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☆ If you want to age in place in retirement, experts say these are the things you should consider
▼ + stars: | 2024-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Westend61 | Westend61 | Getty ImagesThere's no place like home — especially as you age. "People might say, 'I want to age in place as the default plan, because that's what I'm already doing,'" said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place. The costs of the upgrades necessary to age in place can vary, experts say. Chiang said she has seen the prices of bathroom upgrades vary within Florida, where her practice is based. To make sure your home upgrades are successful, experts say it's wise to keep several things in mind.

Persons: I'm, Carol Chiang, Chiang, Carolyn McClanahan, Curt Kiriu, Kiriu, there's, Thomas West Organizations: Westend61, Getty, AARP, Finance, Social Security, CNBC's FA, CK, Builders, National Association of Home Builders, Signature Estate, Investment Advisors Locations: CNBC's, Florida, Mililani, Hawaii, Oahu, Tysons Corner , Virginia

☆ Tens of thousands of workers were laid off in January. If you were affected, here's how you may find work faster
▼ + stars: | 2024-02-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government data shows a surprisingly strong job market for the month of January. But there are signs of weakness in the labor market, based on tens of thousands of workers who have been laid off since 2024 started. At the same time, the latest data shows the U.S. job market is still strong, with the unemployment rate holding at 3.7%. "At the same time, we have to understand that certain sectors of the economy may be experiencing more disruption or innovation." With that innovation comes a higher risk that workers may suffer from an income loss as the economy adjusts, he said.

Persons: Mark Hamrick, Hamrick Organizations: Finance

☆ New bill in Congress calls for creating children's savings accounts from birth. Here's how it would work
▼ + stars: | 2024-01-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The plan calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers. More from Personal Finance:IRS to launch free tax-filing pilot programJamie Dimon: Improving earned income tax credit is 'no brainer'Biden has forgiven student debt for millions. Children in households that are eligible for the earned income tax credit — which aims to reduce the federal tax burden for low- to moderate-income workers — would receive additional aid. The proposal comes as Congress is poised to consider a new expansion of the child tax credit. Estimates have found the new child tax credit could help about 16 million children from low-income families in the first year, according to the Center on Budget and Policy Priorities.

Persons: Democratic Sens, Bob Casey of Pennsylvania, Chuck Schumer, Ron Wyden, Don Beyer of Virginia, Joyce Beatty, Suzan, Jamie Dimon, Biden, Casey, Momo, Roth, I'm, Madeline Brown Organizations: Democratic, New, Reps, Finance, IRS, Getty, Center, Budget, Urban Institute, D.C Locations: New York, Oregon, Joyce Beatty of Ohio, Washington, U.S

☆ No emergency fund? These tips can help you build savings and find extra cash in your budget, advisors say
▼ + stars: | 2024-01-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

If you're like most people, you may not have an emergency savings fund. It's not necessarily our fault, experts say, as our brains are programmed to focus on our needs today. He and other financial advisors typically recommend having at least three to six months' living expenses set aside in case of an abrupt change in income or unexpected event. At that point, it doesn't feel like as much of a stretch to set aside 20% of your income toward retirement and 5% toward an emergency fund. Financial advisors often see this barrier to savings with their clients and have their own tactics for nudging clients to set aside more cash and free up flexibility in their budgets.

Persons: It's, We're, Brad Klontz, CNBC.com, Klontz Organizations: Finance, CNBC FA

☆ Fake rich? Affluent millennials are more likely to exaggerate to appear wealthy. Here's what experts say they should do instead
▼ + stars: | 2024-01-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

But one group — affluent millennials — are more likely to lie or exaggerate their finances to appear financially successful, according to a recent survey from Wells Fargo. That goes for 34% of affluent millennials versus just 20% of Gen X or 4% of baby boomers. More than half of affluent Americans have cut back on luxury purchases post pandemic. Yet affluent millennials — with $250,000 to more than $1 million in investable assets — are going to great lengths to appear wealthy. Wells Fargo found 29% of affluent millennials admit they sometimes buy items they cannot afford to impress others.

Persons: boomers, Wells Fargo, Gen Xers, Emily Irwin, Irwin Organizations: Finance Locations: Wells Fargo

☆ 44% of Americans can't pay an unexpected $1,000 expense from savings. 'We're just not wired to save,' expert says
▼ + stars: | 2024-01-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Brand X Pictures | Stockbyte | Getty ImagesWhy Americans are prone to 'financial fragility'Almost two-thirds of respondents, 63%, say high inflation has left less room to save for emergencies. "There's a persistence of fragility in American society," said Mark Hamrick, senior economic analyst at Bankrate. Yet year after year, surveys show building meaningful emergency savings remains a difficult hurdle for many Americans. How to reframe how you think about savingTo successfully boost emergency savings, it may help to reframe the way you think about that goal, Klontz, said. What may help to overcome that is to visualize, which helps create an emotional experience that can help activate behavioral change.

