Traditionally, retirement has been viewed as a time for relaxing, enjoying the fruits of your labor, and taking a break from work. It is likely, however, that retirement will look very different in the future.

Here, we will analyze some of the trends shaping retirement’s future. In addition, we will offer some predictions about the future of retirement.

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1. The retirement savings gap is widening.

Future retirees face a growing retirement savings gap as one of their biggest challenges. Based on Census data for 2020, fewer than half of Americans

are saving for retirement. It is true that our savings rate increases with age, but only to a certain extent. According to the census, 58% of Americans between 55 and 64 own a retirement account.

In addition, retirement savings have become harder to maintain with the rising cost of living. As a result of inflation in 2022, 41% of Americans saving for retirement paused their retirement investments.

The experts polled in a Principal survey predict this gap will continue to grow by 2030. Barriers such as access, participation, and putting away too little, too late are contributing factors.

In addition, traditional pensions are on the decline. Workers used to receive a pension from their employers in retirement, providing a steady income. It is becoming increasingly rare for workers to receive pensions, which is making them more responsible for saving for retirement themselves.

Suffice it to say, they may have difficulty maintaining their standard of living as they age.

“To close the retirement savings gap, we must focus on more assertively adopting proven default solutions as well as driving behavioral and educational change that not only brings more people into the financial system but also gives them the tools and motivation to effectively save for retirement,” said Chris Littlefield, president of retirement and income solutions, Principal Financial Group.

Additionally, legislation may be helpful in addressing this issue. In December 2022, the SECURE 2.0 Act was signed into law, introducing incentives for retirement savings.

2. There will be an increase in retirement incomes.

So long as policymakers do not cut Social Security benefits, retirement incomes will continue to grow over the next four decades reports the Urban Institute.

Essentially, their data is divided into generations based on 10-year birth cohorts. There are two types of baby boomers: early boomers and late boomers. Xennials make up the youngest cohort, which includes late Gen Xers and early millennials. This term refers to people born between 1976 and 1985.

It is projected that median after-tax family income at age 70 will be 17 percent higher for people born between 1966 and 1975 (Gen Xers) than for people born between 1936 and 1945 (pre-boomers), in inflation-adjusted dollars. Xennials will have a median retirement income 24 percent higher than pre-boomers.

3. The workforce is aging.

As the workforce ages, another trend that is shaping retirement is the aging population. Within 20 years, the number of people aged 65+ is expected to rise by 600 million to 1.3 billion, or 22 percent of the global population. By 2040, almost half of the country will be over the age of 40, according to demographers at the University of Virginia.

As a result, Social Security and other retirement programs will be burdened with more retirees in the future.

There is also an impact of the aging workforce on the workplace. In order to retain and attract older workers, more employers are offering flexible work arrangements and other benefits. Often, older workers are regarded as more experienced and reliable than their younger counterparts.

4. People are retiring later.

Within the last three decades, men’s retirement ages have risen three years, while women’s ages have risen somewhat more. According to Boston College’s Center for Retirement Research (CRR), the average retirement age of men was 62 in 1992, while the average retirement age of women was 59. Today, the average retirement age for men is 65 and 62 for women.

Several factors contribute to this, including:

• • It is possible to work on a more flexible schedule.

“Delaying retirement can have several benefits, including a higher Social Security benefit, more time to save for retirement, and a reduced risk of running out of money later in life,” says Kami Adams, retirement income specialist at Creative Legacy Group. “However, delaying retirement can also mean missing out on the opportunity to enjoy retirement while still in good health.”

People will likely continue to retire later in life. As people live longer and healthier lives and their financial security is more secure, these trends are occurring.

5. Retirement plans are becoming more customizable.

In the past, retirement plans like 401(k)s and IRAs offered limited investment options. Recently, retirement plans have been becoming increasingly customizable. With exchange-traded and index funds, retirees can tailor their retirement savings according to their personal needs.

There will likely be more customization in retirement plans in the future. There are several reasons, including retirees becoming more sophisticated investors and seeking more control over their retirement accounts.

Different types of investment will likely become even more popular in the near future, according to Principal experts. For example, 82% of the financial professionals surveyed believe guaranteed lifetime income will become more popular by 2030.

6. Technology is transforming retirement.

Retirement is also being impacted by technology. A good example is online financial planning tools that make managing retirement savings easier. In addition, telemedicine is opening up healthcare services to older adults from the comfort of their own homes.

Additionally, investment strategies can be tailored based on personal preferences and risk profiles using robo advisors and other digital investment tools. Principal reports that 90% of respondents believe financial professionals will provide personalization advice, and 81% of employers predict digital advice tools will play a significant role by 2030.

As technology advances, retirement will become even easier and more fulfilling. The use of virtual reality, for example, could create immersive retirement experiences, such as a world tour or concert. In addition, artificial intelligence could provide personalized financial and medical advice.

7. An emphasis on holistic wellness in retirement plans.

With a greater focus on holistic financial wellness, Principal transformed retirement plans after the COVID-19 pandemic. According to the Principal’s survey, 95% of financial professionals and 92% of plan sponsors expect financial wellness programs to grow by 2030, and 85% believe engagement will increase in those programs.

In the years following COVID, retirement plans have changed significantly, with more emphasis placed on financial wellness benefits and education. In particular, young people may have difficulty understanding financial planning and personal finance.

Overall, expect employers to offer a holistic program that supports the needs of the whole employee. These include:

• • Retirement income planning (estate planning, will prep, income planning, retiree health expenses, RMDs)

• • Budgeting, financial planning, and insurance requirements

• • Emergency savings program

• • Credit card and debt counseling

• • Healthcare planning for early retirees

8. Active retirement is on the rise.

A traditional view of retirement is that it is a time for slowing down and relaxing. It is likely, however, that retirement will become more active in the future. Traveling, volunteering, and pursuing hobbies and interests will be more popular among retirees in the future.

The trend towards more active retirement is driven by several factors. For instance, retirees are living longer compared to earlier retirees. There is also the growing availability of affordable health care. Retirees can also enjoy an increasing number of physical activities, such as pickleball, the fastest-growing sport in the country.

As a final note, retirees are more health-conscious than ever before.

9. Retirement is becoming more globalized.

Retiring used to be seen as a time to sit back and enjoy one’s accomplishments. However, retirement will likely become much more global in the future. Specifically, traveling the world, living in different countries, and working part-time in retirement will become more common among retirees in the future.

Factors that are contributing to globalized retirement are numerous:

• • In the near future, cutting-edge transportation modes will transform how travelers travel to and from destinations.

• • Retirement visa programs that let retirees live and work abroad are another factor.

• • In addition, retirees are more open to experiencing new things than they used to be.

10. The concept of retirement is evolving.

It is no longer the norm for most people to view retirement as a time to stop working and relax. More and more retirees are working part-time or starting their own businesses.

Numerous factors are influencing this trend, including:

• • An increase in income is necessary.

• • Flexible work arrangements.

We don’t know what retirement will look like in the future. One thing is certain: it will be different than in the past. In the years to come, the retirement landscape will be shaped by several factors, including those we have discussed so far.

Due to this, it is essential to begin planning for retirement early and to be flexible. As a result, you are more likely to enjoy a happy and fulfilling retirement.

How to Prepare for the Future of Retirement

It is possible to prepare for retirement in several ways. To help you out, here are a few tips:

• • Invest early in your future. You have more time to grow your money if you start saving early. It doesn’t matter how much you save each month; it adds up over time.

• • Create a budget and follow it. By tracking your spending, you will be able to avoid overspending.

• • Make smart investments with your money. You have many investment options available to you. As such, do your research and select investments that are appropriate for your risk tolerance and time horizon.

• • Consult an expert. Talk to a financial advisor if you have questions about saving for retirement. You can work with them to create a plan that meets your specific needs.

By following these tips, ensure you are financially prepared for a comfortable and fulfilling retirement.

For additional retirement planning tips, follow these steps:

• • Educate yourself on retirement planning. You can learn more about retirement planning by reading books, visiting websites, or consulting a financial advisor.

• • Keep up with the latest retirement trends. To make informed retirement decisions, you need to stay up-to-date on the latest trends in the retirement landscape.

• • Be flexible. As retirement is an uncertain period, flexibility and adaptability are crucial. Depending on your circumstances, you may need to adjust your retirement plans.

• • Be persistent. It would be best if you put time and effort into retirement savings, but the results are well worth the effort. You shouldn’t give up until you achieve a comfortable and fulfilling retirement.

FAQs

What are the biggest challenges facing retirement in the future?

The future holds many challenges for retirees, including:

• • Increased life expectancy. Since people are living longer than ever, they need more retirement savings.

• • Declining pension plans. Many employers no longer offer traditional defined-benefit pensions that guarantee retirees a certain income for life. In other words, workers are responsible for saving for retirement on their own.

• • The gig economy. Many people are working in the gig economy, so they may not have the same retirement benefits as traditional workers. Due to this, these workers are even more likely to need to save on their own for retirement.

How will technology change retirement?

The use of technology has already changed retirement in several ways, and this trend is expected to continue. Technology, for example, makes it easier for retired people to stay in touch with friends and family. With technology, it’s also easier for older people to stay active in their communities.

What are some new retirement trends?

The following are some of the new retirement trends emerging:

• • Delayed retirement. In order to save enough money to retire, more people are delaying retirement.

• • Part-time retirement. Increasingly, people are retiring part-time to have some income and flexibility when they retire.

• • Volunteer retirement. In retirement, more people are volunteering and staying active in their communities.

• • Geo-arbitrage retirement. Many retirees are taking advantage of lower-cost countries to stretch their retirement savings.

How much will I need to retire in the future?

Life expectancy, health care costs, and lifestyle will all affect the amount of money you need to retire. In general, you will need about 15 times what you spent before you retired.

When should I start planning for retirement?

It is best to start planning for retirement as early as possible. As a result, you can save money and ensure you’re on track to meet your retirement goals more quickly.

The post The Future of Retirement: Predictions and Trends appeared first on Due.

Paula Higgins, the CEO of HomeOwners Alliance, has a simple message for the Bank of England ahead of Thursday’s meeting: stop raising interest rates now.

While Governor Andrew Bailey has given some hope that we are near the end of the relentless succession of increasing interest rates, the speculation is rates will rise again on Thursday, which will leave millions of homeowners bearing the brunt of the economic policy to battle inflation – yet again.

The Bank Of England Needs To Stop Raising Rates

This needs to stop now. Raising rates from 5.25% to 5.5% would mark the highest level since 2007 and will leave homeowners open to even longer periods of misery.

Soaring mortgage costs are already devastating homeowners’ carefully laid financial plans. The Government’s “help” in the form of the Charter really only bats the problem into the long grass. Most homeowners will struggle along meeting sky-high mortgage payments rather than use the Charter to stretch their loan repayment over a longer period of time and ultimately pay more to the lenders in interest. It’s yet another win-win for lenders at the cost of homeowners. 

We’re worried that we have only seen the tip of the iceberg in terms of the impact this punishing series of rate rises is having on homeowners.  There are 14 million adults over 20 with a mortgage according to the Institute of Fiscal Studies, and many households will be shielded by their current fixed rate mortgage. But eventually their mortgage deals – many of which would have been fixed at historically low levels of 1% – 2% – will end and they will be faced by crippling costs. 

The uncertainty of the current cycle of interest rate rises is also very damaging. Homeowners having to remortgage don’t know whether to act now and fix or hold off. People need to know the situation is stable before they can act.  

This is why we’re calling on the Bank of England to stop this attack on homeowners.

About HomeOwners Alliance

The HomeOwners Alliance is a property advice website providing free expert advice, and campaigning for change. We’ll be updating our popular advice piece on the Best Mortgage Rates again this week after the Bank of England announcement.

Changpeng Zhao, known as CZ, is a Canadian multibillionaire with a net worth of $10.2 billion. His net worth could be higher since its growth relies on crypto exchange rates. He is a software developer who founded the largest cryptocurrency exchange platform, Binance.

Are you curious about the exponential growth of one of the biggest names in the crypto industry? Explore the inspiring journey of Changpeng Zhao, the brain behind Binance. Understand how his net worth skyrocketed with the crypto boom.

Changpeng Zhao Biography

Early Life and Education

Changpeng Zhao was born in Jiangsu province, China. He immigrated to Canada with his family at the age of 12 and settled in Vancouver, British Columbia. His parents were school teachers in China. His father was an instructor at a university before being exiled to rural China shortly after CZ’s birth.

During his early years in Canada, CZ took menial jobs to support his family. He worked at fast food joints and gas stations, among other places.

Zhao graduated from McGill University in Montreal, Quebec, with a degree in computer science.

Personal Life

According to Zhao, he is not a Chinese-Canadian but a Canadian. He acquired a Canadian visa and left his birth country in 1989 after the Tiananmen Square protests. Zhao confirmed in 2022 that he has been a Canadian citizen for well over 30 years.

In 2005, CZ returned to China and purchased an apartment in Shanghai, which he sold in 2015 to acquire Bitcoin. In 2017, the Chinese government banned the crypto exchange, forcing Changpeng Zhao to leave the country.

Zhao says he intends to follow the steps of other wealthy entrepreneurs and donate 99% of his net worth to charity.

According to different sources, Zhao had a long-term intimate relationship with a Binance co-founder, Yi He. She is a former travel television host. Yi He later gave birth to a boy in the U.S.

Changpeng Zhao lives in Dubai, UAE. He states that the world is not yet advanced to the point of self-ruling. He believes it has not advanced to the point of living without rules.

Career

Changpeng Zhao began his business career in 2005 when he moved to Shanghai, China. He founded Fusion Systems, a high-frequency trading system. In 2013, Zhao learned about Bitcoin from a friend who advised him to invest lightly in the industry.

Instead, CZ put all he had into Bitcoin. He sold his apartment in Shanghai and invested the money in Bitcoin against his family’s wishes. In 2013, he co-developed Blockchain.info and served as the chief technology officer at OKCoin.

In July 2017, Zhao launched his own company, Binance, with an initial coin offering that brought in $15 million. Trading began on the platform eleven days later. Within 180 days, Binance had grown to the largest digital asset exchange platform in the world. In the same year, Zhao launched the Binance coin, a utility token that offers various benefits to its owners.

In February 2018, Forbes named Zhao the third richest person in cryptocurrency. In April 2019, CZ introduced the Binance Smart Chain, a smart contract feature directly competing with Ethereum. In 2019, he launched Binance.US, a Binance United States affiliate. In 2021, he withdrew an application for a crypto exchange in Singapore.

