If you were a government agency that produced a study whose headline result was repeatedly misinterpreted, what would you do when you updated that study? Maybe hold back on the headlines that were misinterpreted? Not if you were the federal Government Accountability Office, which in an update to previous work declared this week that 48% […]
Category: Personal Finance
No, Americans Really Do Not Have Enough Retirement Savings
A new report on retirement security from the Government Accountability Office contains what seems like a stunning finding: 48% of older households have “no retirement savings.” By “no retirement savings,” however, the GAO means only that they have no defined contribution plan, that is, an IRA or 401(k). As the report states in the next […]
A long-term fund with $370 billion under management shares some investing ‘themes’
Canada’s national pension fund invests for the long-term, its CEO told CNBC on Sunday, and he named trends that are helping to guide its decision-making. “We’re trying to go deep on certain areas where we see long-term trends and try to identify the best parts of those themes to invest in, companies to invest in, […]
Here’s how much income tax you’re paying to your state
Start spreading the news: New Yorkers are coughing up the most cash in state income taxes. The Empire State collected $2,249 per capita in individual state income taxes during the 2017 fiscal year, according to data from the Tax Foundation. Connecticut was second, at $2,218, followed by Massachusetts’ $2,146. In all, seven states don’t tax […]
Easily Compare Products on Google by Searching the Item and ‘Vs.’
I have a few go-to sites when I’m looking for information on products I’m interested in buying, like the Wirecutter, the Strategist and Amazon comments (though you’ll have to be careful there). These are usually adequate choices, but if you’re looking for more varied reviews, an easy way to find them is to type the […]
Don’t Get Swept Up in IPO Madness
A variety of well known companies—including Levi Strauss, Uber and Lyft—have plans to go public this year. But if you’re looking to add a few “unicorns” to your portfolio, you should pump the brakes for the time being. “In today’s market, chances are that buying in on a newly public stock could be a losing […]
You talkin’ to me? Money-coaching apps are using tough love to help spenders
Americans are bad at saving — and banking apps are trying to talk them into doing better. Almost 60% of Americans have less than $1,000 in savings and nearly 80% live paycheck to paycheck. A number of artificial intelligence-powered chatbots are trying to talk people into improving, offering help like budget coaching, unsubscribing users from […]
The uncomfortable reason you’re seeing dirt cheap airfares right now
Ticket prices aren’t taking off. In fact, airfare is getting cheaper. When you adjust for inflation, the average round-trip domestic airfare in 1995 would have cost you $480, according to government data. In 2018, it cost you just an inflation-adjusted $346 — which means it’s fallen more than 27%. What’s more, it’s been falling for […]
Democratic-leaning states say they’re feeling the pain from the new tax law
Manhattan is losing wealthy residents, home sales are falling in Westchester County, and real estate prices are flattening in several counties. Those are some of the effects that New York says it’s feeling because of the new cap on state and local property tax deductions. The painful fallout of the new tax law is getting […]
Help! Depressed millennial earns $61,000 a year but can’t make ends meet
Millennials face a nasty set of obstacles on their path to financial security. From student loans and stalled wage growth to nosebleed housing costs and care for aging parents, it’s a tough time to be navigating the early years of adulthood. An anonymous youngster with the troubling “ShortenedLife” nametag knows this all too well, so […]
Match Your Kid’s IRA Contributions to Incentivize Savings
We’ve written before about why you should encourage your kid to open a Roth IRA—they can start building up savings from a young age, benefitting from compounding and learning about saving and investing along the way. To sweeten the deal, though, consider adding an “employer match” to your child’s contribution: Match them dollar-for-dollar, or whatever […]
A long-term fund with $370 billion under management shares some investing ‘themes’
Canada’s national pension fund invests for the long-term, its CEO told CNBC on Sunday, and he named trends that are helping to guide its decision-making. “We’re trying to go deep on certain areas where we see long-term trends and try to identify the best parts of those themes to invest in, companies to invest in, […]