businessinsider.com
The youngest baby boomers are about to enter retirement — and most of them aren’t financially prepared for this next stage of their life.Beginning this year, over 30 million boomers born between 1959 to 1964 will start to turn 65, marking the “largest and final cohort” of that generation entering retirement, according to a new report from the Alliance for Lifetime Income’s Retirement Income Institute.Many in this cohort, known as “peak boomers,” are facing significant economic headwinds, the rep…
9 days ago
businessinsider.com
A few months ago I was on Instagram getting ready to buy a dress.That’s a not-infrequent occurrence for many shoppers — but this dress was special: Taylor Swift had just worn it, and the exact brand was shared on Instagram.It was a $75 velvet mini skater dress from Little Lies, a small business in Scotland. I could afford that, unlike many of the higher-end designer pieces she wears, so I pressed purchase.On the other side of the ocean, Little Lies’ cofounder Jade Robertson had received my order…
15 days ago
businessinsider.com
Angus Deaton is doing some rethinking.Specifically, the 78-year-old Nobel Memorial Prize-winning economist is re-examining his views on major topics like unions, immigration, and global trade.It’s a big statement from someone who’s spent over 50 years studying inequality, welfare, poverty, and “deaths of despair,” and it comes as he sees economics in disarray. His most recent book, “Economics in America: An Immigrant Economist Explores the Land of Inequality,” came out in 2023 — it catalogs, amo…
21 days ago
businessinsider.com
Gen Zers might be reshaping the world of work — but only if they have a job. And, for many, that might not be the case.New research from the St. Louis Federal Reserve’s Institute for Economic Equity delved into the challenges young people aged 18 to 24 are experiencing in today’s economy. They found that more than one in three have no income at all.In particular, the researchers looked at a group dubbed “disconnected youth,” who aren’t working and are also not in school. As of 2022, disconnected…
25 days ago
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It’s a weird job market right now, one that’s characterized by — simultaneously — layoffs sweeping across knowledge industries, and other sectors still desperately scrambling to staff up.Recent data from the Bureau of Labor Statistics shows the rate of hires is just a little down from where it was a year ago — 3.7% this past February compared to 3.9% in February 2023. Openings for jobs have dropped from a rate of 6.0% in February 2023 to a rate of 5.3% this past February.Tuesday’s news release f…
25 days ago
businessinsider.com
Just because someone makes six figures doesn’t mean they have a high net worth — or vice versa.Instead, there’s a subset of high earners who aspire to accrue that nest egg but are still plugging away. Unlike many older Americans with a higher net worth, these workers are called HENRYs — high earners, not rich yet, a term first coined over 20 years ago by Fortune’s Shawn Tully. They might someday own the assets to make them millionaires, but for now, they’re just raking in plump paychecks.So who…
27 days ago
businessinsider.com
Marcia is in her 70’s and she’s still working.She clocks over 40 hours weekly in her salaried human resources role at a medium-sized company.“As much as I love my job and what I do, in my darkest private moments, I think I’m going to die in this job. I’m going to die in this office because I have no way to get out,” she said. For her, work means both dignity and a financial lifeline. She’s far away from family and doesn’t have help or a second income she can rely on.One of the main reason she ha…
about 1 month ago
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It pays to be in a union, according to a new analysis of Americans’ household finances.The Center for American Progress, a left-leaning think tank, looked at just how much better union workers are faring. By analyzing the Federal Reserve’s Survey of Consumer Finances, CAP found that in 2022, union households held $338,482 in median wealth. Meanwhile, nonunion households had $199,948.Being in a union also substantially chips away at racial and educational wealth gaps, per CAP’s analysis. Black, n…
about 1 month ago
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If you’ve heard the acronym DINK lately, you might have this publication to blame.In recent months, we’ve written about DINKs — Dual Income, No Kids — using their inflated net worths to retire early, travel the world, and buy boats.For some, being a DINK is almost like a cheat code for achieving the American dream: It allows adults to sidestep the economic walls closing in on many millennials and Gen Zers struggling to afford housing, childcare, and healthcare. DINKs are in a better position to…
about 1 month ago
businessinsider.com
It turns out that remote work is still valuable — at least for prospective employees.A new FlexJobs survey of 4,000 workers in the US, conducted in February 2024, found that workers are clamoring for work-from-anywhere roles. If every employer offered a remote-work policy, per FlexJobs’ polling, 75% of workers would take them up on it. And they’re willing to pay for that ability: Half of workers surveyed said they would take a pay cut for the policy.And it’s not just pay that workers are willing…
about 2 months ago
