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☆ Only 15% of Gen Z regularly saves a portion of their paycheck—how to start saving more today
▼ + stars: | 2024-08-23 | by ( Jade Thomas | ) www.cnbc.com time to read: +1 min

Gen Z adults aren't saving their money. Only 15% of Gen Z regularly puts a portion of their paycheck into a savings account, according to a recent Bank of America survey. And just 1 in 5 Gen Zers are contributing to a retirement account. Gen Z is typically defined as those born between the years of 1997 and 2012. The good news: Gen Zers are still under 30, and have plenty of time to save money and develop smart financial habits.

Persons: Gen Z, Zers, Gen, it's, Douglas Boneparth, Winnie Sun, Sun, you've Organizations: of America, Sun Group Wealth Partners

☆ How investors can prepare for lower interest rates: It's 'like getting a haircut,' advisor says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Lower interest rates are "generally positive for stocks," said Marguerita Cheng, a CFP and chief executive of Blue Ocean Global Wealth, based in Gaithersburg, Maryland. Considerations for cash, bonds and stocksFalling interest rates generally means investors can expect lower returns on their "safer" money, advisors said. High interest rates have meant investors enjoyed fairly lofty returns on these lower-risk holdings. Winnie Sun co-founder and managing director of Sun Group Wealth PartnersHowever, such returns are expected to fall alongside declining interest rates, advisors said. "They'll be crying in six months when interest rates are a lot lower," she said.

Persons: Jerome Powell, Andrew Harnik, Winnie Sun, Lee Baker, Powell, Stephen Brown, Marguerita Cheng, Sun, Powell didn't, Ted Jenkin, Carolyn McClanahan Organizations: Getty, Sun Group Wealth Partners, Financial Advisors, Finance, North, Capital Economics, Blue, Sun Group Wealth, Planning Partners Locations: Irvine , California, Atlanta, Jackson Hole , Wyoming, U.S, North America, Gaithersburg , Maryland, Jacksonville , Florida

☆ Meet the millennials who got student-loan forgiveness and now have the freedom to save for retirement, grow their families, and consider going back to school
▼ + stars: | 2024-08-14 | by ( Ayelet Sheffey | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +17 min

Scott M. Smith, 40, wasn't expecting student-loan forgiveness. Scott M. Smith, 40, received student-loan forgiveness through PSLF. AdvertisementThe freedom to go back to schoolFor Paul Smylie, 39, student-loan forgiveness means something else. Smylie's student-loan forgiveness is giving him the financial freedom to consider doing just that. In a rule first established under President Barack Obama, any student-loan borrower who can prove they are totally and permanently disabled is eligible for student-loan forgiveness.

Persons: Scott M, Smith, wasn't, — Smith, servicer, hadn't, —, who's, PSLF, Joe Biden's, Millennials who've, Zers, millennials —, Gen Xers —, Paul Smylie, Smylie, Gen Xers, Chloe Moore, Financial Staples, Keenan Casey, CiCora Leigh, Leigh, Cicora Leigh, Barack Obama, Beverley —, Beverley, Grayson Hofferber, Hofferber, they'll, that's, someone's, Casey Organizations: Service, Public, Business, Education Department, Federal Reserve, SAVE, Appeals, Associated Press, Gallup, Lumina Foundation, millennials, Financial, Army, University of Mississippi, Veterans Affairs, BI, Millennial Wealth Management Locations: Mississippi, Beverley, forbearance, deferment

☆ With mortgage rates dropping, should you refinance? 'It could be worth it,' says financial planner
▼ + stars: | 2024-08-07 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Mortgage rates have plunged in recent days, leaving many homeowners wondering if they should refinance their mortgages. DON'T MISS: Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure Another consideration is the loan term, which determines how much total interest you will pay on the loan. You can run the numbers through a mortgage refinancing calculator. Of course, with refinancing you'll want to scrutinize the terms of the new agreement to ensure that there are no surprises. You could wait for mortgage rates to drop further

Persons: Dean Tsantes, Hazel Secco Organizations: Mortgage Locations: Virginia, New Jersey

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. With the right travel rewards credit card, you can earn points that can go towards your next big trip. If you pay off bills with a portion of your inheritance, use your travel card to do it and earn those sign-on bonuses. Then, once you've reached your destination, use your card for all your purchases and allow your travel now to pay for your travel later.

