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☆ Some student-loan borrowers with private debt have a chance to get their balances wiped out — but they have to ask for it
▼ + stars: | 2024-06-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThere's a process for some private student-loan borrowers to get debt relief — but many of them might not know about it. In April, Business Insider first reported that Sen. Elizabeth Warren, along with eight of her Democratic colleagues, were calling on Navient — a major private student-loan company — to cancel "decades-old predatory private student loans" under consumer protection law. While some borrowers have started to receive the application from Navient, Warren and her colleagues still urged the company to automate the process and give private borrowers the same relief federal borrowers may have already received. Still, Warren wrote on X that the process should not be "wildly confusing" — and all private borrowers who qualify for debt relief if they were defrauded should have no problem getting it. Have you received an application for private student-debt relief from Navient, or are you still struggling to get relief?

Persons: —, Sen, Elizabeth Warren, Holder, Navient, Eileen Connor, We're, Warren Organizations: Service, Business, Democratic, Navient's, Consumer Financial, The New York Times Locations: Navient

☆ Some Gen Z and baby boomers are facing a strange predicament: feeling happy and lonely at the same time
▼ + stars: | 2024-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +12 min

"It's great, but it takes an effort," Samtur told Business Insider. That means that right now, Gen Z and baby boomers, in particular, might be experiencing a strange juxtaposition: They're happy and lonely at the same time. "So people feel maybe a little less happy with their lives in midlife, but it doesn't mean you're also feeling lonely." "Overall, people tended to be more lonely, just persistently lonely, if they had less education, had lower income, and poor health," Graham said. Some Gen Zers pay for social connections through activities like fitness memberships.

Persons: Harry Samtur, Samtur, doesn't, Gen, Eileen Graham, Graham, Donna Basztura, Basztura, —, she's, we've, Batszura, Zers, didn't, Preeti Malani, Joan Hendrix, couldn't, I've, Hendrix Organizations: Service, Business, Northwestern University, Gallup, Harvard Graduate School of Education, University of Michigan Locations: Minnesota, Germany, Australia, midlife, Florida

☆ Middle-class Gen Xers are facing a new retirement challenge: Their student loans
▼ + stars: | 2024-05-30 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Using data from the Fed's Survey of Consumer Finances, the analysis finds that over a million Americans ages 55 to 64 are holding student loans, or have spouses with loans. There are a range of reasons why older borrowers might be struggling to pay off their student loans. Millennials are most likely to hold student debt with an average balance of about $35,000, and while fewer Gen Xers have student debt, their average balance is higher at about $48,000, according to TransUnion. Provisions are being rolled out by President Joe Biden's Education Department that could ease the burden of student debt on older borrowers. AdvertisementAre you a Gen Xer with student debt who is worried about retirement?

Persons: Gen Xers, Xers, Joe Biden's Organizations: Service, School's Schwartz, for Economic, Business, Fed's Survey, Consumer Finances, Social Security, Democratic, Joe Biden's Education Department, Public, Education Department Locations: Fed's

☆ A key phase in Biden's new student-loan forgiveness plan has wrapped up, bringing borrowers one step closer to relief. But pushback is brewing.
▼ + stars: | 2024-05-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Read previewRachel, a Pennsylvania student-loan borrower, wants President Joe Biden's new debt cancellation plan to be implemented — and she wants the relief to be as broad as possible. AdvertisementRachel is among the millions of federal student-loan borrowers contending with monthly bills again amid an uncertain time for relief. Biden's Education Department is working to implement a new debt relief plan after the Supreme Court struck down its first plan last summer. "I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us." Where the challenges standThe administration is required to adhere to the negotiated rulemaking process to implement this new student-loan forgiveness plan.

Persons: —, Rachel, Joe Biden's, cancelation, Biden, Donald Trump, Cary Coglianese, it's Organizations: Service, Federal, Business, Biden's, Public, Education Department, Republican, Department, Biden, Higher, University of Pennsylvania Locations: Pennsylvania

☆ A Gen Xer who went back to school in her 50s explains why taking on student loans to advance her career was worth it — even if it means retiring later
▼ + stars: | 2024-05-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Neilson, 59, went into retail management after earning a general studies degree with a business concentration. "The money that I would like to be able to contribute to a retirement account is going to go instead to pay student loans." BI has previously spoken to some other older adults who have struggled with career progression later in life. For example, Crystal, a 62-year-old, never received a college degree, and it's kept her from progressing in the workforce. "With my age, I was just not attractive on paper, and not having a college degree was always a factor, too," Crystal said.

