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☆ Gen Xers think they'll need $1.56 million to live comfortably in retirement, a survey found
▼ + stars: | 2024-04-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

According to the survey, Americans set their sights on $1.46 million as the magic number to make them feel comfortable in retirement. And it differs by generation — both Gen Z and millennials said they would feel comfortable retiring with over $1.6 million, Gen X thinks $1.56 million, and boomers think $990,000. For example, the majority of Gen Z, millennials, and Gen X survey respondents expect the US will enter a recession this year — with one-third of adults saying they don't feel financially secure. Gen X is also facing their own tough economic plight as the "forgotten generation." Millennials and Gen Zers both started saving earlier for retirement than their Gen X peers and are more confident that they'll be financially prepared for retirement.

Persons: —, millennials, X, Gen X, That's, X's, Gen Z, it'll, Xers, that's, it's, Millennials, Zers, Gen Xers Organizations: Service, Northwestern Mutual, Business, Fidelity Investments, Wall Street, Social Security, Security

☆ If you want a high-paying job and a more affordable house, move to the Rockies or the South
▼ + stars: | 2024-04-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In Utah, the share of residents in prosperous ZIP codes during the 2017 through 2021 period grew to 55% from 47% in the 2011 to 2015 period. During the 2017 to 2021 period, the share of residents in a prosperous ZIP code jumped to 39% from 19% during the 2011 to 2015 window. Mississippi has the largest share of residents in a distressed ZIP code, while the share in Louisiana rose by 10 percentage points. And in New York, the share of residents in a distressed ZIP code jumped to 20% from 12%.

Persons: —, Daniel Newman, Kenan Fikri, EIG Organizations: Service, Economic, Business, DCI, East South, Politico, New Locations: Idaho , Montana , Utah , Nevada, Georgia, South Atlantic, New England, Utah, Idaho, In Utah, Ogden, . Mississippi, Louisiana, New York, New York City, York City

In particular, the researchers looked at a group dubbed "disconnected youth," who aren't working and are also not in school. As of 2022, disconnected youth comprised 13% of this age group; that share has been rising overall since 1998, according to calculations from the Federal Reserve Bank of Dallas. AdvertisementYounger Americans are facing stagnant incomesThe Dallas Fed found that, even after a post-pandemic dip, the rate of disconnected youth has increased since the end of the 1990s. AdvertisementAnd the number of young adults with no income has been on the rise; in 1990, around one in five young adults said they had no wage or salary income. Are you or were you a "disconnected youth," or supporting one?

Persons: —, Louis, Gen, Zers, Louis Fed's, Louis Fed, William M, Rodgers III, Rodgers Organizations: Service, Louis Federal Reserve's Institute for Economic Equity, Business, Federal Reserve Bank of Dallas, Dallas Fed, Federal Reserve's Survey, Consumer, Louis Fed, National Health, Blacks, Louis, Louis Fed's Institute for Economic Equity

☆ Who are the HENRYs? Charts show who makes more than $200,000 and how they earn it
▼ + stars: | 2024-03-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Unlike many older Americans with a higher net worth, these workers are what's called "HENRYs" — high earners, not rich yet. Most HENRYs are ages 40 to 49, although an impressive 5.3% are ages 20 to 29. Credit card balances keep reaching record highs, and Fortune found that American cardholders have, on average, $5,733 in credit card balances. Like other consumers, HENRYs carry some credit card debt, and just under half have credit card balances. Even so, HENRYs tend to earn their money the same way as most Americans: They work a job that earns wages.

Persons: —, HENRY, Gen Xers, HENRYs, BI's Noah Sheidlower, DINKS, Fortune Organizations: Service, Business, Consumer Finances

☆ Meet the Americans who can't retire
▼ + stars: | 2024-03-23 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +12 min

More people over 65 are working as pensions disappear, people live longer, and Social Security benefits are seemingly always in peril. Business Insider spoke with several Americans of retirement age about why they are still trading their time for money. "I think older people become very invisible, and maybe it's going to take other older people to help heighten that visibility." On average, Americans who have pensions receive $25,000 annually from them; the average estimated annual Social Security benefit is $38,418 for 2024. Indeed, BI's analysis of retirement data has found that nearly 80% of retirees have Social Security income.