Between March and June 2023, Zhao and Binance received lawsuits from two American agencies. In March, the Commodity Futures Trading Commission filed a lawsuit with the U.S. District Court for the Northern District of Illinois. The lawsuit accused Zhao and Binance of evading United States law and breaching derivative rules.

The agency said in the lawsuit that Binance gave leeway to money laundering operations. It pointed out internal communications and transactions by a Palestinian militia, Hamas.

In June, the U.S. Securities and Exchange Commission accused Zhao and Binance of violating securities rules. These accusations and lawsuits caused Changpeng Zhao’s net worth to suffer a massive loss of $1.4 billion.

Take a Look at How a McDonalds Worker Founded The Largest Cryptocurrency Exchange:

How Did CZ Start?

When Zhao and his family moved to Canada, he worked in various establishments to support his family. Even refereed in volleyball games and worked at a gas station. After college, he started work as an intern at the Tokyo Stock Exchange. He coded software that assisted traders in matching their orders while trading.

After the Tokyo Stock Exchange, Zhao moved to the Bloomberg Tradebook. He worked with Bloomberg for four years as a developer of futures trading software.  

Changpeng Zhao Net Worth Growth

When he learned about Bitcoin from his friend in 2013, Zhao saw its potential and invested all his finances. He sold his Shanghai apartment to make his initial investment in the digital currency. In 2017, he founded an exchange development company called BijieTech. BijieTech provided Asian traders with cloud-based trading services.

He left the company behind in 2017 and began working on the project that would become Binance. His rise to exponential wealth began when Binance raised $15 million on its initial coin offering. Under his leadership, Binance became the largest crypto trading platform in the world. As of 2021, The crypto company traded over $70 billion daily.

The company has helped skyrocket Changpeng Zhao’s net worth to billions of dollars in less than ten years of its inception. His current net worth ranges between $10 billion and $20 billion. It is even believed to be way more than that since its growth depends on price fluctuations in the crypto market.

CZ Social Media Platforms

Zhao is a cryptocurrency mega-billionaire, a tech mogul, and a thought leader in the crypto market. Changpeng Zhao’s track record of success speaks for itself. Like Mark Zuckerberg, Zhao became rich overnight when he launched his company, Binance, in 2017. Within 180 days of trading, Binance was the largest cryptocurrency exchange by trading volume.

As an influential person in the crypto community, Zhao has built a considerable following on his social media handles. He provides insights into the future of cryptocurrency finance via Twitter, LinkedIn, and Instagram.

FAQs

Conclusion

With an impressive track record in the cryptocurrency industry, Changpeng Zhao continues to add billions to his net worth. He continues to shape the future of cryptocurrency finance and crypto assets with his company, Binance. His commitment to the industry continues to unravel new techniques for creating wealth from the crypto industry.

Though not as wealthy as big-shot politicians, Kevin McCarthy is a wealthy representative. He is one of the richest politicians in the United States. He has a modest net worth of $300,000, primarily thanks to his political career income.

Kevin Owen McCarthy is the current representative of California’s 20th district. He is the speaker of the U.S. House of Representatives, a position he won after days of painstaking competition.

When Nancy Pelosi stepped down as the U.S. House of Representatives speaker, she left an opening that Kevin McCarthy utilized to win the position. The Republican leader got hold of the office after days of dramatic late-night voting. House Representatives returned to the ballot 15 times before determining a winner. Kevin McCarthy, California’s 20th Congressional District representative, won the elections. He assumed office as the 55th speaker of the U.S. House of Representatives.

Would you love to learn more about the financial journey of the former House majority leader? Dive into Kevin McCarthy’s journey. See how politics shaped his wealth and understand his net worth.

Kevin McCarthy Biography

Early Life

Kevin Owen McCarthy is a United States politician born on January 26, 1965. Born in Bakersfield, California, McCarthy is a fourth-generation resident of Kern County. His family is of Irish descent on the father’s side and Italian origin on the mother’s side.

McCarthy’s mother, Roberta Darlene, was a homemaker. His father, Owen McCarthy, worked for the Kern County Fire Department.

Despite growing up in a working-class family of Democrats, Kevin Owen became the first Republican in his family. All three generations of his family before him were members of the Democratic party.

Education

Kevin McCarthy attended Bakersfield High School, where he played for the school’s football team. He graduated in 1983 and enrolled at the California State University in Bakersfield. He graduated with a Bachelor of Science in marketing in 1989 and signed up for a master’s from the same university.

While in college, Kevin McCarthy worked for the Kern County Fire Department as a seasonal firefighter. He then moved on to work as an intern for Congressman Bill Thomas. Kevin graduated with his MBA in 1994.

Personal Life

Kevin McCarthy met his future wife, Judy Wages, in high school. They were attending the same biology class, and though Judy liked one of Kevin’s friends, he pursued and won her heart. The two married in 1992 and have two children, Meghan McCarthy and Connor McCarthy. Kevin and Judy are long-life Kern County residents. They are staunch Christians and members of the Southern Baptist Convention.

McCarthy is a former member of the Community Action Partnership of Kern. The organization strives to address the underlying causes of poverty. It also works to reduce the effects of poverty on the community.

In 2015, Kevin dropped out of the House Speaker race. Shortly after, allegations of infidelity emerged. He allegedly had an affair with Renee Ellmers, a married Republican house representative. McCarthy and Ellmers denied the accusations. But the events leading to his withdrawal suggested otherwise.

Take a Look at Who Is Kevin McCarthy?:

A few days before he dropped out of the race, Congressman Walter B. Jones Jr. wrote to Cathy McMorris Rodgers, the Republican Conference chair. In his letter, Walter B. Jones Jr. wanted Republicans seeking leadership to step down if they had scandals.

In 2018, Kevin McCarthy faced another scandal involving his brother-in-law’s construction company. The allegations stated that the company’s owner, William Wages, received $7.6 million since 2000. Wages allegedly received no-bid and federal contracts through his construction company. He received payment for construction two construction projects. One was at the Naval Air Weapons Station China Lake in Bakersfield, and the other was at Naval Air Station Lemoore in Kings County, California.

Career

Early Entrepreneurial Experience

Kevin McCarthy developed an interest in politics and electoral position at the age of 21. He had opened a Deli he called Kevin O’s. Kevin McCarthy wanted to run for elective office to ease the pain of running small businesses in California. He experienced the redundant and tedious requirements and decided something needed to change.

From Internship To Early Political Career

His early political career began in 1987 when he interned for Congressman Bill Thomas. He worked for Thomas until 2002. In 1995, he became the chairman of Young Republicans in California. In 1991, he became the chair of the Young Republican National Federation, a position he held for three years.

First Elective Position

Kevin worked as district director for Congressman Thomas from the early 1990s to 2000. His first elective position was as a trustee in the Kern Community College District in 2000. In 2002, he became a member of the California State Assembly from the 32nd district.

His Entry To U.S. Congress

When Representative Bill Thomas decided to retire from Congress in 2006, Kevin McCarthy sought to replace him. He won the election with a landslide, 70.7% of the total vote.

McCarthy’s Stance on the 2021 Insurrection

After the 2021 insurrection, McCarthy criticized Donald Trump for it. He accused the former president of disrupting the certification of President-elect Joe Biden. Donald Trump was against the presidential election results and wanted them overturned. In an interview with The New Yorker, Bill Thomas criticized McCarthy, calling him a liar who changes the lie whenever necessary for him.

Congressional Career

After winning his congressional elections, McCarthy ran unopposed in the 2008 and 2010 elections. He represented California’s 22nd district.

In 2012, he defeated Terry Phillip to represent California’s 23rd district. In the following elections, Kevin beat Democrats Raul Garcia in 2014 and Wendy Reed in 2016. He defeated Tatiana Matta in 2018 and Kim Mangone in 2020. In the 2022 elections, Democrat Marisa Wood challenged Kevin McCarthy and lost. Kevin Owen McCarthy bagged 67.3% of the votes.

Kevin was the House Majority leader for five years before becoming the minority leader in 2019, a position he currently holds. This was after the Republicans lost control of the House in the 2018 midterm elections. Before then, Kevin McCarthy was the Chief Deputy Whip of the House Republicans. He held this position from 2009 to 2011. He also served as the House Majority Whip between 2011 and 2014 before becoming the House Majority Leader.

Kevin McCarthy has been a member of several committees. These include the Committee on Financial Services. He served on the Subcommittee on Financial Institutions and Consumer Credit. Other service areas include the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises. He has also served in the Congressional Western Caucus. McCarthy started serving on the steering committee of the House Republicans in his first year as a member of the U.S. Congress.

Election as House Speaker

After days of voting by representatives, McCarthy won the position of House Speaker on January 7, 2023. The voting began on January 3, with McCarthy bagging 203 votes, Democrat Hakeem Jeffries receiving 212 votes, and other Republican representatives getting a combined vote count of 19. McCarthy finally won the elections with 216 votes after 15 rounds of voting. This was a voting record as it was the first time a vote for House Speaker went beyond nine rounds since 1859.

Kevin McCarthy Net Worth Growth

Assets

Several sources, such as CAKnowledge.com, say McCarthy is worth millions of dollars. The American politician’s net worth is estimated at $300,000. His sources of income include his political income of $223,500 per year. This includes his salary as a congressional representative and House Speaker.

The member of the Republican Party has assets ranging from real estate properties to a modest car collection. His assets have no attached value, but looking at his net worth, you can tell that they are not worth a lot of money.

Cars Collection

Kevin McCarthy has a modest car collection that comprises a $120,000 Jaguar XF and a Lexus ES worth $136,000. His collection also features a Lincoln Continental, Aston Martin DBX, BMW X6, and a Toyota Vellfire.

Kevin McCarthy House

Kevin McCarthy and his family own a massive home that sits on a 1,571-square-foot compound in Bakersfield, California. The house dates back to 1987, but McCarthy bought it in 1996. It has an estimated financial value of $300,000. From McCarthy’s financial disclosure forms of 2019, the house has a mortgage loan of up to $100,000.

McCarthy and his family still live in their Bakersfield home. It is a luxury home with a tennis court and a wine cellar.

FAQs

Conclusion

Kevin McCarthy is an American politician with a modest net worth of $300,000. He is a member of the Republican Party who grew up in a working-class family of Democratic party supporters. McCarthy has built his wealth from his long, successful political career. He is the current speaker of the United States House of Representatives.

Modern Western society has expectations when it comes to retirement. Ideally, couples of retirement age should have a large enough nest egg to support them in their twilight years, meaning they have a well-balanced portfolio suited to their risk appetite. 

In retirement, couples often have a 401(k), an IRA, diversified investments in mutual funds, stocks, and bonds, plus some cash in the bank and Social Security. Furthermore, many retirees prefer annuities to provide them with steady paychecks and protect them—at least in part—from market risk.

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Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

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However, the changing landscape of retirement may mean that retirees may be deficient in one or more of these investments. Many reasons contribute to financial difficulties in retirement. People are living longer these days. A longer average lifespan leads to a shift in demographics or graying societies. 

Life expectancy in the US in 2023 is 79.11 years. In 2000, it was 76.75. In 1980, it was 73.70. In 1960, it was 69.84. The nearly steady growth from the mid-20th century to the present and current projections shows that people are living longer than ever and will only continue to break previous records. Graying societies mean that the number of older people is increasing—a phenomenon attributed to developed countries—with implications for healthcare and economics. 

As the number of people aged 65 or older increases, so does the incidence of depleted retirement savings. Moreover, the rising cost of living and inflation during retirement force children to provide financial assistance to their aging parents. The US Bureau of Labor Statistics computes the average American’s annual wages across all occupations as USD 61,900. By age 67, therefore, the average retirement account should contain at least USD 619,000, per guidelines of investment firm Fidelity.

Not everyone can save up and maintain a sufficient retirement account. The average retirement savings in the US is USD 65,000 per household—far from the ideal amount calculated by Fidelity. Moreover, as many as 25 percent of Americans have no retirement savings. 

The changing statistics shaped by demographics and the economic climate lead to the current dilemma. Kids today support aging parents more than ever and take on more financial responsibility as they struggle to navigate inflation, economic uncertainty, increasing cost of living, and graying society. 

Dilemmas Faced by Aging Parents as They Retire

What is considered an adequate retirement plan? It depends on your needs, resources, preferences, lifestyle, and risk appetite. You need to ask yourself whether you want something resembling a steady paycheck, a flexible portfolio, or something riskier and positioned for growth.

Gone are the days when basic pension plans and Social Security alone could cover the cost of retirement. While Social Security is one of the essential foundations for retirement, it can only replace about 40 percent of the average American’s salary. 

About 20 percent, or one in five retired couples, and nearly half (45 percent) of single retirees depend on Social Security for as much as 90 percent of their retirement income—an alarming figure. Another problem in retirement planning is the proper allocation for emergencies and health care needs, which tend to deplete retirement savings when not anticipated. 

Adult Children Juggling Financial Responsibilities

If you read articles on retirement or finance, you may come across the term “sandwich generation.” What is the sandwich generation? These Americans are caught between an aging parent or aging parents and raising their children. It pays to know that the US is already a graying society. The demographic aged 65 and older is estimated to double by 2050.

Who are the caretakers? The sandwich generation typically covers middle-aged individuals, which means the majority are Gen X. However, it may also refer to older millennials or even Gen Z. According to Pew Research, over half—54 percent—of this age group have a parent 65 or older. 

Graph from Pew Research Center

According to the AARP, 32 percent of midlife American adults with at least one living parent provide financial support. Moreover, 42 percent of Americans expect they will eventually have to support their aging parents. This type of financial assistance happens regularly. It covers ongoing expenses like groceries and household items versus one-time situations. 

In addition, the AARP surveys found that 54 percent of midlifers gave USD 1000 or more to their parents in the year prior. Among such midlifers, the concerns were showing. Nearly half (47 percent) were worried about their ability to support their aging parents financially. Such results show that a good number of Americans are facing difficulties funding their retirement as resources are being funneled elsewhere.

The Social Changes Leading to Adult Children Supporting Parents in Retirement

Which particular societal shifts lead to a backdrop that drives children to help their aging parents financially and augment their retirement savings? Here is a list:

Changing Economic Realities

One significant factor driving adult children’s financial support is the lack of retirement savings among older adults. Rising interest rates, inflation, and talk of a recession all affect retirement readiness.

Data from the Federal Reserve’s Survey of Consumer Finances shows that households’ median retirement account balance needs to catch up to what is necessary for a comfortable retirement, leading to increased reliance on familial support. Hence, families need to adjust their plans for their financial future and prepare emergency savings for the future.

Rising Cost of Living

The cost of housing, healthcare, and education has been steadily increasing. Older adults may have yet to compute such increases in expenditures and, as a result, have difficulties making ends meet with limited retirement funds. 