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President Joe Biden is gearing up to propose his next budget — which the White House says includes greater support for families and higher taxes on the wealthy.It faces a tough road to pass the House.Biden’s budget for fiscal year 2025 seeks to restore the expanded child tax credit first enacted under the American Rescue Plan; that legislation meant parents received a beefed-up, refundable credit partially through monthly checks — ultimately halving child poverty. The proposal comes as a tax bil…
about 2 months ago
businessinsider.com
Baby boomers are in their retirement era.Of the generation born between 1946 and 1964, per Pew Research, less than 20% of Americans over the age of 65 were employed as of 2023. However, that’s more than double the share of retirement-age people working 35 years ago.It’s why a retirement crisis is looming, with many potential retirees either facing financial vulnerability or having to work until they die. While the US economy saw a spike in early retirements during the pandemic, some have “unreti…
about 2 months ago
businessinsider.com
While watching the sixth season of Netflix’s hit show “Love is Blind,” eagle-eyed viewers spotted something they found distasteful.It wasn’t the contestants staying up until 5 a.m. talking or their inability to pull away from their phones to have a proper break-up.It was the suburban Charlotte, North Carolina, townhome community that a handful of the newly engaged couples were made to live in.“Why aren’t we talking about the most terrifying part of Love is Blind: this Charlotte housing developme…
about 2 months ago
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The hottest post-2020 office trend is living nowhere near your office.Even after companies tried to bring workers back in person, many resisted the call to return to their cubicles. That’s led to some firms accepting the hybrid future of work.And now, new data might show why so many workers were reluctant to return: Their commutes are probably a whole lot longer. Data compiled by Stanford, WFH Research, and Gusto economists shows that the share of workers living more than 50 miles away from thei…
about 2 months ago
businessinsider.com
There’s a retirement crisis looming for many Americans — and some are already living on scant incomes. Retirement is becoming a luxury for Americans hoping to get a reprieve in their later years, and it’s something a handful of lawmakers are hoping to change.A new report from Sen. Bernie Sanders, the chair of the Senate Health, Education, Labor, and Pensions Committee, looks at the bleak future facing some older Americans and those who hope to retire someday.The report cited the National Retirem…
about 2 months ago
businessinsider.com
Michelle didn’t always know she wanted to be a DINK.The 34-year-old said it wasn’t because of past bad experiences, a poor relationship with her parents, or growing up the product of a divorce. None of that was true for her, but today she is part of a double-income, no-kids — or DINK — couple.The North Carolina-based law firm partner said that “the realization kind of came over time.” She had always been under the assumption that she would have kids because “that’s what everyone did.” She and he…
about 2 months ago
businessinsider.com
About a decade ago, Danielle’s life changed.She and her partner at the time lived in a small apartment in Cobble Hill, a hip brownstone neighborhood in Brooklyn, New York, paying about $2,650 a month in rent.It was their first-ever New York City apartment, and Danielle — whose last name is known to Business Insider, but withheld for privacy reasons — said they understood that, generally, New York “is going to be heinously expensive.” Like other new renters in the area, they were “unsavvy” when i…
about 2 months ago
businessinsider.com
Over the last few years, Americans have been reshuffling themselves across the country. For some, that’s meant flocking to the Midwest, and its promises of cheaper living, more space, and friendly neighbors.While the initial pandemic bump in Midwest residents has slowed a little, its population level is still above pre-pandemic highs. After all, if you’re looking for an affordable cost of living — or hoping to snag your first home — the Midwest might just be the place to be.So who is moving to t…
2 months ago
businessinsider.com
A few years ago, Tulsa, Oklahoma, began to offer something unique to remote workers who moved there: $10,000.The offer was through a program called Tulsa Remote, which aimed to lure in professionals from elsewhere in the US who can work remotely full-time. The idea is that those workers will come in, bring their skills and spending power, and hopefully stick around.And it seems to be working: The program counted over 2,000 people relocated to Tulsa as of December 2022, according to its economic…
2 months ago
businessinsider.com
When Tiffany Wasiuk, 42, heard from her now-husband on their first date that he never wanted children, she was ready to marry him.“That was amazing that we actually met, and I found someone that never wanted children as well,” she said. They were both shocked to find someone on the same page.Wasiuk is part of a growing legion of DINKs — couples with double incomes and no kids — that has been gaining visibility in American pop culture, largely due to social media. Just look at the millions of vie…
2 months ago
businessinsider.com
The Bryant Lake Bowl & Theater in Minneapolis is seeing lots of new faces on Monday nights.That’s when the combination restaurant, bowling alley, and theater runs its cheap-date-night deal: a rotating entrée, two beers or a shared bottle of wine, and a free game of bowling — all for $38 a couple.The deal has lured in first dates galore, said Peggy Dainty, a manager at Bryant Lake.Some of these dates have resulted in repeat dates, marriages, and anniversary celebrations. And since the venue is in…
2 months ago