Persons: —, Marcia, I'm, hasn't, she's, Steve Biddle, he's, He's, he'll, Bill, Geoffrey Sanzenbacher, Sanzenbacher, they're, Debra Giarrusso, She's, didn't, I've, there's, Pam, Kurt Vonnegut's, David Certner, Certner, Rebecca, It's Organizations: Service, Business, Social Security, Behavioral Health, Disability, Aging, —, Boston College, Center for Retirement Research, Congressional Research Service, Ford Motor Company, AARP Locations: North Carolina, Connecticut, Philadelphia, America, Michigan

☆ Union households tend to have over $100,000 more in wealth than nonunion families, Federal Reserve data shows
▼ + stars: | 2024-03-21 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

The Center for American Progress, a left-leaning think tank, looked at just how much better union workers are faring. By analyzing the Federal Reserve's Survey of Consumer Finances, CAP found that in 2022, union households held $338,482 in median wealth. Black, nonunion households have a median household wealth of $61,500; meanwhile, Black union households hold around $164,6000 in median household wealth. Union membership rates have declined for decades, reaching a record low of 10% in 2023. The researcher VanHeuvelen previously told BI that the decline in union membership would be like if the wage premium for going to college disappeared.

Persons: it's, Zachary Parolin, Tom VanHeuvelen, VanHeuvelen Organizations: Service, American Progress, Reserve's Survey, Consumer Finances, CAP, Business, Bureau of Labor Statistics, Labor Statistics, of Labor Statistics, Research, Bocconi University, University of Minnesota Twin Cities, Workers, —, United Auto Workers, UPS Teamsters, SAG Locations: United States

☆ The dark side of DINKs: People who want kids but can't afford them
▼ + stars: | 2024-03-16 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +12 min

Some DINKs are using their higher net worth to retire early, travel, and afford luxury items. But there's an even darker side to DINKs: The slice that forgoes kids not by choice but out of necessity. It's difficult to parse out the exact number of Americans who might want kids but can't have them. We know that the childfree group — people who don't want kids — might be about 20% of the US adult population. It's contributing to a whole population of DINKs who can't afford to shed the moniker.

Persons: DINK, —, you've, Gen Zers, it's, Kimberly Palmer, Kathryn Edwards, Larry Bienz, he's, Bienz, civically, let's, Amelia, Kevin, They've, We're, Amelia's, Roe, Wade, Zachary Neal, Neal, Jennifer Neal, Priscilla Davies, she's, Davies, They're Organizations: Service, Harris, RAND Corporation, American Society for Reproductive, US Children's Bureau, Michigan State Locations: NerdWallet, DINKs, Chicago, Michigan

☆ Half of Americans would take a pay cut to work remotely — and many are willing to give up vacation days, survey finds
▼ + stars: | 2024-03-13 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Many workers are willing to take pay cuts, increase working hours, or give up benefits for remote work. AdvertisementIt turns out that remote work is still valuable — at least for prospective employees. And they're willing to pay for that ability: Half of workers surveyed said they would take a pay cut for the policy. AdvertisementA majority of workers also reported being willing to move elsewhere for work if given the chance to work remotely. AdvertisementJay, an elder millennial, previously told Business Insider that he took a $35,000 pay cut so he wouldn't have to live near his office.

Persons: —, they'd, Millennials, that's, Nick Bloom, Jay, Insider's Aki Ito Organizations: Service, Stanford, WFH Research, Workers, Harvard Locations: Washington

☆ President Biden's new budget wants to bring back the child tax credit and make sure Americans don't face Social Security cuts — all while taxing billionaires and big companies more
▼ + stars: | 2024-03-11 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The budget seeks to restore the expanded Child Tax Credit and keep Social Security benefits intact. The budget also proposes a tax increase on billionaires, companies, and firms giving executives big paydays. The proposal comes after a tax bill that would partially expand the Child Tax Credit currently lingers untouched in Congress. Advertisement"It cuts costs for families with children and American workers and lowers childcare costs for hardworking families," Young continued. Would a restored child tax credit or maintained Social Security benefits impact your life?