Moreover, credit card debt among both baby boomers and their adult kids factors into financial issues. Inevitably, adult children are filling in the gaps to secure a better quality of life for their aging parents and improve their financial situation.

Longer Life Expectancy

Today, we are witnessing an extended retirement period, wherein improved healthcare, advancements in medical technology, and a greater emphasis on wellness have led to longer life expectancies. Longer lives represent medical and scientific improvements. However, they also lead to financial issues and decrease financial security. 

The time frame for accumulating a decent nest egg may have become longer and, in some cases, unattainable.

Healthcare costs have been rising steadily. A perfect storm happens when you couple longer life expectancy with increasing healthcare costs. Retirees often face higher medical expenses, including long-term care needs, which can quickly deplete their savings. Financial sacrifices may be necessary to sustain long-term costs in healthcare.

Shifts in Social Support Systems

Unlike in the past, public welfare programs are becoming increasingly strained. General welfare systems, such as Social Security, are experiencing increased pressure due to changing demographics—that is, a growing elderly population means more lavish government spending. As a result, there are concerns about their long-term sustainability. There may be reduced benefits and uncertainties surrounding public support.

On top of concerns about Social Security, society is also facing the dilemma of inadequate private pensions. Many employers have shifted towards defined contribution plans such as 401(k)s. These plans place the burden of retirement savings on individuals. This shift has resulted in lower retirement savings and a greater reliance on familial support.

Pros of Kids Financially Supporting Retiring Parents

While people see many disadvantages in allocating for the needs of aging parents while trying to save for their retirement, society sees some benefits. Only some things are quantifiable by money, and many find fulfillment in caring for their aging parents. There is a cultural context to this that people cannot ignore.

Values-wise, Americans overwhelmingly believe that adult children should assist their parents financially when needed. Many believe this is an inherent responsibility. Furthermore, the belief runs among various demographics—across genders, races, and multiple levels of educational attainment. In summary, the following are the pros of kids financially supporting their retiring parents:

Fulfilling Filial Responsibility

In some cultures, filial duty is significant, and a gesture of support for aging parents may be considered a virtuous act with positive interpersonal benefits. 

Tax Benefits and Deductions

Are there potential tax deductions for supporting aging parents? Tax deductions should be an interesting incentive for helping them, but there are indeed some tax benefits if you are resourceful enough. Examples of elderly care tax breaks include being entitled to a bigger stimulus check, getting USD 500 tax credit if a parent qualifies as a dependent, and receiving dependent care credit if you hired someone to take care of a parent so you could work, which could mean up to 50 percent off your adult day care up to a USD 16,000 limit. 

Furthermore, it would help if you looked into your employer’s dependent care benefits. The typical offer is just for child care, but some might add elder care to the package. If you paid for a parent’s hospital stay, you could have the qualified medical expense if it is over 7.5 percent of your adjusted gross income or AGI.

Maintaining Family Cohesion

In some cases, support for parents could foster better family bonds, improve emotional relationships, and promote better intergenerational communication. 

Cons of Children Financially Supporting Aging Parents

Nowadays, there are disadvantages to being fully or partially responsible for your aging parents’ financial needs. The following are the possible pitfalls of having to shoulder the financial responsibility of aging parents:

Aggravating Existing Financial Constraints

There may be an impact on the caregiver’s income, home ownership, and ability to reach financial goals. Moreover, providing financial support for parents may increase struggles with debt, student loans, and other financial obligations. 

It could also affect the quality of life of the next generation. The household budget may shrink, and there may be less allocation for the rest of the family, especially for dependent children or minors. 

Negative Impact on Family Dynamics

Over time, personal conflicts and strained relationships may develop as a result of unequal burden distribution and feelings of resentment or obligation.

Over-Dependence and Loss of Autonomy

Parents may develop low self-esteem or lose their sense of independence by becoming overly reliant on their children. 

Tips for Assisting Aging Parents Financially

Even as you are sincere in your intentions to help your parents, it’s crucial to have a strategy for assisting them. The following are some quick tips as you assist your aging parents financially:

Be Transparent

It’s important to remind your parents that you have your own needs too. Caregivers should pay attention to their financial well-being, so open communication between generations is essential. Furthermore, transparent communication is crucial to sound financial planning, budgeting, and strategizing long-term care and health insurance options. When you want the solutions to be sustainable, communicate openly and regularly.

Downsize

Explore downsizing or placing parents in senior living communities. Downsizing or relocation may ease tension within the household and have the added benefit of being cheaper overall, depending on the circumstances. 

Take Advantage of Social Benefits

Explore available social programs and benefits that can help reduce costs.

Encourage Independence, Even in Small Ways

Even if your parents are 100 percent financially dependent on you, you can slowly wean them off total or high levels of dependence by exploring part-time employment suited for retirees to improve their income streams and maintain a sense of purpose.

Even if the whole endeavor is financially and emotionally daunting, striving for balance, setting boundaries, and constantly exploring alternatives are essential.

Supporting Aging Parents? Safeguard Your Financial Stability

The transition of Western society towards adult children supporting their parents in retirement reflects longer life expectancies, changing economic realities, shifting family dynamics, and strained social support systems. 

The combined dilemma of rising living costs, inadequate retirement savings, and longer life expectancies has created a need for intergenerational financial cooperation. Still, the decision of adult children to support their parents when they retire is profoundly personal and complex, as it touches on values, ethics, and cultural beliefs.

Providing support for retirement-age parents can strengthen family ties. However, it can also create emotional and financial challenges. Children should be bold and unafraid to ask hard questions. They should discuss financial planning, boundaries, and alternatives with their parents.

While the scenario is never easy to navigate, keeping your head above water and finding a balance between personal financial responsibility and supporting loved ones through life difficulties is essential. You can ensure balance through open communication, careful financial planning, and a clear understanding of economic circumstances.

While the support targets short to medium-term needs, the key to safeguarding financial stability despite the additional burden is to focus on long-term goals and explore alternative means of support. Ultimately, the goal is sustainability and eventual financial comfort for all parties. 

The post Should Kids Financially Support Their Parents When They Retire? appeared first on Due.

With 1.7 billion people having no access to basic financial services, the G20 summit starting this week has a golden opportunity to address financial inclusion and potentially lift hundreds of millions out of poverty.

This is the call-to-arms demand from deVere Group’s founder Nigel Green as 40 leaders of the world’s richest and most powerful nations descend on New Delhi, India, for the critical two-day event.

Financial inclusion refers to the availability and equality of opportunities to access and use financial services. These services include banking, credit, insurance, and savings facilities. 

Addressing Financial Inclusion

Nigel Green comments: “In our ever more interconnected global society, it is remarkable that a substantial segment of the world’s population still lacks adequate access to banking services or is underserved by them.

As data from the World Bank shows, around 1.7 billion adults across the globe currently lack any kind of fundamental financial services, with the majority of these individuals living in nations classified as low- and middle-income.

“Enhancing financial inclusion serves as a powerful instrument in the fight against poverty. “When individuals can access financial services, they can effectively save, make investments, and safeguard themselves from unexpected economic shocks and financial setbacks. 

“Consequently, this newfound capability enables them to break free from the cycle of poverty and enhance their quality of life. It can be truly life changing.”

Financial inclusion also serves as a catalyst for economic growth through the encouragement of entrepreneurship and the nurturing of small businesses. 

“When both individuals and small enterprises gain entry to credit and other financial assets, they become capable of making investments in their businesses, generating employment opportunities, and encouraging economic progress,” says the deVere founder.

Another critical focus on the G20 agenda is the worldwide pursuit of gender equality, and financial inclusion can prove pivotal in achieving this goal. 

Nigel Green continues: “Women, especially in developing nations, frequently encounter substantial obstacles when attempting to access financial services. By giving priority to financial inclusion, we can work to close this gender gap, thereby promoting economic empowerment for women and other underserved groups.” 

He concludes: “By addressing the critical issue of financial inclusion, the G20 has a golden opportunity to potentially help lift hundreds of millions out of poverty, encourage economic growth, and promote gender equality. 

“By acting on this issue, the G20 leaders will act to immeasurably contribute to global economic stability and prosperity.”

About deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Petrol prices and global inflation are likely to tick higher again as the OPEC+ group of oil producing countries will hold production at nine million barrels a day for the rest of the year.

This is the stark warning from Nigel Green, the founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations, as Saudi Arabia announced it would maintain its production cut of one million barrels a day until December.

This maintains the country’s output at nine million barrels a day, the lowest amount in several years. Russia has also confirmed it would maintain its own cutback of 300,000 barrels a day for the same period.

OPEC+ Ramping Up Petrol Price Pain

Nigel Green comments: “OPEC+ is ramping up petrol price pain, triggering fresh and increasing concerns about rising global inflation – which was just beginning to ease – meaning central banks could possibly push higher-for-longer interest rates.”

He continues: “Restricted oil supply leads to higher oil prices, which, in turn, can contribute to higher fuel prices for consumers and businesses, putting upward pressure on overall inflation.

“Higher energy costs also lead to increased production costs for companies, which are typically passed on to consumers in the form of higher prices for goods and services, again contributing to inflationary pressures.”

Consumer behavior also plays a role. When fuel prices rise, consumers may cut back on discretionary spending, which can impact economic activity. Reduced consumer spending can influence inflation dynamics, especially in sectors heavily dependent on consumer demand.

“This move by OPEC+ will, of course, be considered by central banks when formulating monetary policy. 

“If rising oil prices are expected to have a sustained impact on inflation, central banks can be expected to maintain higher interest rates for longer to control soaring prices.”

The deVere Group founder concludes: “The decision by the group of oil producing countries will further exacerbate the cost-of-living and cost-of-business crisis as inflation is given another global boost.”

About deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

In his Daily Market Notes report to investors, Louis Navellier wrote:

Stocks are not bouncing back from yesterday’s late pullback. The focus is still on interest rate moves, while higher energy prices put a cloud over inflation trends.

Stocks tried to push into the green, while interest rates were modestly lower, after opening slightly in the red, but then interest rates popped and stocks reacted quickly to the downside. The US 10yr closed yesterday at 4.27% and drifted down to 4.24%, but after some new economic news jumped up above 4.30%, bringing back fears of mid-August market lows. The 2yr poked its nose back above 5% too.

Falling Apple

Of note is that Apple (NASDAQ:AAPL), the 800-lb gorilla, is down $6 today, which is a bit of a surprise given that next week they have their annual “Event” to roll out their newest iPhone and other products, and typically rallies into the news. With Tesla (NASDAQ:TSLA) down 4% and NVIDIA (NASDAQ:NVDA) down over 3%, the Magnificent 7 is pulling down the rest of the market.

The economic news that seemed to move interest rates, didn’t appear that profound. The S&P Global Service PMI for August came in slightly below forecast and has been drifting lower since June, the Composite Purchasing Manager was the same, as was the PMI data.

The ISM Non-Manufacturing prices did move noticeably higher, the second month in a row and the highest since April, the PMI was also higher, the highest since April, with new orders the highest since February. Evidently, it was enough to move the bond market, increasing the odds of another Fed increase before year-end. More importantly, it has driven the US dollar Index, touching 105, the highest since March, before pulling back modestly.

Sticky Inflation

In the bigger picture, today’s economic data appears to confirm the theory for some investors that inflation is “sticky”, helped along with higher energy prices, and brings doubts about how long the Fed will hold rates above inflation to achieve a steady state at or near 2% inflation. Extending higher rates exposes more maturing debt to rolling over at significantly higher rates, along with very much slowing housing market transactions, a traditional engine of economic activity.

Reprieve on the 20th?

September is earning its reputation of seasonal weakness early on in this abbreviated week. We may get a reprieve on the 20th when the Fed does nothing as expected, especially if the reason they keep another increase on the table is because the economy is doing so well. 

Coffee Beans: Error 404

A supermarket chain issued a recall for Paw Patrol snacks sold at British stores after it was discovered that a website URL on the packaging leads to explicit content. The website previously led to the homepage of Appy Kids Co., a subsidiary of Appy Food & Drinks, which dissolved in June 2022. Source: UPI. See the full story here.

Those that have been following the developments unfolding in the crypto market over recent months might be aware of all the scrutiny the industry has received, as regulators and lawmakers are closing in on finding new alternatives to potentially regulate the gray area in which crypto is being traded.

Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler has rebutted strong criticism for the crypto industry following the collapse of the global crypto exchange platform FTX in November last year.

More than this, Gensler and fellow SEC lawmakers have filed more than a dozen lawsuits against Binance, a leading cryptocurrency exchange, and its founder and chief executive, Changpeng Zhao.

On August 15, Binance publicly announced that it will shut down Binance Connect, considered to be the regulated buy-and-sell branch of the Binance exchange. The shutdown was scheduled for August 16,

This is not that surprising, seeing as the company has been faced with a slew of regulatory allegations in Australia, Germany, and the United Kingdom.

While all of this has been playing out, cryptocurrencies continue to see increased performance, as investor optimism began to fuel a market rebound following several months of bearish performance, led by the global coin, Bitcoin (BTC), dropping roughly 76% from its peak of $60,000 in November 2021 to November 2022.

With the tides starting to change, investors continue to rally behind the end of the crypto winter, as they prepare themselves for what could potentially be the next crypto bull run.

Three Crypto ETFs Investors Should Consider

With interest in spot crypto and blockchain ETFs garnering increasing attention and having widespread broker support, perhaps regulators could see the potential market capitalization these investment vehicles could hold for the long term.

Some analysts have touted the idea of bringing on board more spot crypto ETFs, such as in the case of a spot BTC ETF, which could potentially reach 10% of the total BTC market cap in the coming years.

With asset managers and brokers planting their support behind the potential of a spot BTC ETF, here’s a look at some crypto ETFs investors should be considering if they want to have a leg up in the race.

ProShares Bitcoin Strategy ETF

The ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) is a BTC-linked exchange-traded fund that follows and tracks the performance of spot BTC.

The fund claims to be one of the first, and perhaps the largest BTC-link ETF available in the U.S. and is a liquid alternative for investors looking to have increased exposure to the crypto and digital assets marketplace.

BITO, similar to other crypto-based securities, started the year off on the low end of the spectrum, but on average, the fund has grown by 43.28% year-to-date. In mid-June, BITO jumped by 18.82%, after snapping a winning streak, and since then, price performance has remained relatively significant.

Looking at the funds’ performance indicators, Q2 2023 growth was up by 5.21%, while the fund gained 61.40% in a full year. Furthermore, the market price return of the ProShare BTC Strategy ETF gained 61.32% over one year.

The overall performance of the fund is nothing to get too excited about, other than the fact that it provides investors with a more diversified long-term approach to conventional currency investments, and seeking capital appreciation.

