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☆ In poker, risk is the 'name of the game,' pro player says. How that applies to women and investing
▼ + stars: | 2024-03-05 | by ( Lorie Konish | ) www.cnbc.com time to read: 1 min

It's a maxim that poker and chess pro Jennifer Shahade, author of "Play Like a Champion," knows well. "In poker, risk and calibrating risk is the name of the game," Shahade said during the CNBC Women & Wealth event on Tuesday. If you risk too much, you will lose your money quickly, Shahade said. If, instead, you don't risk enough, you will also lose all your money, but very slowly, she said. "I like to tell women who aren't as comfortable with risk that not taking any risks, that is a risk as well."

Persons: Jennifer Shahade, Shahade Organizations: CNBC

☆ Why investing earlier may help younger workers avoid retirement worries that plague older generations
▼ + stars: | 2024-03-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A shift from pensions to 401(k) plans has made workers responsible for ensuring they have enough money to live on in retirement. Most Americans — 79% — now agree there is a retirement crisis, up from 67% in 2020, according to a new report from the National Institute on Retirement Security. Meanwhile, more than half of Americans — 55% — are worried they won't be able to achieve financial security in retirement. Younger investors have a unique opportunity to avoid that dilemma, according to experts who testified at a Senate hearing last week. "Starting earlier obviously makes the math work much better," Dan Doonan, executive director at the National Institute on Retirement Security, said during the Senate hearing.

Persons: Albert Einstein, Dan Doonan Organizations: National Institute on Retirement Security, Finance, Security, Investors, National Institute on Retirement

☆ Many workers believe pensions are key to achieving the American Dream. But getting those plans back isn't easy
▼ + stars: | 2024-03-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

watch nowMore than three-quarters of Americans, 77%, say the unavailability of pensions is making it harder to achieve the American Dream, according to a new report from the National Institute on Retirement Security. With the shift from pensions to 401(k)s, the responsibility for saving for retirement has transferred from employers to workers. "When not managed properly, defined benefit plans can end up like Ponzi schemes," Greszler said at Wednesday's Senate hearing. Neither Social Security nor multiemployer pensions can pay benefits as promised, she noted. To shore up Social Security, the average American household would have to pay at least $3,000 per year more in taxes, money that would better be invested in personal accounts, Greszler argued.

Persons: Rebecca Cook, Sara Schambers, Schambers, Teresa Ghilarducci, Ghilarducci, Rachel Greszler, Greszler, Sen, Bill Cassidy Organizations: United Auto Workers, Sterling Heights Assembly, Reuters, Ford, Washington , D.C, UAW, National Institute on Retirement Security, Pensions, Finance, Security, Workers, The New School for Social Research, The Heritage Foundation, Senate, Social Security Locations: Sterling Heights, Sterling Heights , Michigan, Washington ,, New

☆ When my oldest sister died suddenly, I moved to Houston to help out with my mom's care. I'm glad for this time with her.
▼ + stars: | 2024-02-28 | by ( Sheryl Nance-Nash | ) www.businessinsider.com time to read: +6 min

When my oldest sister died unexpectedly, my other sisters and I had to rethink my mom's care. I moved to Houston, too, to be closer to Mom and help take care of her. When my oldest sister died unexpectedly and tragically in 2020, the world turned upside down, including the plan for who would take care of our mom. My youngest sister Lorie was still in California, but lived a two-hour drive each way from our mom. My other two sisters and I had a decision to makeMe, Lorie, and our middle sister, Kai, who lives in Houston, did a Zoom and discussed what to do next.

Persons: —, Sharon, Lorie, Kai, that's, Houston, I've Organizations: Service, sis Locations: Houston, California, New York, Jamaica, Stanislaus County, Kai, Texas, United States

☆ Amid mass layoffs, it's best to take a new approach to job searches, expert says
▼ + stars: | 2024-02-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Westend61 | Westend61 | Getty ImagesAs thousands of layoffs make headlines, experts say there is a silver lining — a resilient job market. But to find your next position faster as companies cut costs, you may have to take a new approach. Job search tools can help amplify your search, according to Scott Dobroski, career trends expert at Indeed. By updating your profile on job search sites with your skills, experience and the positions you are seeking, you may find roles you would not have otherwise considered. Bring your authentic selfHaving the right social networking skills can make a big difference in finding work faster, according to Lee.

