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☆ DINKs, Couples With No Kids, Are Living the New American Dream
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | Bartie Scott | ) www.businessinsider.com time to read: +12 min

DINKs are proudly emerging as an aspirational class for young people — and they're ready to live it up. So when she set up her dating profile, Johnson included in her bio that she didn't want to have kids of her own. Amy Blackstone, the author of the 2019 book " Childfree by Choice ," said that the financial gap between DINKs and couples with kids wasn't solely because of the choice about children. DINKs, GINKs, " rich aunties ," and DINKWADs — DINKs with a dog — have become aspirational identities for younger generations. There are the DINKs who can seize the American dream and the parents who are struggling to stay afloat in a country without guaranteed paid leave or affordable childcare .

Persons: Elizabeth Johnson, Johnson, DINK, DINKs, they've, there's, Amy Blackstone, it's, Alex Killingsworth, Killingsworth, Marcia Drut, Davis, Drut, Blackstone, she'd, Gen Z, That's, X didn't, Zachary P, Neal, Jennifer Watling Neal, millennials —, I've, Marcia, she's Organizations: of, Johnsons, Minneapolis townhome, Federal, Consumer Finances, Broadway Locations: Florida, Swiss, Hawaii, Oregon, Canada, Alaska, Dominican Republic, of America, Minneapolis, Texas, New York, Michigan, Drut

☆ The red-hot health-plan business for seniors is finally cooling off
▼ + stars: | 2024-02-06 | by ( ) www.businessinsider.com time to read: +6 min

Read previewHealth insurance giant Cigna is exiting the lucrative senior business that's been a boon to insurers' bottom lines for years. It's a sign that the glory days of Medicare Advantage might be coming to an end. Cigna's senior business isn't the biggest, but it's also nothing to sneeze at. In January, Humana, the second-largest Medicare Advantage insurer with 6 million members, slashed its profit projections because of these costs. AdvertisementIn late 2023, rumors swirled that Cigna was looking to sell its Medicare Advantage plans so it could pull off a merger with Humana—the second-largest Medicare Advantage insurer.

Persons: —, that's, Cigna, it's, It's, David Cordani, Cordani, Gary Taylor, Cowen, Taylor, Dean Ungar, Humana, Ungar Organizations: Service, Health Care Service Corp, Medicare, Business, Kaiser Family Foundation, Competition, Humana, Moody's Investors Service Locations: Illinois

Filing your taxes early means you have more time to make last-minute retirement account contributions. Finishing your taxes early also gives you time to plan ahead for next year. But as a financial planner, I always recommend getting them done as early as possible. Even if you're not a freelancer, filing early can ensure you get your return early or have more time to pay your bill. Plus, evaluating my latest tax return early gives me a game plan for next year's liability.

Persons: —, I've, Uncle Sam, You'll, That's Organizations: Service, IRS

☆ 6 longevity lessons from a 93-year-old athlete who is as healthy as someone decades younger, according to science
▼ + stars: | 2024-01-24 | by ( ) www.businessinsider.com time to read: +6 min

Researchers found that measures of his heart health, muscle mass, and overall fitness were more comparable to a healthy 30- or 40-year-old than a nonagenarian. Here are the six factors found in the case study that may have helped him to be fit and healthy in his 90s. That's almost perfectly aligned with what doctors and exercise scientists recommend for cardio training to improve longevity, endurance, and all-around performance. Get enough proteinThe case study researchers that in addition to exercising regularly, Morgan also had a high-protein diet, eating about a gram of protein per pound of his body weight each day. Physical changes related to diet and exercise take time, whether that's building muscle, burning fat, or improving your health.

Persons: —, Richard Morgan, Morgan, Morgan Busko, It's, Jamie Grill, Morgan didn't Organizations: Service, Business, Washington Post Locations: Ireland

☆ Deadlifts, squats, and bench presses can cause pain or injury if done incorrectly. A physical therapist explains how to avoid common mistakes.
▼ + stars: | 2024-01-18 | by ( ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewLifting weights is great for your health — but a wrong move can put too much stress on your joints instead of your muscles, leaving you with pain instead of gains. Proper form can help you lift more effectively and avoid the most common gym injuries, according to a physical therapist. Many people struggle with a lack of ankle mobility in the squat, setting them up for inefficient form, Simeonovski said. For example, when bench pressing, aim to keep the elbows around a 45-degree angle instead of directly out to the side in a T shape to correctly engage the chest muscles instead of stressing out the shoulder joint.

