It is essential to save for your retirement to ensure a comfortable and secure future. Recent data shows that the average 401(k) savings rate, including both employee and company contributions, has reached a record high of 14.2%. This rate is just shy of the recommended 15% benchmark suggested by Fidelity, a leading investment firm. The
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The rise of Financial TikTok, also known as #FinTok, has taken the social media world by storm. Generation Z, in particular, has shown a keen interest in using TikTok as a source of financial information, tips, and advice. According to the CFA Institute, Gen Zers are more likely to engage with finfluencer content on platforms
Kelly Harry’s experience as an account executive in ad sales highlights a common issue in the workforce – being underpaid and undervalued. Many individuals, like Harry, are unaware of their true worth until a conversation or realization sparks the discovery. It is crucial to understand the market demand for your skills and not solely rely
For individuals who fall into the category of higher earners and are seeking ways to maximize tax-free retirement savings, there is a potential strategy that often goes unnoticed. While Roth individual retirement accounts are known for their tax-free growth and other advantages, there are income limits that prevent some investors from making direct contributions. However,
When it comes to financial thresholds that are not adjusted for inflation, the federal minimum wage is a significant example. It has remained stagnant at $7.25 an hour since 2009, marking the longest period in history without an increase from Congress. This lack of adjustment has resulted in a substantial loss in value over the
In the midst of the ongoing tumultuous job market, data from Vanguard reveals interesting insights into the dynamics of hiring based on income levels. While the demand for higher-income workers has slightly decreased, lower-earning Americans continue to experience a robust pace of hiring. Workers in the bottom one-third income bracket, earning less than $55,000 annually,
The closure of the Delaware College of Art and Design (DCAD) was announced recently due to low enrollment numbers. Despite efforts to find additional funding, the institution was unable to overcome the challenges related to declining enrollment and rising costs. The president of DCAD, Jean Dahlgren, highlighted the issues faced by the college, including a
A recent study conducted by the Schwartz Center for Economic Policy Analysis sheds light on the financial struggles faced by older Americans with unpaid student loan debt. The research, which analyzed data from over 2.2 million individuals aged 55 and over, revealed that a significant number of older workers are burdened by student loan balances
As the year 2024 unfolds, there has been a significant rise in Roth individual retirement account conversions. Data from Fidelity Investments shows a 44% year-over-year increase in the number of Roth conversions during the first quarter of this year. This trend indicates a growing interest among investors in transferring pretax or nondeductible individual retirement account
While some individuals may feel it is best to claim Social Security retirement benefits early, experts argue against this notion. The allure of accessing benefits at age 62 may be appealing, especially when considering the uncertainty of the program’s future or wanting to maximize benefits. There may be a misconception that investing in the S&P