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☆ Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat
▼ + stars: | 2024-04-19 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 30 million "peak boomers" are entering retirement financially unprepared. This cohort is known as "peak boomers," and per the report, most of them are on track for significant economic headwinds. It's what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy. The peak boomers' retirement wave could also impact the overall US economy. And, per Business Insider's calculations of CPS ASEC data, 79.2% of retirees receive some type of Social Security income.

Persons: —, Robert Shapiro, boomers, Pam Organizations: Social Security, Service, Alliance, Lifetime, Income, Federal Reserve, University of Michigan Health, Commerce, Economic Affairs, Boomers, Consumer Expenditure Survey, CPS

☆ Women, part of the wave of baby boomers reaching 'peak 65,' are more likely to struggle in retirement, research finds
▼ + stars: | 2024-04-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The largest cohort of baby boomers is poised to reach age 65 between now and 2030. A majority of those baby boomers are not financially prepared for retirement, according to the research. Women are not the only peak boomers who are at a greater economic disadvantage, the research found. Individuals in those categories are more likely to have multiple types of retirement accounts and larger balances, according to the research. The median retirement savings for peak boomers is $225,000.

Persons: —, Robert Shapiro Organizations: Alliance for Lifetime, D.C, Commerce Department, Social Security Locations: Washington

☆ The Trapped Economy: Americans Can't Buy a Home, Car, or Find a New Job
▼ + stars: | 2024-03-20 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

If you like your situation right now — your job, your house, your car — you can keep it. The labor market has cooled off somewhat, making it less advantageous to hunt for a new job. The car market is in a similar situation. Employers are hiring as if there's a relatively weak labor market, not a strong one. Yes, the labor market is strong, but it's not a great time to go looking for a new job.

Persons: Joanne Hsu, there's, they're, —, Dana Peterson, that's, it's, Matt Darling, Darling, Tamara Charm, Charm, Emily Stewart Organizations: University of Michigan, Labor Statistics, Conference Board, Companies, Employers, Niskanen, McKinsey, Business

☆ What to expect in Friday’s jobs report
▼ + stars: | 2024-03-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —Don’t be surprised if Friday’s jobs report shows that February’s employment gains were far below those reported for January. In fact, it would continue a history-making stretch of labor market expansion. Friday’s jobs report could very well provide a more reliable read on what’s actually happening in the labor market than the jobs reports of recent months’ past, Julia Pollak, chief economist at ZipRecruiter, told CNN. “And so, February might give us a better understanding of the underlying rate of job growth,” she said. What the other labor market data is showingOther economic data released this week reinforces the idea that the US labor market is cooling but remains on solid footing.

Persons: New York CNN — Don’t, Julia Pollak, autoworkers, what’s, hasn’t, Nixon, ” Ron Hetrick, Gus Faucher, stayers ”, Faucher, ”, ” Nela Richardson, outplacement, ” Andrew Challenger, Lydia Boussour, EY, “ Organizations: New, New York CNN, CNN, of Labor Statistics, PNC Financial Services, BLS, Labor, Boomers, ADP, Challenger, ”, Labor Department Locations: New York, US

☆ A huge wealth transfer means millennials are poised to become 'the richest generation in history'
▼ + stars: | 2024-02-29 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Soaring rents, rising inflation and student debt are among some of the reasons millennials have struggled to purchase their own homes or build up their savings. A gigantic wealth transfer over roughly the next decade will likely make millennials "the richest generation in history," according to a report from global real estate consultancy Knight Frank. In the U.S. alone, Knight Frank said the shift would see $90 trillion of assets move between generations, "making affluent millennials the richest generation in history." Soaring rents, rising inflation and student debt have contributed to millennials' struggles to purchase their own homes or build up their savings. Liam Bailey, global head of research at Knight Frank, said that the wealth transfer is taking place amid "seismic changes" in how the assets are put to use.

