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☆ The cost of retirement is rising, and many Americans will have to work longer than they planned. Here are the 10 industries with the highest share of older workers.
▼ + stars: | 2022-11-08 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +3 min

As the cost of retirement rises, many Americans will work later in life than previously planned. Funeral homes and fishing are among the 10 industries with the highest share of older workers. A survey for Nationwide Retirement Institute conducted by Edelman Data & Intelligence also suggests some older workers may have to consider delaying their retirement plans. The rising cost of retirement could mean at least 60% of boomers will enter retirement age without sufficient savings, Boston University economist Laurence Kotlikoff previously told Insider. As Americans continue living longer and struggle to accumulate retirement savings, the 65-and-older share of the workforce is likely to rise further.

☆ Why most Americans' jobs aren't at risk of the kind of mass layoffs we saw in the last 2 downturns, despite big cuts at places like Twitter and Meta
▼ + stars: | 2022-11-08 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The US unemployment rate rose to 3.7% in October, but it remains near the lowest level in the past 50 years. While the most recent layoffs, for instance, have yet to be reflected in most up-to-date economic data, the US economy is far from shedding jobs. That's because the unemployment rate is expected to tick up during the recession that could be on the horizon. The Fed is projecting the unemployment rate to climb in 2023 from 3.7% to 4.4%, which would lead to roughly 1.5 million Americans losing their jobs. Bank of America is projecting the unemployment rate to reach 5.5% by the end of next year.

☆ Biden says coal plants will be replaced by cheaper solar and wind power. Joe Manchin says he owes coal workers 'an immediate and public apology.'
▼ + stars: | 2022-11-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

The US will be replacing coal plants across the country, President Biden said last Friday. "No one is building new coal plants because they can't rely on it," he said. Nearly one-third of the country's coal plants have been shut down since 2008. While President Biden is unlikely to use his authority to directly shut down US coal plants, legislation like the IRA undoubtedly lays the groundwork for a shift away from the industry moving forward. Even before oil and gas prices surged earlier this year, solar and wind energy was already cheaper to produce.

☆ The key to finding a job after 12 years off isn't throwing around resumes 'like confetti,' says a military mom of 3. She found a different way — and a job she loves
▼ + stars: | 2022-11-06 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Cassie Glubzinski, 36, began her job search in January after nearly 12 years away from the workforce. Despite the Great Resignation, many Americans haven't found the job search as easy as some suggest. "I felt woefully inadequate because when it came to writing work experience, my experience was 10 years old," she said. "So it's cyclical because you're wanting to work, but you need work experience to work, but you need the job to get the work experience." "It was very much right place, right time, right background, and right homework done," she said.

☆ The Fed's interest rate hikes helped make this weekend's $1.6 billion Powerball prize the largest lottery jackpot in US history
▼ + stars: | 2022-11-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

This weekend's $1.6 billion Powerball prize is the largest lottery jackpot in US history. The Federal Reserve's interest rate hikes are a key reason the headline prize is so high. In comparison, the lump sum prize for Saturday's lottery would only be approximately 49% of the $1.6 billion. So in some ways, the Fed is one reason Saturday's headline Powerball jackpot is the highest ever. This week, it surpassed the $1.54 billion Mega Millions jackpot in 2018 and the $1.59 billion Powerball jackpot in 2016.

☆ The federal government wants to stop your boss from spying on you
▼ + stars: | 2022-11-03 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Companies are using surveillance technologies to keep tabs on remote workers. Under current law, some level of employee surveillance is generally allowed. Some experts have called this "productivity paranoia" a sentiment that's led some companies to expand the use of various surveillance technologies. These are among the reasons Abruzzo's memo called on the NLRB to review companies' surveillance technologies and assess whether they restrict workers' rights. While the emergence of remote work has brought this surveillance into the spotlight in recent years, the legal landscape remains murky.