Looking at the Bitcoin price chart there could be a potential upside in the near future for BITO, with BTC already up more than 70% since the start of the year, and recording solid performance for both June and July, before prices slightly remained flat during the beginning of July.

Global X Blockchain ETF

The Global X Blockchain ETF (NASDAQ:BKCH) positions itself to benefit from wider blockchain technology adoption, diversifying its holdings in companies that are invested in developing digital assets, including blockchain products and services.

The fund has a broad asset allocation, with its top five biggest investments including Coinbase (NASDAQ:COIN), Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), HUT 8 Mining Corporation (NASDAQ:HUT), and Cleanspark (NASDAQ:CLSK).

Investors will find that the fund also holds PayPal (NASDAQ:PYPL), Nvidia (NASDAQ:NVDA), Argo Blockchain (ASX:ARG), and Overstock (NASDAQ:OSTK), among others. These companies have in more recent months positioned themselves as innovators of the blockchain industry, seeking to develop advanced blockchain tools and assets, accessible to the commercial marketplace.

Looking at the funds’ performance, overall year-to-date growth has escalated by 140.78%, while in the last three months, performance was up by 64.21%, by the end of July 2023.

There is however some indication that the overall performance of the broader fund has not yet met its target, with performance still down roughly 67.60% by the end of Q2 2023 since its inception in 2021.

However, this is still slightly below the overall market performance, which has fallen by 68.67% for the same recorded period.

BKCH makes an impressive statement as a heavily diversified fund, that seeks to attract investors that are seeking exposure to the blockchain market through more diversified, and less riskier investment options.

Overall, there could be an upside for the fund in the coming years, seeing as some of its biggest holdings are allocated to technology and software companies. This could lend itself to be more geared toward tech-hungry investors that are feeling more optimistic over the tech market as the recent Artificial Intelligence (AI) boom is helping to fuel the tech rebound.

Amplify Transformational Data Sharing ETF

This is perhaps the most established fund on our list, as the Amplify Transformational Data Sharing ETF (NYMARKET:BLOK) was first launched back in 2018, several years before the hype surrounding blockchain technology and cryptocurrencies began to rally.

The overall objective of the fund is to provide a total return of roughly 80% of its net assets. Like many other types of crypto-based ETFs, this fund is heavily invested in the development and future utilization of diverse blockchain services and products.

Among a colorful range of industries that the fund is currently invested in, software (29%), capital markets (18%), IT services (13%), financial services (9%), and banks (7%) make up the majority of asset allocation.

Interestingly enough, a good deal – about 83% – of the fund is allocated to regional securities in North America, with the remaining 17% allocated to companies in Asia.

Based on the fund’s most recent financial performance, running until July 31, 2023, the fund has gained 70.89% year-to-date, and an overall of 31.82% in the last six months. The fund has a one-year annualized performance growth of 18.86% and an 8.49% annualized performance since its inception.

As of August 2023, the top five holdings, with the biggest allocation, include Microstrategy (NASDAQ:MSTR), Marathon Digital Holdings (NASDAQ:MARA), Coinbase (NASDAQ:COIN), Overstock (NASDAQ:OSTK), and Riot Platform (NASDAQ:RIOT), which is seemingly similar to the Global X Blockchain ETF.

Perhaps something that stands out about this fund, compared to others, is that BLOK is looking to capture the transformative movement of cryptocurrencies, such as BTC, but also provide investors with more solid support for companies that are continuously using blockchain technology to become digital disruptors.

Another Crypto Bull Run

One thing investors need to remember is that the crypto market, similar to others, is highly cyclical. In an interview with Cointelegraph, Kevin Kelly, co-founder of Delphi Digital, believes that the crypto market continues to be highly cyclical, however, these cycles are consistent with historic measures.

Analysts have shared the possibility that a crypto bull run could make an appearance in the coming months, leading into next year.

As the Federal Reserve begins to ease its monetary tightening policy and the approval of more crypto ETFs by regulators could be the fundamental factor that investors have been waiting for all along.

The biggest catalyst could potentially be the approval of a spot Bitcoin ETF. Earlier in the summer, BlackRock (NYSE:BLK), one of the world’s largest investment firms, announced that it has submitted filings to the SEC for the approval of the security, allowing it to generate increased interest from investors.

Similar to BlackRock, ARK 21Shares, under the helm of Cathie Woods filed similar documentation to the SEC in May 2023 to list its spot Bitcoin ETF. However, the SEC has been somewhat hawkish about the probability, pushing back the deadlines of ARK’s submission, as it awaits further proposal recommendations and public comments.

There have been several attempts by multiple investment firms in recent years to potentially list a spot Bitcoin ETF. However, back then, the SEC outright declined these submissions, as the regulator knew too little about digital currencies and assets of the sort.

The timing of these possible listings comes at a crucial time for the crypto industry, with not only American regulators, but foreign lawmakers all looking to question the risks crypto trading can hold for investors and perhaps the broader financial ecosystem.

Final Thoughts

There is clearly a lot taking place in the crypto market at the moment, and investors are gearing themselves for yet another exciting few months with digital assets, including some coins now beginning to indicate the potential of a crypto bull run.

There are however a few skeptics that are throwing their weight around, yet, this is nothing new in a marketplace that has been scrutinized over its mysterious, and seemingly shadowy activity.

Investors are instead looking to back ETFs that can provide them with the crypto and blockchain exposure they require, without having to run the risk of sudden volatile changes. There is some evidence that suggests we could be at the cusp of a new crypto bull run, and that the crypto winter is starting to wane.

Looking forward, investors will need to position themselves in such a way whereby they can fully leverage the gains of digital assets, but further tap the potential of blockchain technology against the backdrop of the AI revolution.

The following are comments from Rob Brewis, Fund Manager of the Aubrey Capital Management Global Emerging Markets Fund. Rob shares his thoughts on China and the issues he is looking into for Aubrey’s clients, which include deflation, ESG, and China’s property sector, so I’ve included a comment from him below.

Worries About Chinese Deflation

Rob Brewis, Fund Manager at Aubrey Capital Management, commented,

“Chinese deflation is the worry of the moment, but is this ultimately all bad news? Clearly, when property companies like Country Garden, and the former “Blackrock” of China, Zhongzhi, start to default on their obligations, then this is not good news.

“How bad this is from a Chinese financial system point of view is hard to gauge, but we would still expect State operators to muddle through and find solutions, even if it just kicks the proverbial can further down the road.

“In the tradeable goods sector, the Chinese response to their current excess supply situation is simply to export the excess at clearing prices, which is great for anyone consuming these products, but not for anyone competing with them.

“Consider solar panels, wind turbines, batteries, electric vehicles, petrochemicals, apparel and much more. Log on to AliExpress or Temu for more examples.

For most of us, however, this is good deflation, or disinflation, and is another marker of the end of our so called “cost of living crisis”.  

“This is also especially positive for most of the emerging market consumers and the companies in which we invest in other parts of the world.

“Sadly, for China’s property sector, exporting excess supply is not an option, and we do not seem to have found clearing prices yet, despite lower mortgage rates and easing restrictions. There can be no solution for the property sector woes until this happens. But this should not overly distract us from the clear disinflationary winners at the other end of the corporate spectrum in China.

These are the global cost leaders with strong balance sheets and strong cashflow. Yes, they might be buffeted by broad market fears along the way, but ultimately, they will emerge stronger.”

Social Security, for most people, is a retirement income program. Although that is somewhat true, Social Security is much more than that. Apart from offering monthly benefits to retirees, the Social Security Administration (SSA) offers survivor’s benefits, disability benefits and runs a health insurance program (Medicare) as well. You would have likely heard about these services, but you may not be aware of many other useful services that SSA offers. In this article, we will detail the special services offered by Social Security.

Special Services Offered By Social Security

SSA offers several special services to help people manage pressing medical, family and financial issues. The following are the special services offered by Social Security:

Covering Cost Of Prescription Drugs

Yes, SSA does offer health insurance, known as Medicare, to take care of hospital stays and medical costs. Additionally, it can also take care of prescription drug costs.

We all know that you can get registered in Medicare Part A and B with Social Security, but not many know that you can also join Medicare Advantage plans (formerly Medicare C) or Medicare Part D.

The Medicare Advantage plan offers coverages related to Part A and B, as well as prescription drugs and other benefits such as vision, hearing and dental.

Medicare D, on the other hand, helps to cover the extraordinary costs of prescription drugs. Additionally, some may also be eligible for “Extra Help,” including covering the cost of premiums, deductibles, and more related to Medicare Part D

Help For Domestic Violence Survivors

It is well known that Social Security offers spouse and survivor benefits, but in special cases, the SSA can help domestic violence survivors as well.

SSA rarely assigns a new Social Security number to an individual, but it can make an exception in the case of domestic violence victims. Women who relocate to a new location and plan to start a new life can apply for a new Social Security number.

Free Interpreter Services

If someone is having language issues in managing their Social Security, they can ask for free interpreter services from SSA. The interpreter services can be provided over the phone or in person at a local Social Security office.

Baby Names

Yes, the SSA can help you with baby names as well. Every year, parents provide SSA with their child’s name and other details to receive a Social Security number for tax purposes. This results in loads of data with SSA on popular baby names.

Expectant parents can easily view this information. They can even filter the popular baby names by birth year, state or decade.

Expedited Disability Claims

It could take months or even years to get a Social Security disability claim. Such a wait could prove disastrous for someone with severe or worsening illnesses. To address such issues, the SSA offers a Compassionate Allowances program.

This program expedites the claim related to 266 serious medical conditions. So, any Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) applications related to the 266 listed conditions qualify for approval within days.

Representative Payees

Social Security recipients usually manage their own benefit payments, but some may not be able to do so. This could be because of cognitive disorders, developmental disabilities, minors, or other reasons.

In such a scenario, the SSA has the authority to appoint a representative payee to manage the beneficiary’s Social Security.  The representative payee will receive the beneficiaries’ benefits and use it to take care of the beneficiary.

Usually, the SSA appoints a family member or friend as the representative payee. As of December 2021, 7.5% or about 4.9 million Social Security beneficiaries had a representative payee.

International Social Security agreements

This service benefits Americans working in foreign countries and foreign nationals working in the United States. Such people may be subject to dual payroll taxation, i.e., paying the retirement systems in both countries.

To avoid this, the SSA has agreements with 30 countries to ensure people pay payroll taxes to only one country’s retirement system at a time. Moreover, these agreements allow such workers to pool employment credits earned in more than one country to ensure they qualify for the benefits no matter where they claim it.

Proof Of Income

You need to show proof of income when applying for a loan, or any government benefit like SNAP. Usually, people refer to their tax returns to get proof of their income. A much easier way to get proof of income is to visit your My Social Security service account, provided your income includes Social Security benefits.

You can easily view and download your benefit verification letter from My Social Security service account. This letter serves as proof of your income.

Additionally, you can also use the My Social Security service account to view your earnings history, current or future benefits, order replacement or Social Security card, and more.

Benefits For Grandchildren

If you have a minor grandchild and provide at least half of the minor grandchild’s financial support, that child could collect dependent or survivor benefits when you retire, become disabled or die.

If you are already on Social Security when the child comes into your custody, then you need to legally adopt the child to ensure the child qualifies for your benefits.

To qualify for the benefits, the minor child’s parents must be deceased, disabled or unable to regularly contribute to child support.

Calculator Services

The SSA offers several calculators to help people get answers to a lot of retirement related questions, such as, when should I stop working? How much should I contribute? How much money do I need for retirement? There is a Life expectancy calculator and more.

Visit the SSA website for more information on the special services offered by Social Security.

 Did you know that Marks made only five call over his 50-year career?

Billionaire investor Howard Marks is famous for many things, but here’s a fact that may surprise even his most devoted followers.

Over his 50-year, ultra-successful career in money management, he made only five calls.

You read that right. Marks, whose net worth is $2.2 billion as of 2022, made less than half a dozen calls to build the lion’s share of his clients’ fortune.

Although the number of his calls was startlingly low, their significance was not.

These were monumental predictions, like anticipating the burst of the dot-com bubble, the U.S. housing market crash—as well as calling the Covid rally.

And these weren’t five random predictions.

As Marks revealed in Oaktree’s latest memo, he employs a particular and defined strategy for his calls. Here are five market cues Marks leveraged when he made them.

Look For Patterns

“Study market history in order to better understand the implications of today’s events,” Marks says.

While making decisions based on past performance does not guarantee future results, he believes it’s important to study historical movements to help understand current market influences.

Over time, Marks argues, market cycles begin to form a predictable pattern that can inform investment decisions.

His “pattern recognition,” however, wasn’t developed overnight. Far from it. The first of his five famous market calls didn’t occur until more than three decades into his career.

Take Advantage Of Extremes

There are two opposing extremes in sentiment Marks looks for: optimism and pessimism.

When market participants are too optimistic and believe stock prices will continue to climb, Marks views this as a red flag that a correction could be looming.

“When the herd’s thinking is either Pollyannaish or apocalyptic, the odds increase that the current price level and direction are unsustainable,” Marks says.

At the same time, Marks keeps an eye out for when investors are overly pessimistic. It often means they expect prices to decline further and will likely unload shares before conditions worsen.

“When everyone believes something is risky, their unwillingness to buy usually reduces its price to the point where it’s not risky at all,” he writes.

Put another way, Marks is likelier to sell shares when the market is jubilant and buy shares when others are defeatist.

Bet On Reversion To The Mean

For Marks, cycles originate from “excesses and corrections.”

A correction will likely follow a hard and fast movement in one direction or another. A pullback will follow a rally, and a recovery will follow a slump.

In finance, it’s often called “reversion to the mean.” This is a fancy way of saying that a stock’s price will usually converge to the average price over time.

“Understand that cycles stem from what I call “excesses and corrections” and that a strong movement in one direction is more likely to be followed—sooner or later—by a correction in the opposite direction than by a trend that ‘grows to the sky,’” Marks says.

In other words, there’s a limit to how much relative outperformance or underperformance a stock will experience before it changes course.

One way or another, at some point, fortunes will reverse.

Don’t Be A Persistent Contrarian

While Marks believes it can be lucrative to take a contrarian position when momentum is too far in one direction, he cautions against becoming a perpetual contrarian.

Marks would tell you that most of the time, the consensus sentiment is actually correct.

“Indeed, most of the time, the consensus is as close to right as most individuals can get. So to be successful at contrarianism, you have to understand (a) what the herd is doing, (b) why it’s doing it, (c) what’s wrong with it, and (d) what should be done instead and why,” he writes

The “why” is critical. Marks’s predictions aren’t just luck; they are evidence-based. Marks can clearly tell you why he made a particular call.