Persons: Gray, Holly Lee, Lee, Scott Dobroski, We've, Dobroski, Vicki Salemi, Salemi Organizations: Westend61, Getty, Challenger, Citigroup, Google, Amazon, Finance

☆ 78% of near-retirees failed or barely passed a basic Social Security quiz. Test your knowledge before you claim
▼ + stars: | 2024-02-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Generally, if I am in a same-sex marriage, there are different eligibility requirements when it comes to Social Security retirement benefits. The money that comes out of my paycheck for Social Security goes into a specific account for me and remains there, earning interest, until I begin to receive Social Security benefits. If I get divorced, I might be able to collect Social Security benefits based on my ex-spouse's Social Security earnings history. If I file for retirement benefits and have dependent children age 18 or younger, they also may qualify for Social Security benefits. Social Security retirement benefits are subject to income tax just like withdrawals from a traditional IRA account.

Persons: Rupp, David Freitag, you've, Freitag, " Freitag, You've, that's Organizations: Social Security, spouse's, Social, Getty, Security Locations: U.S

☆ Raising your credit score can help you save $92 per month, report finds. Here are some expert tips
▼ + stars: | 2024-02-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

With consumer prices still rising due to higher inflation, there is one way to save money that you may be overlooking: raising your credit score. Increasing your score from fair (580 to 669) to very good (740 to 799) may help you save $22,263 over the life of your credit and loans, according to a new LendingTree study. Overall, consumers stand to save an extra $92 per month, LendingTree estimates, based on four common debt types: auto loans, credit cards, mortgages and personal loans. "There is little in life that's more expensive than crummy credit," said Matt Schulz, chief credit analyst at LendingTree. "It's a big deal, especially when you consider what else you could do with that extra money," Schulz said.

Persons: LendingTree, Matt Schulz, Schulz, Bruce McClary, McClary Organizations: LendingTree, Finance, Social Security, National Foundation, Credit

☆ Here's how to reduce your health-care costs during Medicare Advantage open enrollment
▼ + stars: | 2024-02-16 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Certain retirees can now change their health coverage during Medicare Advantage open enrollment, which runs until March 31. Medicare Advantage is health coverage provided through private companies that are paid by Medicare to cover your benefits. If you're already on a Medicare Advantage plan, you can take advantage of the open enrollment period to switch to another Medicare Advantage plan or drop your Medicare Advantage plan and switch to original Medicare and perhaps also a separate Medicare drug plan. However, those enrolled in Medicare Advantage may need lower savings targets, the research found. Medicare open enrollment periods can be an opportunity to identify potential ways to save.

Persons: Carolyn McClanahan, McClanahan Organizations: Medicare, Finance, Social Security, Research Institute, Planning Partners, CNBC FA Locations: Jacksonville , Florida

☆ As more Americans reach 65 than ever, here's what to know about your Social Security retirement age
▼ + stars: | 2024-02-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Majamitrovic | E+ | Getty ImagesHow to find your Social Security full retirement ageIf you were born between 1943 and 1954, your full retirement age is 66. The full Social Security retirement age gradually increases from 66 to 67 for people born between those years. Social Security full retirement age Year of birth Social Security full retirement age 1943-1954 66 1955 66 and two months 1956 66 and four months 1957 66 and six months 1958 66 and eight months 1959 66 and 10 months 1960 and later 67Source: Social Security AdministrationFor some people, this can come as a surprise, because they may still confuse their Social Security full retirement age with the Medicare eligibility age of 65, according to Elsasser. Social Security statements can be accessed online by creating a My Social Security account. But tying those decisions to each other will result in permanently reduced Social Security benefits, since that would be before full retirement age.

Persons: Elsasser Organizations: Security, Social Security, Social, Medicare

☆ Biden calls on snack makers to stop 'shrinkflation' rip-offs. Here's how to spot downsized grocery store products
▼ + stars: | 2024-02-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

The phenomenon called shrinkflation — where consumer products become smaller in quantity, size or weight while their prices stay the same or increase — is a "rip off," Biden said. "Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won't notice," said Biden, who called for the companies to put a stop to the practice. These tactics tend to become more prevalent during times of high inflation, Dworsky said. "This corporate greed is one of the reasons that Americans are frustrated by expensive grocery bills," Casey said in a December statement. "I'm hoping with inflation subsiding a little bit that we'll see fewer examples, but it's never going to go away," Dworsky said.