Persons: Kris Neilson's, Neilson, it'll, She'll, I'm, it's, Crystal Organizations: Service, BI, National Bureau of Economic Research, Gallup, Lumina Foundation Locations: Neilson

☆ A boomer couple that was 'watching every single penny' they spent in the US moved to Portugal 2 years ago — and money isn't a concern for them in retirement anymore
▼ + stars: | 2024-05-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

After researching affordable places to live in retirement, Ann and her husband settled on Portugal. "Our quality of life is so much nicer because we're not worried about money like we were in the States," Ann said. AdvertisementWhile Ann was able to live comfortably in retirement abroad, many older adults in the US are struggling. "We understand how hard it is to try to accumulate enough money to retire and stay in the United States," Ann said. Advertisement"The United States is a very difficult country to retire in," she said.

Persons: Ann, she's, We've, We're, they've, we're, Diane Senffner Organizations: Service, Business, BI, Social Security, Survey, pats, Social Locations: Belize, United Kingdom, Mexico, Hawaii, Arizona, Scottsdale, Portugal, United States

☆ Over half of Gen Z and millennials are living paycheck to paycheck — and college is one of the first things they're cutting from their budgets
▼ + stars: | 2024-05-15 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Younger workers are foregoing higher education as costs continue to remain top of mind — and the value of a college education isn't what it used to be. On Wednesday, Deloitte released a survey on Gen Z and millennial attitudes toward the world and their financial conditions. That comes as over half of Gen Z and millennials are living paycheck to paycheck, per the report — a continued trend among younger workers. For both Gen Z and millennials, the cost of living is their top concern, with Gen Z also concerned about potential unemployment. Still, younger adults' perceptions toward higher education seem to skew away from overall attitudes toward a postsecondary degree or credential.

Persons: Gen, millennials, Zs, Elizabeth Faber, Gen Z, Faber, YouGov, hasn't, they're Organizations: Service, Deloitte, Business, Deloitte Global Chief People, Gallup, Lumina Foundation

☆ Arizona is a cautionary tale for school vouchers as a wave of states are giving parents cash to send their kids to private school
▼ + stars: | 2024-05-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Read previewThe prominence of school vouchers continues to surge across the country — but they might not benefit the families who need them the most. Over the past few years, states like Ohio and Arkansas have expanded their school voucher programs to allow most or all parents to receive funding to send their kids to private schools. The modern school voucher movement started to grow in the 1990s under the idea that the government would give parents a certain amount of money to put toward private school tuition. A new report from the Brookings Institution delved further into the implications of Arizona's voucher program. AdvertisementHave you received a school voucher or decided not to participate in your state's program?

Persons: —, Josh Cowen, Cowen, they've, Katie Hobbs, Rebecca Noble, Doug Ducey, Ducey, Hobbs Organizations: Service, Business, Michigan State University, Brookings Institution, Brookings, ESA, Catholic, Republican, Democratic, Arizona Locations: Ohio, Arkansas, Arizona, Brookings, Phoenix, Queen, Tennessee, Georgia, Alabama

☆ A 62-year-old boomer without a college degree can't land a higher-paying job — and she doesn't see herself ever being able to fully retire
▼ + stars: | 2024-05-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

She anticipates having to work part-time in retirement to supplement Social Security. And I was always counting on Social Security, knowing I can't live on it only, but I just thought it would be more than what it's going to be." Crystal has just over $70,000 in savings, according to documents verified by BI, and she anticipates getting around $1,200 a month in Social Security. AdvertisementIt means that a lot of them will primarily rely on Social Security — and the program is projected to no longer be able to pay out full benefits by 2035 unless Congress intervenes. Related storiesCrystal said that with all of her daily expenses, her finances are strained, and she doesn't think she'll ever be able to fully retire.

Persons: didn't, —, Crystal —, that's, she's, She's, I've, Crystal, they're, Diane Senffner, Senffner, — Crystal, I'm Organizations: Social, Service, Business, Social Security, BI, AARP, Alliance, Lifetime, Security, Bills, Wall, Walmart

Many Americans don't know, and it's getting even harder to calculate — especially as Social Security is poised to start reducing benefits in just about a decade. Related stories"That number is all over the place," Copeland said, referring to how much people are going to need in retirement savings. "It will be devastating if people who already are facing very dire retirement prospects get less Social Security than they're planning on. Estimating how much you will need in retirement may be helpful, even long before retirement. That highlights the fact that calculating how much you're going to actually need in retirement is complicated.

