Startling new data from the 2023 Employee Benefit Research Institute (EBRI) survey has set off alarm bells, uncovering a sharp decline in American workers’ confidence about achieving a comfortable retirement—a level of concern not seen since the 2008 global financial crisis. A staggering 80% of workers now anticipate a recession within the next year, and an even more alarming 90% are haunted by the threat of prolonged high inflation. Read the rest ..read more

Social Security serves as a critical lifeline for countless seniors, providing essential income support in their retirement years. In the current economic environment, Social Security’s inflation-adjusted benefits offer a safeguard against the worst inflation seen in four decades. Rising interest rates have disrupted many retirement portfolios, causing bond fund values to plummet. Read the rest ..read more

Social Security serves as a critical lifeline for countless seniors, providing essential income support in their retirement years. In the current economic environment, Social Security’s inflation-adjusted benefits offer a safeguard against the worst inflation seen in four decades. Rising interest rates have disrupted many retirement portfolios, causing bond fund values to plummet. Read the rest ..read more

Recent findings from prominent retirement firms such as Vanguard, Fidelity Investments, and Bank of America reveal a concerning trend: an increasing number of individuals are tapping into their 401(k) accounts for hardship withdrawals. This uptick highlights the escalating immediate financial pressures facing many Americans, underscoring the depth of their financial distress. Read the rest ..read more

First-time home buyers now make up half of the home buying market, according to Zillow’s Consumer Housing Trends Report. However, breaking into homeownership varies significantly across different markets. Zillow’s latest list highlights the top markets for first-time buyers, where affordability and availability offer more accessible opportunities. Zillow’s top markets for first-time buyers in 2024 are determined by: – Rent affordability, measured by the percentage of median income spent on rent. Read the rest ..read more

Amazon founder Jeff Bezos’s sudden relocation from Seattle to Miami has fueled intense speculation over his motives and the potential repercussions for Washington State’s economy and tax landscape. With the Biden Administration’s latest tax proposals in the State of the Union address, policy makers are focused on the long term impacts. Read the rest ..read more

A recent Redfin survey found that half of homeowners and renters are having difficulty covering their housing payments. Around 20% of those struggling have skipped meals or worked additional hours to make ends meet, while approximately 17% have put off medical care. A notable number of millennials, who are generally not retired, have tapped into retirement savings to manage housing expenses. Read the rest ..read more

In recent years, the concept of retirement has begun to evolve beyond traditional expectations of leisure and relaxation. A surprising trend has emerged, with 1 in 5 retirees returning to work. What’s drawing so many retirees back into the workforce? Rising Inflation   Based on a recent report from T. Rowe Price, approximately 20% of retirees are already working either part-time or full-time work, while 7% are actively seeking employment during retirement. Read the rest ..read more

Homeownership has become increasingly out of reach for many Americans, with a new Zillow report revealing a troubling 80% increase in the income needed to afford a home comfortably in just the past four years. While median income has only risen by 23% since January 2020, prospective buyers now face the challenging requirement of earning over $106,000 to realize their dream of homeownership. Read the rest ..read more

Deciding when to claim Social Security is often about maximizing your benefit. Financial planners usually advise delaying your claim for as long as possible to secure the highest monthly payment. Your benefit is based on your lifetime earnings, with a full payout available at your full retirement age (FRA), which is currently between 66 and 67 depending on your birth year. Read the rest ..read more