Persons: —, Smart, Justin Rush, Rush, Mona Lisa, you've, it's, That's, doesn't Organizations: Service, TED, Facebook Locations: Tanzania, Fiji

☆ 72% of Americans worry Social Security will run out in their lifetimes. Here's what experts say
▼ + stars: | 2024-08-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Workers who pay into Social Security while they're working should expect benefits from the program when they retire. Yet 72% of adults worry Social Security will run out of funding in their lifetimes, a new survey from Nationwide Retirement Institute finds. Meanwhile, 23% do not expect to receive even a dime of the Social Security benefits they've earned. However, fears that Social Security benefits may dry up completely are overblown, experts say. Nevertheless, Americans shouldn't worry Social Security will disappear.

Persons: they've, Millennials, Xers, Harris, Vance, David Blanchett, We're, Blanchett, Joe Elsasser, CNBC.com, Elsasser Organizations: Workers, Social Security, Nationwide Retirement Institute, Finance, GOP, Social, Security, DC Solutions

U.S. Vice President Kamala Harris and second gentleman Douglas Emhoff descend from Air Force Two in Wilmington, DE, U.S., July 22, 2024. Vice President Kamala Harris' personal financial records are under fresh scrutiny now that she is running for the highest office in the United States. Experts say recent tax filings show she and her husband, Second Gentleman Douglas Emhoff, have largely kept their finances simple during her years as vice president. Yet that approach may have cost the couple as they left unclaimed tax savings through additional deductions, as well as other missed financial strategies. Harris' office did not respond to a request for comment by press time.

Persons: Kamala Harris, Douglas Emhoff, Second, Craig Hausz, Harris, Emhoff, Medicare Harris, doesn't, she'll, Carolyn McClanahan, McClanahan, Catherine Valega, Valega Organizations: Air Force, CMH Advisors, Finance, Social Security, Medicare, Planning Partners, CNBC FA, Green Bee Locations: Wilmington , DE, United States, Dallas, Jacksonville , Florida, Boston

A score between 580 to 669 is considered a fair credit score while a score under 580 is considered a poor credit score. Free credit score check servicesWhile many of these services do charge money, some of the best credit monitoring services are free, such as Capital One CreditWise or Credit Karma. As the base on which your credit score is calculated, credit reports don't actually include your credit scores. Checking credit score frequently asked questionsWill checking my credit score lower it? Your credit reports do not show when you check your credit score, so the credit scoring algorithms have no way of knowing if you checked your credit score.

Persons: Experian, FICO, you've, they're, VantageScore VantageScore, it's, Kendall Clayborne, Clayborne, Jennifer, Read Organizations: Fair, Consumers, Business, America, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: AnnualCreditReport.com, Chevron, TheGrio, New York City

☆ 1 in 4 adults without kids worry about who will care for them as they age: 4 tips for securing your financial future
▼ + stars: | 2024-07-29 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +3 min

But they need to start now, says Mark La Spisa, a certified financial planner and president of Vermilion Financial. "If they wait until 65 to assess their situation, that's what causes anxiety," La Spisa says. Do a 'financial fire drill'"Starting at age 50, you want to do a financial fire drill every day," La Spisa says. Sign up for long-term care insuranceLong-term care insurance covers a host of services not typically included in regular health insurance. "If you have quality long-term care, you are transferring the risk from yourself to the insurance company," La Spisa says.

Persons: Mark La Spisa, La Spisa, Mark La, Carolyn McClanahan, McClanahan Organizations: Pew Research, Planning Locations: Vermilion, walkable

☆ What Kamala Harris' latest financial disclosure reveals about her investment portfolio
▼ + stars: | 2024-07-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

Harris For President Campaign | Via ReutersFinancial experts describe Vice President Kamala Harris' investment style in one word: Boring. In her role as vice president, Harris filed a public financial disclosure report for 2023, which was signed in May. Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida, who also reviewed Harris' financial disclosure, said it makes her "heart sing" to see Harris investing in low-cost passive investment strategies. Since 2020, mortgage rates have increased substantially, which means the couple missed their chance to lock in a low rate for a longer term. McClanahan said she urged everyone to lock in the record low mortgage rates that were available back then.

Persons: Kamala Harris, Barack Obama, Michelle Obama, Harris, Dustin Thackeray, She's, Thackeray, Carolyn McClanahan, McClanahan, Vance, —, Second, Douglas Emhoff, Barry Glassman, Glassman, Cash, Emhoff, it's, Ted Jenkin, Atlanta . Jenkin Organizations: Democratic, Reuters, Crewe Advisors, Planning Partners, CNBC, Finance, GOP, Wealth, CNBC's, Council Locations: U.S, Salt Lake City, Jacksonville , Florida, California, Atlanta .