Persons: it's, That's, there's, Craig Copeland, Copeland, —, William Arnone, Indira Venkateswaran, Greenwald Organizations: Service, Security, Greenwald Research, Business, AARP, Wealth, Research Institute, Social, Social Security, National Academy of Social Insurance Locations: America

That's because, taken together, the two primary Social Security funds are set to only be able to pay out full benefits through 2035; the Old-Age and Survivors Insurance Trust Fund, one of the main funds comprising Social Security, will start getting depleted in 2033. AdvertisementIn other words, the moment that today's older Gen Xers are ready to retire, their Social Security benefits could start to shrink. Gen Xers — born from 1965 to 1980 — have been deemed the country's "neglected middle child" by the Pew Research Center. And among the different generations, Gen Xers were the most likely to report that they were feeling financially insecure. That could set the stage for the new crop of Gen X retirees to arrive in an already-precarious retirement economy.

Persons: —, Gen X, Xers, Gen Xers —, YouGov —, Gen Xers, X, Gen Zers, Gen, Michele Raneri, aren't, Xer Organizations: Service, Gen, Social Security, Insurance Trust Fund, Business, Security, Pew Research Center, of Congress, Millennials, TransUnion, Survey, Alliance, Lifetime, Income

☆ Americans will lose full Social Security benefits in 11 years, according to the program's trustees — a year later than expected
▼ + stars: | 2024-05-06 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Full Social Security benefits are expected to run out in 2035, per the program's trustees. AdvertisementAs more Americans fear being unprepared for retirement — and rely solely on Social Security — those full benefits might not be long-lived. Meanwhile, among the income that typical retirees do receive, just under 80% see income from Social Security. The latest estimates on Social Security also come as the US economy braces for a "peak boomer" wave of new retirees. That's the biggest group of boomers retiring yet, and, per that analysis, many will end up having to rely on Social Security benefits to stay afloat.

Persons: That's, —, William Arnone, Martin O'Malley, Kevin Hern Organizations: Security, Social Security, Service, National Academy of Social Insurance, Insurance Trust, Disability Insurance Fund, Social, Survey, Alliance, Lifetime, GOP, Republican

☆ A boomer retired early, sold everything, and moved to Turkey. She pays just $500 for basic monthly bills and Social Security more than covers it.
▼ + stars: | 2024-05-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

To make that happen, Crockett retired a few years ahead of schedule, collected early Social Security, and sold her house, cars, and most of her other valuable belongings. I live totally on my Social Security," she said. There's walking groups, there's jogging groups, there's knitting groups, there's yoga, there's something for everyone here." One 63-year-old said that she doesn't see her Social Security keeping her afloat due to the lingering impacts of the pandemic, which caused her to lose her job and run through her savings. AdvertisementAre you living abroad?

Persons: Debra Crockett, Crockett, she's, didn't, it's, there's Organizations: Service, Social Security, Business, BI Locations: Europe, Turkey, Turkish

☆ More Gen Zers could ditch college this fall — and some schools are worried they might never fully recover
▼ + stars: | 2024-04-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

A college enrollment crisis is likely coming this fall. It's a result of complications with the FAFSA form, along with a lower supply of high school seniors. There's also a limited supply of high school seniors right now due to lower birth rates during the Great Recession. But the immediate enrollment shock will likely come this fall — and both students and colleges will feel the impact. AdvertisementAre you a recent high school graduate not going to college?

Persons: It's, —, aren't, Katharine Meyer, Gen Zers, MorraLee Keller, Keller, There's, Meyer, They're, they're, there's, Hodges University —, Zers Organizations: Service, Brown Center, Education, Brookings Institution, National Center for Education Statistics, Federal Student Aid, Education Department, National College, Hodges University Locations: Florida, New York, Texas

☆ A 63-year-old peak boomer is 'incredibly scared' Social Security won't be enough to cover her expenses in retirement: 'I'll probably need to work until I die'
▼ + stars: | 2024-04-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

She's part of the "peak boomer" cohort, most of whom will rely on Social Security in retirement. I was somebody who did really well, and it's very disheartening because I have no idea what's going to happen with retirement," Senffner told BI. "My husband and I are both a year and a half from retirement age, but I think I'll probably need to work until I die because there's no money." Just Social Security isn't going to cover that." And with the Social Security fund set to dry out by the late 2030s — unless lawmakers intervene — Senffner is "incredibly scared" about her future.