☆ Americans are spending record amounts at casinos and airlines — but recent warnings from Amazon and Apple suggest the party may soon be over
▼ + stars: | 2022-11-03 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Despite inflation, Americans are still shelling out at casinos, airlines, and restaurants. In October, both American and Southwest Airlines reported record operating revenues for their respective companies in the third quarter. Following "record summer leisure travel demand," consumers continued to hit the skies in September, Southwest CEO Bob Jordan said. A Deloitte survey of nearly 5,000 Americans found that Americans plan to buy 44% fewer gifts — an average of nine versus 16 last year. "Spending should slow down significantly with the holiday hangover and as savings continue to dwindle," RSM economist Tuan Nguyen told USA Today.

☆ A Yale economist says a risky type of mortgage that contributed to the 2008 crash could save you money in the long run — if you can stomach uncertainty
▼ + stars: | 2022-11-02 | by ( Jacob Zinkula | Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Most Americans have a fixed rate mortgage, meaning their interest rate stays steady over time. A Yale economist says adjustable rate mortgages can help borrowers save money on interest in the long run. They're less predictable than fixed-mortgages, but are attractive due to their potential to take advantage of times when interest rates are low. "For most people, the adjustable rate mortgage is preferable unless the fixed rate mortgage rate is at a historic low or if you're really stretching your budget to buy your home," Choi said. Ultimately, even if the long-term odds are in the borrower's favor, an adjustable rate mortgage carries its risks.

☆ Rents are starting to drop, but the way we measure inflation means that we could still end up in a nasty recession next year
▼ + stars: | 2022-10-30 | by ( Jacob Zinkula | Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Rent prices are falling across the country. It could be a lifesaver for not only Americans' bank accounts but also the entire US economy as a recession looms. The issue is that it takes time for lower rent prices to filter into the consumer-price index and other widely watched measures of inflation. "The faster those things show up in consumer-price inflation, the faster the inflation steps down, the sooner the Fed will back off." Sahm said the Fed was well aware of the way rent inflation is measured, adding that it "knows this data better than anyone in the world."

☆ Biden's student-debt relief plans aren't enough to restore the value of a college degree as more young people decide to skip it
▼ + stars: | 2022-10-29 | by ( Jacob Zinkula | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

College enrollment has fallen in recent years, part of a broader trend over the past decade. President Joe Biden's student-debt reforms could make college more attractive to some but not all. College enrollment has fallen over 1% since last fall, according to a recent report from the National Student Clearinghouse. While Democratic lawmakers have pushed back on the idea that Biden's student-debt relief will cause tuition to spike, GOP lawmakers have latched onto that criticism. While there are few signs of a significant tuition decline on the horizon, the American Enterprise Institute's Mark Perry previously told Insider there had been a flicker of relief.

☆ Rents are starting to fall across the US — and they're set to drop even more in 2023
▼ + stars: | 2022-10-28 | by ( Alcynna Lloyd | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

"Now — with a turbulent, unpredictable economy causing fear of recession, migrations are slowing, occupancy rates are falling and rent prices are following suit." Data from real estate database RealPage shows that in the third quarter of the year — a typically robust leasing period — rental demand turned "moderately negative" as leasing traffic plummeted. "The faster those things show up in consumer price inflation, the faster the inflation steps down, the sooner the Fed will back off." According to Zumper, more than half of the 100 US cities measured in its monthly national rent report posted month-over-month price declines in October. Lawler's analysis, as well as the recent rental market data, both suggest things are trending in the right direction.

☆ Your coworkers aren't less productive because they're 'quiet quitting.' They're just new to the job.
▼ + stars: | 2022-10-26 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Some say "quiet quitting" is among the key reasons why. But "quiet quitting" likely isn't why. But while quiet quitting may be a real phenomenon and newly coined phrase, the practice is not a new one. "I don't think "quiet quitting" is real or affecting productivity growth," Adam Ozimek, chief economist at the policy organization Economic Innovation Group, wrote on Twitter last week. But while remote workers may be productive once they're up and running, it's possible new remote employees are less productive.

☆ Meet a 41-year-old who regretted quitting the same consulting job — twice — for more excitement and better pay. With a recession looming, he says he's staying put.
▼ + stars: | 2022-10-25 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Chris Downs, 41, returned to the same company twice after quitting in 2008 and 2021. In a recession, returning to one's old job might not be so easy. In 2008, Downs quit his job as an associate for the global consulting firm Booz Allen Hamilton. Economic uncertainty is among the reasons Downs says he is "even less likely to leave" his job again. If he were on the job hunt now, he says he would probably prioritize job stability.

