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CNN —Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security. More than half of non-retired US adults (53%) overall said they expect they will need to use Social Security to pay for necessary expenses, according to a new survey from Bankrate. Social Security benefits only replace a portion of Americans’ pre-retirement income. Indeed, only 31% of the non-retired adults surveyed said they are not planning to rely on Social Security benefits in retirement, with just 14% saying they will “not (be) at all” reliant on them. Their “normal retirement age” is 67 for the purposes of collecting Social Security benefits.
Persons: That’s, one’s, , they’ll, , Mark Hamrick, Bankrate —, , Trump, they’ve, haven’t Organizations: CNN, Social, Security, , Social Security, Bankrate, Social Security Administration Locations: United States
The McCauleys make their money by researching what makes side hustles profitable, testing them and teaching others how to do the same on YouTube. The Grand Rapids, Michigan-based couple earned nearly $140,000 from eight streams of income last year, according to documents reviewed by CNBC Make It. Ease of starting is at an all-time high: Platforms like Amazon, Airbnb and Fiverr offer instant access to paying customers. Kindergarten teacher Becky Powell's side hustle — making worksheets for other educators — brings in six figures per year. Her husband also sells worksheets on the platform, and they've used their combined earnings to fund vacations and pay down their mortgage and student loans, Powell says.
Persons: Jamie, Sarah McCauley, Sarah, Jamie McCauley, Bankrate, Jenny Woo, Woo, Jenny Woo Woo's, , It's, Tim Riegel's, Riegel, Tim Riegel, Kathy Kristof, Kristof, Becky Powell, Jerome, worksheets, Powell, Becky Powell's, Becky Powell Powell's, they've Organizations: Walmart, YouTube, CNBC, University of California, Amazon, Kickstarter, Facebook Locations: YouTubers, Rapids , Michigan, Irvine, Lamar , Missouri, Beaverton , Oregon, Amazon
Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed found. Credit card rates top 20%At the same time, credit cards have become one of the most expensive ways to borrow money. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "With the Fed likely to keep rates higher for longer, credit card rates should remain high for the foreseeable future," Rossman said. What to do if you're in credit card debt
Persons: Bankrate, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York
Danielle Shultz is a professional dancer and runs her own corporate wellness business. Her business, Triangle Sessions, has landed contracts with Google, Meta, and Deloitte. She also runs her startup Triangle Sessions, which offers corporate wellness and team-building events. When she's not at dance rehearsal, Shultz teaches Triangle Sessions classes on topics like relaxation and terrarium building. Danielle Shultz, 36, is a dancer with The Metropolitan Opera and runs her own corporate wellness business.
Persons: Danielle Shultz, Shultz, , Zers, Bankrate —, she's, I've, Robert Nickelsberg, It's, Schulz Organizations: Triangle, Google, Deloitte, Service, Metropolitan Opera, YouGov, Triangle Sessions, The, Sessions Locations: Philadelphia, New York City, York
Americans with credit card debt face a double whammy. At the same time, credit card rates are on the rise. Run a balance on your card and you'll have to pay it back at a rate of 18.1%, on average, according to Bankrate — the highest rate since 1996. The result: Americans now carry a near-record amount of credit card debt, with the average household owing $8,942, according to recent data from WalletHub. Here are the 10 states with the highest average household credit card debt, according to WalletHub.
Total: 5