Persons: Joe Biden, —, White, Shalanda Young, Young, Biden Organizations: Tax, Social, Service, American, Management, Social Security, Federal, Aid, Republican, Republicans, Democratic, —, GOP, Security

☆ Meet the typical retiree: A married woman in her 70s living on $30,000 a year in Maine or Florida
▼ + stars: | 2024-03-10 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

They're likely married, stopped their education after high school, and are making up a bigger share of the population in states like Maine and Florida. Even when they've been married once, women are still more likely than men to hold no retirement savings. Per Gallup, the average retirement age in the US has been rising. Similarly, Americans' "target" retirement age increased from 60 in 1995 to 66 in 2022. The "full" retirement age to receive maximum Social Security benefits is 67 for those born after 1960.

Persons: —, They're, they've, Gen, That's Organizations: Service, Pew Research, Business, Social Security, Gallup, Security Locations: Maine, Florida, New England, New Hampshire, Hawaii, . Maine

☆ Just over half of Americans over the age of 65 are earning under $30,000 a year, and it shows how stark the retirement crisis is
▼ + stars: | 2024-03-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Many older Americans are financially vulnerable, with over half living on incomes of $30,000 or less a year. And, as Sanders' report notes, about 10% of older Americans live in poverty, according to an analysis from the Center on Budget and Policy Priorities. Without Social Security income, around 38% of Americans 65 and older would be living below the poverty line. Even so, America's Social Security benefits lag behind many other wealthy countries; benefits amount to, on average, 51.8% of workers' earnings across the OECD. All of that comes as older Americans see their adult children leaning on them financially, as Gen Zers and millennials weather their own economic storms.

Persons: Bernie Sanders, —, Sanders, Zers, I'm, Jane, you'll Organizations: Service, Health, Education, Labor, Wall, Survey, Federal Reserve's Survey, Consumer Finance, Budget, Security, OECD, Social Security Locations: Japan

☆ Meet a millennial DINK who feels like an outlier in a child-centric world
▼ + stars: | 2024-03-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

None of that was true for her, but today she is part of a double-income, no-kids — or DINK — couple. AdvertisementWhile Michelle and her spouse's parents have been supportive, the couple still feels the weight of a culture that's oriented around having kids. There's also a familiar refrain — one that many DINKs come up against — that it's a selfish decision to forego having kids. AdvertisementShe thinks that being a DINK, and opting into it as a lifestyle choice, needs to be more normalized. Are you a DINK or someone grappling with the realities of a child-centric world?

Persons: Michelle, DINK, —, Michelle didn't, DINK —, They've, She's, it's, Zachary P, Neal, Jennifer Watling Neal, childfree, There's, they're Organizations: Service Locations: DINKs, North Carolina, Europe, Orlando, NerdWallet

☆ One New Yorker won $150,000 when she found out her landlord had been overcharging her. Now a bunch more tenants are using stabilization laws to get money back and pay cheaper rent.
▼ + stars: | 2024-02-28 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +13 min

AdvertisementAs TikTok becomes the new town square for all things economic transparency, the latest target of populist ire is New York City landlords. Several videos that have recently gone viral show viewers how to look into their rent histories and call out examples of potentially illegal hikes. Wait times for rent histories are now at 20 business days, up from 10 in late January, as a result of "social media activity." Klenkar has made TikToks about her old apartment and rent histories and has had "lots" of people reach out with their own rent histories. More may be on their way as New Yorkers seem to be requesting their rent histories en masse.

