronto, Lexington , Massachusetts

☆ How to get better returns on your cash now
▼ + stars: | 2023-06-21 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

NEW YORK, June 21 (Reuters) - You might assume that with U.S. interest rates at new highs, Americans are getting terrific returns on savings. MONEY MARKET FUNDSIn brokerage accounts there is a default or "sweep" account, where cash is kept before you make other investments. The two highest yields at the moment for government money market funds, according to data trackers iMoneyNet: UBS Liquid Assets Government Fund at 5.07%, and Vanguard Treasury Money Market Fund at 5.06%. An important note about terminology: Money market funds are distinct from money market accounts. “All of these are very appealing, and we are recommending people reassess their cash and emergency fund savings.

Persons: ”, Greg McBride, ” McBride, James Gambaccini, Gambaccini, –, Sallie Mae, Brandon Opre, Chris Taylor, Lauren Young, Matthew Lewis Organizations: YORK, Federal Reserve, BMO, TIAA Bank, Treasury Bills, U.S ., Barclays, UBS Liquid Assets Government, Vanguard Treasury Money Market, Thomson Locations: www.TreasuryDirect.gov, Reston , Virginia, Huntersville , North Carolina, New York

☆ Why finding a camp for your kid is this summer's madness
▼ + stars: | 2023-06-13 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

NEW YORK, June 13 (Reuters) - For American kids, summer camps can conjure up some idyllic experiences: Canoeing on lakes, munching on s’mores by campfires. THE EARLY BIRD GETS THE WORMMany day camps open registration in January, February and March, and overnight camps often start the previous fall. Indeed, in 2022 the average day camp cost rose to $87 per day, and the average overnight camp to $172 a day, according to an ACA survey of participating camps. “Investigate if your employer provides any summer camp assistance as part of their benefits package. Says Rosenberg: “Summer camp is hot again.”Editing by Lauren Young Follow us @ReutersMoneyOur Standards: The Thomson Reuters Trust Principles.

Persons: ”, Ellen Sheng, it’s, ” Sheng, “, Tom Rosenberg, Rosenberg, ” Rosenberg, Anna Sergunina, ” Sergunina, Hunt, Says Rosenberg, Lauren Young Organizations: YORK, campfires, American Camp Association, YMCA, “, Thomson, Reuters Locations: Summit , New Jersey, Greater New York, Los Gatos , California

☆ Forever in debt: Why U.S. loans are getting longer
▼ + stars: | 2023-06-05 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

NEW YORK, June 5 (Reuters) - Consumers facing high asset prices and rising interest rates have a few loan options. But if you must go ahead, either face taking on a big monthly payment, or stretching out the loan term to keep the monthly bill down - as many are doing. New car loans lasting 73-84 months (over six years) rose to 34.4% of the market in 2022 from 28.6% in 2018, according to auto information site Edmunds. A few borrowers are going even longer, with less than 1% of new car loans lasting 85 months or more. MAKE SOME HARD DECISIONSIf you must keep pushing out the loan term to afford an asset, that may be a signal to get real.

Persons: Ira Rheingold, Rheingold, Eric Scruggs, Brandon Gibson, Erin Witte, Witte, Lauren Young, Richard Chang Organizations: YORK, National Association of Consumer, Housing Administration, Consumer Federation of America, Thomson, Reuters Locations: Edmunds, Stoneham , Massachusetts, Dallas

☆ How to join a board of directors
▼ + stars: | 2023-05-18 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

NEW YORK, May 18 (Reuters) - When Hayley Woodin was thinking of giving back to the community while taking her career to the next level, one option stood out: serving on a board of directors. The Catch-22 is that companies want directors with board experience to fill board seats. Before you reach that stage, you will likely start on a volunteer board, as Hayley Woodin did. To find such opportunities, "often local boards of trade will host events designed to pair those looking for board experience, with organizations looking for board members," Woodin said. "If an organization is looking to bring someone onto their board, what is the first thing they are going to do?

☆ Mothers may know best when it comes to money
▼ + stars: | 2023-05-10 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

For Mother's Day, we asked a few business leaders about the best money advice they ever got from their moms. Founder & chief investment officer, Ariel Investments"My mom was Deputy Solicitor General, and was a pioneer in serving on corporate boards. "When I started Ariel in 1983, when I was 24, my mom gave me whatever liquid cash she had. We can't always control how much money we make, but we can control maximizing the value of the things we already have." "The best financial advice my mom gave me was to be financially minded at a young age.

☆ You're late on your taxes. Now what?
▼ + stars: | 2023-05-10 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

Being late on your taxes isn’t ideal, but it happens. If you didn’t file for an extension, then it is too late to do that now, says Bell. Then there is the non-filing penalty, which is 5% of the unpaid taxes for every month late, up to 25%. But for those who are late in filing taxes, there really is only one path forward. “People have a lot of reasons for not filing taxes, and the main one is that they can’t pay,” says Bell.

