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Many of these "super savers" and "pre super savers" drive older cars and live in modest homes. Nearly 60% also say they work with a financial advisor, or plan to in the future. More than 40% of the super savers and pre super savers said they drive older vehicles, live in a modest home, travel less than they prefer, and do DIY projects instead of hiring outside help. Forty-one percent of super savers and 42% of pre super savers say they work with a financial advisor, while 21% and 20%, respectively, say they plan to in the future. Datalign Advisory makes finding a financial advisor specific to your needs easier than ever.

Persons: —, Get Organizations: Service, SEC, Northwestern Mutual

☆ Expect a mild recession, says Northwestern Mutual's Brent Schutte
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect a mild recession, says Northwestern Mutual's Brent SchutteBrent Schutte, Northwestern Mutual Wealth Management CIO, joins 'Squawk on the Street' to discuss the latest comments from the Federal Reserve, what underpins the soft landing thesis and how much it'll hold, and how to play the market if investors are feeling bearish.

Persons: Brent Schutte Brent Schutte Organizations: Northwestern, Northwestern Mutual Wealth Management, Federal Reserve

☆ Investors see opportunities in these beaten-down areas of the stock market
▼ + stars: | 2023-11-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Cash is king right now, but investors aren’t casting stocks away completely. Yields jumped on Thursday, after Fed Chair Jerome Powell said in a speech that he’s unsure whether the central bank has adequately tightened monetary policy. Ham says he sees opportunities in dividend growth stocks, whose declines this year mean they’re priced at attractive levels. Investors also shouldn’t overlook small-cap stocks, says Matt Stucky, chief portfolio manager of equities at Northwestern Mutual Wealth Management Company. However, investors are bullish about another pause in rate hikes next month, according to fed funds rate futures.

Persons: Cash, That’s, Jerome Powell, ”, Emerson Ham III, Ham, Dave Sekera, he’s, They’re, hasn’t, Matt Stucky, Stucky, It’s, “, ” Powell, Bryan Mena, Powell, Trevor, Elon Musk, Clare Duffy, Musk, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Investment Company Institute, Treasury, Advisors, Big Tech, Morningstar Research Services, Utilities, Northwestern Mutual Wealth Management Company, International Monetary Fund, Economic, of New, LinkedIn, Facebook, Center, Anti, Defamation League, ADL Locations: New York, Washington ,, of New York

☆ 'Fear is an opportunity,' expert says. These steps can help you use what scares you to build wealth
▼ + stars: | 2023-11-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowToo often, people are encouraged to be fearless, according to personal finance expert Farnoosh Torabi, but fear is a valuable tool, particularly when it comes to building wealth. The following two steps can help you harness fear to build wealth. Women are also more likely to live paycheck to paycheck and consider themselves financially fragile, a separate report by Varo Bank found. Torabi, who said she's wrestled with her own relationship with fear as a young adult, advises playing out the worst-case scenario. "If you are afraid of a recession, better to think about what might happen if you lost your job," she said.

Persons: Farnoosh, Torabi, she's Organizations: Varo Bank Locations: Northwestern

☆ Here's how much money you'd need to save each month to retire with $1.5 million if you earn $80,000 a year
▼ + stars: | 2023-11-07 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For a little over a quarter of Americans, their biggest financial fear is not having enough money saved for retirement, according to a recent WalletHub survey. On average, Americans think they'll need around $1.2 million to retire comfortably, per Northwestern Mutual's 2023 Planning and Progress Study. Don't fret if you feel a long way away from reaching your retirement goals. One of the best ways to ensure you'll have enough money to retire comfortably is to start sooner rather than later. To that point, CNBC calculated how much someone who earns $80,000 annually would need to save each month in order to retire with $1.5 million at age 67.