Persons: they've, —, Danielle —, Danielle, TikTok, it's, There's, they're, Allia Mohamed, She's, Mohamed, They've, he's, Carla —, Carla, Thomas Trutschel, Anna Klenkar, Klenkar, I've, Gothamist, DHCR, overcharge, Esteban Girón, shouldn't, It's Organizations: New York, Tenants, Service, Business, BI, Yorkers, New, US, Division, Housing, Community, Rent Administration, Rent, New York State Homes, Community Renewal, Tenant Union, Tenants PAC, Directors Locations: New York State, Cobble Hill, Brooklyn , New York, York City, New York, New York City, New, Washington Heights, Manhattan, Long Island City, Lower, Side, backpay

☆ Meet the typical Midwest mover, a Gen Zer from California who's paying under $1,500 a month in rent
▼ + stars: | 2024-02-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Many of these new residents are single Gen Zers, millennials, and students. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . For some, that's meant flocking to the Midwest, and its promises of cheaper living, more space, and friendly neighbors. While the initial pandemic bump in Midwest residents has slowed a little, its population level is still above pre-pandemic highs. Gen Zers, the oldest of whom are 27, make up the greatest percentage of movers, followed by millennials, topping out at age 43.

Persons: —, Gen Zers, millennials, Zers, Gen Xers, Gen Alpha, haven't, Redfin, Texans —, James McClure, Alcynna Lloyd, McClure, Lloyd Organizations: Service, Gen, Census, Midwest, Texans Locations: Midwest, California , Florida, Texas, East Coast, New York, Massachusetts, Wisconsin, Minnesota, Austin

☆ Tulsa offered remote workers $10,000 to move there. The results show how the program shook up the local economy — and what the future of smaller cities could look like.
▼ + stars: | 2024-02-25 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

At the end of 2022, Tulsa Remote had brought in almost $307 million in direct labor income to the economy, according to Tulsa Remote. For every two Tulsa Remote members who move to the city, three more come with them. But what happens to the rest of the economy when remote workers come to town? Remote workers coming to town benefited high-skilled local service workers — workers who have at least some college education — more, per the research, since they had more variety in local goods to choose from and consume and are making more money. “There are people who definitely get more benefit out of it, like homeowners or the local service sector workers,” Yoo said.

Persons: that's, Hoyoung Yoo, Justin Harlan, Yoo, ” Yoo, That’s, “, ”, Parker Vincent, ” Vincent, There’s, “ I've, Noah Sheidlower, Laura Landers, Harlan, Tulsa Remoters, —, didn't, ” Harlan, Vincent, ’ Organizations: Tulsa Remote, Tulsa, Brookings, of Economics, University of Wisconsin Locations: Tulsa , Oklahoma, Tulsa, Madison, ”, Los Angeles, —

☆ New Yorkers are flooding a government website to figure out if they're overpaying for rent
▼ + stars: | 2024-02-24 | by ( Eliza Relman | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A spokesperson for DHCR told Business Insider the "surge" in rent history requests is "unprecedented." Mohamed said that since she posted that TikTok, hundreds of people have emailed openigloo asking for help deciphering the rent history information they've received from DHCR. Diana Prendergast, a 27-year-old recording artist who lives in New York, requested her rent history after learning about it from TikTok. She said she's still awaiting her rent history. Did you request your rent history, or discover you were being overcharged?

Persons: —, openigloo, Allia Mohamed, Mohamed, they've, Diana Prendergast, she's, Gothamist Organizations: Service, New York, Homes, Community Renewal, New, DHCR, Business, The Met Council, Housing Locations: New York, DHCR, TikTok, New York City

☆ Meet a boomer who unretired to help her Gen Z kids get through college and find stability: 'They're terrified'
▼ + stars: | 2024-02-23 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Like many other parents, Jane said she sees her adult children stuck in an economic predicament that isn't of their own making. "Home prices and rent prices and automobile prices — I don't think that they're aligned with wages in a fair, or in a reasonable, way," Jane said. She wants to get her kids through college and see if they're able to find jobs that are decently paid. But that doesn't mean she's immune to the Sunday scaries: "On those Sunday nights and Monday mornings, I really, really regret it. "I'm hopeful for that, but I'm really not really expecting it," she said.