☆ Drafting it: Sportscaster Rich Eisen on football and finances
▼ + stars: | 2023-04-26 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

[1/2] Feb 9, 2023; Phoenix, Arizona, US; Sports commentator Rich Eisen poses for a photo on the red carpet before the NFL Honors award show at Symphony Hall. “I hung up the phone and became the owner of my own business,” Eisen recalls about buying back his show from DirecTV, which was shuttering its Audience Network. This year’s edition will kick off April 27 in Kansas City, Missouri, and Eisen will be assuming hosting duties once again. But when he thinks about his financial life, Eisen does not focus much on areas like stock picking. When I first got that call, I didn’t have the first clue about how to run a business," Eisen says.

☆ Can AI answer your money questions? We put chatbots to the test
▼ + stars: | 2023-04-13 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

NEW YORK, April 13 (Reuters) - Face it, we could all use a little help with our money. So who better to ask for personal finance advice than a couple of the most powerful chatbots on the planet? Each has far more processing power than, say, any individual personal finance writer (ahem). That in mind, we asked our AI assistants-slash-overlords these classic personal finance questions:What is one great business idea? I couldn’t leave our new AI friends without asking a deeper question about money and its role in our existence.

☆ How to talk to your aging parents about safe driving
▼ + stars: | 2023-03-30 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

One person may represent a danger on the roads at age 65, while another may be perfectly fine at age 85. Upgrades can help them stay safe, including technologies to keep drivers from drifting out a lane, backup cameras and various other detection systems. Special licensing requirements for elderly drivers can help screen out problems with vision and cognition. Some states require more frequent renewal for older drivers, or demand regular vision checks, or prohibit online renewals altogether. For a few hundred dollars a year, you could get a $1 million policy that should let everyone sleep better at night – both you, and your parents.

☆ Four ways for car buyers to survive the interest-rate crunch
▼ + stars: | 2023-03-23 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

New car buyers with a monthly payment over $1,000 rose to an all-time high of 16.8% in February, auto information site Edmunds' data showed. While car prices have been leveling off as the supply chain normalizes, interest rates are squeezing buyers' wallets. A monthly car payment of more than $1,000 is starting to show its painful effects. Punishing interest rates are forcing car buyers to make tough decisions. "If you're already tied up with a large car payment, then I suggest you sell it and get a car you can actually afford," Fetters said.

☆ Succession 101: Money lessons from TV’s dysfunctional empire
▼ + stars: | 2023-03-20 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

"Succession" is filled with instructional business tales – some about what to do and some about what not to do. To tease out key money lessons, we talked to a few leaders in the financial world about their best takeaways. “Someone once told me, ‘All money is green, but not all board members are the same.’ That stuck with me. Liz DavidsonFounder & CEO, Financial Finesse; Author, “Money Strong”Money lesson: Focus on financial independence so you can fulfill your true purpose“The purpose of money is to live your own purpose, but the Roy children are extremely tied financially to their father. You’ll see in Succession where they are compromising on talent by ignoring their paid experts in favor of family.

☆ A dog's (longer) life: How to cover health costs for aging pets
▼ + stars: | 2023-03-15 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

"But senior dogs are so lovely, and it's well worth the cost to go the extra mile for them." Whatever furry friend happens to be snoozing on your couch, caring for senior dogs can get pricey. ASK FOR HELPIf your senior dog needs a medical treatment you just cannot afford, do not give up hope. The same principles apply to your furry companion, which is why one solution is a "savings account specifically set aside for your pet's medical care," said Dr. Melvin. "I can't wait for my next senior dog, because they are so precious," she said.

☆ A new surprise for U.S. savers: Turn 529s into retirement money
▼ + stars: | 2023-03-14 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

But starting in 2024, up to $35,000 in 529 funds can be redirected into a Roth IRA penalty-free. "Maybe this provision gives parents some comfort, to know that excess money could be used in future for their child's retirement." As a result, these new 529 rules might mean that parents need not be as nervous about money getting trapped. "Many parents and grandparents are worried about overfunding their 529 plans," said Mitchell Kraus, a financial planner in Santa Monica, California. "This will ease some concerns, as excess money can be used for future generations' retirement."

☆ How to afford the big price tag of your lifetime 'bucket list'
▼ + stars: | 2023-02-21 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

The 36-year-old public relations professional has an opportunity to check something off his life 'bucket list': Seeing his favorite band, Metallica, play live. Whether Beyonce tickets, Super Bowl weekends or dream vacations after years of COVID restrictions, our bucket lists carry big price tags that seem to be rising every year. So how can we fund our bucket lists, without being totally irresponsible? One solution for this is to save for your bucket list item in a separate account. “There is one item I see on bucket lists that is actually getting less expensive – education,” says Brandon Welch, an investment advisor in La Mesa, California.

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