People save in emergency funds to overcome unexpected expenses like medical bills and home repairs or to stay afloat during job losses. However, high borrowing and living costs, relatively muted wage growth, job losses, and lower-than-expected job openings have severely strained US household budgets. The mounting pressure to accommodate rising costs has stunted Americans’ ability … Read more
With retirement savings on the rise, reaching a million-dollar balance is becoming more attainable for many. According to a recent analysis by Fidelity of over 48 million retirement accounts, including IRAs, 401(k)s, and 403(b)s, the number of individuals with million-dollar 401(k) balances has surged to a record high. In the second quarter of 2024 alone, … Read more
Anushka’s recent trip to Mumbai turned heads as she made a solo appearance, leaving behind her husband Virat Kohli and their kids, Vamika and Akaay. Despite being away from her family, the actor-producer couldn’t help but gush about them. In a charming media interaction, she shared a delightful tidbit about her parenting: how she cleverly … Read more
Alyse Benoit, 39, always received financial help from her late dad and 64-year-old mother, no matter the situation. Her stepdad passed away last year, and now the widowed mother ensures she has affordable housing for her kids with bills like internet and utilities taken care of. Over the years, Alyse’s mother gifted her cash and … Read more
Maureen, a 66-year-old retired teacher, relies on a modest $1,601 monthly from Social Security to make ends meet. Though she has a 401(k), she is reluctant to draw from it, worried that she might exhaust her savings too soon. Throughout her more than 40 years in elementary and middle schools, Maureen cherished a special tradition … Read more
Financial services firm Empower’s March survey of 2,204 US adults revealed that the definition of wealth and happiness is rapidly shifting from earning money to valuing time. Around 63% of the survey respondents would feel wealthy if they got sufficient time with friends and family, and nearly 40% believe saving time is more important than … Read more
According to Fidelity’s Q2 2024 retirement analysis report, the number of 401(k) millionaires in the US reached another record high, 497,000, up from 485,000 in the preceding quarter. Fidelity attributed the steady growth over the last few quarters to an improving macroeconomic landscape and more 401(k) participants starting early and steadily contributing to the employee-sponsored … Read more
A married couple in their early 40s, living in the Bronx, New York, has found themselves in a financial bind despite earning a combined annual income of nearly $175,000. The couple, who have a 9-year-old daughter and a puppy, struggle to make ends meet with no assets and a paltry $200 in savings. Despite a … Read more
New Delhi: ICICI Bank on Monday vehemently refuted the allegations levelled by the Congress about the private lender paying remuneration in the form of salary or employee stock option plans (ESOPs) to SEBI Chairperson Madhabi Puri Buch. In a statement, it said that ICICI Bank or its group companies have not paid any salary or … Read more
But this might not be the biggest problem that potential retirees face. The deeper issues of meaning, relevance, and identity that retirement can bring to the fore are more significant to some workers. Work has become central to the modern American identity, as journalist Derek Thompson bemoans in The Atlantic. And some theorists have argued … Read more