☆ Most people don't know how much their Social Security retirement benefits may be. Here's how to tell
▼ + stars: | 2024-07-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Klaus Vedfelt | Getty ImagesFor most retirees, Social Security benefits is a major source of income. In 2024, almost 68 million Americans will receive a per month Social Security benefit, totaling about $1.5 trillion in benefits paid during the year. How to get your Social Security benefit estimateTo help workers of all ages gauge their benefits, the Social Security Administration provides detailed statements. "The closer someone is to age 62, the more accurate it is," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. What to watch out forOne important reason to check Social Security benefit statements is to make sure there are not any errors in your earnings history.

Persons: Klaus Vedfelt, aren't, NIRS, Tyler Bond, Bond, Joe Elsasser, it's, Elsasser, Kamala Harris, Jim Blair, Blair Organizations: Social Security, National Institute on Retirement Security, Security, Social, Workers, Social Security Administration, Finance, Trump, Premier Social Security Consulting

☆ 4 big questions couples who want to live together should ask each other, especially if they’re over 50
▼ + stars: | 2024-07-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

That is especially the case for couples over 50 — for whom living together may seem the easier option if they have already had long-term marriages. An analysis of federal data by the Pew Research Center found that in 2016, couples over 50 represented roughly a quarter of adults living together. But while some concerns may be more urgent for older couples, here are some key questions couples of any age should consider when deciding to live together:1. Also discuss who you want to be your health care proxies. And if your partner is not your chosen health care proxy, include a medical release form in your health care directive naming them as someone who you, essentially, want by your side during a health crisis.

Persons: ”, Susan Brown, Mari Adam, Mari, ” Adam, Steven Rubin, Drazen Rubin Law, Adam, “ I’ve, Rubin, ” Rubin, “, it’s Organizations: New, New York CNN, National Center for Family, Bowling Green State University, Pew Research Center, Social Security, Medicaid Locations: New York

☆ Mortgage interest rates are expected to drop by the end of the year—here’s how much you could save on monthly payments
▼ + stars: | 2024-07-19 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

While mortgage rates are most closely linked to 10-year Treasury bonds, they tend to move in tandem with the Federal Reserve's benchmark interest rate. Consequently, a rate cut is likely to lower mortgage rates later this year. That's potentially good news for homebuyers, since interest rate cuts would likely make monthly mortgage payments a bit more affordable. Most major housing organizations expect mortgage rates to drop by the end of the year. Mortgage rate forecasts for the end of 2024 differ slightly.

Persons: Fannie Mae, Wells, Kevin McLoughlin Organizations: Federal, Traders, Mortgage, Association ., Federal Reserve Locations: Virginia

Here are the best retirement plans, calculators, investment strategies, and tips you can use to ensure your retirement savings plan is on track. Understanding retirement needsAssessing your retirement needsUnfortunately, there's no general number to aim for when saving toward retirement. Financial experts recommend delaying Social Security until you reach full retirement age (age 70). This rule states that retirees can withdraw up to 4% of their retirement savings in year one of retirement. The 4% rule in retirement planning suggests withdrawing 4% of your retirement savings each year to prevent you from prematurely running out of money for at least 30 years.

Persons: there's, you'll, doesn't, Roth, IRAs, They're, Jim Ludwick, Ludwick, Tolen Teigen, Everyone's, It's Organizations: Fidelity, Social Security, Security, Garrett Planning, Consulting, Chevron, Business Locations: U.S

While a pay-for-delete letter can save your credit score, it's a less-than-ideal option that comes with several pitfalls. What to include in a pay-for-delete letterOnce you decide to write a pay-for-delete letter, it's easy to end up staring at that blank page, unsure where to start. Additionally, even if a debt collector follows through on the pay-for-delete letter, your debt may reappear on your credit report. Pay-for-delete letter frequently asked questionsWhat if my debt collector doesn't honor a pay-for-delete letter? What is the difference between a pay-for-delete letter and a goodwill adjustment letter?

Persons: it's, Tiffany Cross, Lamine Zarrad, Rick Eicheldinger, Zarrad, Eicheldinger, isn't, Will Organizations: Fair

Here's what you need to know about how to get out from under your student loan debt fast. Interest rates play a role: High interest rates demand aggressive tactics. Key strategies to tackle your student loansBudgeting is your foundationThe path to paying down your student loans starts with a budget. When it's a federal student loan, that means knowing who your federal student loan servicer is, and that can change from time to time. To calculate how long it will take to pay off your loans, student loan calculators can help.

