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☆ Base case for equities is a leisurely bull market, says Yardeni Research president
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBase case for equities is a leisurely bull market, says Yardeni Research presidentEd Yardeni, Yardeni Research president, joins 'Squawk on the Street' to discuss the potential return of a market melt-up, whether baby boomers will soon be spending all of their wealth, and more.

Persons: Ed Yardeni Organizations: Yardeni Research

☆ 10 cities where Social Security and retirement incomes are the highest
▼ + stars: | 2024-05-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Read previewResidents of some cities in Virginia, Massachusetts, and Texas have the nation's highest retirement income and Social Security benefits. The DC area's high retirement incomes stem mainly from higher pension and IRA incomes instead of Social Security payments, which are lower than many other cities in the top 20. This breaks down into $51,344 in retirement account income and $28,219 in Social Security income. Though not in the top 10 overall, Ann Arbor ranked highest for Social Security income at $30,428, followed closely by Carmel, Indiana, at $30,069. Meanwhile, residents of 14 cities in SmartAsset's study depend on Social Security for over half their retirement income, including Lewisville, Texas, at 54.4%.

Persons: —, they're, Ann Arbor Organizations: Service, Social Security, Survey, Business, Nationwide, AARP, Social, DC, Goodyear Locations: Virginia , Massachusetts, Texas, Arlington , Virginia, Cambridge , Massachusetts, The Woodlands , Texas, Washington, DC, Arlington, Alexandria, Cambridge, Berkeley, Highlands, Colorado, Naperville, Illinois, Carmel , Indiana, Southern, Arizona, Sugar, Lewisville , Texas, Spring Hill , Florida, South Bend , Indiana

☆ Is it time to rethink the 4% retirement withdrawal rule? Experts weigh in
▼ + stars: | 2024-05-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

TIAA has launched a new metric to show why the 4% rule combined with an annuity can provide a higher amount of income than just using the 4% rule alone. For example, if a retiree has $1 million in total savings, the 4% rule would provide them with $40,000 in their first year of retirement. That is based on the combined income of the annuity and a 4% withdrawal on the remaining $666,667 portfolio. The first-year withdrawal of the annuity strategy — $52,667 versus $40,000 — is 32% higher and $1,056 more per month than just using the 4% rule. When withdrawal rates may be higherThe 4% rule has its blind spots when applied to today's retirees, according to recent research from Blanchett.

Persons: TIAA, Benjamin Goodman, Colin Gerrety, Goodman, Blanchett, Morningstar Organizations: Istock, Getty, Social Security, TIAA Institute, Wealth, Inflation Protection Securities, Security Locations: Corner , Virginia

☆ 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

☆ Fewer homeowners are remodeling, but demand is still 'solid'
▼ + stars: | 2024-05-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Skynesher | E+ | Getty ImagesFewer homeowners have been taking on remodeling projects, reports show. The Leading Indicator of Remodeling Activity, an outlook measuring home improvement and repair spending on owner-occupied homes, peaked at 17.3% in the third quarter of 2022. The NAHB/Westlake Royal Remodeling Market Index by the National Association of Home Builders reflects a similar decline. In a release for the group's first quarter report, NAHB Remodelers Chair Mike Pressgrove noted that "demand for remodeling remains solid, especially among customers who don't need to finance theirprojects at current interest rates." The increase in home improvement spending, along the decrease in projects, suggests inflation corroded household budgets, according to the home services website.

Persons: Robert Dietz, NAHB, Mike Pressgrove, remodelers, That's, It's, Redfin Organizations: Getty, Westlake Royal, National Association of Home Builders, RMI, NAHB, Homeowners, State, Angi Locations: U.S

☆ Meet the millennials who suddenly doubled their wealth in the last 4 years after an adulthood plagued by bad economic luck
▼ + stars: | 2024-05-11 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +11 min

"So looking at even a $150,000 price tag for a house, you're just like, when is that ever going to happen?" In the fourth quarter of 2019, millennials held $3.5 trillion in real estate wealth; as of the fourth quarter of 2023, that's more than doubled. Average millennial wealth doubled between 2019 and 2023, according to an analysis from the Center for American Progress. For example, Gen Xers' real wealth grew by only 4% in the four years following 2007's Great Recession. Baby boomers' real wealth grew by 46% in the four years after the 1990 recession.

