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☆ By 2054, there will be 422,000 Americans over age 100. That poses a financial challenge
▼ + stars: | 2024-04-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a Pew Research Center analysis of U.S. Census Bureau data. What's more, the centenarian population has nearly tripled in the last three decades alone, according to Pew. Among the best ways to hedge against outliving one's savings is by working longer, according to retirement experts. That may be more necessary as employers have offloaded responsibility for retirement savings onto workers' shoulders, by shifting from pensions to 401(k)-type retirement plans. "People need to be prepared to work longer," he said.

Persons: Artur Debat, Pew . Irving Piken, Piken, Mark Rightmire, John Scott, Barry Glassman, Glassman, Pew's Scott, Scott Organizations: Pew Research, Census, Pew ., Woods Community, MediaNews, Orange, Getty, Finance, Wealth Services, Reference, Workers, Social Security, Security Locations: U.S, California

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

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

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

☆ There's a conservative 'great migration' from blue states — and one place is the big winner
▼ + stars: | 2024-04-18 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +5 min

Conservatives are fleeing blue states in favor of red states. Conservatives are fed up with the cost of living, and the politics, in blue states. AdvertisementConservatives are flocking en masse from blue states to one Republican stronghold in particular: South Carolina. Chabot said blue states need to take a page out of red states' playbook. "And so if these blue states want to get better, then they need to look at what red states are doing to retain their populations and their businesses."

Persons: —, Paul Chabot, he's, Chabot, Brad Liles, homebuyers, Zillow, Washington state's, It's, Lina Brock Organizations: Service, Republican, Wall Street, The State, New York Times, Washington, Times, Furman University, Forbes, Census Bureau Locations: Carolina, South Carolina, North Carolina , Georgia, New York , California, Florida, Virginia , Pennsylvania, Texas , New Jersey, Maryland, Texas, California, Washington, Oregon, Democratic, Spartanburg, Greenville , South Carolina, United States, Greenville, Black, —

☆ Here are some tips for homebuyers to save on costs with newly built homes, experts say
▼ + stars: | 2024-04-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Buyers of newly built homes can come across a number of sticker shocks. In February, the median sale price for new construction sold in the U.S. was $400,500, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Depending on what you're picking, they're adding up the tab," Fuentes said. To save on costs with a new build, it may be in a potential buyer's best interest to hire a contractor later on to add desired finishes, experts say. "Think about those elements that could be easily added at a later date," said Angie Hicks, home expert and co-founder of Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations.

Persons: Veronica Fuentes, Fuentes, Angie Hicks Organizations: . Census, Department of Housing, Urban, Finance Locations: U.S, Washington ,

☆ More and more Americans are becoming 'ALICEs.' They can't afford rent and groceries but are falling through the cracks in the country's safety net.
▼ + stars: | 2024-04-18 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Many ALICEs are workers whose wages typically aren't enough to cover their bills, meaning they live paycheck to paycheck. And while those measures might reach the most financially distressed Americans, the benefit cut-offs leave behind the still-precarious group of ALICEs. Some state-to-state benefits are often available to individuals and families earning 200% to 250% of the Federal Poverty Level. Simultaneously, over the last 12 years, ALICEs have been falling behind on wage increases. AdvertisementIndeed, many Americans aren't necessarily falling into poverty, but they are increasingly teetering toward becoming ALICEs.

Persons: —, ALICE, ALICEs, Stephanie Hoopes, United For ALICE, Hoopes, ALICE would've Organizations: Service, United Way's, Business, Survey, United For, SNAP Locations: Montana, Idaho, ALICEs, Florida, Utah

After I sold my home and started renting, I learned that renting was not a waste of money. My advice: Don't rush into homeownership thinking it's the only way to build wealth. Building wealth does not have to include owning a home, and owning a home is not the only way to build wealth. Don't rush into homeownership thinking that it is the fastest way or the only way to build wealth. Here are a few things I learned after going from owning a home to renting.

