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A majority — or 53% — of Gen X parents who are worried their child may need financial support well into adulthood, according to a U.S. Bank survey of around 2,500 adults released earlier this year. Gen X is a "sandwich" generation, facing the financial pressures of simultaneously supporting parents in retirement and kids as they come of age. Instead, he's noticed a mindset among Gen X of being ready to roll with any unexpected punches. "It's not just all doom and gloom for Gen X," he said. Gen X parents aren't necessarily concerned that they'll be in the hook for their kids' poor financial choices.
Persons: Natalia Gdovskaia, Adinah Caro, Greene, she's, Caro, Greene isn't, Gen X, Gen, Tom Thiegs, they've, Thiegs, he's, It's, There's, we'll, aren't Organizations: Business, U.S . Bank, Private Capital Management, Social Security, Medicare
"A healthy person needs a totally different [financial] plan from someone who has health issues." This document outlines the health care you want and don't want if you become unable to communicate those desires yourself. You also should have powers of attorney assigned to trusted individuals for health care and, separately, your finances. "Everyone needs those documents, but especially if you have significant health issues," McClanahan said. Your use of health care should be considered
watch nowGiven today's ongoing high inflation, many Americans worry they may not have put away enough money for retirement. They fear that sharp increases in food and energy prices and transportation and medical care costs could significantly affect their retirement savings. 'Longevity literacy' needed in retirement planningInflation adjustments up 401(k), IRA contribution limitsNatalia Gdovskaia | Moment | Getty ImagesInflation adjustments for 2023 have also increased the amount of money that you can save in retirement accounts. You can also put up to $6,500 in a traditional or Roth IRA. With a $1,000 catch-up contribution, you could save a total of $7,500 if you're 50 or older.
Health insurance prices fell by 4% in October and 4.3% in November, according to the consumer price index, a key measure of inflation. Health insurance costs had been rising steadily, within a band of roughly 1.5% to 3% a month since October 2021, according to CPI data. That decline in prices on paper is due to the unique way in which the BLS calculates health insurance inflation, economists said. "It's not a very good reflection of prices consumers are going to be seeing," said Andrew Hunter, senior U.S. economist at Capital Economics. Consumers who get health insurance through the workplace paid $1,327 in health premiums for single coverage in 2022 and $6,106 for family coverage, KFF said.
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