Organizations: CNBC Locations: Northwestern, U.S

☆ The CEO of UNest, a college savings app, stepped down after she said the company was 'insolvent.' Here's what customers need to know.
▼ + stars: | 2023-11-03 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

UNest is a startup that makes it easier for people to save up for major life expenses like college. Ksenia Yudina, founder & CEO, stepped down last month and warned the company was "insolvent." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As Insider previously reported, Ksenia Yudina, founder & CEO, stepped down last month and warned the company was "insolvent." "The board, remaining management, and investors are working closely together to secure additional funding for the company," he said.

Persons: Ksenia Yudina, —, Franklin Templeton, Star Baron Davis, Laura Dern, Michael Doniger, UNest, Ben Bergman, bbergman@insider.com Organizations: Service, Artemis Fund, Anthos, Northwestern Mutual, Star, Vanguard, Blackrock, Apex Clearing Locations: Anthos Capital, Apex

☆ The No. 1 thing people get wrong about high-yield savings accounts, says wealth management expert
▼ + stars: | 2023-11-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

High-yield savings accounts can help your money grow faster than traditional savings accounts, but many people mistakenly think that the returns these types of accounts can deliver are too good to be true. Like traditional savings accounts, high-yield savings accounts are backed by the Federal Deposit Insurance Corporation, which is an independent U.S. government agency. Online banks that offer high-yield savings accounts tend to have lower overhead costs than traditional banks, since they aren't paying for physical locations and other expenses. But high-yield savings accounts offer APYs as high as 5% or 6%. But before you move over your funds, be sure to do your research on the bank that's offering the high-yield savings account you're interested in.

Persons: Colby Dickson, Greg McBride, McBride, Jim Cramer, Ben McKenzie, Farnoosh Organizations: Northwestern Mutual, CNBC, Federal Deposit Insurance Corporation, FDIC Locations: U.S

☆ The CEO of UNest resigned after she said the board asked her to approve an 'illegal' takeover, according to a leaked email. The company says customer accounts are safe.
▼ + stars: | 2023-10-31 | by ( Ben Bergman | ) www.businessinsider.com time to read: +5 min

"This matter is very confidential and person who leaked the email can be subject to legal claims," Yudina wrote. UNest boasted 400,000 users that year and said it was on track to hit a million users in 2022. "I wasn't doing something that I perceived as illegal and unethical, therefore I stepped down from the position of CEO," Yudina wrote. "Tech industry is navigating a lot of headwinds and even strong startup founders get affected," Yudina wrote, before saying that people should be focused on supporting Israel. "As we navigate the hurdles of our daily lives, it's crucial to remember that there are people on another continent enduring unimaginable suffering and uncertainty," Yudina wrote in the message.

Persons: Ksenia Yudina, UNest, Yudina, I'm, Michael Doniger, Doniger, Franklin Templeton, Northwestern Mutual –, Star Baron Davis, Laura Dern, –, SVB, Ben Bergman, bbergman@insider.com Organizations: Silicon Valley Bank, LinkedIn, Apex, Capital Group, Artemis, Anthos, Northwestern Mutual, Star, Business, Tech, Israel Locations: Silicon, Anthos Capital, UNest, Silicon Valley

☆ Want to retire at 65 with $2 million? Here’s how much to save each month
▼ + stars: | 2023-10-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Young Americans have mixed feelings about their ability to reach their retirement savings goals. However, about half of both groups feel they're slightly or significantly behind where they should be, per the survey. When you start saving for retirement early, you give your funds more time to grow through the power of compounding interest. On average, Americans think they'll need over $1 million to retire comfortably, according to Bankrate. With that in mind, CNBC calculated how much you would need to set aside each month in order to retire with $2 million at 65, starting at ages 21, 25 and 30.

Persons: Zers Organizations: CNBC Locations: Northwestern

☆ The average American wants to retire with over $1 million—saving alone won't get you there, says self-made millionaire
▼ + stars: | 2023-10-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Americans in their 20s think they'll need around $1.2 million on average to retire comfortably, according to Northwestern Mutual's "2023 Planning and Progress Study." But stashing your money in a traditional savings account probably won't get you there by the time you hit retirement age because your money won't grow fast enough. However, retirement investment accounts typically earn a much higher rate of return than a traditional savings account, so your money grows faster when interest is compounded. On the other hand, you'd have significantly less if you put that money into a traditional savings account, which generally earn returns less than 1%, per the FDIC's data. If you put that same $100 into a regular savings account, you'd only have around $66,300 by the time you turn 65, per CNBC's calculations.