Persons: —, It's, it's Organizations: Service, Census Bureau Locations: American

☆ Retail sales jumped 0.7% in March, much higher than expected
▼ + stars: | 2024-04-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Excluding auto-related receipts, retail sales jumped 1.1%, also well ahead of the estimate for a 0.5% increase. An increase in gas prices helped push the headline retail sales number higher, with sales up 2.1% on the month at service stations. Resilient consumer spending has helped keep the economy afloat despite higher interest rates and concerns over stubborn inflation. Consumer spending accounts for nearly 70% of U.S. economic output so it is critical to continued growth in gross domestic product. Stronger consumer spending could cause the Fed to hold off longer on cuts, said Andrew Hunter, deputy chief U.S. economist at Capital Economics.

Persons: Dow, Andrew Hunter, Hunter Organizations: Commerce Department, Labor Department, Sporting, Federal Reserve, Capital Economics Locations: Iran, Israel

☆ Moving Away From a Big City Can Seriously Damage Your Career
▼ + stars: | 2024-04-15 | by ( Aki Ito | ) www.businessinsider.com time to read: +8 min

Moving away from a major city, Moretti found, can be terrible for your career. The market for WFH jobs has cratered, putting everyone who moved away from big cities at risk. Those who moved away from big cities effectively gave up their career insurance. In a big city, you also run into people who work for other companies in your industry — on the bus, at the bar, in line at the deli. "The benefits of being a big city," Moretti tells me, "have been underappreciated" during the pandemic.

Persons: I've, —, We've, Enrico Moretti, Moretti, Des Moines, they'll, they're overqualified, That's, Madison Hoff, Aki Ito Organizations: Franciscan, Census, University of California, Business Locations: New York, Los Angeles, San Francisco, Seattle, America's, Berkeley, Paris, Des, Iowa, California, Sacramento, Bay

☆ RNC under Lara Trump spreads ‘massive fraud’ claims about 2020 election
▼ + stars: | 2024-04-10 | by ( Andrew Kaczynski | Em Steck | ) edition.cnn.com time to read: +7 min

Lara Trump has a long history of echoing his election fraud claims, according to a CNN KFile analysis of her past statements as a commentator and surrogate for the former president. There is no evidence of widespread fraud in the 2020 election, as even some state GOP election officials and former Trump Attorney General William Barr have acknowledged. But in the years since the 2020 election, Lara Trump has continued to push claims of fraud. In the same interview, Trump also added the GOP needed to “trust mail-in voting.”Neither the RNC nor Lara Trump responded to multiple requests for comment. “No, we don’t believe that.”On her internet show and podcast, and in public events, she often spread outlandish and nonsensical claims about the 2020 election.

Persons: Lara Trump, Donald Trump, Donald Trump’s, “, Trump, ”, CNN’s KFile, Michael Whatley, Drew McKissick, Ronna McDaniel, William Barr, who’s, Joe Biden’s “, ” Trump, Cecile Clocheret, Biden, Joe Biden, Lara, They’re, We’re Organizations: CNN, Republican National Committee, RNC, GOP, Trump, Republicans, NBC, ”, Getty, Biden, US Census Bureau, Pew Research Locations: American, Houston, AFP, South Carolina, United States

☆ 2 certified divorce financial advisors share 4 mistakes to avoid when it comes to dividing assets and money planning after marriage
▼ + stars: | 2024-04-05 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

That's why the duo, who are both certified divorce financial advisors, launched Divorce Friday, a financial education blog for those going through a split. "I know that women need more help when they're going through a divorce. Through the years, Pappas and Chen have seen some common mistakes that divorcees make when divvying up assets. "If they're going to be single now, the tax rate is effectively higher, so they're going to have less income with a higher tax rate, and that is a problem." 2024 federal income tax brackets

Persons: Diane Pappas, Chris Chen, Pappas, there's, it's, Chen Organizations: Census, Centers for Disease Control, Business Locations: State, New York

☆ The 12 top cities in the US where everyone is moving
▼ + stars: | 2024-04-03 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

Eight Florida cities made the top 12 positive net domestic migration rates among metros. The Dallas metro area had the greatest total positive net domestic migration. The latest net domestic migration values from the Census Bureau were for the period of July 1, 2022, to June 30, 2023. Dallas-Fort Worth-Arlington, Texas, had the highest positive net domestic migration among metros, with a value of 60,457. Below are the US metros with the highest positive net domestic migration rates per 1,000.