Persons: Diane Senffner, She's, —, doesn't, Senffner, she'll, Diane Senffner Senffner, hasn't, it's Organizations: Social Security, Service, Business, Alliance, Lifetime, Income, Security, Survey, Walmart, AARP

☆ The 'peak boomer' crisis might only get worse: A fifth of Americans 50 and up have no retirement savings, and the majority are worried they won't have enough money
▼ + stars: | 2024-04-26 | by ( Juliana Kaplan | Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Americans say they don't have enough money for retirement, with a solid chunk having no savings at all. At the same time, the economy is about to see the "peak boomer" generation retire and deplete their savings. Tourangeau is part of a generation of older Americans who don't feel confident in their financial situation. Any of those who leave the workforce to retire may need to rely on any retirement savings they have built. AdvertisementAre you a peak boomer or older American worried you won't have enough money for retirement?

Persons: —, Pam Tourangeau, let's, it's, Indira Venkateswaran, Venkateswaran, Nancy LeaMond, LeaMond Organizations: Service, Congressional Research Service, AARP, Research, Savings, Americans, Federal Reserve, University of Michigan Health, Alliance, Lifetime, Security, Social Security Locations: America

☆ Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat
▼ + stars: | 2024-04-19 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 30 million "peak boomers" are entering retirement financially unprepared. This cohort is known as "peak boomers," and per the report, most of them are on track for significant economic headwinds. It's what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy. The peak boomers' retirement wave could also impact the overall US economy. And, per Business Insider's calculations of CPS ASEC data, 79.2% of retirees receive some type of Social Security income.

Persons: —, Robert Shapiro, boomers, Pam Organizations: Social Security, Service, Alliance, Lifetime, Income, Federal Reserve, University of Michigan Health, Commerce, Economic Affairs, Boomers, Consumer Expenditure Survey, CPS

☆ Gen Xers think they'll need $1.56 million to live comfortably in retirement, a survey found
▼ + stars: | 2024-04-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

According to the survey, Americans set their sights on $1.46 million as the magic number to make them feel comfortable in retirement. And it differs by generation — both Gen Z and millennials said they would feel comfortable retiring with over $1.6 million, Gen X thinks $1.56 million, and boomers think $990,000. For example, the majority of Gen Z, millennials, and Gen X survey respondents expect the US will enter a recession this year — with one-third of adults saying they don't feel financially secure. Gen X is also facing their own tough economic plight as the "forgotten generation." Millennials and Gen Zers both started saving earlier for retirement than their Gen X peers and are more confident that they'll be financially prepared for retirement.

Persons: —, millennials, X, Gen X, That's, X's, Gen Z, it'll, Xers, that's, it's, Millennials, Zers, Gen Xers Organizations: Service, Northwestern Mutual, Business, Fidelity Investments, Wall Street, Social Security, Security

In particular, the researchers looked at a group dubbed "disconnected youth," who aren't working and are also not in school. As of 2022, disconnected youth comprised 13% of this age group; that share has been rising overall since 1998, according to calculations from the Federal Reserve Bank of Dallas. AdvertisementYounger Americans are facing stagnant incomesThe Dallas Fed found that, even after a post-pandemic dip, the rate of disconnected youth has increased since the end of the 1990s. AdvertisementAnd the number of young adults with no income has been on the rise; in 1990, around one in five young adults said they had no wage or salary income. Are you or were you a "disconnected youth," or supporting one?

Persons: —, Louis, Gen, Zers, Louis Fed's, Louis Fed, William M, Rodgers III, Rodgers Organizations: Service, Louis Federal Reserve's Institute for Economic Equity, Business, Federal Reserve Bank of Dallas, Dallas Fed, Federal Reserve's Survey, Consumer, Louis Fed, National Health, Blacks, Louis, Louis Fed's Institute for Economic Equity

☆ An 82-year-old who moved to Florida by herself nearly 4 decades ago follows one key tip to avoid loneliness — and it led her to run her first marathon at 60
▼ + stars: | 2024-03-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

She loves being active and has found her closest friends through her running group. "It was difficult finding friends, and I didn't know how to make friends," Arguelles told Business Insider. AdvertisementBefore coming to Florida, Arguelles worked in real estate in Chicago, and she found a job in the same field in Florida — but she didn't enjoy it, so she quit. But when she saw a flyer for a running group that was raising money to fight leukemia, she decided to join — and ended up running her first marathon at the age of 60. "I started making friends in that running group, and those friends became a very tight community," Arguelles said.