Persons: Vivian Tu Organizations: CNBC Locations: Northwestern

☆ Retirement goal expectations vs. reality: How Americans stack up
▼ + stars: | 2023-10-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

In fact, 45% of Gen Z and millennial workers feel somewhat optimistic. And yet, Gen Z workers are the biggest cohort of non-savers, Bankrate also found. The average 401(k) balance among boomers is $220,900, according to the latest data from Fidelity Investments, the nation's largest provider of 401(k) plans. For Gen Z, the average balance is $8,100. They are also significantly more likely to have at least $100,000 in a retirement savings account, the report found.

Persons: Xers, Z, Bankrate, Gen Xers, Douglas Boneparth, anther, Boneparth Organizations: Fidelity Investments, Bone, Northwestern Mutual, CNBC, Council, Country Financial Locations: New York

☆ Small caps will do well on the other side of a mild recession: Northwestern's Brent Schutte
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall caps will do well on the other side of a mild recession: Northwestern's Brent SchutteBrent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company, joins 'Squawk on the Street' to discuss the recent outperformance of small-caps compared to technology stocks, small-to-medium-sized businesses struggling to access capital, and more.

Persons: Northwestern's Brent Schutte Brent Schutte Organizations: Northwestern Mutual Wealth Management Company

☆ Millennials, Gen Z Mistakenly Bet on Inheritance From Boomer Parents
▼ + stars: | 2023-10-18 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +14 min

When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999. Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money. Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century. But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.

Persons: Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue Organizations: Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS Locations: Northwestern, Chicago

With lifespans longer and families more spread out, it's essential that I think about long-term care. Long-term care insurance comes in many forms at many costs. The days of an unmarried woman taking care of elderly relatives are a thing of the past, which is why long-term care insurance products are more popular. Long-term care insurance goes beyond the standard health care insurance policy. A long-term care insurance policy protects against the risk of having to pay out of pocket for in-home and/or out-of-home care services.

Persons: —, Robert Kircher, what's, What's Organizations: Service, Northwestern Mutual Insurance, Life Locations: United States, Massachusetts, Policygenius

However, the characteristics that members of this group generally displayed fall in line with common financial goals for many Americans who dream of retiring one day. They don't have consumer debtWealthy retirees in this study were the least likely to have credit card debt and auto loan debt, two common types of consumer debt. According to EBRI's research, only one in five wealthy retirees had auto loan and credit card debt. Compared to the average retiree, that's significantly less — in the average retiree category, about half had credit card debt, and about half had a car loan. The resulting number is a good estimate of how much you'll need to retire comfortably.

Persons: —, Robinhood, you'll Organizations: Security Research Center, Robinhood, Northwestern Mutual

☆ 56% of workers say they're not on track to retire—here's how much money experts say you actually need
▼ + stars: | 2023-10-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

More than half of Americans say they're not on track to retire. Around 56% of Americans who are working full-time, part-time or are temporarily unemployed feel that they are behind on their retirement savings, according to Bankrate's September survey. And nearly 25% of workers say they haven't made contributions to their retirement accounts in at least a year. Before you determine whether you're ahead or behind on your retirement savings, it can help to have an overall goal in mind. In general, you should aim to have 10 times your preretirement income saved by the time you reach age 67, according to Fidelity.

Persons: Mark Hamrick Organizations: Fidelity, Northwestern Mutual

However, there are some key differences between the mechanics of credit cards and Helocs. Still, Helocs have far lower rates than credit cards, even for borrowers with strong credit scores. If interest rates climbed to 7% a year later, your payment would rise to $58 a month until the end of the draw period—unless interest rates move again or you draw more from the line. (Secured credit cards are an option for people with limited credit history; they require a cash down payment.) Consolidating credit card debt is another common use, since rates on credit cards can be as much as double what they are on home-equity loans.