Persons: Anna Bizon, Joe Biden, Biden, Edgar Dworsky, Dworsky, Sen, Bob Casey, Casey, it's, shrinkflation Organizations: Getty, Finance, shrinkflation, U.S . Bureau of Labor Statistics Locations: TikTok, Washington, shrinkflation

A general view of Super Bowl signage displayed in the NFL Super Bowl Experience ahead of Super Bowl LVIII on February 06, 2024 in Las Vegas, Nevada. Super Bowl 58 kicks off at 6:30 p.m. The Super Bowl is advertising's biggest stage, with companies jockeying for a limited supply of spots to get their products in front of millions of consumers. Even as linear ad revenue slips, companies know there's no opportunity guaranteed to reach more people than the Super Bowl. — Amelia Lucas, Michael Wayland, Micah Washington, Gabrielle Fonrouge, Lorie Konish, Drew Richardson and Jordan Novet contributed to CNBC's Super Bowl coverage.

Persons: Bob Iger, Jason Momoa, Quinta Brunson, Jenna Ortega, Tina Fey, Kate McKinnon, Pete Davidson, Addison Rae, Usher, — Amelia Lucas, Michael Wayland, Micah Washington, Gabrielle Fonrouge, Lorie Konish, Drew Richardson, Jordan Novet Organizations: NFL, Super, AFC, Kansas City Chiefs, NFC, San Francisco 49ers, Disney, CBS Locations: Las Vegas , Nevada, Las Vegas, U.S

☆ To shore up Social Security, this controversial proposal calls for limiting retirement plan tax perks
▼ + stars: | 2024-02-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable opposition. Together, they call for limiting current tax preferences for retirement savings plans, and instead redirecting those funds to help shore up Social Security. How retirement plan tax incentives workIn 2024, the limit for total employee and employer contributions to a defined contribution plans such as 401(k)s is $69,000 in 2024. By rolling back the tax incentives provided through defined contribution retirement plans, the money saved could be used to help fix a portion of Social Security's funding gap, the researchers argue. "We now have an industry and a policy based on 401(k)s and defined contribution plans that has been, relatively speaking, successful," Fichtner said.

Persons: Andrew Biggs, Alicia Munnell, Biggs, Munnell, Michael Wicklein, Jason Fichtner, Fichtner Organizations: Istock, Getty, Center for Retirement Research, Boston College, American Enterprise Institute, Federal Reserve Bank of Boston, Social Security, U.S, Mercatus, George Mason University, Cato Institute, National Association of Plan, Center, Board

☆ As baby boomers hit 'peak 65' this year, what the retirement age should be is up for debate
▼ + stars: | 2024-02-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

A fight is brewing in Washington over whether the mandatory retirement age for airline pilots should be raised from 65. The debate comes as baby boomers more broadly are reaching "peak 65" — the biggest number of Americans reaching that age in history. Age 65 has traditionally been thought of as retirement age. In France last year, pension reforms that raised the retirement age from 62 to 64 sparked fierce protests. In the U.S., the Senate is expected to mark up a Federal Aviation Administration reauthorization bill that will consider the pilots' retirement age.

Persons: Barry Kendrick Organizations: Alliance for Lifetime, Social Security, Finance, Federal Aviation Administration, Congress, Air Line Pilots Association Locations: Washington, U.S, France

☆ Saving for retirement in your 50s can be 'really stress-inducing,' expert says. These tips can help
▼ + stars: | 2024-02-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The median age that workers 50 and older expect to retire is 67, according to the Transamerica Center for Retirement Studies. Brush up on Social Security, Medicare rulesIt is a great time in your 50s to look at your Social Security statement to see the retirement benefits for which you may qualify, according to Jenkin. The Social Security Administration provides free access to benefit information online. For example, it may make sense for someone to retire at age 63 and a half and then use COBRA coverage for the 18 months until they reach Medicare age, Jenkin said. If you're in your early to mid-50s, it's also a great time to explore what the Social Security claiming strategy fits your particular situation best.

Persons: Silke, Dogan, Ted Jenkin, Xers, Jenkin, they're, Brush, it's Organizations: Bank, Getty, Transamerica Center, Retirement, CNBC's, federal, Savings, Fidelity, Social Security, Social Security Administration Locations: Atlanta

☆ As car insurance costs surge, here's why your credit score may be partly to blame
▼ + stars: | 2024-02-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

If you've noticed the cost of your car insurance policy has gone up, you're not alone. The national average cost for full-coverage car insurance has gone up to $2,543 per year, according to Bankrate. For example, Detroit drivers stand to pay the highest average annual expense, with $5,687, or 7.98% of the median household income. Other cities in Bankrate's ranking of top five most expensive cities for car insurance include Las Vegas, Miami, Philadelphia and Tampa. The least expensive city for full-coverage car insurance is Seattle, where drivers spend an average of $1,759 per year, or 1.65% of the median household income.

