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☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

☆ U.S. debt is nearly $33 trillion. But some economists say not all debt is bad.
▼ + stars: | 2023-09-10 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

The U.S. national debt is sitting at nearly $33 trillion dollars. "The public debt has always been used for emergencies. The national debt increased by more than 89% since the beginning of the pandemic, with many top economists in agreement that 2020 was not the time to worry about the debt. Servicing the debt can become difficult when interest rates are higher. The Federal Reserve has been increasing interest rates since March 2022 with the goal of slowing down economic activity.

Persons: Kris Mitchener, William Gale, Michael Peterson, Peter G, Lori Esposito, Murray, Stephanie Kelton Organizations: U.S, Leavey School of Business, Santa Clara University, Brookings Institution, Peterson Foundation, Economic Develop, Conference Board, Economic Development, The Conference Board, Federal Reserve, Stony Brook University Locations: U.S

☆ Black couples pay a higher tax penalty for marriage than White couples. Here’s why
▼ + stars: | 2023-02-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

A recent study by the Tax Policy Center, for example, found that Black couples on average face higher tax costs associated with marriage than White couples. “We find that Black couples are more likely than White couples to experience an income tax penalty from marriage and to face higher penalties. Differences in dollars and centsResearchers found that among couples hit with a marriage penalty, Black couples paid less in dollars ($1,804 versus $2,091) but more as a share of their income than White couples (1.8% versus 1.4%). Only 33% of Black couples got a marriage bonus compared to 44% of Whites, and those bonuses were roughly $170 smaller on average. “Taken together, Black couples in this income group paid, on average, a net penalty of $358.

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