Persons: millennials, Knight Frank, —, Liam Bailey, Bailey Organizations: Soaring

☆ Millennials having fewer kids could be a drag on the economy for the next decade
▼ + stars: | 2024-02-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

At the current trajectory, that's set to weigh on the economy for the next decade or more. AdvertisementMillennials aren't having as many kids as previous generations, and that fact could end up dragging down economic growth for more than a decade. "What you're talking about is these birth rates dropping very, very low levels, which over the course of time has huge impacts on the economy," Pomeroy said. The impact of millennials having fewer kids will likely be worse than the impact of aging boomers — and the most dire consequences could come 10-15 years from now, Pomeroy estimated. The most important thing to encourage people to have more kids might be a cultural shift in how we talk about children, Buchholz says.

Persons: Millennials, —, James Pomeroy, Pomeroy, Todd Buchholz, …, boomers, Buchholz, That's, DINK, " Buchholz, it's Organizations: Service, Centers for Disease Control, White House, Medicare, Social Security, CNBC, Sony PlayStation Locations: China, Japan, Russia

☆ I made a multigenerational group of friends — from Gen Zers to Boomers — doing ski patrol
▼ + stars: | 2023-12-05 | by ( Melissa Hart | ) www.businessinsider.com time to read: +5 min

I ended up joining Backcountry Ski Patrol and making an intergenerational group of friends. Two years ago, when the dank Willamette Valley winters threatened to bury me in seasonal affective disorder, I begged Julie to teach me to cross-country ski. In the mountains near my house, I discovered not only bluebird skies above snowy slopes, but a group of multigenerational friends who inspired me to join Backcountry Ski Patrol. The members of our patrol in the Willamette National Forest span four generations, from Gen Zers to Boomers. Some of us cross-country ski.

Persons: Zers, —, Julie, she's, Gen Zers, who'd, who've, Julie Polhemus, I've Organizations: Ski, Boomers, Service, Volunteers, First Locations: Los Angeles, Oregon, Willamette

☆ Opinion: ‘The Golden Bachelor’ women gave me what I needed
▼ + stars: | 2023-11-30 | by ( Opinion Amy Klein | ) edition.cnn.com time to read: +8 min

Yet I was one of the millions tuning into “The Golden Bachelor” premiere because I wanted to know how they would handle aging. As an older mom, I am fascinated by the media’s portrayal of older women. Consider this: the women of “The Golden Girls” — Blanche, Dorothy and Rose — were in their 50s in 1985, when the show about old women began. “Is anyone watching ‘The Golden Bachelor’ and thinking, ‘maybe I shouldn’t be so scared to get older…. “I feel like as someone in her 20s it’s scary, like how am I going to look when I’m older?

Persons: Amy Klein, “, Amy Klein Mira Zaki, Gerry Turner —, —, it’s, Mary McNamara, Michelle Cottle, They’re, they’re, Xer, I’m, ” Cottle, John Fleenor, Vladimir ”, she’s, frailty, Alice, — Blanche, Dorothy, Rose —, Carrie, Miranda, Charlotte, Manolo Blahnik, ” Charlotte, Galit Nimrod, ”, ” It’s, Gerry, ’, Eva Gutowski, ” Ellen Goltzer, Marina Perera Organizations: CNN, Nation, Los Angeles Times, The New York Times, Walt Disney Company, Max, verve Locations: Worth

☆ Boomers seem to have traded in the child-raising village for traveling. Now millennial parents say they have no one to support them.
▼ + stars: | 2023-11-29 | by ( Julie Gerstein | Jane Ridley | ) www.businessinsider.com time to read: +11 min

Many millennial parents say they can't get the support they need from their parents. "If Mom and Dad ran out of town, we were at Grandma's," the 33-year-old told Business Insider. AdvertisementStill, many millennial children, including Dobson's own, would prefer time spent — and not necessarily money. Some millennial parents feel aloneThis distance from their parents, Cox said, is a part of other shifts that have made millennial parents feel more alone. What millennial parents really need is someone who can help relieve "the parenting pressure," Cox said, a trusted extra person who's available to pick up some of the slack.