Persons: Mark Hamrick, Hamrick, Klontz Organizations: Brand

☆ As the S&P 500 enters bull market territory, here's what to consider before you invest
▼ + stars: | 2024-01-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Spencer Platt | Getty ImagesThe S&P 500 stock index climbed to a new all-time high on Monday. Last year, the S&P 500 rose more than 20% from its most recent low. What is the S&P 500 index? watch nowHow can you invest in the S&P 500? The greater a portfolio's exposure to the S&P 500 index, the more the ups and downs of that index will affect its balance.

Persons: Spencer Platt, — Organizations: New York Stock Exchange, Getty Locations: New York City

☆ Despite high older voter turnout in Iowa caucus, Social Security topic still remains on back burner
▼ + stars: | 2024-01-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A caucus worker checks in voters at a caucus site at the Horizon Events Center in Clive, Iowa, on Jan. 15, 2024. Former President Donald Trump won the Iowa caucus by a landslide, due in part to strong turnout by older voters. "While the turnout overall was low, 70% of caucusgoers who turned out were over the age of 50, which is unprecedented," said Brad Anderson, Iowa state director at the AARP. Historically, the turnout at Iowa caucuses tends to hover around 60% and traditionally skews older, he said. "Given the weather, I think people are genuinely surprised at how robust the older caucusgoer turnout was," Anderson said.

Persons: Donald Trump, caucusgoers, Brad Anderson, Anderson, Ron DeSantis, Nikki Haley, DeSantis, Trump Organizations: Horizon, AARP, Finance, Trump, Florida Gov, United, Security, New Locations: Clive , Iowa, Brad Anderson , Iowa, Iowa, United Nations, New Hampshire

☆ A 12% retirement return assumption is 'absolutely nuts,' expert says. Here's a realistic rate to expect
▼ + stars: | 2024-01-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

GlobalStock | Getty ImagesReturn assumptions as a lesson on compoundingThe point of the example was not to expect a 12% average rate of return on your money, Orman tells CNBC.com. Why 12% is an optimistic benchmarkThere's a reason that 12% tends to be used as a benchmark, according to Blanchett. How much retirement savers can expect to earnSo how much can you realistically expect to earn on your retirement investments? The first example with a 12% average rate of return is to illustrate the power of compounding. How your personal rate of return may varyTo be sure, no rates of return are guaranteed.

Persons: Orman, CNBC.com, Young, Roth, Ramsey, Blanchett, It's, " Blanchett, Brian Spinelli, Spinelli Organizations: IRA, Fidelity, Global, CNBC's Locations: Long Beach, Calif

☆ A city famous for its beaches is helping residents age in place. What to know if you want to stay in your home
▼ + stars: | 2024-01-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

About 10,000 baby boomers are expected to turn age 65 every day until 2030. An estimated 70% of those individuals will need long-term care services at some point, according to Genworth Financial. 'Forever grateful' for communitySylvia Bradshaw, an 84-year-old Laguna Beach resident who moved to the city in 1983, describes it as "paradise." "Anything that I've needed, I've gotten help," Bradshaw said. That has included help sorting through insurance choices, legal advice, transportation assistance and classes and social events, said John Bradshaw, Sylvia's son.

Persons: Laguna Beach , California Luciano Lejtman, Jessica Lautz, Lautz, Sylvia Bradshaw, Bradshaw, it's, Redman, I've, John Bradshaw, Sylvia's, John, Carolyn McClanahan, McClanahan, Tom West Organizations: Getty, National Association of Realtors, Laguna Beach, Planning Partners, Signature Estate, Investment Advisors Locations: Laguna Beach , California, Laguna, Ireland, Laguna Beach, Jacksonville , Florida, Tysons Corner , Virginia

☆ As Amazon, Citigroup and Google open 2024 with layoffs, experts say unemployed workers should take these steps
▼ + stars: | 2024-01-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Jackyenjoyphotography | Moment | Getty ImagesThe start of 2024 has not been kind to workers in industries that opened the year with layoffs. Recent U.S. Department of Labor data shows layoffs have been hovering near historic lows — and experts say getting laid off no longer has the same stigma it once did. The following steps can help you shore up your finances and kick-start your job search. Calculate severance pay, unused time offYou may receive a severance package from your employer or get paid for unused time off. If you're able to find a new job quickly, you may be able to bank the severance pay, he noted.

