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☆ You could retire with $1 million even if you don't start saving until your 30s: How much money you need to set aside per month
▼ + stars: | 2024-10-01 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

A sizeable number of Americans hope to retire as millionaires, according to Bankrate's latest savings survey. A little over a third of American workers say they'll need $1 million or more to retire in comfort, per Bankrate's survey. The median amount they think they'll need saved up is about $875,000. And millennials are the most likely of each generational cohort to think they'll need to save up at least $1 million to retire comfortably. With that in mind, CNBC calculated how much you would need to save each month in order to retire with $1 million at 65, starting at ages 25, 30, 35 and 40.

Persons: Matt Schulz Organizations: CNBC

☆ The 10 college majors that pay off when searching for a job
▼ + stars: | 2024-09-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Bankrate found the "most valuable" majors among 152 fields of study. Valuable majors were based on unemployment, salary, and people with advanced degrees. AdvertisementA new analysis of 152 majors found engineering degrees are valuable financially and in the labor market. Bankrate analyzed 2022 American Community Survey data to determine the "most valuable college majors." AdvertisementBelow are the majors that made the top 10 in Bankrate's ranking:The top nine most valuable majors had median salaries of at least $100,000.

Persons: Bankrate, —, Alex Gailey, Gailey, grads Organizations: Service, Survey, Petroleum, Pew Research Center, Federal Reserve Bank of New Locations: Bankrate's, Federal Reserve Bank of New York

☆ 6 strategies to help mitigate rising car and home insurance costs
▼ + stars: | 2024-09-30 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +8 min

While overall inflation has slowed, insurance costs are taking a bigger bite out of many household budgets. Car insurance premiums have also shot up. Bankrate estimates that in September the average cost for full coverage car insurance is $2,348 a year. Extreme weather events, higher replacement and repair costs, and increased medical expenses after accidents have boosted car insurance rates, experts say. Car insurance discounts range from safe driver and good student discounts to taking a defensive driving course.

Persons: Mike Spiering, Francesca Spiering, Joe Raedle, Shannon Martin, that's, Afilalo, Mike Barrett, Tayfun, David Carothers, Loretta Worters, you've, Rod Griffin, They're, You've, Bankrate's Martin, Price Organizations: Bureau of Labor Statistics, Autoinsurance.com, Barrett Insurance Agency, Anadolu, Getty, Independent Insurance Agents, of America, Florida Risk Partners, Insurance, Federal Emergency Management Agency, University of Pennsylvania's Wharton Risk Center Locations: Hollywood , Florida, St, Johnsbury , Vermont, Fork, New Mexico, United States, Florida, Valrico , Florida, U.S

These are the best credit cards for bad credit in 2024, according to Business Insider's team of credit card experts. Discover it Secured Credit Card ReviewBest for 1.5% Cash Back: Capital One Quicksilver Secured Cash Rewards Credit CardThe Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card that earns a straightforward 1.5% cash back on all purchases with no limits. US Bank Altitude Go Secured Credit Card ReviewBest for Everyday Expenses: Bank of America® Customized Cash Rewards Secured Credit CardThe Bank of America® Customized Cash Rewards Secured Credit Card is another good option for maximizing your rewards earnings. Credit Cards for Bad Credit Frequently Asked QuestionsWhat are the main benefits of credit cards for bad credit? Upgrade to an unsecured credit card — Secured credit cards are meant to be a stepping stone to better financial products.

Persons: They're, it's, cardholders, you'll, Cardholders, Cash, you've, You'll, you’ve, it’s, Quicksilver, WebBank, —, Holly Johnson Freelance, Holly Johnson, Johnson, Angela Fung, Read Organizations: Business Insider, U.S . Bank, Bank of America, Card, Bank, Bad Credit, Credit, Business, Quicksilver, . Bank, Cell, Sporting, EV, US Bank, Cash Plus, U.S, Go, The Bank of America, Gas, Drug, of America, Walmart, Visa, Discover, Capital, CreditWise, Rewards, Bank Cash, Go Visa, Cards, U.S . News, Club, Finance Locations: U.S, Capital, Chevron

☆ The majority of this generation feels behind on their retirement savings—how they can catch up
▼ + stars: | 2024-09-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The oldest Gen Xers are turning 59 this year, and once they reach 59½, they can begin making penalty-free withdrawals from their 401(k)s and individual retirement accounts. However, nearly 70% of Gen X, which is comprised of Americans between the ages of 44 and 59, feel behind on their retirement savings, according to a new retirement savings survey from Bankrate. The average 401(k) balance for people in their 50s, who make up the majority of Gen X, is $214,100. The good news: Many Gen Xers are already taking strides to get their retirement savings where they want them to be. Plus, they've increased their IRA contributions by 30% to the highest level in five years, per Fidelity's second quarter retirement analysis.