Persons: Tanza Loudenback, Aly J, Helocs, you’ve, Robert Heck, won’t, Knight, Freddie Mac, You’re, Scott Fligel, ”, Eric Alexander, Heck, “, ” Heck, Alexander Organizations: Yale, Federal, Federal Reserve, Northwestern Mutual, Income Locations: homeownership, Morty, Charlotte, N.C, Dallas

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Seven megacap stocks -- Apple (AAPL.O), Microsoft (MSFT.O), Alphabet (GOOGL.O), Amazon (AMZN.O), Nvidia (NVDA.O), Tesla (TSLA.O) and Meta Platforms (META.O) -- have led broader markets higher this year. Their rising stock prices ballooned valuations, however, and some investors say the megacaps could be vulnerable if climbing bond yields keep pressuring stocks. "When the big tech stocks start going down ... the indexes go down," said Matt Maley, chief market strategist at Miller Tabak. Still, strategists point out that the rise in implied volatility for tech stocks is no more than for the broader market.

Persons: Carlo Allegri, megacaps, LSEG, Matt Maley, Miller, ”, Matt Stucky, Chris Murphy, Rick Meckler, J, Bryant Evans, ” Evans, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, David Gregorio Our Organizations: New York Stock, REUTERS, Microsoft, Nvidia, Apple, Federal Reserve, Northwestern Mutual Wealth Management, Nasdaq, Susquehanna Financial Group, Amazon, Cherry Lane Investments, Cozad Asset Management, Thomson Locations: Manhattan, New York City , New York, U.S, New Jersey

☆ The top 10 cities where seniors are the most financially secure
▼ + stars: | 2023-09-21 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Mesa, Arizona, tops SmartAsset's ranking of the most financially secure cities for seniors. SmartAsset analyzed housing, poverty, income, and government assistance data for those 65 or older in 37 of the nation's largest cities. SmartAsset ranked the cities based on six metrics of financial security, such as home ownership and the senior poverty rate. On the flip side, some of the nation's largest cities ranked at the bottom. Boston came in last, with a senior poverty rate of nearly 20% and under half of seniors owning a home.

Persons: Mesa Organizations: Louisville, Oklahoma City, Seniors, Service, Mesa, SmartAsset, Kansas City, Boston, — Northwestern Locations: Mesa , Arizona, California, New York, Wall, Silicon, Arizona , Kentucky, Oklahoma, Louisville , Kentucky, Louisville, Indianapolis, Albuquerque, Kansas, Midwest, New York City, Los Angeles, Jose, San Francisco

☆ Insider Today: Ex-Goldman partners dish
▼ + stars: | 2023-09-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

This post originally appeared in the Insider Today newsletter. In today's big story, former Goldman Sachs partners explain what led them to leave their prestigious positions within the bank. A recent Insider investigation by Dakin Campbell and Emmalyse Brownstein found that at least 202 partners have left the firm during CEO David Solomon's volatile five-year tenure. And while Solomon's strategic missteps were a key talking point for many, not all the former partners bashed the CEO. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Goldman Sachs, it's, Goldman, David Solomon, Dakin Campbell, Emmalyse Brownstein, David Solomon's, Dakin, It's, Julian Salisbury, Dina Powell McCormick, Fred Baba, Solomon, Lloyd Blankfein, Apoorva Mehta, Instacart, Daniel Sundheim, Michael Moritz, Here's, Instacart's, Beck, Apoorva, Mehta, Tyler Le, Steve Squeri, Squeri, AEW, Tony Khan, Lauren Boebert, Anna Moneymaker, General Merrick Garland, Kim Kardashian, General Mills, Getty, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, D1 Capital Partners, Sequoia, Getty, Sequoia Capital, Northwestern Mutual Wealth Management's, American Express, Wrestling, WWE's, Fed, U.S, FedEx, General Locations: Wall, Silicon, What's, —, ChatGPT, Cerebral, Colorado, Mostar, Bosnia, Herzegovina, Greece, Bulgaria, Moldova, New York City, San Diego, London, New York