Persons: Jane, she's, — she's, we're, We're, Jane —, —, they're, it's, Gen Zers, Younger boomers, I'm Organizations: Pew Research Center, Pew Locations: Texas

☆ Meet the 'forgotten middle' of Americans over 75 about to face a rocky retirement
▼ + stars: | 2024-02-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

The 'Forgotten Middle' group might face difficulties affording necessary housing and care. AdvertisementA crisis is ballooning for middle Americans of retirement age. ”They focused on the potentially bleak financial futures of what they term the "Forgotten Middle." AdvertisementThat “Forgotten Middle” group is only expected to get bigger and more diverse. A University of Southern California and Columbia University analysis found that homeownership rates for lower-income “Forgotten Middle” Americans have fallen by 31% from 1994 to 2018.

Persons: —, ” Sarah Rayel, they’re, ” Rayel, There’s, Sen, John Hickenlooper, won’t Organizations: Service, University of Chicago, Health, University of Michigan, Medicaid, University of Southern, Columbia University, Consumer Finances, National Council, Aging, AARP, Democrat, Savings Locations: NORC, University of Southern California, Colorado

☆ Meet a millennial DINK who's been able to buy 2 boats and a convertible: 'You couldn't ask for a better life'
▼ + stars: | 2024-02-17 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

When Tiffany Wasiuk, 42, heard from her now-husband on their first date that he never wanted children, she was pretty much ready to marry him. “That was amazing that we actually met, and I found someone that never wanted children as well,” she said. The lifestyle choice has also meant a level of financial stability and preparedness that’s become a hallmark of DINKs. “And I know not having children has contributed largely to that expense.”AdvertisementLike many other DINKs, Wasiuk and her husband enjoy traveling. Her parents also had a boat at the marina, and they were able to join Wasiuk and her husband for boating adventures.

Persons: Tiffany Wasiuk, DINK, “, ”, —, who’s, that’s, that's, They've, I'm, Wasiuk, they’ve, we've, she’s, we'll, haven’t, It's Organizations: Service, Business, Consumer Finances, Wasiuk, Research Locations: Virginia Beach, Caribbean, Virginia

☆ DINKs in their 50s who are on track to retire early explain what being childfree has meant for their lifestyle and finances
▼ + stars: | 2024-01-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

They didn't necessarily set out to become DINKs, but it's a lifestyle that's worked well. AdvertisementWendy and Steve Thomas didn't necessarily set out to be DINKs, but it's a lifestyle that's worked out for them. Wendy Thomas, 55, and Steve Thomas, 51, are a California-based couple in a growing legion of Americans who are DINKS — households that are double income, with no kids. It's a lifestyle they "fell into," according to Steve Thomas, who works in the golf maintenance industry. AdvertisementAnd the couple isn't out proselytizing the DINK lifestyle, although it can elicit a lot of questions from strangers.

Persons: Wendy, Steve Thomas, that's, —, Steve Thomas didn't, Wendy Thomas, They've, DINK, she's, Steve, they're, Gen, Zers, DINKs, there's, it's Organizations: Service, redwoods, Census Bureau, Federal Reserve's Survey, Consumer Finances Locations: California, Southern California

☆ I'm a Gen Zer who found my 9-to-5 soul crushing until work-from-home changed my life
▼ + stars: | 2023-12-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

I'm a Gen Zer who worked at my 9-to-5 before the pandemic, and found the schedule soul-crushing. The shift to remote work suddenly meant I had time to cook, exercise, and socialize. AdvertisementThere's been a whole lot of buzz recently about Gen Zers discovering the bleak realities of a 9-to-5 schedule. I graduated college in 2019, and went almost immediately into a 9-to-5 schedule. Like other Gen Zers, I enjoy getting face time with my coworkers, and, honestly, the free food.