Persons: Xers, Mark Hamrick Organizations: Fidelity Investments Locations: Bankrate

☆ Americans have an average of $6,300 in credit card debt: Here's how much you'd pay monthly to clear it in 1, 2 or 3 years
▼ + stars: | 2024-09-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The average American has thousands of dollars of credit card debt. As a whole, Americans hold a record $1.14 trillion in credit card debt as of the second quarter of this year, according to the Federal Reserve Bank of New York's August report. "Credit card debt is easy to get into and hard to get out of," Rossman says. Carrying credit card debt can cost youCarrying a balance from month to month can make your credit card debt more expensive in the long run due to accruing interest. How to pay off your credit card debt

Persons: Ted Rossman, Bankrate, Rossman, it's Organizations: Federal Reserve Bank of New, CNBC Locations: LendingTree

☆ 49% of workers think they can meet their retirement goals — 35% say they will need over $1 million to retire comfortably
▼ + stars: | 2024-09-25 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Overall, 35% of Americans believe they will need more than $1 million to retire and live comfortably, according to a new report by Bankrate.com. Older generations closer to retirement age are more likely to regret not saving for retirement early enough, the CNBC survey found. More than any other money misstep, not saving for retirement early enough is the biggest financial regret for 22% of Americans, according to another recent report by Bankrate. The retirement savings gapOther reports show that a retirement savings shortfall is weighing heavily on Americans, especially as they approach retirement age. "They are focused on their health and financial well-being, but many are at risk of not achieving a financially secure retirement."

Persons: Bankrate, Gen Xers, Zers, Jacqueline Reeves, you'll, Reeves, they're, Catherine Collinson Organizations: Fidelity Investments, Bankrate.com, CNBC, Bryn Mawr Capital Management, Pew, American, Transamerica Center, Retirement Studies, Transamerica Institute Locations: U.S, Bryn Mawr

AssumptionAn assumable mortgage will let a borrower transfer the mortgage to someone else even if they haven't fully paid it off. Assumable mortgagesIf you have an adjustable-rate mortgage or a government-backed mortgage (including FHA, VA, and USDA mortgages), you might have an assumable mortgage. Finally, if you want to transfer a property into a trust, a mortgage transfer may be able to help, too. Mortgage transfer processIf you think a mortgage transfer is the right move for your needs, follow this step-by-step process. If the lender doesn't approve a mortgage transfer, you will need to explore other options, such as refinancing your mortgage or selling your house.

Persons: You'll, Molly Grace, Molly, Read, Aly J, Yale Aly J, Aly, She’s Organizations: Chevron, Business, Rocket Companies, Indiana University, Yale, Finance, Dallas Morning News, CBS, Forbes, Fortune, Money, Newsweek, US, Wall Street Journal, Yahoo Finance, Mortgage, National Association of Real, Insurance, Texas Christian University Locations: Chevron, Michigan

☆ Trump's 10% credit card interest cap could hurt borrowers, experts say: 'Access to credit would dry up'
▼ + stars: | 2024-09-24 | by ( Annie Nova | Annie Nova Is A Reporter On The Personal Finance Team | Covering Education. Prior To Cnbc | ) www.nbcnews.com time to read: +7 min

A national interest rate cap requires CongressUnder current federal law, nationwide limits on credit card interest rates are scarce, consumer advocates say. Likewise, federal credit unions are typically restricted to an 18% interest rate on their credit cards. “A president cannot set a cap on credit card interest rates,” said Rust. A 10% interest rate cap could backfireFinancial experts on both sides of the debate expressed concerns that a 10% interest rate cap could backfire on consumers in various ways. “Otherwise, it is a game of whack-a-mole.”In 2022, credit card issuers charged $14 billion in late fees, he noted.