Persons: —, Andrey Simeonovski, Simeonovski, they're, it's Organizations: Service, Business

☆ What to know before buying the first bitcoin ETFs. FOMO ‘is a poor investment strategy,’ expert says
▼ + stars: | 2024-01-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

The agency signed off on 11 bitcoin ETF applications, including funds from BlackRock , Fidelity, Ark Invest, WisdomTree and Grayscale. But there are things to consider before rushing to purchase bitcoin ETFs. 'Better than anything else on the market'While bitcoin carries risk, if you want to add exposure, experts say the new bitcoin ETFs could be worth considering compared to owning bitcoin directly or bitcoin futures ETFs. "These spot bitcoin ETFs are better than anything else on the market," said Armour, referring to other bitcoin investing options. The Grayscale Bitcoin Trust (GBTC) charged 2.0% before converting to a spot bitcoin ETF, and now has fees of 1.5%.

Persons: Bryan Armour, Armour, I'm, Ivory Johnson, Gary Gensler Organizations: . Securities, Exchange Commission, Fidelity, Ark Invest, North America, Morningstar, SEC, Delancey Wealth Management, CNBC's Locations: U.S, BlackRock, bitcoin, Washington ,

☆ It's time to boost 401(k) plan contributions for 2024. Here's how much you should save
▼ + stars: | 2024-01-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're itching to save more for retirement, there are higher 401(k) contribution limits for 2024. But there are a few things to consider before maxing out your plan, experts say. For 2024, you can defer up to $23,000 into 401(k) plans, up from $22,500 in 2023, with an extra $7,500 for savers age 50 and older. Some higher earners can funnel even more into their 401(k), depending on plan rules. By comparison, after-tax Roth 401(k) contributions allow assets to grow tax-free, without reducing current-year taxes.

Persons: deferrals, Roth, Douglas Boneparth Organizations: Vanguard, Finance, Bone, CNBC's Locations: New York

☆ What is 'smellmaxxing'? A new fad involves mostly men trying to maximize or improve their body scent
▼ + stars: | 2024-01-04 | by ( Kieran Press-Reynolds | ) www.businessinsider.com time to read: +3 min

The newest offshoot of the looksmaxxing subcuture is smellmaxxing, which involves mostly men trying to improve their smell with different colognes among other hygiene tips. "Megamind caught smellmaxxing," on-screen text said in a TikTok from December, which amassed over 3.5 million views. Other creators have jumped on the trend with jokes: One urged others to "start smellmaxxing bro" while shooting cologne mists into the night sky. On another popular video tagged #smellmaxxing, a poster showed their massive cologne collection: "Once you start.. you can't stop," they wrote on-screen. "When you took scentmaxxing too far," @lordoffragrances wrote on-screen with a skull emoji.

Persons: —, Megamind, John Paul Gaultier cologne, smellmaxxing, Therabreath, bro, Jeremy, @lordoffragrances, looksmaxxing Organizations: Service, Business Locations: cologne

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

☆ American Borrowers Are Getting Closer to Maxing Out
▼ + stars: | 2023-11-25 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Some people are starting to consume more of their available credit from month to month. Photo: Angus Mordant/Bloomberg NewsA happy holiday shopping season might not end up being an especially cheery time for lenders. The trend suggests that consumers still are willing and able to use their cards, portending well for retailers. U.S. retail sales slowed in October, but by less than feared, and were still at an overall solid level. Some retail stocks have jumped recently on hopes for holiday shopping.

Persons: Angus Mordant, Goldman Sachs Organizations: Bloomberg, U.S

The idea of investing has always terrified me, because I worry that I don't know what I'm doing. The idea of investing my money used to absolutely terrify me. We all have our own reasons, but I know I'm not the only person who's approached the stock market with trembling hands. The average stock market return is about 10% every year. After maxing out my Roth IRA, I started putting money into a brokerage account, specifically investing in index funds.