Rein In Your Emotions

Marks also recommends resisting emotionality. “Stand apart from the crowd and its psychology; don’t join in!” he advises.

Having control over emotions comes in handy not only as a precautionary measure against foolish decisions—but also as a market assessment tool.

As Marks argues, it’s emotions that drive the financial world. “Much of what happens in economies and markets doesn’t result from a mechanical process, but from the to and fro of investors’ emotions. Take note of the swings and capitalize whenever possible.”

In fact, all of his five calls stemmed from either “overly negative prevailing psychology” or from excessive optimism.

Article by Jesse Oberoi, CFA – Creditnews

The American Dream just got a lot more expensive for first-time homebuyers.

To afford a starter home, typical first-time buyers need to earn 13% more this year than they did last year, according to a new Redfin report. In super-hot markets like Miami and Fort Lauderdale, that threshold is up 25%.

There are three reasons for this.

Mortgage rates are at their highest levels in 15 years. Prices for starter homes are spiraling upward due to lack of supply—which is, in part, because of higher mortgage rates.

Meanwhile, incomes are hardly keeping up.

Housing affordability today becomes even more astonishing when you compare it to the dreaded early 1980s when mortgage rates hit a record 18%.

Housing Affordability Today Vs. 1970 And 1981

The gap between incomes and house prices has been widening slowly for 50 years, but since the beginning of the pandemic, it has become an abyss.

In 1970, it took the equivalent of 2.7 years’ worth of a typical person’s income to buy a house. By 2020, that had more than doubled, to 5.8 years.

In the last two years, the gap blew out—widening by another third. As the chart below shows, it now takes over 7.6 years’ worth of income to afford an average home.

Add in rising mortgage rates and Redfin says a person looking to buy today’s typical starter home would have a monthly mortgage payment of $1,610.

That’s nearly double the typical payment just before the pandemic.

Not only that, in terms of the mortgage burden, a median house today is almost as unaffordable as it was in 1981 when mortgage rates peaked at 18.39%—and more than 3x costlier compared to 1970:

“Many house hunters searching for an affordable place to call home for themselves and/or their family are out of options, especially in more expensive parts of the country,” according to Redfin Senior Economist Sheharyar Bokhari.

Redfin notes that average U.S. wages have risen 4.4% from a year ago and roughly 20% from before the pandemic, which does not make up for the jump in monthly mortgage payments.

This means first-time homebuyers who stretch their budget to the breaking point might easily end up “house poor”—the term for having no money left over to furnish the house you just bought.

A first-time homebuyer must now earn about $64,500 to afford a typical U.S. starter home.

Redfin defines these as houses that are priced in the bottom third of the market. These, when you can find them, are going for a record $243,000 on average, up 45% since before the pandemic.

(Redfin calculates how much a starter home buyer needs to earn based on the rule of thumb that your mortgage costs should not exceed 30% of your income.)

But Does Affordability Matter?

Even if they can afford a starter home, first-time homebuyers might not find anything out there to buy. New listings are down 23% since last year—the biggest drop since the start of the pandemic.

That is because most current homeowners have ultra-cheap mortgages; as recently as 18 months ago, you could get a 30-year mortgage at about 3.3%.

These people do not want to sell and be forced to buy a different house with one of today’s more expensive mortgages.

The seller might reap a windfall on the sale itself, but most of that extra money will go toward paying down the higher-rate mortgage over time.

So, they sit tight hoping rates will fall.

Making it worse for first-time homebuyers, almost 40% of the houses on the market are going to buyers who pay in cash; another luxury most younger buyers can’t manage.

The Upside Of A Downdraft

The fact that first-time homebuyers are priced out of homeownership doesn’t mean they have absolutely no bargaining power.

Younger buyers are the primary driving force of the housing market. Wolf Richter, a financial analyst and editor of the Wolf Street newsletter, recently wrote:

“In fact, most of the increase in the overall homeownership rate from 2016, and nearly all of the increase since 2019, through 2022, was driven by people under 45.”

Between 2019 and 2022, the number of U.S. citizens under 44 years old who owned houses grew by two percentage points, while homeownership among Americans 45 and older was mostly flat, according to the Census Bureau.

Now that first-time homebuyers bear the sharpest increase in home buying costs on record, they might not be able to drive the housing market forward.

That’s a sound theory on paper—and something that could eventually upend the market. But for now, housing prices remain stubbornly resilient despite the headwinds.

Article by Dwight Cass, Creditnews

S&P 500 went through a similar daily pattern as on Monday – the weak tech, XLF and XLV telltlae signs didn‘t lie – this and gold with oil clues talked amply in yesterday‘s video. The slowly cracking tech breadth underscores the battle of narratives, the focus – soft landing vs. return of inflation forcing the Fed to raise again – as much with yesterday‘s manufacturing PMIs as with today‘s non-farm payrolls employment change.

With or without Fitch downgrade, it‘s yields on the long end that carry greatest significance. The long, AI-driven resilience in tech is getting duly challenged (hello Top 7 stocks, look at similarly precarious SMH chart too), and financials with healthcare not kicking in much yesterday, just highlights the consolidation below 4,625 resistance for the time being. Nasdaq surpassing 15,400 isn‘t coming soon, and DAX diving sharper than US indices underscores momentary caution as well.

Meanwhile, oil price upswing and still resilient job market consequences are paving the way for return of inflation – whether it‘s data for Jul already, or only Aug / Sep (I favor the latter two) – bonds aren‘t waiting, and are in my view reflecting inflation expectations rather than the still holding soft landing narrative.

Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren’t enough) – combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra intraday calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.

So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram – benefit and find out why I’m the most blocked market analyst and trader on Twitter.

Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.

S&P 500 and Nasdaq Outlook

4,592 held as support yesterday, but won‘t be reconquered today – this Fitch gap would take a bit longer to convincingly close. For now, I don‘t see enough tech stabilization as in or as sustainable.

Perfectly aligns with the weeks ago talked vision of greater trading range over the nearest month, which would be great for picking up the finest sectors (XLI, XLE, XLB, some XLV and XLF as talked in Sunday‘s analysis), beaten by souring tech sentiment.

Market breadth is weakening, and it‘s not a matter of tech only – rising yields will still bite as stock market correction continues.

Thank you for having read today‘s free analysis, which is a small part of my site‘s daily premium Monica’s Trading Signals covering all the markets you’re used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica’s Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates.

While at my site, you can subscribe to the free Monica‘s Insider Club for instant publishing notifications and other content useful for making your own trade moves.

Turn notifications on, and have my Twitter profile (tweets only) opened in a fresh tab so as not to miss a thing – such as extra intraday opportunities. Thanks for all your support that makes this great ride possible!

Thank you,

Monica Kingsley

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice.

Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind.

Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make.

Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

Last week the Financial Conduct Authority (FCA), the UK’s financial regulator, has warned that crypto memes could land people in prison or with a fine for breaching financial promotion rules. dappGambl analysed 10,000 crypto Tweets to find on average just how many memes the community are posting.

The FCA found an increase in the use of memes to promote crypto investments on social media, explaining that memes promoting crypto investments must comply with the same financial promotion rules as any other form of financial promotion.

Over Two-Thirds Of Crypto Twitter Post Images And 22% Of Which  Are Memes

Analysing over 10,000 Tweets from Crypto accounts on Twitter, dappGambl found that over 6,200 contain images (62%). This figure is higher than the average Twitter user where only 37% of posts use images.

Of these 6,200 Tweets containing images, over 22% are memes. Again, this is 13% higher than the average Twitter user. The images used in the Tweets also included screenshots, which made up 25% of images and infographics 15%.

The FCA says, “We have seen memes and other similar communications circulated on social media with users often not realising they are subject to our rules,” highlighting the use of memes in promotions is particularly prevalent in the crypto space.

Which Rules Do Crypto Memes Have To Comply With And Which Are Most Often Broken?

The FCA has warned that crypto memes can be considered financial promotions and must comply with the same rules as any other form of financial promotion, but many are wondering what exactly these rules are.

Will Wood, expert at dappGambl, explains the rules in which crypto memes have to comply with when markinging a financial product as well as the ones they most often break:

“Any crypto memes must include risk warnings, not be misleading or deceptive, and must not be targeted at children or vulnerable adults. The FCA is concerned that crypto memes are being used to mislead people about the risks of investing in crypto, and they are therefore proposing new rules that would require crypto memes to be more clearly labelled as financial promotions and to include more prominent risk warnings.

“One of the most prominent issues with crypto memes is that many have been found to create a sense of “FOMO” (fear of missing out) and urgency. Some also are irresponsibly portraying crypto assets as an “easy” investment decision without outlining the relevant risks. Both of these actions would be considered a breach of financial promotion rules and anyone found doing so could face up to two years in prison”

About dappGambl

We at dappGambl are a group of blockchain and casino enthusiasts that consider crypto casinos and other gambling dApps to be the future of online gambling.

• Hawaii is the most expensive state to own a home, with a typical house price of $834,583 as of March 2023.
• California, Washington, Massachusetts, and Colorado round out the top five.
• The study analyzed the typical cost of homes, as well as percentage and price increases from 2021 to 2023, in America.

The Most Expensive States To Own A Home

New data has revealed the most expensive states to own a home in America.

The research, conducted by real estate experts Agent Advice, analyzed the typical price of homes throughout the country from March 2021-March 2023. The data also considered price and percentage increases to supply a comprehensive account of real estate in America.

Hawaii

Hawaii takes the crown as the most expensive state to own a home. It’s no secret that the ‘Aloha State’ is a hotspot for residents looking to buy their property, with typical house prices reported to be $834,583 as of March 2023. This is 146% above the national average – $338,649 – and a 25% increase from March 2021, setting house hunters back by an extra $166,777 and standing for the highest monetary increase in the United States.

California

California receives a silver medal as the second most expensive state to own a home. With its blissful weather, beautiful coastal resorts, and breathtaking mountain ranges, the typical house price of a home was $728,134 in March 2023, 115% above the national average.

This Western state also has the fourth-highest monetary increase in house prices, with a $95,228 rise between March 2021-March 2023. However, typical house prices also decreased by $18,573 and 2.5% between March 2022-March 2023.

Washington

Washington, a state filled with mountain ranges and breathtaking landscapes, comes in third place. The research has revealed that a typical home price was $562,936 as of March 2023, 66% more than the national average. This is $72,533 more than the typical price in March 2021, making it the ninth-highest rise in price throughout America. That being said, typical house prices also fell by $17,938 and 3.09% between March 2022-March 2023.

Massachusetts

Massachusetts ranks in fourth place. In the Northeastern state, typical house prices were $558,313 as of March 2023, 65% more than the national average. The research revealed a $54,476 rise in typical home value between March 2021-March 2023.

However, this only represents an 11% increase during that time, suggesting house prices were already high before 2021. Typical house prices depreciated by $1,050 and 0.19% between March 2022-March 2023, showing a slight decrease in the last year.

Colorado

Colorado ranks fifth. In Colorado, typical house prices were $539,640 as of March 2023, 59% more than the national average, representing a $82,504 increase in property value between March 2021-2023. Colorado has the ninth-highest monetary surge in property value during this time throughout America. Similar to Massachusetts, Colorado’s typical home values fell by $1,527 and 0.28% between March 2022-March 2023.

Utah

Utah is the sixth most expensive state to own a home in America. The typical cost of a home comes in at $506,072 as of March 2023, 49% above the national average. The research shows this rising by 20% and $86,071 between March 2021-2023, the eighth-highest monetary increase. However, Utah’s typical home cost fell by $10,849 and 2% between March 2022-March 2023, depicting a higher depreciation than Massachusetts and Colorado.

Oregon

Oregon, nestled in the Pacific Northwest, ranks in seventh place. The data has benchmarked typical house prices at $485,475 as of March 2023, 43% above the national average, with property values increasing by $56,730 and 13% between March 2021-2023. Although, the typical home value has decreased by $11,998 and 2% from March 2022-March 2023.

New Jersey

New Jersey, with a typical home value of $451,559 as of March 2021, is the eighth most expensive state to own a home. Idaho follows in ninth place with a typical price of $435,374, while New Hampshire rounds out the top ten most expensive states to own a home at $429,421.

Chris Heller, Co-founder of Agent Advice has commented on the findings: “The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, both consumers and agents alike must understand the ever-changing nature of the real estate market.”

“Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing.

“In Hawaii, for example, the typical cost of housing increased by 25% in the last three years; this decreased to 2.98% in the last two years. So, it will be interesting to see if the cost of housing will eventually decrease.”

The top 10 most expensive states to own a home in America

Agent Advice is a team of real estate experts providing hand-selected recommendations to help real estate businesses grow.

A few months ago, you may have heard news about the Social Security Administration’s largest trust fund being depleted by 2033. With the Old-Age and Survivors Insurance (OASI) Trust Fund heading for depletion and cash reserves running low, many are concerned about the solvency of Social Security and its ability to give the elderly a stable income in retirement.

Many people pull income from various sources in retirement, whether it be from individual retirement accounts, a pension plan, personal savings, or Social Security. In this article, we’ll explore why some experts are worried about the Social Security program and what implications this has for your retirement savings plan.

Key Takeaways 

• The Old-Age and Survivor Insurance (OASI) Trust Fund will be able to pay all of its scheduled benefits until 2033, at which point its reserves will only be able to cover an estimated 77% of benefits.
• With the birth rate decreasing and the Baby Boomer generation entering retirement, the strain on the Social Security system is being felt nationwide.
• As lawmakers debate how to bolster the program and attempt to keep thousands of elders from slipping below the poverty line, it’s essential to plan for your retirement and know exactly what your sources of income will be.

The OASI Trust Fund In Danger

Earlier this year, the Social Security Administration’s Trustees Report predicted the OASI Trust Fund wouldn’t be able to cover 100% of scheduled benefits for retired workers and their families by 2033. This moved up the predicted year of depletion by one year and has led to significant anxiety about the Social Security program’s solvency.

The strain the Social Security system is currently under is caused by a few different factors. Life expectancy has increased over time, meaning more people have needed income for a longer amount of time after retirement. The Baby Boomer generation is also in the middle of retiring. Before being overtaken by millennials, the Baby Boomer generation was the largest in the U.S.’s history, so naturally Social Security had to stretch further to meet more people’s needs.

There is a lot of debate over how to address solvency issues for Social Security. Many have suggested eliminating the tax cap on earnings over $250,000, which would likely keep the program solvent for another decade. Higher-income earners generally oppose this strategy as it places the burden of funding the program more on their shoulders.