Persons: Donald Trump, Trump, ”, Kamala Harris, It’s, Trump’s, Ted Rossman, ” Rossman, Karoline Leavitt, ” Harris hasn’t, Biden, Adam Rust, Rust, “, ” Rust, Lauren Saunders, Nicholas Anthony, they’re, ” Anthony, Rossman, Saunders, “ Banks Organizations: Social Security, Republican, Democratic, Federal, Bankrate, CNBC, Consumer Financial, Consumer Federation of America, Bank Act, Consumer Financial Protection Bureau, Consumer Financial Protection, National Consumer Law, Cato Institute’s Center, Monetary, Bureau, U.S . Chamber of Commerce Locations: New York, South Dakota, Delaware, Utah, U.S, Bankrate

☆ How to find great returns on cash after the Fed cut: Rates won't 'go from awesome to awful overnight,' expert says
▼ + stars: | 2024-09-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

And it still is, despite the Federal Reserve's recent 50 basis point rate cut, which will push record returns on cash lower. "Those rates aren't going to go from awesome to awful overnight," said Matt Schulz, chief credit analyst at LendingTree. "There's no need to panic if you haven't moved your money into a high-yield savings account yet or you haven't locked in a CD rate." "The biggest mistake that people can make … is the failure to save," said Mark Hamrick, senior economic analyst at Bankrate. "The urgency of saving is not made any less in an environment where rates are coming down," he added.

Persons: Matt Schulz, haven't, Mark Hamrick Organizations: Federal, Finance

The Federal Reserve cut interest rates in its September meeting. With inflation starting to level off and the Fed cutting interest rates in its September 18 meeting, many experts believe rates have only just started dropping. After all, lower rates help consumers save when they borrow money, but they also translate to lower rates on savings accounts and money market accounts. For example, borrowing money at lower rates can make it easier to purchase a home, finance a car, or start a business. Lower interest rates can also help potential homebuyers buy a pricier home, since less of the mortgage payment they qualify for goes toward interest each month.

Persons: It's, Jennifer Beeston, it's, Beeston, Stephen Kates, Cliff Ambrose, Ambrose, Lawrence D, doesn't, Holly Johnson Freelance, Holly Johnson, Johnson Organizations: Federal Reserve, Savings, Apex Wealth, U.S . News, Club Locations: RetireGuide, U.S

The Fed cut interest rates in its September meeting, which is the first cut in years. Experts say not to rush to action with your cash savings — but start doing some research. But, the Fed finally cut interest rates by 50 basis points at its meeting on September 18 — the first rate cut since March 2020. This is true now, but it will be just as true if the Fed continues to drop the federal funds rate in the future. However, interest rate increases could lead to having to sell the note on the secondary market at a loss.

Persons: Robert Farrington, Paul Miller, Andrew Crowell, D.A, Davidson, Joseph DiSanto, DiSanto, doesn't, Holly Johnson Freelance, Holly Johnson, Johnson Organizations: Federal Reserve, Fed, The, Investor, Miller & Company, Barclays, U.S . News, Club Locations: U.S

☆ How this 'Bachelor' star turned reality TV fame into a small influencer fortune
▼ + stars: | 2024-09-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Mari Pepin and Kenny Braasch got engaged on season 7 of "Bachelor in Paradise" and married in 2023. Pepin was a participant on "The Bachelor" season 25, which aired in 2021, and then returned for "Bachelor in Paradise" season 7 later that year. After "Bachelor in Paradise" aired and her following jumped, influencer opportunities followed. Mariela Pepin, who goes by Mari, was a contestant on "The Bachelor" season 25 and then "Bachelor in Paradise" season 7. Still, 57% of Gen Zers said they would like to become an influencer if given the chance, according to a 2023 report from Morning Consult.

Persons: Mari Pepin, Kenny Braasch, Pepin, Kenny Braasch's, Braasch, Mariela Pepin, Mari, influencers, Casey Lewis, Gen Zers, Lewis, Bankrate Organizations: Finance, Pepin, CNBC, Brands Locations: Chicago, U.S

But many people are still wondering, what does a rate cut mean for my money? For those who’ve been waiting it out, the rate cut “will instill some hope in folks,” said Elizabeth Renter, senior economist at NerdWallet. Consider your (improved) debt repayment optionsThis week’s rate cut was good news for those struggling to unload themselves of credit card debt. They’re a popular savings instrument when interest rates are high, and as most economists expected, CD rates have already started declining since the Fed’s interest rate cut. “This rate cut is not something that should trigger you to go make any drastic changes to the overall direction of your portfolio,” he added.