Persons: —, James Barnes, Barnes, you'd, millennials, Khary, Gen Xers, boomers, Joe Biden, Biden, didn't, Amanda, Rob Gruijters, They're, there's, Caitlin de Oliveira, she's Organizations: Service, Navy, BI, Center for American Progress, University of Cambridge, Research Locations: Lawrenceville , Georgia, Atlanta, Alabama, —, Texas

☆ BMO is buying the real estate dip. These dividend-yielding stocks on are its buy list
▼ + stars: | 2024-05-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Real estate stocks have become oversold and that's presented an opportunity for investors, according to BMO. Real estate is the only S & P 500 sector that's in the red this year, off 6%. .SPLRCR YTD mountain S & P 500 Real Estate Sector year to date BMO identified four other periods of this abnormal underperformance. In the year following such troughs, real estate investment trusts outperformed the S & P 500 by about 17%, on average. "The death of commercial real estate is way, way precluded.

Persons: that's, Brian Belski, Belski, REITs, Charles Meyers Organizations: BMO, Real, Boston Properties, CNBC, Boomers, . Census, Hotels, Resorts Locations: New York, San Francisco

☆ Staying together for your kids, like Donna and Ed Kelce did, is good — if you do it right, a therapist says. Here's how.
▼ + stars: | 2024-05-09 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +6 min

Donna Kelce shared her reasons for delaying her divorce from Ed Kelce. Donna Kelce, mother of football players Jason and Travis Kelce, approached it a little differently. "But there are a lot of ways to have a marriage and a family," Morley said, that don't necessarily require romance or sex. AdvertisementFrom the way Donna and Ed Kelce talk about coming to their choice together, Morley said it shows "they did this with intentionality." Ed Kelce (top row, third from left), Donna Kelce, Jason Kelce, and Taylor Swift watching Travis Kelce play in the 2024 Super Bowl.

Persons: Donna Kelce, Ed Kelce, Jason, Travis Kelce, —, it's, Martha Stewart, Kelce, Stewart, Dr, Isabelle Morley, Morley, Jason Kelce, It's, Donna, they're, Taylor Swift, Tim Nwachukwu Organizations: Service, University of Cincinnati, Bowling Green State University's National, for Family Locations: Boston

☆ A 63-year-old peak boomer said she 'can't even think about retiring' despite having a master's degree and working two jobs
▼ + stars: | 2024-05-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.

Persons: Cathy, ALICE, —, Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St

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

☆ I ended up being a caretaker for both my baby boomer parents. My Gen Z friends were surprisingly understanding.
▼ + stars: | 2024-05-08 | by ( Ivannia Morton | ) www.businessinsider.com time to read: +4 min

I've always known that my parents were older than the parents — and occasionally even the grandparents — of my peers. Having older parents than my peers was both rewarding and challenging while growing up. Almost any child with older parents, regardless of the generation they were born into, can tell you they've imagined what taking care of their parents would look like. To my surprise, many of my Gen Z friends knew exactly what I was going through. You rarely tell the "outside" — be it your extended family or friends, what's going on "inside" — or in the home.

Persons: I've, —, what's, I'd

☆ Less booze, more healthcare: How the spending habits of today's millennials compare to boomers 30 years ago
▼ + stars: | 2024-05-08 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

In the intervening 33 years, how young adults spent their money changed dramatically. Millennials are spending a lot more on healthcare and rented housingHealth insurance spending stands out between the average young adult in 1989 versus in 2022. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989.

Persons: —, Harry Met Sally, millennials, Gen Zers, Grace Hill, Gen Organizations: Service, Nintendo Game, Business, Bureau of Labor Statistics, Labor, BLS, Pew Research Center, CPI, Gallup Locations: Millennials

☆ China is in the middle of its own retirement crisis as many older people cannot afford to stop working
▼ + stars: | 2024-05-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

China is grappling with a retirement crisis as its population ages. According to OECD data, people over the age of 60 account for 13% of the country's workforce. China is anticipating another 300 million people to reach retirement age in the next 10 years. AdvertisementChina is going through a retirement crisis, with a significant portion of older people finding that they can't afford to stop working. That rivals the share of workers who are of retirement age in the US, where 10%-15% are aged 60 or older.