Some studies have suggested 73% of the Social Security program’s shortfall would be addressed by repealing the current cap on annual income subject to Social Security taxes, so long as this change isn’t accompanied by increased benefits for higher earners. As lawmakers go back and forth on the best way to address this issue, you can take action to protect your own retirement and build yourself a stable income stream once you stop working.

Expectations Among Retirees

A Gallup poll from 2023 gives significant insight into how non-retirees plan to use Social Security. In 2023, 34% of non-retirees expect Social Security to represent a significant portion of their income.

Though this number has remained relatively stable over the past decade, it’s noteworthy that between 2001 and 2007 the number ranged between 25 and 29%. With a more significant number of people anticipating using Social Security benefits as a primary source of monthly income, the pressure is on to fix solvency issues with the program as fast as possible.

Meanwhile, 48% of non-retirees in 2023 expect to use the program as a minor source of income. A greater number of non-retirees expected to use the program as a minor source of income in the early aughts. This has similar implications as the previous piece of information, suggesting that more people are increasingly relying on Social Security.

Considering data from current retirees, 59% of retirees are using Social Security as a major source of income in 2023. 29% use it as a minor source of income. And 10% don’t use it as a source of income at all. Notably, there’s a 10% discrepancy between non-retirees expecting to use Social Security as a significant source of income and retirees who currently do.

The most obviously concerning part of this data is that a significant portion of Americans still expects to use Social Security as a primary source of income, while at the same time, the program is facing solvency issues.

Can You Expect To Rely on Social Security After Retiring?

By now, it should be clear to you that you probably shouldn’t expect to rely on Social Security after retiring. In 2023, the average monthly benefit for retired workers was $1,825, and only 37% of men and 42% of women receive over half of their income from Social Security. Just 12% of men and 15% of women rely on Social Security for over 90% of their monthly income.

While it’s technically possible to survive just off of Social Security, your comfort will largely depend on your financial goals for retirement. Know how much you expect to spend each month on rent, any debts you still owe, utilities, groceries, and other essential purchases. Compare that to the benefits you expect to earn from Social Security.

Remember that your monthly benefit from Social Security is contingent on your highest 35 years of earnings. If you don’t have 35 years of earnings before retirement, remember that each year below 35 will count against your total average, with the Social Security Administration listing it as a year of $0 earnings. This is an especially important consideration for people planning to retire young.

With the OASI at risk of depletion a decade from now, it’s never been more important to consider other retirement planning options than Social Security.

Pensions and Employer-Sponsored Retirement Plans

Many people take a significant portion of their post-retirement income from employer-sponsored retirement plans. Pension plans, while becoming increasingly rare, are a retirement income stream for some people. Pensions differ from 401(k)s in that contributions are made by employers, not taken from employees’ wages.

A pension plan is an example of a defined-benefit plan, which involves an employer promising to pay an employee a specific monthly payment after retiring for the rest of their life. Employers are liable to make this payment, regardless of the performance of their own assets.

Defined Contribution Plans

A 401(k) retirement plan has become a much more widespread option. This type of plan is called a defined contribution plan and involves employees deferring a part of their paycheck into a separate retirement account. This money is pre-tax, meaning you get to deduct your 401(k) contributions from your taxable income each year, with the expectation of paying taxes on withdrawals you make in retirement.

If you set up a Roth IRA, that’s one way of having a post-tax retirement plan. Filling an account with after-tax money means you pay income taxes on your money in the present, with the expectation of not paying taxes on future withdrawals. A Roth IRA is a great option for people who anticipate being in a higher income tax bracket during retirement.

The demise of defined-benefit plans is an interesting topic that deserves its own article. In the 1980s, workers could expect to put in 20 to 30 years of work for a company and be rewarded with a steady paycheck until they died. An increasing number of companies have opted for defined contribution plans over the years, though, largely hoping to reduce financial pressures on the company to fund pension plans.

If you’re lucky enough to get a pension plan in 2023, take advantage of it. And if you’re relying on a 401(k), see if your company allows contribution matching, and try to maximize your monthly deferrals.

Retirement Savings Habits

When planning for retirement, there are a number of good habits to try to adhere to. Have a clear idea of when you want to retire and what kind of living situation you want to have. The more concrete your plans are, the more concrete your budget can be. Make an inventory of your current assets, current income sources, and expected income sources. Once you have an idea of how much money you’ll make in retirement – taking taxes into account – you can more easily gauge what you can afford.

Automating savings is another great tip for retirement savings. It’s often the initiative required to save and invest money that keeps people from doing it. Automating your savings is one way of reducing the demand on your time.

Finally, you can talk with a financial expert to have a better understanding of how your investments are working for you and whether you need to adjust your portfolio. No one wants to run out of money in retirement, so having a good sense of where your money will come from and where it will go is key to protecting your financial stability.

The Bottom Line

With the Social Security Administration worried its largest trust fund will be depleted by 2033, many Americans are becoming increasingly pessimistic about Social Security’s ability to provide them with a steady income. When preparing for retirement, it’s a good idea to know what kind of money you’ll need to live comfortably. Whether that means relying entirely on Social Security or planning to get income from other sources like a 401(k) or pension plan will depend on your needs.

Do more research to understand what retirement options are available to you.

The post Can I Rely On Social Security in Retirement? appeared first on Due.

Artificial intelligence (AI) technology has gained immense popularity in recent months due to its remarkable capabilities, but its true nature can be confusing for many. AI refers to the ability of a computer or machine to learn from previous experiences.

It is able to understand and respond to various inputs such as written prompts, math problems, and images. This technology finds application in diverse areas, from content recommendations on social media platforms to self-driving cars.

Looking At Different Elements Of AI

Different types of AI exist, each with its own set of capabilities. Machine learning, for instance, allows machines to learn from data without manual programming and is used in apps like TikTok and Snapchat to offer interactive filters based on users’ physical features.

Deep learning deals with complex patterns and datasets, making it particularly useful for processing image inputs. Another type of AI is expert systems which are designed to mimic human-level decision-making skills. While these systems are not self-aware, they do have the ability to scale to decision making that is at a human level.

Businesses are rapidly integrating AI into their operations. This year alone between governments and business the global spending on AI is expected to surpass $500 billion. With AI’s versatility to be helpful in a wide array of areas there is no surprise here that the use is being adopted quickly.

This adoption of AI is expected to continue growing, with a projected 63% increase in AI investment over the next three years. According to Per Ark Invest, AI is estimated to contribute $200 trillion to global economic output by 2030.

AI In Our Everyday Lives

There are many common AI capabilities that are easily recognizable in our everyday lives. For example computer vision is used for extracting information from images and videos in order to understand it. This is how Apple Face ID works to unlock their devices.

Another commonly used AI application is natural language processing which is used in Microsoft translator. This uses AI to enable computers to understand human languages so that they can respond appropriately into various formats. Generative AI is a method of algorithms that take use of existing information to make new content.

This type of AI is being used in all sorts of ways right now from creating images, novels and even new music. Lastly predictive analytics takes data mining and statistical analysis to predict the future such as in the way Google Maps can estimate how long it will take to get you somewhere.

How To Properly Incorporate AI Into Your Business Operations

The incorporation of AI into business operations can have significant benefits. It can enhance efficiency and productivity by automating menial tasks, enabling employees to focus on maximizing their human capital. AI can streamline talent management by assisting in the hiring process, identifying high performers, and suggesting fair compensation.

It also improves data monitoring and shortens development cycles. Aside from this, this is really only the beginning to what all AI can really do for business operations as it is continually being developed.

To successfully implement AI, businesses should follow certain steps in order to really maximize its effectiveness. First, they need to assess their business needs and determine how AI aligns with their objectives. Setting short-term goals related to financial benefits and operational requirements is crucial.

Next, they should evaluate their capabilities and consider options such as outsourcing AI development, collaborating with partners, or utilizing internal resources. Lastly, businesses must prepare their data and start with smaller projects to test the AI’s performance to make sure that moving forward is the right step to take.

Bringing It All Together

One noteworthy example of AI is the input agnostic language model, capable of extracting data from any document, regardless of type, format, or language, including handwritten content.

This AI can even recognize physicians’ handwriting with up to 92% accuracy, eliminating the need for time-consuming data collection or labeling. Such AI models demonstrate how businesses can leverage AI technology to enhance their capabilities and transform their operations.

Learn more about how intelligent document processing is changing the game in the infographic below:

AI is clearly the most buzzworthy topic of the year but it’s not new. It’s been around for a very long time. Phones and social media don’t wow with innovation anymore but AI can and will. Unsee all the articles about robot uprisings and impending doom for a moment. There are real, positive applications already occurring across almost every industry. Here are how some are already using it now.

Is Your Business AI Ready?

The current drug discovery process is expensive, disconnected, time-consuming, and involves mountains of diverse data. Bringing a single drug to market costs around $2.5 billion dollars and takes 10 years. For every drug that gets approved, ten thousand compounds will fail.

AI allows scientists to test infinitely more possibilities for potentially life-saving therapies in a less costly, more time-efficient manner. However, AI cannot be done on a broad scale without first having access to clean data.

Data liquidity is the creation of flexible, scalable systems designed to handle and make accessible the rapidly increasing amount of data that will be needed to power AI. 2 million scientists, including those from Bristol-Myers Squibb and Merck to research universities like MIT and Oxford work with a platform, Dotmatics that is specifically designed to make research science data AI ready.

Worldwide the amount of data reportedly doubles every 2 years. Developing and testing each new drug creates terabytes or even petabytes of data at every stage, and broadly speaking genomics research is expected to generate between 2 and 40 exabytes of data within the next decade. Scientists are now faced with massive datasets that require sophisticated analysis techniques and computational tools to extract meaningful insights. This will require infrastructure to truly get predictive in their approach, and be able to apply data science to their science data.

Healthcare itself is also using AI on the backend to be more efficient. One of the top contributors to wasted healthcare dollars is due to the claims process, reported at more than $250 billion per year according to Humana.

Predictive denials evaluates each claim and its likelihood of being denied to help determine which item(s) on the claim are the leading cause for denial before submitting. This allows the right specialist to intervene before claims go to payers with a “clean” submission. The product also leverages large-scale historic payment data tuned to providers’ denial trends for continuous learning and adaptation.

Turning Data Into Real-Life Action

There are also rapid challenges companies face when it comes to data connectivity. There are data silos, networks are unreliable, they can’t get data in real-time, the data comes from varied sources, and the whole system is difficult to unify.

Mercedes Benz, Sirius XM, BMW and more use a service called HiveMQ to navigate data and accelerate IoT. It is the central nervous system for the Internet of Things, giving companies a way to overcome all of these obstacles with a secure platform so they can do more with their data. Features like zero message loss, consistent communication, zero-downtime upgrades and a cluster architecture for no single point of failure may be too technical but for a practical example BMW cut time to open the car door with a phone app from 30 seconds to 1 second.

Businesses want to focus on their core value – whether it be a connected car platform, a drone that carries medical supplies, or a connected dishwasher.  They don’t have the time or the expertise to worry about the data moving from point A to point B to make sure their product delivers an exceptional user experience, they want to spend their time building more features. HiveMQ takes that piece, the movement of IoT data, and solves it. So the car door opens in sub one second instead of 30, the drone gets the medical sample to the hospital 75% faster, and the dishwasher tells the owner when the detergent is empty.

Fast and fair access to capital is huge. Accelerating data in highly regulated industries is always more challenging. Some banks are now utilizing AI-enabled underwriting. This allows banks and credit unions to provide faster decisioning while safely offering credit access to more consumers and in some cases has already led to a 25% increase in approval rates for customers.

Travel is a trillion-dollar-industry without a ton of current disruption. Mondee just rolled out what Fox is calling the most powerful travel assistant ever. Abhi is mobile-first A.I. platform. leveraging Generative A.I., deep learning, and computer vision to provide personalization and immersive local travel experiences. Uniquely, Abhi creates custom travel guides based on users’ interests. It is also empowering travel experts globally, presenting monetization opportunities for influencers and freelancers that use the platform.

Finally, payment technology is always evolving. Open banking is a  bet on the future of payments. Banks have often held a monopoly on financial data. Open banking enables individuals and businesses to share data with other financial services providers, such as budgeting apps, investment platforms, and more. While the process isn’t as complex as other advancements in data science it’s transformative in what the end result can and will be. Personalized financial products, increased access to credit, better financial inclusion and simplified international transactions will all be possible.

That’s the main takeaway with AI and all the data that is being used right now. There are stunning examples that will grab headlines and lead to profound breakthroughs but really every business, every industry will be using AI to power its next generation of offerings. That’s why it’s the buzzword of the year and might be of the decade.

In his podcast addressing the markets today, Louis Navellier offered the following commentary.

Hindering Algos

An interesting development is that low market volatility is now apparently hindering algorithmic trading firms. Specifically, Virtu on Wednesday announced a 23% drop in net trading income in the second quarter, so its earnings declined 49.3% to 37 cents per share, down from 73 cents per share in the same quarter a year ago.

Citadel Securities, which is a private company, announced that trading revenues declined by 29% in the second quarter according to the Financial Times. Both Citadel and Virtu are active in options trading.

Now that there are daily as well as weekly options, these new options are not apparently boosting the bottom line for Citadel and Virtu, despite very obvious algorithmic trading programs, especially on Fridays when weekly options are expiring.

Soft Landing Achieved

The Federal Open Market Committee (FOMC) on Wednesday raised the federal funds rate 0.25% and to a new target range of 5.25% to 5.5%, which is at a 22-year high. Although the language in the FOMC statement did not change much, at his press conference, Fed Chairman Jerome Powell confirmed that the Fed would be “data dependent” moving forward, which is dovish.

The 2-year Treasury note yield fell dramatically, which is a clear sign that the bond market thinks the Fed is done raising key interest rates. The Fed also removed any reference to a recession being possible in the upcoming months. As a result, it appears that the FOMC may have achieved a “soft landing.”

The Commerce Department on Thursday announced that its preliminary estimate for second-quarter GDP growth was an annual pace of 2.4%, up from a 2% annual pace in the first quarter. Consumer spending grew at a 1.6% annual pace in the second quarter.

The great news in the GDP report is that the Fed’s favorite inflation indicator, the Personal Consumption Expenditure (PCE) index, rose at only a 2.6% annual pace through the second quarter. The core PCE, excluding food and energy, rose at a 3.8% annual pace through the second quarter. Overall, GDP, consumer spending and PCE were all better than economists expected.

The European Central Bank (ECB) raised its key interest rate 0.25% on Thursday, despite the fact that many countries in the European Union (EU) are in the midst of a recession. Inflation is worse in the EU since their agriculture sector is less efficient and many countries strive to protect their farmers.