Persons: Jerome Powell, ”, Elizabeth Renter, Michele Raneri, “, “ It’s, Rodney Lake, It’s, cardholders, Now’s, Lake, don’t, Freddie Mac, ” Renter, they’ve, Raneri, Lee Baker, there’s, Bankrate, Baker, it’s, —, “ Don’t Organizations: NerdWallet, TransUnion, Federal Trade Commission, GW Investment, George Washington University School of Business, Apex Financial Services, P Locations: U.S

☆ Fed meeting live updates: Fed set to cut rates — but market reaction may depend on size of move
▼ + stars: | 2024-09-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

The Federal Reserve is expected to make its first cut to interest rates on Wednesday after more than two years of tight monetary policy. That is up from 4.29% during the week of March 11, 2022, just prior to the Fed kicking off its first hike. Home equity loans have also become more expensive, with rates rising to 8.49% as of last week, compared to 5.96% back in March 2022, according to Bankrate. The Fed's tight policy has provided a silver lining to savers, however. The annual percentage yield on a five-year certificate of deposit has jumped to 2.87%, up from 0.5% in March 2022, according to Haver.

Persons: Bankrate, Haver, — Darla Mercado, Nick Wells Organizations: Federal, Mortgage News, Fed

☆ How to make the Fed rate cut work for you
▼ + stars: | 2024-09-18 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +11 min

In its August survey of car shoppers, a majority (64%) said a Fed rate cut likely would affect the timing of their purchase. But here’s the thing: Car loan rates are pretty high — the average is 7.1% for new cars and 11.3% for used cars, according to Edmunds. If you do buy a home this year and are considering buying down points to reduce your mortgage rate, crunch some numbers first, Diodato advised. That’s because you will pay thousands of dollars to buy down your mortgage rate now, and then thousands more in fees to refinance. What to do if you’re not near retirement: Reconsider how much money you’re keeping in cash or cash-equivalent investments.

Persons: Jerome Powell, Powell, “, ”, Greg McBride, McBride, Chris Diodato, Jessica Caldwell, ” McBride, Caldwell, We’re, Diodato, you’ll, won’t, Kathy Jones, Jones Organizations: CNN, Federal Reserve, Bankrate.com, Fed, Treasury, FDIC, Schwab Center, Financial Research, AAA, Bond Locations: Edmunds, Schwab.com

☆ When interest-rate cuts will hit credit cards, car loans, and mortgages
▼ + stars: | 2024-09-18 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewThe nation's central bank has finally cut interest rates for the first time in over four years. AdvertisementStill, Hamrick said within a day of the Fed's rate cuts, banks will likely adjust their prime lending rates, which will be noticed in credit-card rates "immediately." The Fed rate cuts indirectly affect mortgages, which are generally based on other interest rates that are loosely tied to the Fed funds rate. And when it comes to businesses, rate cuts will have a positive impact on their operations, making it cheaper to take out loans. Are you planning to make any big purchases now that the Fed has cut interest rates?

Persons: —, Mark Hamrick, Erica Groshen, Michele Raneri, Raneri, Hamrick, Elizabeth Renter, Renter Organizations: Service, Federal, Market Committee, Democratic, Fed, Business, Cornell University, Bureau of Labor Statistics, Consumer Financial, TransUnion, asheffey

☆ The Fed is poised for its first rate cut in years, but it may be too soon to refinance your mortgage
▼ + stars: | 2024-09-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

The Federal Reserve is poised to make its first interest rate cut in years on Wednesday. While mortgage rates are partly influenced by the Fed's policy, they are also tied to Treasury yields and the economy. Home loan rates have already started to come down in recent weeks, slightly induced in part by favorable economic data and indications the Fed could cut rates. As of Thursday, Sept. 12, the average 30-year fixed rate mortgage in the U.S. was 6.20%, according to Freddie Mac data via the Fed. "It's almost impossible to figure out what mortgage rates are going to do from week to week or month to month," Ostrowski said.

Persons: Chen Zhao, Freddie Mac, Jeff Ostrowski, Ostrowski Organizations: Federal, CNBC, Treasury, Finance Locations: Redfin, U.S

☆ The Fed’s rate cuts could have unintended consequences for the housing market
▼ + stars: | 2024-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The market had become all but impenetrable after mortgage rates went from historic lows in 2020 to their highest levels in a generation last year. “And I think if we even go down to 5.9%, that would be really psychologically impactful to the housing market. The current 6.2% mortgage rate average is, of course, preferable to last year’s peak of 7.8% — a difference that could translate to hundreds of dollars in monthly payments. As my colleague Samantha Delouya wrote this week, a drop in mortgage rates could be a double-edged sword. “A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”

Persons: ” Daniel Alpert, Alpert, “, ” Daryl Fairweather, Samantha Delouya, ”, Greg McBride Organizations: New, New York CNN, Federal Reserve, Westwood Capital, Fed, Bankrate Locations: New York

☆ The Federal Reserve just cut interest rates by a half point. Here's what that means for your wallet
▼ + stars: | 2024-09-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"Interest rates took the elevator going up, but they'll be taking the stairs coming down," he said. That makes paying down high-cost credit card debt a top priority since "interest rates won't fall fast enough to bail you out of a tight situation," McBride said. "Many Americans have been holding off on making vehicle purchases in the hopes that prices and interest rates would come down, or that incentives would make a return," Caldwell said. Student loansFederal student loan rates are also fixed, so most borrowers won't be immediately affected by a rate cut. Eventually, borrowers with existing variable-rate private student loans may be able to refinance into a less expensive fixed-rate loan, he said.