Persons: —, That's Organizations: Service, OECD, Reuters, Social Security, Budget, Trustees Locations: China

☆ Home Sellers' Tough Summer: Get Ready for Lower Prices, Fewer Offers
▼ + stars: | 2024-05-08 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Rich baby boomers jumped in with all-cash offers, and sellers scored huge windfalls as weary buyers pushed prices to new heights. After all, people have to move for a wide variety of life reasons; mortgage rates be damned. "The further and further we get from the peak of the market," Peterson told me, "the harder it is to deny what's happened." Mortgage rates haven't fallen — in fact, they've gone up about 0.6 percentage points since the start of the year. "It can always be tricky telling somebody that they were just lucky because it makes you sound envious," Peterson told me.

Persons: Rich, Sellers, Eric Peterson, Peterson, Austin, Freddie, they've, Selma Hepp, Freddie Mac, Mike Simonsen, Redfin, towners, Libby Levinson, Katz, Price, Levinson, John Burns, they'll, Realtor.com, you'd Organizations: Freddie Mac, Reserve, Federal Housing Finance Agency, Altos Research, Sun, John, John Burns Research, Consulting Locations: Austin, Boise , Idaho, Denver

☆ The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate
▼ + stars: | 2024-05-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There's a massive wealth transfer underway. "It has started and it's only going to accelerate," said Liz Koehler, head of advisor engagement for BlackRock's wealth advisory business. And yet, some millennials and Generation Z may not be inheriting as much as they think. Recent reports show a growing disconnect between how much the next generation expects to receive in the "great wealth transfer" and how much their aging parents plan on leaving them. However, 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000, Alliant found.

Persons: Liz Koehler, Gen Zers, Alliant, Isabel Barrow Organizations: Finance, Alliant Credit Union, Federal Reserve Bank of Boston, Edelman, Edelman Financial Locations: millennials

☆ As high-paying jobs become harder to get, more Americans are looking to Uber and Lyft for extra income
▼ + stars: | 2024-05-07 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Gig work, in particular ride-hailing for companies like Uber and Lyft, is getting more popular. AdvertisementMore and more Americans are taking up gig work for companies like Uber and Lyft — in part because some have fewer options to land high-paying jobs. Additionally, BofA found that people with ride-hailing income earned, on average, more a month than those who did delivery gig work. Vacation rental was the highest-earning gig BofA measured, but this is only accessible to people with a home to rent out. While some young people could value the supplementary income gig work can provide — particularly if they're struggling to pay the bills — others may end up disappointed.

Persons: Uber, —, Lyft, BofA, it's, they've, Kate Bahn, X, Gen, they're Organizations: Service, Bank of America, Bank of America Institute, Bureau of Labor Statistics, Institute for Women's, Research, Atlanta Fed, millennials

☆ As a college professor, I'm seeing more Gen X and Baby Boomer students than ever before. They're changing the way I teach.
▼ + stars: | 2024-05-07 | by ( Lisa Chilcote Bacco | ) www.businessinsider.com time to read: +5 min

I've been a college professor for 20 years, and I'm seeing more Gen X and Baby Boomer students. I no longer lecture to the class and instead let the older students take the lead. An increasing number of college students aren't kids anymore; they're older — many of whom are my generational peers. It's changed the way students learn and the way I teach. I quickly realized they learn differentlyI've noticed that older learners engage in ways that are different from traditional college students.

Persons: I've, Baby Boomer, —, there's, Gen Xers, It's, reboots, diversifies Organizations: Service, Boomers

☆ Here's how to avoid getting 'hammered' on inherited individual retirement account taxes, experts say
▼ + stars: | 2024-05-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Inherited individual retirement accounts can be a financial boost for heirs, but the windfall can trigger tax issues, experts say. Withdrawals from pretax inherited IRAs incur regular income taxes. Since 2020, certain heirs can no longer "stretch" retirement account distributions over their lifetime to reduce yearly taxes. Now, certain heirs, including most adult children, must deplete inherited accounts within 10 years, known as the "10-year rule." While only about 20% of May's clients have inherited IRAs, she expects more heirs to face the tax-planning issue as baby boomers age.