Furthermore, the EU is largely dependent on foreign energy imports. Rising crude oil and natural gas prices are problematic for the EU since energy inflation remains stubbornly high. As a result, the EU may remain in a recession for the foreseeable future.

Cheaper VW EVs

Volkswagen (OTCMKTS:VWAGY) announced on Wednesday that it is investing $700 million in Xpeng, which is a Chinese EV company that has been plagued by a dramatic decline in revenue. Xpeng’s sales peaked in the fourth quarter of 2021 and since then, its revenue has declined over 50% as BYD has broken out as the leading EV company in China.

Interestingly, VW may use Xpeng’s EV platform to capture more worldwide market share for lower-priced EVs. Although VW has no problem making expensive premium EVs like the ID.Buzz, cheaper EVs are where the sales are booming, so the Xpeng platform should help VW capture more market share.

Coffee Beans: iShoes

An ultra-rare pair of Apple-branded trainers, featuring the vintage rainbow Apple logo adopted in 1977, has gone up for sale for a whopping $50,000. The shoes were custom-made for company employees in the 1990s and given away at a sales conference. Source: Sky News. See the full story here.

Shares in several major cybersecurity stocks closed sharply lower on Wednesday after tech titan Microsoft (NASDAQ:MSFT) expanded its product and service offerings in this sector.

Such a move from a Redmond-based tech company was somewhat expected given Microsoft’s increased focus on data security in recent years. However, these actions also represent a competitive threat to established players in this sector, including Palo Alto Networks (NASDAQ:PANW), Zscaler (NASDAQ:ZS), and Cloudflare (NYSE:NET), even if the company’s products are still in the early stage of development.

Palo Alto shares closed 7% lower on Wednesday, while Zscaler and Cloudflare fell 6.6% and 5.5%, respectively. These moves were not that much surprising given that Microsoft’s huge distribution capabilities directly impact the competitive landscape for some of these names.

According to analysts, these three companies are mostly affected given that they are proven cloud network security providers.

“This is potentially the largest and last major cybersecurity market that Microsoft has yet to enter and it is now competing with cloud network security providers, mainly ZS, NET, PANW,” Morgan Stanley analysts led by Hamza Fodderwala wrote in a note.

Jefferies analysts added that the latest push from Microsoft into cybersecurity could have “potential longer term ramifications” to Cloudflare, Palo Alto, and Zscaler, as well as Fortinet (NASDAQ:FTNT) and Check Point Software (NASDAQ:CHKP).

The news also comes as Microsoft recently added GPT4 models to Azure.

Microsoft Expands, Rebrands in a Major Cybersecurity Push

Microsoft announced yesterday that it has launched two new cybersecurity products: Microsoft Entra Internet Access and Microsoft Entra Private Access. The aim behind these products is simple: Help businesses protect their sensitive data.

Microsoft’s decision to expand beyond managing directories and authenticating users comes after the company acquired Miburo, a cyber threat analysis and research specializing company, in 2022. It had previously acquired RiskIQ, a cybersecurity ransomware company.

The acquisition of the latter is especially important in this context. RiskIQ’s strengths are in digital transformation and hybrid work. In essence, RiskIQ’s solutions help customers discover and assess the security of their entire enterprise attack surface.

“We’re thrilled to add RiskIQ’s Attack Surface and Threat Intelligence solutions to the Microsoft Security portfolio, extending and accelerating our impact. Our combined capabilities will enable best-in-class protection, investigations, and response against today’s threats,” said RiskIQ Co-founder and CEO Elias Manousos.

Fast-forward two years, Microsoft has now launched Entra Internet Access with an aim of protecting access to the internet, software as a service (SaaS), and Microsoft 365 apps and resources. The company hopes that the new product will enhance the security and access to Microsoft 365 apps, with a particular focus on speed and productivity.

While Entra Internet Access is an identity-centric Secure Web Gateway, the Entra Private Access is an identity-centric Zero Trust Network Access. It allows access to private apps from any device or network.

Microsoft’s idea is to enhance the overall quality of its cybersecurity offering as both of the new products work with Microsoft Defender for Cloud Apps. Together, these solutions are the pillars of Microsoft’s Security Service Edge (SSE) solution.

“We’ll continue to evolve our SSE solution as an open platform that delivers the flexibility of choice between solutions from Microsoft and our partners. Pricing for Microsoft Entra Internet Access and Microsoft Entra Private Access will be available when those products reach general availability,” Microsoft said in a blog post.

In another business update, Microsoft said it has rebranded Azure Active Directory in Entra ID. This offering was launched last year and initially consisted of Azure AD, Entra Permission Management, and Entra Verified ID. Microsoft then announced new products for this family of apps, including Entra ID Governance and Entra Workload ID.

This family of cybersecurity solutions unifies multi-cloud identity and network access solutions. This is more of a branding/marketing move by Microsoft as it won’t affect any capabilities, configurations, or licenses.

According to IDC’s 2022 report, Microsoft Defender for Endpoint is ranked No.1 in market share (18.9%). Microsoft is followed by CrowdStrike (15.1%), and Trend Micro (5.5%) while the total corporate endpoint security market grew 29.2% year-over-year to $13.1 billion.

“Primary contributors to market growth are organizations’ increasing appetite for modern endpoint security suites that contain a broader set of functionality and services, an increase in their number of protected devices, and Microsoft’s push into additional market segments, notably small businesses and organizations with narrower endpoint security requirements,” it is said in the report.

IDC estimates that Microsoft’s annual revenue doubled from $1.2 billion in 2021 to $2.5 billion in 2022 as far as the global corporate endpoint security market is concerned. As a result, the company’s market share surged from 12.7% in 2021 to 18.9% last year.

The research firm “blames” this strong growth on Microsoft’s push to expand the reach of its Microsoft Defender for Endpoint product portfolio. Another factor is Microsoft’s decision to improve multiplatform parity across Windows, Linux, macOS, Android, and iOS operating systems.

Summary

Microsoft announced new products and services in the cybersecurity sector, directly enhancing the competitive threat to established players, mostly Palo Alto Networks, ZScaler, and Cloudflare. Latest research reports also point towards Microsoft’s continued market share gains in certain cybersecurity sectors.

Shane Neagle is the EIC of The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.

With the summer months around the corner, you must be bracing up to spruce up your professional profile with some work experience. The summer time proves to be ideal for college students to work part-time and stack up their savings for the next academic session.

However, getting part-time jobs can be challenging in the summer! For many employees, the timeframe matters a lot. They might be willing to employ candidates for a longer tenure rather than hiring you for just 2-3 months. So, how do you plan to navigate these challenges and make your bank?

With educational expenses increasing, it pays to be careful about how when you swipe your credit cards. A high-paying summer job goes beyond ensuring your cash flow to manage your meals and living expenses. Besides, you would find some of your peers aggressively clearing their student loans.

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Landing a good-paying summer job can help you adopt this aggressive stance to gain financial freedom. To remain financially afloat, you need to be prudent while picking the right summer job. Make the most of your summer breaks with this comprehensive guide to financial management for students.

5 factors to consider before employing yourself this summer

A goal-oriented approach to your summer job hunt would help you balance your academics and workload. College students contribute around 8% of their college budget from their savings and income. With the right choice of job, you can stream in even more.

Prioritize these aspects when you hunt for the right job this summer.

Hourly pay

Are you aware that the minimum wage rate fixed by the Federal government is $7.25 an hour? In California, students should earn at least $13 per hour. Check out the minimum wage rate for your state and go for decent-paying jobs. With the extra cash inflow, you can clear off your student loan debts faster and stride towards your financial freedom.

Professional commitment

Once your semester commences after the summer break, you won’t be continuing with the job, right? So, look out for jobs that are typically designed for college students. Getting into a long-term professional commitment can mess up your academics.

Time schedule

Do you want to commit your summer holidays solely to stack up your savings? College students often plan outings with their friends and family. Look out for a part-time job that would allow you flexibility while earning money.

Experience

Here comes the context of aligning your financial goals and professional life. What type of job are you looking for to engage yourself this summer? Have you considered work profiles closely aligned with your career? Why engage in a random job rather than working towards your career goals? A strategic approach to job selection can make your experience count in your resume.

Job location

Would you like to work online or prefer an on-site job for the summer? Your academic commitments and work schedule largely determine the number of hours you can spare. Don’t go for a summer job that involves long commutes. If you are preoccupied with internships or other commitments, go for a freelancing or part-time online job for college students.

7 high-paying summer jobs college students should consider

Here’s our list of high-paying jobs for college students that should help you boost your bank balance.

Landscaper

Do you have green fingers? Why not spend your summer days amidst nature? As a landscaper, you would be pruning bushes, mowing lawns, and maintaining flowering plants and gardens. Of course, working as a landscaper requires physical stamina. However, spending your summer time outdoors can be rewarding as well.

At $17.45 an hour on average, you can make a few hundred dollars during your vacation. It’s all about weeding, digging, and cutting: a decent job working with trimmers and clippers. The demand for landscapers is pretty high in both residential and commercial establishments. The best thing is you can be flexible with your schedule, choosing whether to work part-time or full-time on lawns and gardens.

Office jobs

Do you know that office assistants in

the US

earn at least $16.59 an hour? If outdoor jobs don’t suit you, why not engage yourself in an office job that complements your professional goals? It’s nice to spend the hot summer days in the AC, working on your system to make some decent bucks!

Office assistant jobs are available in plenty, and you can schedule your time at your convenience. In this profile, you would be coordinating with the staff to maintain resources and office supplies, prepare documents, handle emails, or supervise the supplies. Working as an office assistant would significantly help you hone time managerial skills. You can refine your skillset by juggling responsibilities like scheduling appointments and vendor management.

Paid internships

Paid internships go a long way in adding value to your resume. While earning money, you would also gain hands-on experience. Depending on your professional field, the average pay per hour varies. However, marketing interns earn a median hourly pay of $14.33. For engineering interns, the pay scale is slightly higher, around $17.62 an hour.

Given that your time is valuable, make the most of your summer holidays. Why go for unpaid internships just to make your resume look better? Lots of paid internship opportunities are available in most academic fields.

Remember, paid internships come with limited slots. Try to apply with your resume and cover letter as early as possible. Some of these opportunities open up a year in advance. Check out these opportunities with your college resource center.

Hotel receptionist

College students looking for flexible work hours during their summer jobs may consider the profile of a hotel receptionist. Most hotels hire receptionists to manage their calls and customers 24/7. So, you may find a slot that suits your schedule.

As a hotel receptionist, you would be assisting guests in checking in and out, attending phone calls, booking reservations, and receiving payments.

For hotel receptionists, the national average base wage is $16.09 per hour. So, if you are comfortable with this position, you can earn a decent income during your summer. Some of the large hotel chains also develop grooming programs for their employees. Working as a receptionist at one of these organizations, you can think of a viable career path after college.

Farmhand

Here’s another rewarding outdoor summer job for you. You would earn around $16.14 an hour working as a farmhand. So, if you are okay with getting your hands dirty, why not work on farms?

As a farmhand, you would be repairing fences, mucking stalls, and working on mundane farm jobs. It’s all about making your farm owner profitable and earning good money for clearing off your student loan debts.

While the work seems physically demanding, you will love those rewards at the end of the day! Besides, this work profile brings you the opportunity to take care of animals on ranches, bathing, feeding, and monitoring them, as well as grooming animals. At the same time, you would get hands-on knowledge on operating farm equipment, transporting animals, and irrigating crops.

Mover

Up for some heavy lifting? Maybe, you’d make up for whatever you have spent at the gym over the years. Professional moving companies are on the hunt for muscular hands. If you don’t mind channelizing your stamina moving goods and heavy objects for others, try out this work profile.

Moving domestic and commercial properties involve more than physical strength. It’s all about cultivating a sense of responsibility as you move business or residential goods, coordinating with teams, and traveling short distances. Besides, you can find moving tasks for transporting furniture from stores to homes.

The pay scale looks better for all the energy you put in. Movers can make as much as $35 an hour, depending on the company you work at and the efforts you give!

Dog walker

If you love pets but don’t like the profile of a pet sitter, try out dog walking jobs. This is one of those tasks that bring in easy money. Spend time with your furry friends while their owners remain away to make bank this summer.

You’d be responsible for taking them out while their owners remain away. Make sure they get the right kind of exercise when you spend time with those pets. If you are comfortable handling dogs of different breeds and sizes, you can earn as much as $17.79 an hour.

Moreover, if you are comfortable working longer and remaining indoors, why not work as a pet sitter to boost your cash inflow?

Where can you find the best summer jobs?

While you are just a Google search away from exploring all your summer job opportunities, don’t miss out on these places!

Job search websites: Have you checked out SnagAJob or Indeed for flexible summer jobs? Open a profile on these platforms to explore local job opportunities. Use the filters to customize your preferences while mentioning your expected pay and experience.

Social media platforms: Social media proves to be a great place to explore those vacancies. If you have a particular company in your mind, follow them on LinkedIn or Twitter. Facebook also allows professionals to grow their network.

Industry databases: In case you’re ready for an industry-oriented job for summer, why not check out the job list in the database? Industry websites help college students land tasks closely aligned with their careers. For instance, BeautyLeap and LandscapeIndustryCareers are ideal for those willing to venture into the grooming and landscaping professions, respectively.

Network and communicate: Have you reached out to your professors, mentors, friends, or seniors about suitable job opportunities? Put your networking skills to use as you prepare yourself for your summer job.

Inquire in person: To seek employment in the service industry, inquire in person. This is one of the best ways to find decent summer jobs. Based on the demand for part-time workers, these organizations may interview you on the spot!

Starting early!

Summer jobs can be highly rewarding if you know where to look out for them. Once you land a suitable job, start planning for your future. In case you are working full time, you might get benefits like a 401(k) account. As a thumb rule, try to save at least 15% of your monthly income for your retirement.

Put aside your leisure expenses and cultivate your financial maturity right from your college days. You won’t feel deprived after working the entire vacation by splitting your income prudently between parties, movies, concerts, and future commitments.

FAQ

Is getting a summer job worth it?

Yes, that’s the reason most college students put their vacations to use. Firstly, you get to earn money and handle your student debt smartly. Next, you can put aside some funds for your upcoming semesters, living expenses, and leisure activities. Most importantly, you can make your summer job experience count on your resume when you pitch it to employers in the future.

How many hours do students work in the summer?

If you are over 16, you can legally work up to 40 hours a week during your summer vacation. Now, you need to schedule your time based on your academic and domestic commitments. Nevertheless, over 40% of college students work full-time to make money.

What are the benefits of doing a summer job?

Apart from the extra income you earn during your summer break, engaging yourself during your vacation also brings other benefits. For instance, students learn to handle money responsibly and start building their credit scores. These jobs may also add value to their resumes. Most importantly, engaging in a summer job can boost your communication and time management skills.