Persons: Twitch, Scott Dobroski, Ted Jenkin, Atlanta . Jenkin, Vicki Salemi, Salemi, Jenkin, Dobroski, We've Organizations: Google, MGM Studios, Tech, Citigroup, U.S . Department of Labor, CNBC, Finance Locations: Atlanta .

☆ Thursday's inflation report could challenge the market outlook for big Fed rate cuts
▼ + stars: | 2024-01-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

"The market seems to have gotten excited that the Fed's going to have to do more than what the Fed thinks in terms of rate cuts now. watch nowThere is certainly a wide gap between what the Fed has indicated in terms of rate cuts and what the market is expecting. It probably means that right now, the market needs to give back some of the rate cuts that they priced in." Fed Governor Michelle Bowman said this week that while she expects rate hikes could be done, she doesn't see the case yet for cuts. Still, Brusuelas thinks the market is too aggressive in pricing in six rate cuts.

Persons: Frederic J, Brown, Dow Jones, Jack McIntyre, McIntyre, they've, Michelle Bowman, Lorie Logan, Logan, Joseph Brusuelas, Brusuelas, Richard Clarida, … There's, Clarida Organizations: AFP, Getty, Federal, Brandywine Global Investment Management, Traders, Dallas, RSM Locations: Rosemead , California

☆ High mortgage rates have limited opportunities for homebuyers and sellers. How that may change in 2024
▼ + stars: | 2023-12-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Lower mortgage rates have prompted mortgage applications to pick up. Even the recent decline in mortgage rates may not provide incentive for homeowners to move. watch now"The story for 2023 has been one of homeowners staying put," said Daryl Fairweather, chief economist at Redfin. Monthly payments are falling as mortgage rates come down from their peak. The weekly average 30-year mortgage rate fell to 7.29% in late November, down from a 7.79% high in October, according to Redfin.

Persons: Daryl Fairweather Organizations: Bank of, Redfin, Redfin's

☆ Pension-eligible workers face complex Social Security rules that may reduce benefits. How to more accurately estimate retirement income
▼ + stars: | 2023-12-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Richard Stephen | Istock | Getty ImagesWhen Joyce Debnam's husband passed away, she began receiving $1,400 a month in Social Security survivor benefits. That life change prompted Debnam's Social Security benefits to be cut to just $174 a month. Moreover, the Social Security Administration notified her she had to return $5,000 in benefits she had been overpaid. Debnam is one of millions of workers who is affected by Social Security rules related to public workers and reductions in the benefits they are eligible to receive. "We recommend that people review their Social Security Statement at least once every year, which includes important information about WEP and GPO," a Social Security spokeswoman said in a statement.

Persons: Richard Stephen, Istock, Joyce Debnam's, Debnam, Mike Carey R, Mike Carey, Carey, Mark Warshawsky, Warshawsky Organizations: Social, United States Postal Service, Debnam's Social, Social Security Administration, Social Security, Congressional Research Service, GPO, Security, American Postal Workers Union, American Enterprise Institute Locations: Debnam, Suitland , Maryland, Ohio, Baton Rouge , Louisiana

☆ 'Women's No. 1 source of stress is money,' expert says. Fixing that requires a step-by-step approach
▼ + stars: | 2023-11-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

While men are most commonly say they are "hopeful" when it comes to money, women's number one word for their financial feelings was "stress," according to a 2023 Fidelity Investments survey. 1 source of stress is money," Sallie Krawcheck, CEO of Ellevest, an online investing platform for women, told CNBC in a recent interview. watch nowThere are a reasons why women's financial concerns are more acute. Consequently, women's top goal is to shore up the wealth they're lacking, while their second priority is taking care of their families, she said. A step-by-step approach works bests, according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York.

Persons: Sallie Krawcheck, Krawcheck, Cary Carbonaro, Carbonaro, Stacy Francis, Francis Organizations: Fidelity Investments, CNBC, ACM Wealth, Francis Financial, CNBC's FA Locations: New York, CNBC's

☆ The wealthy are using this charitable giving strategy. Here's why it may work for you too
▼ + stars: | 2023-11-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The Matthew Perry Foundation is structured as a donor-advised fund, according to its website, a charitable investment fund that experts say offers certain advantages. Donor-advised fund charitable assets represent 20% of those in private foundations, according to National Philanthropic Trust's 2023 annual report. watch nowWhile wealthy donors may have both a foundation and a donor-advised fund, many are moving to just donor-advised funds, according to Douglas. "With a donor-advised fund, what it does is more streamlined," O'Neill said. Advantages of using a donor-advised fundFor all donors, regardless of income, there may be benefits to using a donor-advised fund.