Persons: IRAs, Ed Slott, Roth, Slott, JoAnn May Organizations: Finance, IRS, Asset Management Locations: Berwyn , Illinois

☆ A 62-year-old employed 'peak boomer' in California makes too much for affordable housing but lives in her car: 'I'll work until I drop'
▼ + stars: | 2024-05-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Cheryl Simmons, a parking lot attendant, lives in her car but makes too much for affordable housing. She lives in her car, even though she makes about $42,000 a year. She makes slightly too much for a single-room occupancy unit in affordable housing and exceeds the income limit for food stamps and other government assistance. AdvertisementSimmons is one of the 30 million "peak boomers" entering retirement age in the next few years, but most are not financially prepared to retire. A new report from the Alliance for Lifetime Income's Retirement Income Institute found that 52.5% of peak boomers have below $250,000 in assets.

Persons: Cheryl Simmons, Simmons, —, she'll, she's, ALICE —, ALICE, it's Organizations: Service, Alliance, Lifetime, Assistance, Food Locations: San Diego, Albuquerque, California, Texas

☆ 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

☆ Americans ditch suffocating healthcare costs and divisive politics to retire in Italy: 'It's the way they approach life'
▼ + stars: | 2024-05-05 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +10 min

Some Americans are choosing to retire abroad because of healthcare costs and divisive politics. The US is no longer a desirable place to retireThere used to be a seemingly clear-cut path to retirement in the United States. According to Fidelity's 2023 Retiree Healthcare Cost Estimate, a single individual can spend an average of $157,000 on medical expenses and healthcare throughout retirement. Gregorio, 52, is an Italian-American who founded the international social network Expats Living in Rome in 2001. It also offers a community through Facebook groups like Expats Living in Rome and Expats Living in Italy, where people can ask questions and share updates on their journeys.

Persons: —, Eric, Christina Schwendeman's, Christina, Christina Schwendeman, Larry Fink, Micki Dukinfield, Micki, Dukinfield, Schwendemans, BUSS, It's, Donald Trump, Joe Biden, Colin Esaw, Ron DeSantis, Esaw, He's, Italy Patrizia Di Gregorio, Gregorio, Patrizia Di Gregorio, Expats Organizations: Service, US State Department, Social Security, BlackRock, AARP, Business, Trump, Republican, Facebook, BI, Super America Locations: Italy, Naples , Florida, United States, Clavesana, Italy's Piedmont, America, Minnesota, Vicenza, Venice, Vincenza, Florida, Ireland, Orlando, Scalea, Calabria, Italian, American, Rome

☆ 3 reasons your teens and 20s are 'the decisive decade'
▼ + stars: | 2024-05-04 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

And there are three key reasons Gen Zers' decisive decade will shape their ongoing mental and financial health. Unhappiness can shape long-term mental healthGen Zer's mental health outcomes are shaped by their involvement in school and work, Brookings researchers said. AdvertisementAt work, many Gen Zers are struggling with anxiety, work-life balance, and burnout — more so than millennials, Gen X, and boomers. Unhappiness and social isolation are especially affecting Gen Zers who reached adolescence during the pandemic. Not all Gen Zers start on equal footingTo be sure, Gen Zers' education, work, and financial outcomes are also dependent on their life circumstances in childhood.

Persons: —, Zers, Gen Zers, Ian Rowe, Gen X, Lara Aknin, it's, Zer, isn't Organizations: Service, Pew, Business, Brookings Institution, Brookings, Urban Institute, American Enterprise Institute, Research Locations: America, Brookings

☆ Red Lobster brought seafood to the masses. Now it’s on the verge of bankruptcy
▼ + stars: | 2024-05-03 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.

Persons: Lobster, “, ”, John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, ‘, Thai, “, ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand

☆ A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'
▼ + stars: | 2024-05-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kirsch is hoping to start collecting Social Security checks in a couple of years, just before his 67th birthday. Related storiesFor many, Social Security won't be enough to fill the gaps. As of March 2024, the Social Security Administration said that its average monthly check sent to recipients is $1,774.83. And, if lawmakers don't intervene, the US Social Security fund is set to dry out by the late 2030s. "Start saving and do it as aggressively as you can," he said.

Persons: —, David Kirsch, Kirsch, Hill , New Hampshire —, he's, Kirsch isn't, didn't Organizations: Service, He's, Business, Walmart, Survey, Income, Social, Social Security Administration, US Social Security Locations: Caribbean, South America, Hill , New Hampshire

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