Persons: There's, Mark Reyes, Sallie Mae, Rick Castellano, it's, servicer, Reyes, Castellano, You'll Organizations: Albert, Chevron

☆ Achieve financial wellness: Be happier, wealthier and more financially secure
▼ + stars: | 2024-07-10 | by ( Cnbc Make It Staff | ) www.cnbc.com time to read: +2 min

Too much or prolonged financial stress can hurt your health and relationships, and if you don't address it, your existing financial troubles can snowball. Our new online course, Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure, will give you the tools you need to get your money life in order and feel confident about your future. Yanely Espinal, a director of educational outreach at Next Gen Personal Finance and member of the CNBC Global Financial Wellness Advisory Board, who noticed a gap in the education system and has made it her mission to educate young people about how to achieve financial wellness. Kamila Elliott, CEO of wealth management firm Collective Wealth Partners and member of the CNBC Digital Financial Advisor Council, who advises high-net-worth individuals and business owners on their financial planning, tax and investment needs. The most important step on your journey toward financial wellness?

Persons: We'll, You'll, Emmie Martin, Brad T, Yanely, Kamila Elliott Organizations: CNBC, CNBC Digital Financial, Finance, Financial Wellness Advisory Board, Wealth Partners

☆ The presidential election shouldn't influence how you invest, financial experts say
▼ + stars: | 2024-07-10 | by ( Genna Contino | ) www.cnbc.com time to read: +4 min

Financial experts, however, don't encourage making investment decisions for political reasons as markets tend to react to economic factors that politicians have no control over . Presidential election outcomes don't significantly affect market performance, but many investors still feel nervous about what this year's presidential matchup between President Joe Biden and former President Donald Trump could mean for their money. "We've got a very stable market," Curtis said. That could make your next trip pricierStill, clients visiting Curtis have expressed concerns about the idea of Trump winning the election. Dating back to 1928, the S&P 500 has returned an average 7.5% in presidential election years, compared to an average 8% in nonelection years, according to an analysis in March from J.P. Morgan Private Bank.

Persons: Joe Biden, Donald Trump, Cathy Curtis, Curtis, We've, Biden, Zers, pricier, Trump, Dan Egan, Egan Organizations: Republican, Democrat, Curtis Financial, Financial, CNBC, Nasdaq, Dow Jones, Finance, Trump, Morgan Private Bank, Federal Reserve Locations: Atlanta , Georgia, Oakland , California, J.P

☆ 55% of Gen Xers regret not saving more for retirement—3 ways to start planning now
▼ + stars: | 2024-07-06 | by ( Jade Thomas | ) www.cnbc.com time to read: +4 min

More than half of Gen Xers say they regret not saving more for retirement. In fact, Gen Xers are at the perfect age to do just that, says Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services. Here are three things Gen Xers can start doing as soon as today to ease their retirement worries. Take care of expensive debtFor many Gen Xers, saving for retirement has been placed on the back burner as they juggle other expenses. Seventy-one percent of Gen Xers are homeowners, compared to a little over half of millennials at 52%, according to 2023 Redfin data.

Persons: Gen Xers, it's, Barry Glassman, Jason Stein, pare, Glassman, Xers, Stein, that's Organizations: Allianz, Wealth Services, Bluepoint Wealth Locations: California

☆ The voice scam call portrayed in 'Thelma' is real and an increasing threat in the age of AI
▼ + stars: | 2024-07-05 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Courtesy: Magnolia PicturesScammers exploit 'fear and urgency'Scams like the one Thelma fell victim to are increasingly common, experts say. Typically, AI voice scams mimic distress calls. The common denominator is that it's coming from someone you care about who needs money "fast." A 2023 survey from McAfee found that 25% of adults have experienced a similar AI voice scam — and the company says 77% of victims have lost money as a result. But older adults aren't the only ones at risk; younger people who spend more time online are increasingly vulnerable, CFP Andrew Sivertsen said.

Persons: THELMA, Thelma, Carolyn McClanahan, McAfee, McClanahan, CFP Andrew Sivertsen, millennials, Margolin Organizations: Magnolia Pictures, McAfee, Partners, CNBC's, CFP, Planning Locations: Jacksonville , Florida, United States, Moline , Illinois

☆ Is the U.S. stock market too ‘concentrated’? Here’s what to know
▼ + stars: | 2024-07-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

David Paul Morris/Bloomberg via Getty ImagesThe U.S. stock market has become dominated by about a handful of companies in recent years. Some experts question whether that "concentrated" market puts investors at risk, though others think such fears are likely overblown. The so-called "Magnificent Seven" — Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — make up about 31% of the index, it said. Why stock concentration may not be a concernThe S&P 500 tracks stock prices of the 500 largest publicly traded companies. When there were big market crashes, they generally don't appear to have been associated with stock concentration, he added.