☆ How a digital nomad mom of 2 used 'geo-arbitrage' to save thousands on food and childcare while working from multiple countries
▼ + stars: | 2022-10-23 | by ( Jacob Zinkula | Jason Lalljee | ) www.businessinsider.com time to read: +7 min

Lona Alia and her husband are digital nomads, working remotely while traveling the world with their children. They save money this way through "geo-arbitrage," living in lower-cost countries while earning a US salary. Expenses like food and childcare are much cheaper in the countries she visits than in the US, Alia said. Nearly 17 million Americans describe themselves as digital nomads, a 9% increase from 2021 and 131% from 2019, MBO Partners' 2022 State of Independence study found from a survey of more than 6,000 US adults, including 901 current digital nomads. Alia says the geo-arbitrage of living in lower-cost countries has allowed her family to save "so much money."

☆ A psychiatrist explains how to deal with 'career milestone FOMO' when it seems like everyone you know is getting promoted
▼ + stars: | 2022-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Gen Z is experiencing widespread "career milestone FOMO," Dr. Anisha Patel-Dunn told Insider. There is a widespread "career milestone FOMO" among young Americans, Dr. Anisha Patel-Dunn, a psychiatrist of college-aged students and Chief Medical Officer at LifeStance Health, told Insider. "Social media also plays a role in the "FOMO" experience because it increases your exposure to other people's lifestyles and standard of living." This "milestone FOMO" is not just a US phenomenon either. And with the emergence of social media platforms like Twitter and LinkedIn over the past decade, he says things have gotten even worse.

☆ The fate of the world economy may depend on what happens to a company most Americans have never heard of
▼ + stars: | 2022-10-22 | by ( Avery Hartmans | Jacob Zinkula | ) www.businessinsider.com time to read: +13 min

The fate of the global economy may rest on the shoulders of one company: TSMC. That's because there could be trillions of dollars' worth of economic activity tied to that one company: Taiwan Semiconductor Manufacturing Company, the world's biggest chipmaker. Ann Wang/ReutersThe semiconductor industry has its roots in the US, as much of the research and development is done on US soil. According to a 2021 report from the Semiconductor Industry Association, in 1990 the US produced 37% of the world's chip supply. These days, the US is responsible for only 12% of global chip production.

☆ Be careful before 'quick quitting' and joining the Great Resignation. Your employer may hand you a bill for your job training.
▼ + stars: | 2022-10-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Workers quit in high numbers over the past few years — sometimes after being at the job under a year. Some employers are demanding that quitting workers reimburse them for their training costs. Most prevalent in the healthcare, trucking, and retail industries, these agreements can cost quitting workers thousands of dollars. England of charging quitters $6,000 for reimbursed training costs if they leave before a certain period of time. Regardless, many companies say they are well within their rights to demand compensation for training costs when employees part ways.

☆ Clothes, electronics, and toys are set to get cheaper this holiday season. That doesn't really help most Americans deal with inflation.
▼ + stars: | 2022-10-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Americans are set to receive discounts on clothing, electronics, and toys this holiday season. "You could tell the same story for healthcare, childcare, tuition. Mark PerryPrices of electronics, toys, and apparel could see "massive" discounts in the coming months of over 32%, per an Adobe Analytics forecast. Perry says the "most concerning trends" are in the rising costs of college tuition and hospital services. In comparison, software, electronics, toys, and clothing – industries with less regulation — have seen prices fall, he wrote in a July blog post.

☆ A 29-year-old who traded in her office job for the male-dominated locksmith industry explains how the career pivot re-energized her creativity: 'It can be something that brings you joy'
▼ + stars: | 2022-10-16 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Chyan Smith wanted a job that was a better fit for her lifestyle and career aspirations. Only 10 to 15% of locksmiths are women, but Smith says it's the creative, hands-on, flexible, service-oriented, and well-paying job she was looking for. Despite the challenges, some — like Smith — have found a fulfilling career that they might never had explored a decade ago. She left the job in August of 2021, and within a month, had found exactly what she was looking for. She says her finances are "sound" and that she's happy with what she's earning, but the job is about more than money for her.