Persons: you've, Shannon Martin, Martin Organizations: " Insurance, Finance Locations: Detroit, Bankrate's, Las Vegas , Miami, Philadelphia, Tampa, Seattle, Boston, Minneapolis, Portland, Washington

☆ If you want to age in place in retirement, experts say these are the things you should consider
▼ + stars: | 2024-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Westend61 | Westend61 | Getty ImagesThere's no place like home — especially as you age. "People might say, 'I want to age in place as the default plan, because that's what I'm already doing,'" said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place. The costs of the upgrades necessary to age in place can vary, experts say. Chiang said she has seen the prices of bathroom upgrades vary within Florida, where her practice is based. To make sure your home upgrades are successful, experts say it's wise to keep several things in mind.

Persons: I'm, Carol Chiang, Chiang, Carolyn McClanahan, Curt Kiriu, Kiriu, there's, Thomas West Organizations: Westend61, Getty, AARP, Finance, Social Security, CNBC's FA, CK, Builders, National Association of Home Builders, Signature Estate, Investment Advisors Locations: CNBC's, Florida, Mililani, Hawaii, Oahu, Tysons Corner , Virginia

☆ Tens of thousands of workers were laid off in January. If you were affected, here's how you may find work faster
▼ + stars: | 2024-02-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government data shows a surprisingly strong job market for the month of January. But there are signs of weakness in the labor market, based on tens of thousands of workers who have been laid off since 2024 started. At the same time, the latest data shows the U.S. job market is still strong, with the unemployment rate holding at 3.7%. "At the same time, we have to understand that certain sectors of the economy may be experiencing more disruption or innovation." With that innovation comes a higher risk that workers may suffer from an income loss as the economy adjusts, he said.

Persons: Mark Hamrick, Hamrick Organizations: Finance

☆ New bill in Congress calls for creating children's savings accounts from birth. Here's how it would work
▼ + stars: | 2024-01-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The plan calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers. More from Personal Finance:IRS to launch free tax-filing pilot programJamie Dimon: Improving earned income tax credit is 'no brainer'Biden has forgiven student debt for millions. Children in households that are eligible for the earned income tax credit — which aims to reduce the federal tax burden for low- to moderate-income workers — would receive additional aid. The proposal comes as Congress is poised to consider a new expansion of the child tax credit. Estimates have found the new child tax credit could help about 16 million children from low-income families in the first year, according to the Center on Budget and Policy Priorities.

Persons: Democratic Sens, Bob Casey of Pennsylvania, Chuck Schumer, Ron Wyden, Don Beyer of Virginia, Joyce Beatty, Suzan, Jamie Dimon, Biden, Casey, Momo, Roth, I'm, Madeline Brown Organizations: Democratic, New, Reps, Finance, IRS, Getty, Center, Budget, Urban Institute, D.C Locations: New York, Oregon, Joyce Beatty of Ohio, Washington, U.S

☆ No emergency fund? These tips can help you build savings and find extra cash in your budget, advisors say
▼ + stars: | 2024-01-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

If you're like most people, you may not have an emergency savings fund. It's not necessarily our fault, experts say, as our brains are programmed to focus on our needs today. He and other financial advisors typically recommend having at least three to six months' living expenses set aside in case of an abrupt change in income or unexpected event. At that point, it doesn't feel like as much of a stretch to set aside 20% of your income toward retirement and 5% toward an emergency fund. Financial advisors often see this barrier to savings with their clients and have their own tactics for nudging clients to set aside more cash and free up flexibility in their budgets.

Persons: It's, We're, Brad Klontz, CNBC.com, Klontz Organizations: Finance, CNBC FA

☆ Fake rich? Affluent millennials are more likely to exaggerate to appear wealthy. Here's what experts say they should do instead
▼ + stars: | 2024-01-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

But one group — affluent millennials — are more likely to lie or exaggerate their finances to appear financially successful, according to a recent survey from Wells Fargo. That goes for 34% of affluent millennials versus just 20% of Gen X or 4% of baby boomers. More than half of affluent Americans have cut back on luxury purchases post pandemic. Yet affluent millennials — with $250,000 to more than $1 million in investable assets — are going to great lengths to appear wealthy. Wells Fargo found 29% of affluent millennials admit they sometimes buy items they cannot afford to impress others.

