Baby boomers make up only about 20% of the US adult population, but own about half of all household wealth. That’s more than Gen X, Millennials and Gen Z combined. Boomers have an average net worth of about $432,200 adjusted for inflation in 2024, the highest of any generation measured at a comparable age. That […]
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Regardless of income, American workers have extremely low confidence in their ability to save and struggle to determine how best to allocate their earnings to emergency savings, credit card debt, student loans, child care, health care, housing and retirement, according to 2026 Saver Survey by Vestwell, released today. Only 26% of the 1,007 respondents to […]
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July 14 marks the first Women’s Retirement Security Day, established by the American Association of Retired Persons (ARA) to help women savers prepare for retirement. The day will be celebrated on the second Tuesday of July each year, when politicians, organisations, employers and community leaders will share resources to help improve women’s retirement. These resources […]
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The average IRA balance varies widely by age and account type, and the numbers come from IRS Division of Revenue Statisticswhich annually publishes data on every IRA account reported on U.S. tax returns. The latest full data set, released in June, covers the 2023 tax year. It is taken from matching Forms 1040, 5498 and […]
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Employees are increasingly turning to ChatGPT and artificial intelligence (AI) technology to help manage their finances, even as many continue to rely on human advice. Findings from Savvy Financial’s ‘Finances on Fire’ report show that employees are using AI, even if they’re doing so cautiously. Sixty-four percent of the 600 respondents said they would use […]
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A group of seven senators introduced a bipartisan proposal Tuesday to encourage congressional action on Social Security in the form of Protecting Retirement Opportunities and Ensuring Income Security for All (PROMISE) Act. The bill is sponsored by Senator Tim Kaine (D-VA), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and Senators […]
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