How to prioritize my studies while doing a summer job?

Striking a balance between work and studies is crucial. So, try to set a flexible work schedule, so you have a few hours each day to study after attending your workplace. Besides, get adequate sleep and take healthy diets so that you get enough stamina to manage your workload after studying.

What are some good tips for getting a summer job?

After deciding the type of job you want to engage in during the summer, update your resume and prepare your cover letter. Check out vacancies in your college network, or go for local job listings. Also, scan the websites of reputed organizations to grab opportunities corresponding to your preferences. Cultivate networking skills, and don’t miss out on paid internships.

The post Make Bank During Summer Break: A Student’s Guide to Financial Management appeared first on Due.

Even investors who understand that the stock market is volatile did not feel good about the losses stocks posted during 2022. The Standard & Poor’s 500 Index dropped by nearly 20% and the average workplace retirement plan balance fell from $144,280 at the start of that year to $111,210 by year’s end. Here’s a breakdown of how much money retirement savers lost from these defined contribution plans.

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Alight’s 2023 Universe Benchmarks Report looked at data from almost three million eligible participants spread across 100 retirement plans. The median plan balance fell to $23,818 — the lowest in a decade. The median annual return was -14.7% during 2022.

Other findings from the study were similarly downbeat: The average participation rate in workplace savings plans dropped slightly, from 84% in 2021 to 83% in 2022, while the average contribution rate slipped from 8.6% to 8.3%.

When considering former employees, the rate of those who kept their money invested in the workplace plan dropped from 61% in 2021 to 55% in 2022. Such withdrawals may indicate workers rolled money from their previous employer’s plan to that of a new employer, or into an individual retirement account; it also can include workers cashing out their accounts to keep money on the sidelines, or used it to meet financial obligations.

Despite Challenges, Workers Focused on Long-Term Savings

Still, most workers saving in 401(k)s and other employer-sponsored plans stayed the course, despite being hit by increased living expenses that resulted from high inflation.

“Most people did not make drastic, knee-jerk reactions to their investments,” Rob Austin, head of research at Alight Solutions, said in a statement. “Only 3% of people stopped contributing, and the number of people who increased contribution rates was more than twice the number who decreased their savings.”

And, the percentage of workers eligible for workplace plans with fewer than two years of service increased by 30% during 2022 – an indication that automatic enrollment plans seem to be getting more workers to save for retirement

So far for 2023, markets have been more encouraging, with the broad S&P 500 index up more than 14% by the end of June. Similarly, balances for defined contribution plans, such as 401(k)s, are up for the year, according to the Investment Company Institute, which reported that plan assets were $9.8 trillion at the end of the first quarter, up 5% percent from the end of 2022.

Bottom Line

A tough year for the stock market was difficult for participants in workplace retirement accounts such as 401(k)s, where they contribute money toward retirement. Because of the long time horizon most workers have before retirement, plan participants tend to invest much or all of their contributions in stocks to achieve long-term growth after inflation. But that means they also have to weather the inevitable downturns in the market.

Retirement Planning Tips

• A financial advisor can help protect your retirement savings. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Knowing how much you will need to pay for retirement is crucial to make your plan sustainable. Our retirement calculator can help you get an estimate for how much you will be able to save over time.

The post Here’s How Much the Average Person Lost in Retirement Savings in 2022. How Do You Compare? appeared first on SmartAsset Blog.

As global temperatures hit a record high, every investor now has a responsibility to consider environmental, social and governance (ESG) investments, says the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The comments from Nigel Green of deVere Group come as it is revealed that Monday was the world’s hottest day on record, exceeding an average of 17 degrees Celsius (62.6 degrees Fahrenheit) for the first time, according to official measurements taken on Tuesday by US meteorologists.

Global Temperatures Hit A Record High

“This is not a milestone we should be celebrating, it’s a death sentence for people and ecosystems,” said Friederike Otto, a senior lecturer at the Grantham Institute for Climate Change and the Environment.

The deVere CEO says: “The new record high shines a spotlight on the extreme temperatures engulfing the northern hemisphere this summer, and underscores the lack of global progress on tackling climate change – which is the biggest critical issue of our time.

“Monday, 3 July 2023, the hottest day ever recorded globally, must act as a wake-up call that more must urgently be done to battle the worst effect of human-driven environmental issues.

“As such, I believe that every investor now has a responsibility to consider ESG investments.”

But the enormously positive environmental and social impact you can have with ESG investments is not the only reason why you should consider them as part of your portfolio.

“Numerous studies have demonstrated that companies with strong ESG practices tend to outperform their peers over the long term. 

“By incorporating ESG investments, investors have the opportunity to participate in the growth of companies that are well-positioned to navigate risks, capitalise on emerging opportunities, and drive sustainable innovation,” notes Nigel Green.

ESG factors provide valuable insights into a company’s resilience and risk management practices. 

The Benefits Of ESG-Focused Investments

He continues: “By considering environmental risks, such as climate change and resource scarcity, social risks related to labor practices and community engagement, and governance risks such as board diversity and transparency, you can better assess the long-term viability of investments and reduce exposure to potential risks.”

The deVere CEO goes on to add: “The global regulatory landscape is evolving. Investors who proactively integrate ESG investments into their portfolios can navigate regulatory changes more effectively and position themselves for future market shifts. 

“Plus, as ESG considerations become mainstream, investments in companies with strong ESG profiles are likely to attract more attention from institutional and individual investors.

“All of the reasons and all the evidence suggest that ESG-focused investors can achieve both profitability and positive impact.”

deVere Group practices what it preaches. In 2021, it became one of 18 founding signatories of the UN-backed Net Zero initiative, the international alliance of finance powerhouses that will help accelerate the transition to a net-zero financial system. 

As a global organisation, it recognises the transformative potential of ESG investments and is committed to helping investors integrate these strategies into their portfolios. 

With a team of experienced professionals and a comprehensive suite of ESG-focused investment solutions, deVere provides clients with tailored advice and cutting-edge research to optimise their financial goals while aligning their investments with their values.

“The hottest day ever recorded globally tells investors now is the time to consider putting your money to work for both profits and positive change. If not now, when?” concludes the deVere Group CEO.

About deVere Group

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Linsey Graham is the current senior U.S. Senator from South Carolina. He has represented the State since 2002. Over the years, the Republican politician has built great wealth. He has an estimated net worth of $2 million.

One fact about Lindsey Graham is that he has never married and has no biological children. He raised his younger sister after they lost their parents.

Discover the actual net worth of Lindsey Graham, the prominent politician. Uncover his financial success and explore his wealth in this insightful analysis.

Biography of Lindsey Graham

Early life

Lindsey Olin Graham was born on July 9, 1955. He was the first of two children of Millie and Florence. His parents had a small business called the Sanitary Cafe. It was an all-in-one business with a restaurant, pool hall, and liquor store.

The family lived in a cramped backroom of their business. At 12, Lindsey Graham was already helping his parents at the pool hall.

Graham’s parents died within a difference of 15 months. His mother departed first in his arms. Later the following year, his sister Darlin discovered their father lying dead. Lindsey was 22 years old and in college. His sister was only 13.

A native of Central, South Carolina, Lindsey Graham grew up with his sister and has never married.

Education

Lindsey Graham went to D W Daniel High School, a Central, South Carolina public school. Upon graduation, he joined the Reserve Officer Training Corps. When his parents passed, Graham left and enrolled at the University of South Carolina to be close to his sister Darlin. He became the legal guardian.

Graham graduated from the university in 1977 with a B.A. degree in psychology. 1981 he obtained his Juris Doctor degree from the University of South Carolina School of Law. In 1982, he became Judge Advocate General’s Corps of the U.S. Air Force.

Graham was a Defense Attorney before becoming Europe’s Air Force chief prosecutor based in Frankfurt. When Graham left the U.S. Air Force, he joined the South Carolina National Guard and served until 1995. After the United States Air Force, Graham served in the South Carolina Air National Guard until 1995. Graham was also a South Carolina House of Representatives member between 1993 and 1995.

Personal Life

Lindsey Graham has never married and has no biological children. He lost his parents and was forced to watch over his sister Darlin Graham Nordone. He raised his sister as the legal guardian. Graham adopted her sister so that she could be a beneficiary of his medical coverage.

Political Career

Lindsey Graham began his political career in 1992 as a South Carolina House of Representative for Oconee County, 2nd district. He served one term. In 1994, he contested to replace the retiring Congressman Buttler Derrick.

Strom Thurmond backed his campaign, and Graham won the elections. Before he became a Senator in 2002, Lindsey Graham had served four terms as a Congressman.

Sen. Graham ran for a second term in the U.S. Senate in 2008. He faced off with Buddy Witherspoon at the Republican primaries. During the 2014 election, he seemed unable to survive a Republican primary challenge. He had the lowest approval because he allegedly worked with Democrats.

In 2020, Graham faced a tight challenge from the Democratic nominee, Jaime Harrison. The race was quite competitive, but Graham won with more than 10 percent.

Positions

Sen. Lindsey Graham is rather hypocritical in many ways. He is popular for working with Democrats in a bipartisan manner. He voted in favor of President Obama’s appointment of Elena Kagan and Sonia Sotomayor to the Supreme Court. He criticized the Tea Party and compromised the campaign finance and immigration reforms.

His political positions keep shifting towards the extreme by the day. In 2016, he claimed that Judicial nominations should not happen during a presidential election year. In 2020, he went against this statement after Supreme Court Justice Ruth Bader Ginsburg died. Graham voted to replace her one day after.

Lindsey Graham is also anti-gun control, anti-immigration, and anti-abortion. He voted in favor of the Iraq resolution in 2002. He also supports military intervention in places such as Afghanistan and Libya. Lindsey Graham does not support LGBTQ rights and denies climate change.

Relationship with Donald Trump

In 2015 when President Donald Trump was running for a Republican nomination, Graham fiercely opposed him. He called Trump a “jackass.”

When Donald Trump won the presidential election, Sen. Graham became one of the president’s biggest supporters. He backed Trump’s racist positions and corruption in the White House. Graham supported Donald Trump’s reelection bid in 2020.

Controversies

Lindsey Graham’s controversial side of life shined out after the 2020 presidential election. He was among the loudest promoters of the Big Lie that alleged Donald Trump lost due to voter rigging. He disputed the vote count in Georgia. He even called the Georgia Secretary of State, Brad Raffensperger, asking him to disqualify cast mail-in votes.

Take a Look at The Daily Showography of Lindsey Graham: Married to the Game:

Quick Facts about Lindsey Graham

Lindsey Graham’s Net Worth?

Lindsey Graham is a 67-year-old politician with a net worth of $2 million. He has served South Carolina as Senator since 2003.

How Lindsey Graham Built His Net Worth

Sen. Graham’s sources of income include congressional salary and investments. That is according to the official United States Senate website. His net worth is between $1 million and $2 million.

Assets

Since he has never been married and has no children, all his properties are in his name. His assets show that Graham has investments in corporate bonds and mutual funds. He has four bank accounts and savings with the U.S. Senate Federal Credit Union.

Real Estate

Lindsey Graham is not legally required to list the value of properties he owns but does not collect rent from. As such, the value of his D.C. luxury home and his primary home in South Carolina are unclear.

Liabilities

According to his financial disclosures, Sen. Graham has no outstanding debts. However, he owes up to $250,000 on the D.C. house mortgage and $15,000 on the South Carolina home.

FAQs

Conclusion

Sen. Lindsey Olin Graham is an outstanding politician who rose from a very bad to place. He grew up in a cramped backroom of a liquor store to become one of the richest politicians in the United States of America. Graham proves that nothing is impossible.

In his podcast addressing the markets today, Louis Navellier offered the following commentary.

If you wish to listen to this commentary, please click here.

China Teetering On Recession

On Friday, China’s National Bureau of Statistics announced that the official PMI for June rose slightly to 49 in June, up from 48.8 in May. Since any reading under 50 signals a contraction, China’s manufacturing sector is in a recession.

One big alarm is that the new export orders component declined to a 5-month low of 46.4 in June. The service sector PMI for June declined to 52.8, down from 53.8 in May. Finally, home sales for the top 100 Chinese property developers declines 28.1% by value in June. I think is it safe to say that China may have negative GDP growth in the second quarter.

China is teetering on a recession and you think that would hurt energy prices because demand for oil in China might go down, but energy prices are very firm now because demand is very robust in the United States.

Strong Energy

The other thing about the U.S. is our inventories are at a five-year low for crude oil. Furthermore, inventory of refined products is very low so refiners are going to make a lot of money. We got a lot of strength in the energy patch.

The Fed announced on Friday that consumer spending decelerated in May to a 0,1% increase, down from a robust 0.6% increase in April. The Personal Consumption Expenditure (PCE) index rose only 0.1% in May and has risen 3.8% in the past 12 months. The core PCE, excluding food and energy, rose 0.3% in May and 4.6% in the past 12 months.

Despite an improving PCE, a bigger drop is anticipated in June and hopefully, that big drop will convince the Federal Open Market Committee (FOMC) to continue to pause any further key interest rate hikes.

The bottom line is the U.S. is the oasis as you look around the world. Europe is in a recession while China is teetering on a recession.

Self-Inflicted Inflation

What’s so sad about Europe is a lot of the inflation is self-inflicted from the green energy policies. There’s nothing wrong with green energy, it’s just more expensive than other energy, and their inflation data is not adjusted for that. Whether this is right or wrong, it’s just what they are doing to themselves. Green energy is expensive in the U.S. too, but it’s not quite as bad as it is in Europe.

New York City’s Department of Environmental Protection (DEP) has drafted new rules that would order restaurants to reduce their carbon emissions by 75%. This would require restaurant owners to buy expensive emission control devices on their pizza ovens, which also require expensive maintenance.

DEP Spokesman, Ted Timbers, said “All New Yorkers deserve to breathe healthy air, and wood and coal-fired stoves are among the largest contributors of harmful pollutants in neighborhoods with poor air quality.”

This brewing DEP war against iconic Italian restaurants and pizza joints in New York City is not going over well. Since New York Mayor Eric Adams on Earth Day (April 17^th) asked New York City residents to eat less meat and dairy to reduce carbon emissions, I suspect that Italian restaurants and pizza joints will not get any symphony from City Hall. As a result, I am predicting that the next New York City mayor will be a pizza-loving Italian.

Coffee Beans: Octopus’s Garden

One in four Americans say it’s morally unacceptable to eat an octopus. Commonly eaten animals in the U.S., such as salmon, chicken, and cows were seen as acceptable to eat by the vast majority. Source: Statista. See the full story here.