Persons: Spencer Platt, APRs, McBride, they'll, Jacob Channel, Jessica Caldwell, Edmunds, Caldwell, Mark Kantrowitz Organizations: Getty, Treasury, Auto, Fed Locations: New York City, Edmunds

One out of 4 of the 31,000 homeowners in the coastal parish live there without homeowners insurance — one of the highest percentages in the United States. Across the country, 13.4% of homeowners — about 1 in 8 — are unprotected by homeowners insurance, according to an NBC News analysis of new Census Bureau data. It’s a double-edged sword.”The Census Bureau data shows how many homeowners pay less than $100 — or nothing at all — for homeowners insurance. According to the Census Bureau survey, which was taken in 2023, 20.8% of homeowners without mortgages also lack meaningful homeowners insurance. Among mortgage-holders, 8.5% don’t have meaningful homeowners insurance — and while banks require owners with mortgages to have homeowners insurance, gaps in coverage do happen.

Persons: Hurricane Francine, “, ”, Shannon Martin, you’re, Martin, ” Martin, Mark Friedlander, ” Friedlander, There’s, Daryl Fairweather, Redfin’s, ” Fairweather Organizations: NBC, Bankrate, Insurance Information Institute, “ Insurance Locations: Louisiana’s Terrebonne Parish, United States

But a series of data points showing worsening economic conditions has made some analysts believe a 0.5% cut is more likely — and perhaps even necessary. “We do not seek or welcome further cooling in labor market conditions,” Fed Chair Jay Powell said in a speech last month. “A (0.5%) cut is usually done in emergencies,” like the Covid-19 pandemic, said Mark Zandi, chief economist at Moody’s financial group. Mortgage interest rates have hit their lowest level since February 2023, while auto loan rates are also falling. A 0.5% cut would more directly affect rates tied to the fed funds rate, including credit cards, home equity lines of credit and small-business loans.

Persons: Steve Liesman, Jay Powell, Bill Dudley, ” Dudley, Preston Mui, Mui, ”, “, Mark Zandi, Greg McBride, ” McBride Organizations: Federal, CNBC, Wall, Minneapolis Federal Reserve, Federal Reserve Bank of New, Bloomberg News, Fed, Bankrate Locations: Minneapolis, Federal Reserve Bank of New York, America

The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.

Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo

☆ Prices are easing, but wages still lag—here's when they're likely to catch up
▼ + stars: | 2024-09-16 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Looking at a different measure, median real wages — wages adjusted for inflation — have barely budged, growing at just 0.8% over the last year, as of August 2024. With wage growth cooling, the gap between wages and inflation isn't expected to close until the second quarter of 2025, according to Bankrate's projections. Leisure and hospitality workers saw wage growth of 23.7%, which is above the overall average of 17.4%. In contrast, education workers have slipped further behind, with wage gains of only 13.6% over the past three years. The Fed is widely expected to announce its first interest rate cut in more than three years this week.

Persons: there's, Sarah Foster, Foster Organizations: U.S . Department of, Federal Reserve, Wage, CNBC

☆ Here’s what you should know about buying a home ahead of a likely interest rate cut
▼ + stars: | 2024-09-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

While the Fed doesn’t directly set mortgage rates, its actions affect borrowing costs throughout the economy. The most apparent effect: An interest rate cut could help ease the upward pressure on mortgage rates, making one piece of the homebuying equation more affordable. Most investors are betting that the Fed will cut its benchmark interest rate by just a quarter-point on Wednesday. Some financial advisers counsel to wait until you can get a mortgage rate that is a full percentage point below the rate you’re already paying, said Fairweather. “If you got a 7.5% mortgage rate, you may already be in the money to refinance,” she said.

Persons: Freddie Mac, ”, Daryl Fairweather, Redfin’s, “, it’s, Fairweather, We’re, Greg McBride, “ It’s, Leo Pareja Organizations: CNN, Federal Reserve, homebuyers, National Association of Realtors, Bankrate, eXp Realty Locations: Wells, ”

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