☆ US stocks slump as investors brace for the Fed's next interest rate decision
▼ + stars: | 2023-09-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks dipped Tuesday as investors braced for the Fed's next interest rate move. Investors are pricing in a near-100% chance rates will be kept level on Wednesday. All three benchmark indexes ended the day lower, with the Dow losing over 100 points. All three benchmark indexes ended the day in the red, with the Dow losing over 100 points as central bankers deliberated over their next policy decision. Markets are pricing in a 99% chance central bankers will choose to keep interest rates level on Wednesday.

Persons: Jerome Powell, Brent Schutte Organizations: Dow, Service, Federal, Northwestern Mutual Wealth Management, Brent, West Texas Intermediate, Dow Jones Locations: Wall, Silicon, Here's

☆ Here are 3 money moves wealthy Americans are more likely to make in times of economic uncertainty
▼ + stars: | 2023-09-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Almost regardless of how much you have in the bank, it's hard to feel financially secure. Across the board, households are facing surging child-care costs, ballooning auto loans, high mortgage rates and record rents amid economic uncertainty and recessionary fears. And nearly half, or 47%, of wealthy Americans said their financial planning needs improvement. Yet there are things millionaires do that the rest of us may not, Northwestern Mutual's report also found, which can go a long way toward improving long-term well-being. Here are three moves wealthy Americans are more likely to make:

Persons: — Organizations: Finance, Edelman Financial, Bloomberg Locations: Northwestern

☆ Here are 6 key economic signals for markets to follow as the Fed gets ready to make its next policy move
▼ + stars: | 2023-09-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

There are six key economic indicators for markets to gauge the health of the US economy. The US is likely headed for a mild recession, according to one chief investment officer. Markets are currently pricing in a 99% chance the Fed will choose to keep interest rates unchanged, according to the CME FedWatch tool. Small business optimism is waningSmall business optimism slumped over the past month to 91.3, down 0.6 points from July's reading. But real wages of Americans have actually fallen 0.5% over the past month, according to the Bureau of Labor Statistics, which could spell trouble for the US consumer.

Persons: Brent Schutte, Schutte Organizations: Service, Federal Reserve, Fed, Northwestern Mutual Wealth Management, Cleveland Fed, Bureau of Labor Statistics, San Francisco Fed, University of Michigan's Locations: Wall, Silicon

☆ Fed won't ease liquidity until wages move substantially lower, says Northwestern Mutual's Schutte
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed won't ease liquidity until wages move substantially lower, says Northwestern Mutual's SchutteBrent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company, joins 'Squawk on the Street' to discuss his thoughts on the overall macro economy, where the terminal rate goes and what could keep rates persistently higher.

Persons: Northwestern Mutual's Schutte Brent Schutte Organizations: Northwestern Mutual Wealth Management Company

☆ Wall St Week Ahead: Last Fed hike tends to aid stocks, but some have doubts this time
▼ + stars: | 2023-09-15 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

"The market will probably cheer it a bit if it is the end of the Fed rate hike cycle," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company. Traders see a roughly two-out-of three chance of the Fed leaving rates unchanged in November, CME's data showed. Odds for December show about a 60% chance rates of rates staying at current levels. Analysts at Oxford Economics forecast further downside for global earnings, noting that stocks "have typically delivered far weaker returns following the final Fed rate hike when it has coincided with an EPS downturn." "But I'm not sure how sustainable it would be given where stocks are valued relative to bonds already."

Persons: Brendan McDermid, CFRA, Brent Schutte, Schutte, Jerome Powell, Sam Stovall, LSEG Datastream, Jack Ablin, I'm, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: New York Stock Exchange, REUTERS, Northwestern Mutual Wealth Management Company, Fed, Oxford Economics, Equity, Treasury, Cresset, Thomson Locations: New York City, U.S, Oxford

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