Persons: Millennials, —, Kristjana Hillberg, Dad, Grandma wasn't, there's, Leslie Dobson, Ted Dobson, they've, Dobson, millennials Dobson, hasn't, he's, he'd, They've, It's, Daniel Cox, Cox, Nella Hanson, Hillberg, Roxanne, Kurt, Lily, we'd, Stone, Hanson, Norman, Boomers Organizations: Service, Business, Boomers, Bank of America, Federal Reserve, —, Isla Espiritu Santo, Survey Center, Google Locations: Los Angeles, California, Mexico, Costa Rica, Europe

☆ Look inside this startup's self-propelled RV, as camping goes electric
▼ + stars: | 2023-11-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The $50 billion travel trailer industry is finally hitching up to the electric vehicle ecosystem. As more Americans move to electric cars, the trailer industry has to evolve because the towing runs down the battery quickly. The drag on battery power can make towing an RV long distances with an EV prohibitive. In addition to UpHonest, Pebble is backed by Lightspeed and Vision Plus. With the solar and battery power, the Pebble makers say it can live off the grid for seven days, without propane or a generator required.

Persons: Bingrui Yang, Ellen Ma, Yang, —, Lisa Rizzolo Organizations: Pebble Mobility, Mobility, Apple, UpHonest, Lightspeed, Vision, CNBC PRO Locations: Winnebago, California

☆ It's a great time to be a boomer
▼ + stars: | 2023-11-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Millennials' financial well-being plummeted, and they're worried they won't get what they want in life. Their financial well-being score has risen by 4.04 from August 2022 to August 2023, compared to a .93 jump for all US adults. Over the last year, their financial well-being has tumbled by .94 — the biggest decline across all age groups. About 26% of millennials hold educational debt, according to Morning Consult's polling, compared to around 5% of boomers. According to Morning Consult, around 43% of millennials held credit card debt, compared to around 36% of baby boomers.

Persons: Millennials, they're, —, boomers —, millennials, Jaime Toplin, Toplin, they'll, They're Organizations: Boomers, Service, Morning, Federal Reserve's Survey, Consumer Finances

☆ 45% of Americans say this is the best way to build wealth—but only a fraction are doing it
▼ + stars: | 2023-10-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

The majority of adults say wealth is more about having financial security and comfort than hitting a milestone, such as earning a six-figure salary or having a million-dollar net worth, LendingTree found. Is real estate the key to building wealth? Only 14% of all consumers surveyed report investing in real estate outside of their primary residence. When it comes to what actually makes you wealthy, Americans tend to agree that it's more of a feeling than a certain asset. Just 33% say owning a home makes you wealthy and only 14% say owning real estate outside of your primary residence does the trick.

Persons: —, they'll, LendingTree, Barbara Corcoran, boomers, They're Locations: Michigan

☆ There's one 'lucky' group of homeowners in America's housing market, says a Zillow economist
▼ + stars: | 2023-09-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

US homeowners who are downsizing now are "lucky," Skylar Olsen, Zillow's chief economist told MarketWatch. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . For context, the value of the US housing market has surged about 50% from the pre-pandemic days in January 2020 to nearly $52 trillion now, according to a Tuesday report from Zillow. California is currently the US' most valuable housing market, per Zillow. The state's housing market is now worth over $10 trillion — nearly 20% of the national total.

Persons: Skylar Olsen, Olsen, —, Zillow's Olsen, Insider's James Rodriguez Organizations: Service, National Association of Realtors, MarketWatch, Census, NAR Locations: Zillow . California, Florida , New York , Texas, New Jersey

☆ ChatGPT skills could help land your next job — but most people are still using AI just for fun, a new survey finds
▼ + stars: | 2023-09-07 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

ChatGPT skills can help you get hired — but most people are using AI just for fun, a new study says. (That compares to 17% of all age groups who said they're using AI for job searching.) Yet, it could be only a matter of time before generative AI users start taking the technology more seriously. AdvertisementAdvertisementEven big tech companies like Meta and Netflix are looking for AI skills in new hires and are paying salaries between $137,000 to $900,000 to attract generative AI talent. "It's somebody using AI that will take your job."

Persons: —, Zers, it's, ChatGPT, X, ResumeBuilder, Richard Baldwin Organizations: Service, Meta, Netflix Locations: Wall, Silicon, San Francisco, UK, Australia, India

☆ Longevity is challenging people to reimagine their later years. One age cohort is 'carrying the most stress and burden,' research finds
▼ + stars: | 2023-08-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Increased longevity is challenging people to rethink the traditional three-step life path of education, work and retirement. But one age group — individuals ages 40 to 59 — is more likely to struggle with this concept, according to new research from Transamerica and the Massachusetts Institute of Technology AgeLab. "That cohort based on the study really had the toughest time and was carrying the most stress and burden about managing this concept of longevity in a positive way," said Phil Eckman, president of workplace solutions at Transamerica. Moreover, half of people in midlife are struggling to get by financially, more than other age groups studied. "One of the best ways to deal with stress is to look at that notion of health and well-being and sleep and diet and exercise and the way that can reduce stress," Eckman said.