Persons: — Organizations: Service, metros, Business, Fort Locations: Florida, Wildwood, Dallas, Fort Worth - Arlington , Texas, Houston, Pasadena, Woodlands, Texas, Tampa, St, Petersburg, Clearwater, Myrtle Beach, Conway, Myrtle Beach , South Carolina, Carolina

☆ You need to earn $100,000 a year to buy a typical home in these 23 U.S. places
▼ + stars: | 2024-04-02 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Most people don't earn six figures, but it's become the new benchmark for whether or not you can afford a typical U.S. home. Americans need to earn an annual income of $110,871 to buy a median-priced home of $402,343 — a 46% increase since January 2020, according to a new Bankrate analysis of Redfin sales data. For context, households currently earn a median income of $74,580, according to the most recent U.S. Census Bureau data available. As a result, the number of places where you need to earn $100,000 or more to afford a median-priced home has climbed from seven to 23 since January 2020. In Montana, the income needed to buy a median-priced home increased 77% since 2020 — the largest jump of all states.

Persons: it's, Bankrate, homeownership Organizations: Census, of Columbia, Washington, Rhode, Center, of Labor Statistics, CNBC Locations: U.S, California, Hawaii, Massachusetts, Colorado, Jersey, York, Utah, Montana, Hampshire, Oregon, Connecticut, Florida, Vermont, Idaho, Nevada, Arizona, Maryland, Virginia, Maine, Texas, Hawaii , Massachusetts, New York, Utah , Montana and Idaho, Midwest, Mississippi , Ohio , Arkansas , Indiana , Kentucky, Iowa, Oklahoma

☆ Sydney Sweeney fans can thank PowerPoint for her Hollywood success
▼ + stars: | 2024-04-01 | by ( Amanda Goh | ) www.businessinsider.com time to read: +4 min

Advertisement"It was hard because LA is very different from Spokane," Sweeney told Who What Wear. Advertisement"My quote, unquote success didn't come until I was in my 20s," she said, adding that her parents didn't really get to experience her success with her because of their divorce. I just felt a responsibility to show them that it was worth it," Sweeney told Variety. Sweeney isn't the only celebrity to pitch her parents about going into acting using PowerPoint; Emma Stone did it too. AdvertisementA representative for Sweeney didn't immediately respond to a request for comment sent outside regular business hours.

Persons: —, Sydney Sweeney, Sweeney, didn't, Amy Sussman, she'd, Murray, Sweeney isn't, Emma Stone, Stone, Sweeney didn't Organizations: Service, Business, Census Bureau, British GQ, Hollywood Reporter, Hollywood Locations: Los Angeles, Spokane , Washington, LA, Spokane, Hollywood, British

☆ The top 5 U.S. cities to retire if you don't have any savings—only 1 is in Florida
▼ + stars: | 2024-03-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've got nothing saved for retirement, you're not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. The average monthly benefit is around $1,773 as of February, per the Social Security Administration. It ranked each city on a variety of metrics, including the city's average home value, annual grocery costs, annual utilities costs and whether the state taxes Social Security benefits. Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.

Persons: you've, Anne Lester, Roth, GOBankingRates Organizations: CNBC, Roth IRA, Social Security, Social Security Administration, Social, U.S, Survey, Tax Foundation, Bureau of Labor Statistics, Expenditure Locations: U.S

☆ A boomer who moved from California to Florida started a Facebook group to help friends make similar moves. 300,000 members later, guiding Californians to new states is his full-time job.
▼ + stars: | 2024-03-31 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +11 min

A few years ago, Terry Gilliam, 64, packed his bags, sold his East Bay, California home, and moved to Florida. After founding two Facebook groups for California movers, he realized thousands more were in the same boat. His groups, Leaving California and Life After California, have nearly 300,000 members between them. Gilliam moved to Winter Park, a city of 29,000 outside Orlando, to help care for his parents. Van Edom, the Knoxville realtor, said Knoxville is a newly popular destination for California movers.