Persons: boomers, Wells Fargo, Gen Xers, Emily Irwin, Irwin Organizations: Finance Locations: Wells Fargo

☆ 44% of Americans can't pay an unexpected $1,000 expense from savings. 'We're just not wired to save,' expert says
▼ + stars: | 2024-01-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Brand X Pictures | Stockbyte | Getty ImagesWhy Americans are prone to 'financial fragility'Almost two-thirds of respondents, 63%, say high inflation has left less room to save for emergencies. "There's a persistence of fragility in American society," said Mark Hamrick, senior economic analyst at Bankrate. Yet year after year, surveys show building meaningful emergency savings remains a difficult hurdle for many Americans. How to reframe how you think about savingTo successfully boost emergency savings, it may help to reframe the way you think about that goal, Klontz, said. What may help to overcome that is to visualize, which helps create an emotional experience that can help activate behavioral change.

Persons: Mark Hamrick, Hamrick, Klontz Organizations: Brand

☆ As the S&P 500 enters bull market territory, here's what to consider before you invest
▼ + stars: | 2024-01-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Spencer Platt | Getty ImagesThe S&P 500 stock index climbed to a new all-time high on Monday. Last year, the S&P 500 rose more than 20% from its most recent low. What is the S&P 500 index? watch nowHow can you invest in the S&P 500? The greater a portfolio's exposure to the S&P 500 index, the more the ups and downs of that index will affect its balance.

Persons: Spencer Platt, — Organizations: New York Stock Exchange, Getty Locations: New York City

☆ Despite high older voter turnout in Iowa caucus, Social Security topic still remains on back burner
▼ + stars: | 2024-01-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A caucus worker checks in voters at a caucus site at the Horizon Events Center in Clive, Iowa, on Jan. 15, 2024. Former President Donald Trump won the Iowa caucus by a landslide, due in part to strong turnout by older voters. "While the turnout overall was low, 70% of caucusgoers who turned out were over the age of 50, which is unprecedented," said Brad Anderson, Iowa state director at the AARP. Historically, the turnout at Iowa caucuses tends to hover around 60% and traditionally skews older, he said. "Given the weather, I think people are genuinely surprised at how robust the older caucusgoer turnout was," Anderson said.

Persons: Donald Trump, caucusgoers, Brad Anderson, Anderson, Ron DeSantis, Nikki Haley, DeSantis, Trump Organizations: Horizon, AARP, Finance, Trump, Florida Gov, United, Security, New Locations: Clive , Iowa, Brad Anderson , Iowa, Iowa, United Nations, New Hampshire

☆ A 12% retirement return assumption is 'absolutely nuts,' expert says. Here's a realistic rate to expect
▼ + stars: | 2024-01-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

GlobalStock | Getty ImagesReturn assumptions as a lesson on compoundingThe point of the example was not to expect a 12% average rate of return on your money, Orman tells CNBC.com. Why 12% is an optimistic benchmarkThere's a reason that 12% tends to be used as a benchmark, according to Blanchett. How much retirement savers can expect to earnSo how much can you realistically expect to earn on your retirement investments? The first example with a 12% average rate of return is to illustrate the power of compounding. How your personal rate of return may varyTo be sure, no rates of return are guaranteed.

Persons: Orman, CNBC.com, Young, Roth, Ramsey, Blanchett, It's, " Blanchett, Brian Spinelli, Spinelli Organizations: IRA, Fidelity, Global, CNBC's Locations: Long Beach, Calif

☆ A city famous for its beaches is helping residents age in place. What to know if you want to stay in your home
▼ + stars: | 2024-01-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

About 10,000 baby boomers are expected to turn age 65 every day until 2030. An estimated 70% of those individuals will need long-term care services at some point, according to Genworth Financial. 'Forever grateful' for communitySylvia Bradshaw, an 84-year-old Laguna Beach resident who moved to the city in 1983, describes it as "paradise." "Anything that I've needed, I've gotten help," Bradshaw said. That has included help sorting through insurance choices, legal advice, transportation assistance and classes and social events, said John Bradshaw, Sylvia's son.

Persons: Laguna Beach , California Luciano Lejtman, Jessica Lautz, Lautz, Sylvia Bradshaw, Bradshaw, it's, Redman, I've, John Bradshaw, Sylvia's, John, Carolyn McClanahan, McClanahan, Tom West Organizations: Getty, National Association of Realtors, Laguna Beach, Planning Partners, Signature Estate, Investment Advisors Locations: Laguna Beach , California, Laguna, Ireland, Laguna Beach, Jacksonville , Florida, Tysons Corner , Virginia

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