Finances

Believe it or not, the path to early retirement might be simpler than you think. A surprising number of Americans are already exploring retirement in some form, with 27% considering themselves retired and 13% still working part-time.1 Want to retire early? It’s not about bigger paychecks—it’s mastering your spending by doing this simple math.  How Your Savings Rate Dictates Your Retirement Date Your savings rate is the single most critical factor in determining when you can retire. It’s the percentage of your income that you consistently set aside for the future. A higher savings rate means you’ll reach your retirement …

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Is retirement still the ultimate goal, or are there compelling reasons to continue working? In 2023, nearly one-fifth of Americans aged 65 and older were still employed. This trend isn’t just about numbers; it’s about an increasing earning power, with the average hourly wage for these older workers reaching $22 in 2022, a jump from $13 in 1987.1  The traditional concept of retirement is being challenged as more and more Americans choose to remain in the workforce.  Here are valid reasons why you might want to reconsider retirement.  1. Mental Stimulation & Purpose Retirement can lead to a lack of …

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In the wake of June 29th’s impactful Poor People’s Low-Wage Workers’ Assembly Morale March on Washington D.C., the spotlight has intensified on a growing demographic in the U.S. known as ALICE.1  Coined by the United Way, ALICE stands for Asset Limited, Income Constrained, Employed.2 This term sums up the struggles of a major portion of the American workforce—individuals who, despite holding jobs, find themselves unable to make ends meet due to the rising costs of basic necessities like food, housing, healthcare, childcare, and transportation. Weight of Socioeconomic Factors on ALICE Households New data from United For ALICE reveals a troubling …

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Are you approaching retirement age and planning to live alone? You’re not the only one. In fact, 27% of adults 60 and older in the U.S. live by themselves, according to Pew Research.1 While living solo in your golden years comes with unique challenges, it also presents an opportunity to live life on your own terms. With the right mindset and strategies, you can make the most of this exciting chapter. Here are 15 tips to help you thrive in retirement while living alone. 1. Embrace Your Independence Living alone in retirement is a chance to fully embrace your independence. …

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In an age where digital transactions dominate our lives, the convenience of debit cards is undeniable.  However, this convenience comes with a growing risk—debit card fraud is on the rise, with skimming alone seeing a staggering 96% increase in 2023, according to FICO, an analytics company.1 It’s more important than ever to be vigilant about how you use your debit card. Here are top purchases you should never make with your debit card to protect your finances and peace of mind. 1. Recurring Payments/Subscriptions Services like streaming platforms, gym memberships, or magazine subscriptions often rely on recurring payments. If you …

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In today’s challenging economy, financial support from parents to their adult children is more prevalent than ever. Nearly half of parents still provide financial assistance to their grown-up kids.1 This support often covers substantial expenses, from housing to everyday bills, impacting parents’ own financial stability, especially their retirement savings. While it’s natural to help, continuing to cover certain costs can prevent young adults from achieving financial independence. Here are 15 expenses parents should stop paying for their adult children to foster their financial growth and responsibility. 1. Cell Phone Bills It’s one thing to keep the family plan for convenience, …

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