Persons: Vivien Arguelles, —, Arguelles, didn't, Patrick's, She's, it's, Vivek Murthy, I'd, she's, I'm, Dianne Stone, Stone, we're Organizations: Service, Business, —, National Council, National Institute of Senior Centers Locations: Florida, Cuba, Chicago, Spain, Portugal, Italy

☆ President Biden's new budget wants to bring back the child tax credit and make sure Americans don't face Social Security cuts — all while taxing billionaires and big companies more
▼ + stars: | 2024-03-11 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The budget seeks to restore the expanded Child Tax Credit and keep Social Security benefits intact. The budget also proposes a tax increase on billionaires, companies, and firms giving executives big paydays. The proposal comes after a tax bill that would partially expand the Child Tax Credit currently lingers untouched in Congress. Advertisement"It cuts costs for families with children and American workers and lowers childcare costs for hardworking families," Young continued. Would a restored child tax credit or maintained Social Security benefits impact your life?

Persons: Joe Biden, —, White, Shalanda Young, Young, Biden Organizations: Tax, Social, Service, American, Management, Social Security, Federal, Aid, Republican, Republicans, Democratic, —, GOP, Security

☆ 1 million Arizonans will have all their medical debt wiped out, joining other states' efforts to make sure the burden doesn't 'torpedo' Americans' lives, Arizona's governor says
▼ + stars: | 2024-03-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewNearly 1 million Arizona residents will soon see their medical debt balances turn to zero. AdvertisementA February analysis conducted by nonprofit health organization KFF, based on government data, estimated that about 20 million Americans owe at least $220 billion in medical debt, with 14 million people owing over $1,000 in medical debt and about 3 million people owing more than $10,000. Ned Lamont, who announced in early February that the state would cancel $650 million in medical debt for about 250,000 residents. Arizonans deserve a break, and they deserve a government that fights for them, helping ensure that medical debt is not going to torpedo their lives." Are you struggling to pay off medical debt?

Persons: —, Katie Hobbs, Joe Biden, Jeff Smedsrud, Hobbs, Smedsrud, Ned Lamont, Phil Murphy, Murphy, Arizonans, Jim Baker, Baker, I've, I'm Organizations: Service, Arizona Gov, American, Plan, Business, Arizonans, Connecticut Gov, New, New Jersey Gov Locations: Arizona, New Jersey, Phoenix

☆ A student-loan borrower who received debt cancellation a year ago was just told it was a mistake — and now his $93,000 balance is reinstated
▼ + stars: | 2024-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Okwara, 36, received a letter from MOHELA in May 2023 confirming his loans were forgiven. But on February 29, MOHELA sent a letter telling him the relief was a mistake, and his balance was reinstated. Okwara made those investments because he no longer had to worry about his student loans — or so he thought. On February 29, he received a letter that confirmed exactly what he feared: the forgiveness was a mistake, and his $93,000 balance had been reinstated in full. Did you get a notice that your student loans were reinstated after receiving forgiveness?

Persons: MOHELA, —, Okwara —, Okwara Organizations: Service, Business, PSLF, Public, BI, An Education Department, Education Department Locations: MOHELA

☆ An 81-year-old explains her simple solution to make sure loneliness doesn't become 'a way of life' — and what she thinks stands in the way of forming connections
▼ + stars: | 2024-02-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

But she acknowledged that for other older adults, going to the mingle and introducing themselves to strangers might not be so easy. "I think loneliness is sometimes based in fear," Backlund said. Backlund knows the urgency of addressing loneliness and hopes that more people start taking the matter into their own hands. BI has previously spoken to other older adults who found solutions of their own to prevent becoming lonely. Chris Murphy and Bob Casey in December introduced the Addressing Social Isolation and Loneliness in Older Adults Act, which would provide funding for organizations to address loneliness among older Americans.

Persons: Patricia Backlund, wouldn't, Backlund, Vivek Murthy, Murthy, you've, —, That's, let's, he's, Mike Flood, David Trone, Chris Murphy, Bob Casey Organizations: Service, Business Locations: Gig Harbor , Washington

☆ Student-loan borrowers who have faced repayment errors should get a 'personalized' explanation on how their account is being corrected — but it'll take time, the Education Department says
▼ + stars: | 2024-02-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Student-loan borrowers have encountered a range of repayment issues, and any mistakes in their accounts will be fixed — but it'll take some time. The Education Department posted guidance for borrowers on what to expect if they found mistakes in their accounts. "It might take several weeks for your loan servicer to send this communication and to make corrections to your account," the guidance said. "You might receive an updated billing statement before you receive the above communication about corrections. According to a notice reviewed by BI in November, student-loan company MOHELA told some borrowers that it was "in the process of updating your account.

Persons: servicers, MOHELA Organizations: The Education Department, Public, BI, Federal, Department

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