Persons: Phil Eckman, —, Eckman, servicer Organizations: Massachusetts Institute of Technology, Finance Locations: Transamerica, midlife

☆ 37% of baby boomers have more stock exposure than they should, Fidelity says. These 4 tips can help
▼ + stars: | 2023-07-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Simon Potter | Getty ImagesWhen it comes to stocks, investors face a big question: How much exposure is enough? At Fidelity, the allocations to equities in retirement funds are about 10% higher than where they should be, Shamrell said. watch nowSome of those investors with excess stock exposure may simply need to rebalance after recent market highs, Shamrell said. Experts say having the right mix of equities can go a long way toward helping retirees meet their financial goals. Importantly, a client's personal circumstances drive these goals, McClanahan noted.

Persons: Simon Potter, Mike Shamrell, boomers —, Shamrell, Carolyn McClanahan, McClanahan, Carl Smith, Sri Reddy Organizations: Getty, Fidelity Workplace, Security, Fidelity, Planning Partners, CNBC's, Principal Financial, iStock Locations: Jacksonville , Florida

☆ Gen X Is in Charge. Don’t Make a Big Deal About It.
▼ + stars: | 2023-07-07 | by ( Emma Goldberg | More About Emma Goldberg | ) www.nytimes.com time to read: +1 min

It’s Gen X’s moment, that generation most known for being crowded out of sweeping cultural age analyses by millennials on one end and boomers on the other. Or as Patton Oswalt, a Gen X comedian, put it: “Gen X is trending, which probably means that, uh … eh, whatever. People are far more complicated than the year they were born — in Gen X’s case, some time between 1965 and 1980. Take Darby Equipment, a manufacturing company in Tulsa, where remote flexibility for years seemed like an alien concept. The former chief executive, Bob Darby, reigned the company, a family business, with a commitment to an in-person regimen.

Persons: —, millennials, Patton Oswalt, X’s, Darby, Bob Darby Locations: Tulsa

☆ Members of Gen Z were born between 1997 and 2012. Here are 7 events that have defined their lives so far.
▼ + stars: | 2023-05-31 | by ( Elana Klein | ) www.businessinsider.com time to read: +7 min

Here are some of the generation-defining events that have had a profound effect on Gen Z. As Business Insider previously reported, Gen Z was established as a generation in 2019 by the Pew Research Center, which defines generations — such as Gen Z, Millennials, and Baby Boomers — to understand how perspectives and views change, rather than to create strict categories that define people. Here are some cultural events that have shaped the attitudes and tendencies of members of Gen Z. The recession of 2008 showed Gen Z 'the fragility inherent in the system'Members of Gen Z were children, or babies, during the Great Recession, so it hung over their formative years. Instead of looking ahead to a world of opportunities, Gen Z now peers into an uncertain future," the report continued.

Persons: Gen Z, —, Gen, Jean Guerrero, Zers, Aaron Klein, Chelsea Guglielmino, Marjory Stoneman, Donald Trump, Mark Makela, Guerrero, Olivia Julianna, Matt Gaetz, Z, George Floyd The, George Floyd —, Gen Z's, Sara Fischer, Axios Organizations: Service, Pew Research Center, Los Angeles Times, USA, Pew Research, Brookings Institution, Morning, Chelsea, Columbine High School, Washington Post, New York Times, Marjory Stoneman Douglas High School, LA Times, Trump, trolled, Social Locations: New York, —, Washington, lockdowns, Parkland , Florida, Texas, Minneapolis

☆ Good Night, Sweet Prince
▼ + stars: | 2023-05-22 | by ( A.O. Scott | ) www.nytimes.com time to read: +2 min

What I mean is that I liked him better, and trusted him more. But it was also easy to imagine arguing about all that over drinks and cigarettes, thanks to Amis’s inexhaustible intellectual brio and his undentable good humor. That quality, even more than his satirical flair or the buoyant elegance of his prose, marks his greatest feat of self-invention. Whether these are still — or ever were — defining characteristics of American culture is an argument for another day. The point is that they were decidedly not attitudes associated with English writers up until then, especially not those of Kingsley Amis’s generation.