Persons: Terry Gilliam, Gilliam, It's, they're, I've, Terry Gilliam Terry Gilliam, Haley Van Edom, California Gilliam, I'm, he's, He's, Craig Blessing, Van Edom, Shay Felknor, Berkshire Hathaway, Dan Joyner, there's, Felknor, Ethan Lanagan, Lanagan Organizations: Service, Business, Golden State, realtors, Golden, Edom Home Group, Disney, California Facebook, Universal, Estate Services, Berkshire Hathaway C, Dan Joyner Realtors, Sacramento — Locations: Bay , California, Florida, California, . Texas , Arizona, Golden State, Knoxville , Tennessee, Connecticut, Texas, Tennessee, Arkansas, Orlando, shutdowns, Texas , Florida, Georgia, South Carolina, Southern California, Central Florida, Van, Knoxville, Berkshire, Greenville , South Carolina, San Diego, Sacramento, Atlanta, North Carolina , Tennessee, Nashville , Tennessee, Franklin , Tennessee, Orange County, Franklin

☆ California, not Florida, is home to the richest retirement towns in the U.S., according to a new report
▼ + stars: | 2024-03-29 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

There's plenty of towns across the U.S. where Americans can retire affordably and live out their golden years without breaking the bank. Earlier this month, personal finance site GoBankingRates.com ranked the richest retirement towns in the country. Of the 10 richest retirement towns in the country, the wealthiest has a median household income of $166,747 while the No. 10 town's median income is $124,460. California towns dominated the list, with the Golden State being home to not only the richest retirement town in the country but also four of the top 10.

Persons: affordably Organizations: Survey, U.S . Census, Golden State Locations: California, Meanwhile Florida

☆ Why the Shohei Ohtani story is so concerning for baseball and sports
▼ + stars: | 2024-03-29 | by ( Harry Enten | ) edition.cnn.com time to read: +10 min

CNN —I can’t recall a recent baseball story that has captured the public imagination like the current one involving Los Angeles Dodgers phenom Shohei Ohtani, his former translator Ippei Mizuhara and gambling. That said, assuming Ohtani has done nothing wrong, America’s pastime will emerge from this situation mostly unscathed. Ohtani stalls at second base after hitting a double during the first inning of a game against the St. Louis Cardinals. Yes, one team is favored to win, but we don’t know that team will win for sure. And if it occurs involving someone as beloved as Ohtani, it could be a disaster for not just baseball, but sports around the globe.

Persons: Shohei Ohtani, Ippei, –, Ohtani, Will Ireton, Kirby Lee, Reuters Ohtani, it’s, Mike Trout, didn’t, I’ll, won’t, Sean M, I’m, It’s, they’ve, We’ve, Brad Bohannon, Bohannon, Jontay Porter, bettors, Porter, ” Porter wasn’t, Stu Foster, Sandro Tonali, Phil Mickelson, Pete Rose, Shoeless Joe Jackson –, Rose, Jackson, Tyrese Haliburton, JB Bickerstaff, Charlie Baker, Ezra Shaw, Rob Manfred, David, Goliath Organizations: CNN, Los Angeles Dodgers, Major League, Dodgers, USA, Sports, Reuters, League, Baseball, St, Louis Cardinals, American, NFL, Former University of Alabama, Alabama, Toronto Raptors, Italian Football Federation, England’s Football Association, Newcastle United, Major League Baseball, Cincinnati Reds, Black Sox, Chicago White Sox, Famers, Bettmann, Indiana Pacers, Cleveland Cavaliers, NBA, Getty Images, American Gaming Association, Census, MLB, MLB Network Locations: United States, Nevada, Bohannon, Italy, Tonaly, England

☆ Puerto Rican tax breaks are luring wealthy newcomers. A millennial says that's bad news for members of her generation with dreams of careers and homeownership.
▼ + stars: | 2024-03-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

Puerto Rico is becoming an increasingly popular destination for mainland Americans looking to relocate for tax purposes without giving up their US citizenship. Maridav/Getty ImagesBetween 2021 and 2022, about 27,000 individuals moved from the US mainland to Puerto Rico, according to data collected by the US Census Bureau . Related storiesIn 2021, the cost of living in Puerto Rico rose by 7%, the largest jump seen in 40 years. According to data from Realtor.com, the median home price in San Juan, Puerto Rico, in February was $950,000, up 37% in the past year. AdvertisementAccording to the Associated Press, there are now 25,000 short-term rentals in Puerto Rico, up from 1,000 in 2014.