Persons: —, wasn't, I've, I'd, who's, She's, she's, Get, it's, Roth Organizations: Service, SEC, IRA, Roth IRA

☆ Some HENRYs are saving too much for retirement — and it may backfire
▼ + stars: | 2023-11-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementWhile it's rare that people are saving too much for retirement, Malani said it happens among HENRYs somewhat frequently. AdvertisementAdvertisement"If you're under the age of 40 and saving more than 20% for retirement, that's more than you might need to be saving," Blanchett said. "Saving for retirement takes some level of knowing what type of lifestyle you'll want in retirement," Malani said. There's little reason for wealthier young Americans to push back buying a home or starting a family due to anxiety about retirement saving. "For individuals that are 'over-saving,' are you not doing things that you would fundamentally enjoy because of how much you're saving?

Persons: —, Priya Malani, Malani, David Blanchett, Rowe Price, Gen, Zers, Blanchett, that's, we're Organizations: Service, Transamerica Center, Retirement Studies, DC Solutions, National Institute on Retirement Security, WealthCare

The best money advice is usually boring and unsexy, which explains why no one wants to hear it. The best money advice is decidedly unsexy. Although the purpose of an HSA is to save money for inevitable healthcare expenses, you can just as easily use your HSA as an investing tool. Also, if you leave your HSA money in your account until age 65, you can withdraw your HSA funds for non-medical expenses at any point. The person who started investing at 25 will have roughly $162,000 in their account, while the person who started at 35 will only have $89,000.

Persons: Rachel Wooten, maxing, —, Wooten, you'll, doesn't, stashed Organizations: Service, CPA, Flint Group

401(k) contribution limits are increasing from $22,500 to $23,000 in 2024, and from $30,000 to $30,500 for those age 50 or older. IRA contribution limits are increasing from $6,500 to $7,000 in 2024, and from $7,500 or $8,000 for those 50 and older. Learn about the new 2024 contribution limits and how to make the most of these changes. 401(k) and IRA contribution limits in 2024Every year the contribution limits for individual and joint retirement savings plans increase as the cost of living in the US goes up. So if you're eligible, you can contribute an additional $7,500 to your traditional 401(k), Roth 401(k), 403(b), Thrift Savings Plan, and most 457 plans.

Persons: —, It's, there's, Roth, you'll, Robinhood Organizations: IRS, Service, Savings, IRA Locations: That's

If you want to retire early, start early and look at your expenses, your income, and your assets. But I didn't pay much attention to the second half of the book, which lays out a plan to retire early. Recently, I've been thinking about what early retirement might look like. Real estate and other assets are possible sources of income to fund an early retirement. The 3-bucket planCannon suggested making an emergency fund to deal with sudden expenses, like a medical event or a home or car repair, the foundation of your retirement plan.

Persons: —, I've, Bryan Cannon, Cannon, isn't, they're, doesn't Organizations: Service, Cannon Advisors, Social Security, Social Locations: Real

She started investing early, and increased her rate of investment after learning about FIRE. And these accounts are separate from Pham's husband — together their estimated net worth is just under $2 million. And when it feels easier to just spend freely, tracking her net worth has helped keep her focused. "That gives us another safety net," Pham says, noting the pension as an added benefit to working in public service. "By then, we should have at least $2 million in net worth.

Persons: Mia Pham, —, Pham, haven't, they've, Roth, maxing, doesn't, it's, they're Organizations: Service, Roth IRA, Toyota Locations: San Diego —, San Diego

Delinquency on your credit report: While a credit card default occurs once your payment is over 180 days late, the consequences of a missed payment start far earlier. Closed credit account: When you default on a credit card, your card issuer almost always closes your account. The good news is that your credit is pliable, so you'll bounce back from a credit card default eventually, as long as you don't fall into default again. Credit card default frequently asked questionsCan I apply for a credit card I defaulted on? If you default on a credit card, that credit card issuer may bar you from any other lines of credit, even if you've rebuilt your credit.