☆ Gen Z still can't make up its mind about working in the office
▼ + stars: | 2023-01-30 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

Gen Z is divided on the question of remote work, according to a new Dell Technologies study. In a survey, 29% of respondents said remote work is important, but another 29% said they favor office-based roles. As Insider's Aki Ito wrote in June, the preference for remote work is largely split by generation, with the oldest workers expressing the strongest preference for permanent remote work and the youngest workers — Gen Z — expressing the least preference. Many companies have been changing their remote work policies as the world continues to adjust after the pandemic. Meanwhile, JPMorgan's CEO Jamie Dimon is famously against remote work, and the company has been tracking staff office attendance using employee ID swipes.

☆ 75% of retirees fall short of a key retirement income goal. These steps can help
▼ + stars: | 2023-01-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

But many retirees fall short of that retirement income goal, according to research from Goldman Sachs Asset Management. The gap isn't surprising, considering that more than 40% who are still working say they are behind schedule on their retirement savings. "You have all these competing priorities that can crowd out retirement savings," said Mike Moran, senior pension strategist at Goldman Sachs. What to know about Social Security's 8.7% cost-of living adjustmentWhy applying for Social Security benefits with long Covid is tricky1. Delay claiming Social Security benefitsThe longer you wait to claim Social Security retirement benefits up to age 70, the bigger your monthly checks will be.

☆ The pink-slip parties of the dot-com bust helped laid-off tech workers get new jobs. They need to make a comeback.
▼ + stars: | 2022-12-17 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Allison Hemming started "pink-slip parties" in the early aughts after the dotcom bust. Back then, like now, tech workers lost their jobs en masse. Hemming began running regular meetups for laid-off tech workers — misery loves company, after all — giving them an opportunity to network and meet prospective hiring managers. Will the latest tech layoffs spur a return of pink-slip parties? The tech workers losing their jobs today have a nice runway because a lot of big nontech companies are still hiring.

☆ Luxury homebuyers are scooping up smaller houses, encouraged by lower mortgages, less maintenance, and fewer family members hanging around
▼ + stars: | 2022-12-14 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +4 min

Wealthy buyers are seeking smaller homes, according to the real-estate brokerage Coldwell Banker. Among them are a desire to have a more efficient and manageable home, and downsizing of family units that grew larger during the coronavirus pandemic, they said. What it all means is that these luxury homebuyers are increasingly competing with regular folks just trying to put a roof over their heads. "That's a lot of people competing with the millennials who delayed homebuying" and their decision to have families, Steinberg said. Though the home is smaller than the one in which they raised their family, they want to downsize again.

☆ Gen X is late to the leadership table in US politics, prompting the question: Will it ever produce a president?
▼ + stars: | 2022-09-28 | by ( Darren Samuelsohn | ) www.businessinsider.com time to read: +21 min

By historical standards, Gen X should be in charge of the US by now. Think of them as the godparents of the "Xennials" — those born in the late 1970s or early 1980s who aren't fully Gen X or millennial. No matter whether you deny the 61-year-old Obama is a boomer, Gen X is starting to get up there in age. Michael Ciaglo-Pool/Getty ImagesWhat's the US missing without a Gen X president? "It's like seeing a ghost that doesn't appear," she said of any expectation the presidency would just suddenly open up for Gen X.

☆ Opponents of old people dominating the government have an unlikely ally: baby boomers
▼ + stars: | 2022-09-23 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

Baby boomers are unlikely advocates for tearing down the country's gerontocracy, new polling indicates. Baby boomers surveyed by Morning Consult/Insider were wildly in favor of instituting congressional term and age limits. A hefty majority of baby boomers polled also said it would be good if more millenials and Gen Xers were in Congress. Baby boomers were enthusiastic about the idea of instituting an age limit for members of Congress, with nearly eight in 10 baby boomers saying they supported the idea. But when asked if they thought Congress was in touch with their needs on the two issues, baby boomers didn't hold back.

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