Persons: —, Anna, Brock Pierce, Anna aren't, Adrián González Costa, Hurricane Maria, Puerto Ricans Organizations: Service, Puerto Ricans, Business, US Census Bureau, Federal Housing Finance Agency, San Juan, Puerto Rican Independence Party, San Juan Daily Star, Associated Press, AP Locations: Puerto Rico . Puerto Rico, Europe, Puerto Rico, Maridav, Puerto, Realtor.com, San Juan , Puerto Rico, Aguas Buenas, San Juan, San Juan ., AFP

☆ US government is changing how it asks about race and ethnicity and adding new category
▼ + stars: | 2024-03-28 | by ( Nicole Chavez | ) edition.cnn.com time to read: +4 min

CNN —The Office of Management and Budget on Thursday announced changes to how the federal government asks about people’s race and ethnicity, including in the US census. Under the previous standards, Hispanic or Latino ethnicity was measured in a question separate from the one on racial identity. “Thanks to the hard work of staff across dozens of federal agencies and input from thousands of members of the public, these updated standards will help create more useful, accurate, and up to date federal data on race and ethnicity. “The U.S. Census Bureau commends the scientific integrity and collaboration with our fellow federal statistical agencies and departments throughout this process. These efforts aim to improve federal race and ethnicity statistics and ensure data more accurately reflect the racial and ethnic diversity of the U.S. population,” the agency said.

Persons: ” Karin Orvis, “ We’ve, Maya Berry, Arturo Vargas, ” Vargas, Judy Chu, CAPAC, ” Chu, CNN’s Jennifer Agiesta Organizations: CNN, Management, Budget, OMB, Census Bureau, Arab American Institute, Black, AAI, National Association of Latino, Fund, Congressional Asian Pacific American Caucus, Pacific, Democratic Locations: Indian, Alaska, Eastern, America, “, California

☆ The top places in the US where everyone is moving
▼ + stars: | 2024-03-28 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

A Census Bureau press release said 62% of counties had "positive net domestic migration in 2023." All counties in Maine saw positive net domestic migration; most counties in California didn't. AdvertisementIn addition to the many Texas counties that saw positive net domestic migration, all counties in Maine and Delaware saw positive net domestic migration over that year. Additionally, a high share of counties in Tennessee, South Carolina, and North Carolina experienced positive net domestic migration. Two New York counties made the top 10 negative net domestic migration rates among big counties.

Persons: Kaufman, — Organizations: Service, Lone Star State, Bureau, Census Bureau Locations: Kaufman County , Texas, Maine, California, Texas, Vermont, Georgia, Kaufman County, Maine and Delaware, Tennessee , South Carolina, North Carolina, Massachusetts, Kaufman, Los Angeles County , California, Lassen County, York

☆ A boomer couple left coastal Florida after 3 decades for rural Missouri because the Sunshine State 'is definitely not paradise anymore'
▼ + stars: | 2024-03-28 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

But after decades by the water in Florida, Meaders said Florida "is definitely not paradise anymore." Meaders wanted to be closer to her son and grandson, and the couple wanted a small-town feel. AdvertisementMany older Americans continue to flock to Florida, though some have recently told Business Insider they've had enough of the Sunshine State. Meaders and Dunne met in Brevard County after Dunne moved back. They've found the hospitality of everyone in their community much improved, noting that many people in her small Missouri city recently moved from California.