Persons: Matthew Perry, Phillip Faraone, Matthew Perry's, Perry, Charlie Douglas, Matthew Perry Foundation's, Douglas, Brandon O'Neill, O'Neill Organizations: GQ, The West, Matthew Perry Foundation, HH, Investments, National Philanthropic Trust, Philanthropic Trust, Fidelity Charitable Locations: West Hollywood , California, Atlanta

☆ Holiday shoppers have the ‘best discounting season in years,’ expert says. These tips can help you save even more
▼ + stars: | 2023-11-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

For consumers, there is no incentive to holding on to gift cards. If you don't want to use it for yourself, consider using it to buy a gift for someone else or gifting them the gift card. watch nowDO take advantage of credit card rewardsMany consumers also have credit card rewards available they have not yet redeemed. DON'T use credit cards without a plan to pay them offThe average credit card interest rate is now a record 20.72%, according to Bankrate. You may sign up for a new credit card that requires a minimum threshold for new purchases to unlock rewards.

Persons: Rossman, Paul Fabara, CNBC.com

☆ Retirees face significantly higher Medicare Part D prescription drug premiums in 2024. What to know
▼ + stars: | 2023-11-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Fatcamera | E+ | Getty ImagesA new law is poised to cap seniors' prescription drug costs covered under Medicare, starting in 2025. But retirees may be in for a shock next year — significantly higher Medicare Part D premiums for prescription drug coverage. That represents an increase ranging from $128.32 to $380.96 from 2023 to 2024, according to the firm. watch nowInsurers may pay higher costs due to the higher out-of-pocket limits, and higher premiums is a way of getting beneficiaries to share that burden, according to Ron Mastrogiovanni, founder & CEO of HealthView Services. High-income beneficiaries will pay higher premiums.

Persons: Ron Mastrogiovanni, Mastrogiovanni, Juliette Cubanski, Cubanski, Michael Daley, Daley Organizations: Medicare, HealthView Services, Research, Social Security Locations: California, Florida , New York , Pennsylvania, Texas, KFF

☆ You may be at risk for fraud this holiday season, particularly if you shop at the last minute. Here's why
▼ + stars: | 2023-11-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

But as consumers open their wallets, they may also be making themselves vulnerable to potential fraud, particularly when shopping at the last minute. "Procrastination is, quite frankly, one of the keys to success for crooks," said Paul Fabara, chief risk officer at Visa . But that may be just the first part of a "double whammy," according to Fabara. AI fraud risks pose a growing threatThis season, new risks tied to artificial intelligence should have consumers on high alert, Fabara said. Those are: Digital skimming, where credit or payment card information is stolen from online stores.

Persons: Mark Makela, Paul Fabara, Fabara, you've Organizations: Getty, National Retail Federation, Visa, Finance, UBS

☆ ETFs have been 'a huge growth engine in the fund universe,' expert says. What to know before you invest
▼ + stars: | 2023-11-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

ETFs offer 'the best of both worlds'Year over year, more money has gone into ETFs than mutual funds. ETFs also come with lower average expense ratios, fees investors pay for the management of a fund, Armour said. Mutual fund investors may owe either short- or long-term capital gains on those distributions, depending on how long they have been invested in the fund. Bryan Armour director of passive strategies research for North America at Morningstar"As a fund holder in a mutual fund, you're at the whims of other fund holders," Armour said. "They're much, much more tax-efficient than a mutual fund," Armour said.

Persons: Thomas Barwick, It's, Bryan Armour, That's, Armour, Todd Rosenbluth, Rosenbluth Organizations: DigitalVision, Getty, North America, Morningstar, Mutual, redemptions

☆ These behavioral traits lead to greater retirement savings, research finds. Yet only 10% of workers have them
▼ + stars: | 2023-11-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

People who find it easiest to financially prepare for retirement have four behavioral traits, a new survey shows. Yet just 10% of workers have all of these "optimal" characteristics, according to the survey findings, from Goldman Sachs Asset Management in collaboration with Syntoniq, a behavioral finance research organization. The behaviors help retirement savers turn their intentions into action, according to the July survey of 5,261 workers and retirees. Previous Goldman Sachs research has found competing life priorities — such as the need to pay down student loans, provide care for other family members or other financial hardships — may reduce workers' retirement savings by up to 37%. The research led to the discovery of the four traits, which are "not inherently things that you would think about for retirement," Ceder said.