Persons: Jensen Huang, David Paul Morris, Morgan Stanley, Charlie Fitzgerald III, John Rekenthaler, Rekenthaler, Elroy Dimson, Paul Marsh, Mike Staunton, We've, Goldman Sachs, Fitzgerald, Moisand Fitzgerald Tamayo, Charlie Fitzgerald Organizations: Nvidia Corp, Blackwell, Nvidia, Technology, Bloomberg, Getty, Microsoft, Tesla, U.S, Finance, Morningstar, Big U.S, Goldman, Goldman Sachs Research Locations: Orlando , Florida, U.S, Switzerland, France, Australia, Germany, South Korea, United Kingdom, Taiwan, Canada

☆ 6 in 10 Americans are uncomfortable with their emergency savings—but you may need less than you think
▼ + stars: | 2024-06-27 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Some 6 in 10 U.S. adults say they're uncomfortable with their level of emergency savings, according to a recent survey from Bankrate. Financial planners generally recommend stashing three to six months' worth of living expenses away in an emergency fund. More than half of Americans — 56% — say they have less than three months of expenses saved, including 27% who say they have no emergency savings at all. Why you need emergency savingsWhen it comes to your financial priorities, establishing an emergency fund should be close to the top of your list, which may feel counterintuitive. And when it does, having an emergency fund prevents you from taking money away from your other financial goals.

Persons: Alyson Basso, Greg McBride Organizations: Financial, Hayden Wealth Management, Bankrate Locations: U.S, Bankrate, Middleton , Massachusetts

☆ Retirement 'super savers' tend to have the biggest 401(k) balances. Here's what they do differently
▼ + stars: | 2024-06-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

A retirement savings crisis is looming for people who have 401(k) plans and other retirement balances woefully short of what they will need to live on. But some workers — called "super savers" — are managing to successfully grow their retirement nest eggs. Super savers are workers who are putting away more than 10% of their salaries toward their retirement plans, according to new research from nonprofit Transamerica Institute and its division Transamerica Center for Retirement Studies. The rest, 44%, have reached super saver status — with 15% of workers putting 11% to 15% of their annual pay toward retirement, Transamerica said. Notably, the youngest cohort — Generation Z — has the most super savers, with 53%, followed by millennials and baby boomers, each with 44%, and Generation X, with 40%.

Persons: —, Transamerica, millennials, Ted Jenkin, Jenkin Organizations: Transamerica Institute, Transamerica, Retirement Studies, CNBC, Finance, Social Security Workers Locations: Atlanta

☆ Here's how much money Americans have in their 401(k)s at every income level—see how you compare
▼ + stars: | 2024-06-25 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Americans' workplace retirement account balances are growing — but they're still lower than what people say they need to be on track for retirement, new data reveals. The median account balance in the U.S. is now $35,286, according to Vanguard's annual How America Saves report, which tracked the performance of 401(k)s and similar plans in 2023. Some of the lower balance totals have to do with age, too: People often make and save less money earlier in their careers. "People tend to accelerate retirement contributions as they get older because they tend to earn more, but also because they're getting closer to retirement age," says Michelle Gessner, a certified financial planner in Houston. Compound interest is interest that's continually earned on both the principal amount and any accumulated interest, leading to exponential growth over time.

Persons: That's, they're, Michelle Gessner, that's Organizations: America, Northwestern Mutual Locations: U.S, Houston

☆ How couples answer one question shows whether they communicate well about money, Cornell research finds
▼ + stars: | 2024-06-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Skynesher | E+ | Getty ImagesWhat successful couples do differentlyCouples who say they feel their financial problems are perpetual are more likely to assume they have no solution, according to Cornell's research. Unfortunately, most couples by default tend to view their financial problems as perpetual, and therefore avoid talking about financial issues, Garbinsky said. watch nowCommunication avoidance may also contribute to financial infidelity, where a partner will withhold or hide financial information from their partner. "If you're not talking and if you're hiding things from your partner, it is having negative effects on your relationship quality over time," Garbinsky said. To start to unravel financial conflict, it helps to backtrack and talk about the money memories each partner has and how that shapes their feelings about money now, he said.

Persons: Garbinsky, Jude Boudreaux, Boudreaux Organizations: Partners, CNBC FA Locations: New Orleans

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