Persons: Zer, —, There's, Zers, Herman Melville's, Scrivener, We've, Nick Bloom, Bloom, I'd, They're, It's, that's Organizations: Service, Business, University of West, Federal Reserve Bank of New, of Labor Statistics, Stanford University, Insider Locations: York City, University of West England, Federal Reserve Bank of New York, New York City, York

Some childcare operators told Insider the end of pandemic-era funding could make the problem worse. To keep the doors open at her Southampton Township, New Jersey, childcare center, she needs to find new clients or new funding. Jackson is just one of many providers across the US entering a period of uncertainty after a pandemic-era infusion of federal childcare funding ran out at the end of last month. That funding expired on Saturday, along with $13.5 billion in childcare funding from other pandemic-era legislation. She added: "What we're likely to see is childcare providers doing everything they can to continue to operate.

Persons: —, Jackson, Patti Smith, Joe Biden's, they'd, Allyx Schiavone, Lauren Bauer, Molly Kinder, Julie Kashen, Kashen, Schiavone, Cristi Carman, they're, Carman, Shannon Hampson, Hampson, we're, Rep, Katherine Clark, Julia Pollak, ZipRecruiter, there's, Grant Organizations: Service, Greenway, National Association for, Education of Young Children, Rescue, Friends Center for Children, American Progress, Brookings Institution, The Century Foundation, Care, American Locations: Southampton Township , New Jersey, Maryland, Lincoln , Nebraska

☆ 41,000 people are about to get $240 million in medical debt cancelled thanks to an infusion of cash from Biden's pandemic aid
▼ + stars: | 2023-09-19 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

In Toledo, Ohio, 41,000 residents will see around $240 million in medical debt relieved. Communities across the country have allocated at least $16 million toward relieving medical debt, according to the White House . Cook County officials connected Grim with RIP Medical Debt, a nonprofit that buys up medical debt across the country and wipes it out completely. "If you have your medical debt relieved, they can go back to the doctor again, they can put food on the table." Do you have medical debt, or have received medical debt relief?

Persons: Michele Grim, It's, Grim, Joe Biden, Grim — Organizations: Service, Kaiser Family Foundation, Consumer Financial, Bureau, American, ARPA Locations: Toledo , Ohio, Wall, Silicon, Ohio, Lucas County, Toledo, Cook County , Illinois, Cook, Cook County

☆ A looming childcare cliff could cost families $9 billion in earnings and leave millions of kids without care. Democratic lawmakers want to avoid a crisis.
▼ + stars: | 2023-09-13 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The Child Care Stabilization Act would allocate $16 billion to childcare annually for five years to aid providers. At the same time, childcare workers are facing low pay and tough conditions; they have previously told Insider that the industry needs even more subsidizing. AdvertisementAdvertisement"It is the thing that we pay the most money for," she previously told Insider . She's not alone: Other parents have told Insider that high costs for scarce childcare have led them to drop out of the workforce completely. AdvertisementAdvertisement"Right now we have a childcare crisis with ARPA funding," Rep. Jimmy Gomez of California, a member of the Congressional Dads Caucus , said.

Persons: Joe Biden's, Sen, Patty Murray, Katherine Clark, Paige Connell, She's, Kaitlin Peterson, Jimmy Gomez Organizations: Rescue, Service, Democratic, Century Foundation, unsustainably, Department of Labor, ARPA, Congressional, Caucus Locations: Wall, Silicon, Washington, Massachusetts, Denver, Jimmy Gomez of California

☆ A remote worker's employer said he had to live near the office. So he took a $35,000 pay cut in exchange for his work-from-home freedom.
▼ + stars: | 2023-09-03 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Jay is one of many workers contending with shifting rules around in-person and remote work. For some, those arrangements just don't work — and, like Jay, some workers would take a pay cut to be able to stay remote. The research on whether remote work is less productive is mixed, though, and for some, it may be a better fit than for others. Jay said his previous managers, for instance, "were completely in favor of remote work" but told him "this decision is out of their hands." Already, there's an "office apocalypse" raging in some cities, with McKinsey predicting remote work will slash the value of office buildings to the tune of $800 billion by 2030.

Persons: Jay, Kathleen Hall, It's, doesn't, that's, Bill de Blasio Organizations: Service, Jay, trumpeted, McKinsey Locations: Wall, Silicon, New York City

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