Persons: Syntoniq, Goldman Sachs, Gen Z, Chris Ceder, Ceder Organizations: Goldman Sachs Asset Management, Finance, Research, Greenwald Research

☆ Nearly half of investors believe 2024 elections will have bigger impact on their portfolios than market performance, survey finds
▼ + stars: | 2023-11-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Now, there's another risk on the horizon that may stoke their worries — the 2024 elections. Almost half of investors — 45% — surveyed by Nationwide Retirement Institute believe next year's presidential and congressional contests will have a greater impact on their retirement plans and portfolios than market performance. More than two-thirds — 68% — of Republican investors believe the election outcome will have a direct and lasting impact on the stock market, versus more than half — 57% — of Democratic investors. Older investors are most fearful because of the lasting impact a recession may have on their retirement. What moves experts recommend Financial advisors also believe the election may have consequences for the markets, Nationwide's survey found.

Persons: stoke, Eric Henderson, that's, Henderson, Preston Cherry, Donald Trump, Ron DeSantis, Chris Christie, — Organizations: Istock, Nationwide Retirement Institute, Finance, Nationwide, Social Security, Social, Financial, Republican, New Locations: Florida, New Jersey

☆ Public workers may receive reduced Social Security benefits. There’s growing support in Congress to change that
▼ + stars: | 2023-11-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

The benefits were adjusted based on rules for workers who earn both pension and Social Security benefits. Today, Dave is pushing for the Social Security rules that reduced his benefits to be changed. Social Security benefits are calculated using a worker's average indexed monthly earnings, and then using a formula to calculate a worker's basic benefit amount. If two-thirds of the government pension is more than the Social Security benefit, the Social Security benefit may be zero. Part of what may create that advantage is that Social Security benefits are progressive, and therefore replace a larger share of income for lower earners.

Persons: Araya Doheny, Dave Bernstein, Bernstein, Phyllis Bernstein, Dave's, Dave, Phyllis, –, Edward Kelly, they're, Kelly, Emerson Sprick, Sprick Organizations: Getty, U.S . Postal Service, Social, Social Security, Finance, Will, New Zealand, American Postal Workers Union, GPO, International Association of Fire Fighters, Center, Budget Locations: Tampa , Florida, Australia, New, Congress

☆ Morning Bid: Powell pushback puts cloud 9 beyond reach
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +5 min

Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Curiously, there was little change in that basic market pricing after Powell spoke - with end-2024 futures still pointing at a rate of 4.50-4.75% versus the current 5.25-5.50%. But the Treasury market did suffer a bigger jolt - as they were also undermined by poor demand at the latest long bond auction. But others pointed to a ransomware attack on the U.S. arm of The Industrial and Commercial Bank of China, which reportedly disrupted trades in the Treasury market on Thursday. Whatever the main cause, fresh bond market jitters were enough to knock the S&P500 out of its winning streak and close almost 1% lower.

Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, Jerome Powell's pushback, Powell's, Powell, 5bps, Sterling, Janet Yellen, Lorie Logan, Raphael Bostic, Christine Lagarde, Joachim Nagel, Elaine Hardcastle Organizations: Federal, Committee, Federal Reserve, REUTERS, Veterans, Commercial Bank of China, Treasury, University of Michigan, Dallas Federal, Atlanta Fed, European Central Bank, Financial Affairs, Reuters, Thomson Locations: Washington , U.S, U.S, United States, HK, Washington, Beijing, Atlanta

☆ S&P 500 futures slip Thursday night after higher bond yields spur sell-off: Live updates
▼ + stars: | 2023-11-09 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

S&P 500 futures ticked lower Thursday night after the broad-market index ended an eight-day run of gains. S&P 500 futures slipped by 0.1%, while Nasdaq 100 futures slid 0.2%. "The Fed's not cutting rates … We've got to prepare for a market that's going to have higher rates until the beginning of 2025," Simpson said. As the week winds down, the S&P 500 and the Dow are poised for modest losses of 0.3% and 0.5%, respectively. Wall Street will also be listening closely toward several remarks from central bank officials, which include San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic and Dallas Fed President Lorie Logan.

Persons: —, Dow, Stocks, Jerome Powell, Kevin Simpson, he's, We've, Simpson, Mary Daly, Raphael Bostic, Lorie Logan Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Wynn Resorts, Federal, International Monetary Fund, Treasury, Wealth Planning, San Francisco Fed, Atlanta Fed, Dallas Fed Locations: Boston, San

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