☆ Bank of America forecasts exactly how many jobs will be lost as the US economy takes a downturn — and how quickly
▼ + stars: | 2022-10-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

Bank of America is projecting that the US economy will lose over 500,000 jobs in 2023. The bank expects the unemployment rate to reach 5.5%. If this does come to pass, the US economy could have thousands of fewer jobs, Bank of America told clients in a report last Friday. In March and April of 2020, the US lost 1,500 and 20,000 jobs, leading to an unemployment rate of nearly 15% — nearly three-times as high as what Bank of America is projecting this go-round. But perhaps counterintuitively, today's strong job market could actually be a bad sign for its health in the future, some experts say.

☆ Wealthy millennials aren't relying on the stock market. Here's how their investment portfolios break down.
▼ + stars: | 2022-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Only 32% of older investors said the same. The wealthy millennials surveyed said they allocate 25% of their portfolios to stocks, compared to 55% for older investors. Cryptocurrency is popular among these millennials as well, accounting for 15% of their portfolios compared to only 2% for older investors. Wealthy millennials see cryptocurrency as the best investmentLooking forward, the wealthy millennial investors ranked cryptocurrency or digital assets, real estate, private equity, and direct investment into companies offer the "greatest opportunities for growth." Older investors favored US stocks, followed by real estate and equities in the emerging and international markets.

☆ Over half of Gen Z and millennials could face a retirement crisis as inflation rises and homeownership falls, says a Boston University economist
▼ + stars: | 2022-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Over half of Gen Z and millennials could enter retirement with insufficient savings, says a Boston University economist. As of 2017, roughly half of all retirement age Americans had no personal retirement savings, per a January Census Bureau report. While the expectation that young Americans will live longer than the generations before them is a positive development, this also raises the total cost of retirement. "The retirement age will rise and it's been rising," he said, pointing to BLS projections of older workers' labor force participation. To prepare for retirement, Kotlikoff says Gen Zers should be saving 15% of what they earn after taxes, although he adds that that "may well be on the low side."

☆ Millennials and Gen Z counting on a 401(k) to get them through retirement are in for a rude awakening, TIAA head says
▼ + stars: | 2022-10-11 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Half of millennials and Gen Z expect employer-based savings plans to be enough for retirement, a TIAA study shows. Millennials and Gen Z could be in for a dire future unless they save differently. Duckett said that she wanted policymakers and employers to increase access to retirement savings plans, as well as educating workers about income options such as annuities. She also encouraged Gen Z and millennials to seek out savings vehicles like IRAs, which aren't dependent on an employer. It's a testament to how much employers have sapped their retirement packages over the past few decades that Gen Z and millennials could be in trouble.

☆ Meet a 70-year-old former pastor who started a painting business just 2 weeks after retiring because his stock investments are tanking
▼ + stars: | 2022-10-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Joe Mlaker, 70, decided to start a business just two weeks after retiring from his job as a pastor. But just two weeks later, he decided to start an interior painting business. Along with being a "hedge" against the markets, he hopes his business income will help him and his wife travel the way they envisioned during their retirement. Since he'd run a small painting business for nearly three years in his 20s, it seemed like a natural fit. "Being active is a part of my life," Mlaker said.

☆ Bill Clinton's Secretary of Labor blames soaring corporate profits for inflation and says the US government should consider directly controlling prices
▼ + stars: | 2022-09-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Corporate greed, not wages, is fueling inflation, says former President Bill Clinton's Secretary of Labor. Some experts say government antitrust enforcement and even price controls deserve consideration. "Profit-price inflation" — caused by companies "raising their prices above their increasing costs" — is the key factor fueling inflation, Reich wrote in a Guardian op-ed Sunday. Still others, like Reich, believe cracking down on record-high corporate profits is the best way to cool prices in the US. "This is why corporate profits are close to levels not seen in over half a century," he wrote.

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