Persons: Sherry Meaders, James Michael Dunne, Meaders, they've, millennials, Missouri Meaders, Dunne, Rockledge, We're, it's, she's, They've, We've Organizations: Service, Business, Sunshine State, Bureau, Survey, Coast Guard, Bell System, Daytona, Kansas City Locations: Florida, Missouri, Virginia, Georgia, Texas, Kansas City, Rockledge, Brevard County, Cocoa Beach, Cape Canaveral, Chicago, Pacific, Alaska, Fort Lauderdale, Orlando, Volusia County, Daytona Beach, Africa, Miami, America, Kansas, In Florida, California

☆ These are the 10 top-paying U.S. cities where women outearn men
▼ + stars: | 2024-03-27 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

Nationwide, women outearn men in just 42 U.S. cities out of an analysis of some 1,800 cities, according to a new GoBankingRates report using Census Bureau data. : Women earn a median $69,983 a year Oakland, Calif.: Women earn a median $68,260 a year Goleta, Calif.: Women earn a median $65,030 a year Laurel, Md. : Women earn a median $65,008 a year Monrovia, Calif.: Women earn a median $62,016 a year Hackensack, N.J.: Women earn a median $60,237 a year Newark, Del. : Women earn a median $58,769 a year Chamblee, Ga.: Women earn a median $58,590 a yearIn each of these cities, women outearn men by a share of .14% to 18.95% of what men earn. However, men outearn women in each of these cities by a rate of 60% to 70%.

Persons: Bowie, Andrew Murray, Murray, San Organizations: Washington D.C, CNBC, Research, Department of Defense, Calif Locations: U.S, Md, Clinton, Fort Washington, Oakland, Calif, Goleta, Laurel, Monrovia, Hackensack, N.J, Newark, Del, Washington, Jacksonville, N.C, Los Altos, Saratoga, McLean, Va, San Carlos, Wellesley, Mass

The biggest monthly bills Americans pay each month are mortgage, rent, and auto loans. AdvertisementThe biggest monthly bills Americans pay each month are mortgage, rent, and auto loans, according to the report. The other most common bills include utilities, auto insurance, cable and internet, mobile phones, health insurance, life insurance, and home security. Of those monthly bills, utilities, mobile phones, and health insurance have jumped the most in the last five years. AdvertisementThe most common monthly bills are just part of the picture for manyThese bills are just one piece of the picture showing the current cost of living.

Persons: Lynnette, Cox Organizations: Census Bureau, Resilience, Business Locations: Doxo

☆ The income a family of 4 needs to live comfortably in 20 major U.S. cities
▼ + stars: | 2024-03-27 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

A family of four needs to make more than $275,000 to live comfortably in some of the most expensive U.S. cities, a recent SmartAsset analysis reveals. "Comfortable" is defined as the income needed to cover a 50/30/20 budget for a family of two adults and two kids. That's followed by other cities known for having notoriously expensive housing costs, including Boston, New York City, Honolulu and Los Angeles. Out of all 99 cities SmartAsset examined, a family of four would need a median of $226,886 to live comfortably. But that's still higher than the median family income in the U.S. of $92,750, according to the most recent U.S. Census bureau data available.

Persons: That's Organizations: MIT, Boston, New, Urban, Santa, Chula, Seattle, Legislative, Office, for Community & Economic Research, CNBC Locations: San Francisco, Jose , California, Arlington , Virginia, New York City, Oakland, California, Urban Honolulu, Hawaii, Irvine , California, Santa Ana , California, Portland , Oregon, Diego, Chula Vista , California, Newark , New Jersey, Jersey City , New Jersey, Aurora, Colorado, Long Beach , California, Anaheim , California, Angeles, Washington, Francisco, Boston , New York City, Honolulu, Los Angeles, In California, U.S, Houston

☆ BlackRock's Larry Fink sees Social Security crisis, says 65 retirement age 'a bit crazy'
▼ + stars: | 2024-03-26 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

He said access to investing can help solve this conundrum, while also pondering if the expectation for everyone to receive Social Security benefits at age 65 has become archaic. Worsening the outlook is a Social Security system that's said it will not be able to pay full benefits by 2034. The 71-year-old believes the American retirement system has entered such a deep crisis that it has become a once-in-a-generation issue. That's because this both can benefit individuals and help ensure the long-term health of Social Security. Increasing lifespans create further difficulties when trying to improve the retirement system, Fink said.

Persons: Larry Fink, Fink, that's, it's, — Organizations: BlackRock, Social, Census Bureau, Security, Social Security Locations: America, Ottoman Empire

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