Persons: Mark Stewart, Jeff Rose, Rose, Stewart, you've, it's Organizations: Federal Reserve

☆ How Much Should I Contribute to My 401(k)?
▼ + stars: | 2023-10-09 | by ( Tanza Loudenback | ) www.wsj.com time to read: +10 min

401(k) contribution limits 2023 For 2023 Projected 2024 Maximum contribution $22,500 $23,000 Catch-up contribution $7,500 $7,500 IRS, MercerMost 401(k) contributions, including employer matches, go into a pretax, or traditional, 401(k) account. Some employers offer a Roth 401(k), which is essentially the inverse—but more on that later. To ensure you’re getting the full benefit of a 401(k) match, find out your employer’s matching formula and the maximum they could contribute. Should I contribute to a traditional 401(k) or a Roth 401(k)? In general, it makes sense to contribute to a Roth account when you have low or moderate income.

Persons: you’ve, Sam, ”, Derek Pszenny, “, Don’t, Marcy Keckler, Pszenny, ” Pszenny, You’ll, you’re, ” Keckler, Max, Roth IRAs, Roth, IRAs aren’t, IRAs, Keckler Organizations: Carolina Wealth Management, Mercer, Social Security, Ameriprise, Vanguard Locations: North Caroline

☆ How this 77-year-old widow lost $661,000 in a common tech scam: 'I realized I had been defrauded of everything'
▼ + stars: | 2023-10-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +19 min

Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.

Persons: Marjorie Bloom, she'd, Bloom, Roth, Ester, Ester Bloom, Rebecca Keithley, —, they'd, I'm, Kathy Stokes, Keithley, General Merrick Garland, she'll, Marjorie Bloom Bloom, trekked, Mount, Kriangkrai, I've, There's, Sergio Flores, scammers —, Carla Sanchez, Adams, Sanchez, Banks, Marve Ann Alaimo, Porter Wright Morris, Arthur, Alaimo, Cryptocurrency, Scammers, scammers, it's, Patrick Wyman, Wyman, Al Drago Organizations: PNC Bank, Finance, CNBC, Federal Bureau of Investigation, PNC, FBI, Social, Department of Justice's, Vanguard Group, Federal, Consumer Finances, AARP, Microsoft, Department of Energy, Guaranty Corporation, U.S, North Dakota ., Everest Base, Social Security, North Bethesda Camera, PNC Bank —, District of Columbia, Bloomberg, Getty, National Consumer Law, Signature Bank, Asset Unit Locations: Chevy Chase , Maryland, U.S, Vietnam, Mount Everest, North Dakota, liquidating, Nepal, Marjorie Bloom Maryland, District, —, Maryland, PNC, New York, Cayman Islands, Washington ,

Here's everything you need to about the up-and-coming changes for 401(k) catch-up contributions. 401(k) catch-up contributions in 2026: 4 things you should know now1. But starting in 2026, older workers earning over $145,000 annually will no longer be able to deposit catch-up contributions into a traditional 401(k) plan. Rather than collecting the immediate tax benefit of a traditional 401(k) contribution, catch-up contributions will be taxed as Roth contributions. You have until 2026 to prepareThe new 401(k) catch-up rules were originally planned to be set into motion on January 1, 2024.

Persons: You'll, Roth, Roths, Eric Kirste, he's, you'll, It's, we've, Read, Kirste, Robinhood Organizations: Workers, IRS, Employers, Financial

☆ A 32-year-old set aside 78% of her income for 5 years and saved $200,000. She explains why she abandoned the FIRE movement and decreased her savings rate to 10%.
▼ + stars: | 2023-09-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

"I thought, 'Oh, this is just how all work is,'" said Merz — and it wasn't for her. Like many super savers Insider has spoken to, Merz focused on lowering three main expenses: housing, transportation, and food. Merz, a "recovering super saver," used to save up to 78% of her income. Merz currently contributes 10% of her income to her 401k, "and that's about as much saving as I do," she said. A 10% savings rate will still allow her to retire in her mid-50s, she said, since she has such a big head start on savings.

Persons: Gwendolyn Merz's, Merz —, wasn't, Merz, Gwendolyn Merz Merz, maxing, Roth, Gwendolyn Merz, I'm, she'd, I've, St . Louis, She's Organizations: Independence, CSA, Roth IRA, Washington DC Locations: Illinois, Pontiac, Midwest, Washington, St ., —

☆ SpongeBob Lives in a Pineapple. These Sharks Live in Sponges.
▼ + stars: | 2023-09-14 | by ( Darren Incorvaia | ) www.nytimes.com time to read: +1 min

John Pogonoski, an ichthyologist in Australia, wasn’t about to be fooled by any moray eels. He knew the serpentine fish like to hide among the nooks and crannies of large sponges. But as he surveyed sponges collected from a remote seabed off the coast of Western Australia, he stumbled on a complete surprise — a small shark tail poking out of a sponge’s cavernous body. “Sponges, though, this is new.”The word “shark” may conjure images of gargantuan great whites or hefty hammerheads. The banded sand catshark, maxing out around a foot and a half in length, is on the smaller end of the spectrum.

Persons: John Pogonoski, Atelomycterus, Pogonoski, ”, David Shiffman Organizations: Commonwealth Scientific, Industrial Research Organization, CSIRO, Fish Biology, Arizona State University Locations: Australia, Western Australia

The United States imported nearly $127.5 billion in goods from Vietnam in 2022, compared with $101.9 billion in 2021 and $79.6 billion in 2020, according to US government data. The United States needs a trusted partner for its supply of chips, and Vietnam can do just that, Osius said. But that compares favorably with a global growth forecast of 3%, and is noticeably faster many of the world’s major economies, such as the United States, China and the eurozone. Politically, Vietnam shares many similarities to China in that it is an authoritarian one-party state that tolerates little dissent. Vietnam is an obvious choice, because it’s a cheap alternative to manufacturing in China, said García-Herrero.

Persons: Joe Biden, ”, Donald Trump’s, Nguyen Phu Trong, Biden, Antony Blinken, Evan Vucci, ” Ted Osius, Janet Yellen, Michael Every, Alicia García, Osius, chipmaker, Ho, “ We’re, Natixis, ” Osius, “, — CNN’s Kyle Feldscher, Jeremy Diamond, Kevin Liptak Organizations: Hong Kong CNN, America, Apple, Intel, House, Communist Party of, ASEAN Business Council, CNN, United, Atlantic Council, Rabobank, White House, United State, Monetary Fund, “, Netflix, Boeing Locations: Hong Kong, Vietnam, Washington, Hanoi, China, Asia, India, Communist Party of Vietnam, United States, Hanoi Nguyen Huy Kham, United, Beijing, The California, Ho Chi Minh City, Asia underwhelms

☆ 56% of Americans say they're not on track to comfortably retire—how to catch up
▼ + stars: | 2023-09-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Regardless of how they define it, 56% of Americans agree they're not on track to retire comfortably, according to the latest CNBC Your Money survey conducted by SurveyMonkey. Here's how to tell if you're on track to meet your retirement goals and a few tips to catch up if you're behind. To see if you're on track for retirement, you first need an idea of when you want to stop working. On average, Americans say they'd need around $1.3 million to retire comfortably, a recent Northwestern Mutual study found. While only 11% report maxing out their 401(k) contributions, 46% of people say they're contributing as much as they can afford, CNBC's Your Money survey found.

Persons: they're, it's, Annette VanderLinde, Roth Organizations: CNBC, SurveyMonkey, Northwestern Mutual, Liberty Wealth Advisors, Prime Capital Investment Advisors Company, Roth IRA Locations: downturns

I started investing in my 403(b) retirement account as soon as I became eligible as a teacher. But I invested in expensive mutual funds on the advice of another teacher. He recommends index funds as well as passively managed mutual funds or exchange-traded funds (ETFs). Before you join a 403(b) plan, know that costly 403(b) fees can significantly reduce your savings over the course of your career — sometimes by hundreds of thousands of dollars. You should learn what your 403(b) plan fees are, as well as the fund fees of the different investment options you have within the plan.

Persons: Brian Walsh, Read, Bobby Glotfelty, Glotfelty, Walsh, it's Organizations: Service, Business Locations: Wall, Silicon

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