ReportWire

Tag: retirement

  • 4 Wealth-Building Mistakes Retirees Keep Making

    [ad_1]

    Once you hit retirement, it can be tempting to sit back and enjoy the benefits of your years of hard work. For some, this can seem like a good time to turn the focus away from building more wealth.

    Read Next: Suze Orman’s Top Tip for Building Wealth Is a ‘Very Easy One’

    For You: 3 Reasons Retired Boomers Shouldn’t Give Their Kids a Living Inheritance (And 2 Reasons They Should)

    On the contrary, actions like stopping investing all together can seriously hurt your financial future. GOBankingRates talked to financial experts to learn about four of the worst mistakes they see retirees make that inhibit the ability to build additional wealth.

    Chris Heerlein, CEO of REAP Financial, said one of the most common mistakes he sees is retirees going too conservative too quickly.

    It’s natural to want stability, but many people forget that retirement can last 25 to 30 years or longer,” he said. “Shifting entirely into fixed income or cash equivalents may feel safe, but over time it can shrink your purchasing power and limit your ability to respond to inflation, healthcare costs or changes in lifestyle.

    Heerlein added that he always reminds clients that retirement isn’t the finish line for investing; it’s a new phase where smart growth still matters.

    Consider This: 4 Secrets of the Truly Wealthy, According To Dave Ramsey

    “Another issue is focusing too much on income today and not enough on opportunity tomorrow,” Heerlein noted. “Retirees often want predictable distributions, but they overlook how reinvesting a portion of their returns or keeping exposure to long-term trends can unlock greater financial flexibility.”

    Heerlein noted that some of his most successful retiree clients maintain a 20% to 30% allocation in assets tied to innovation or equity-based growth, giving them the ability to adjust, gift or reinvest later without draining principal. The goal isn’t to chase risk, he noted, but to stay in the game with the right mix.

    According to Christopher Stroup, founder and president of Silicon Beach Financial, another big mistake retirees make that stops them from building more wealth is sitting on too much cash.

    “Retirees often keep large sums in savings accounts ‘just in case,’ while inflation quietly erodes that value,” Stroup said. “A smarter approach balances liquidity with growth through diversified investments.”

    Stroup said another mistake retirees make is underestimating taxes in retirement. He said too many retirees ignore how required minimum distributions, Social Security and investment income interact.

    [ad_2]

    Source link

  • Research Reports & Trade Ideas – Yahoo Finance

    [ad_1]

    Analyst Report: Simon Property Group, Inc.

    [ad_2]

    Source link

  • Research Reports & Trade Ideas – Yahoo Finance

    [ad_1]

    Analyst Report: CMS Energy Corporation

    [ad_2]

    Source link

  • Nadler’s retirement reignites debate over advanced age of many in Congress

    [ad_1]

    When Jerry Nadler announced his retirement this week, he opted to directly address a question that’s been roiling the Democratic Party since Joe Biden’s withering debate performance last year: How old is too old to run for office?

    The 78-year-old congressmember cited his age as a factor in his departure plans from a safe seat in New York City. And in doing so, he earned praise from some of the party’s younger agitators — though based on interviews, it’ll take more than a handful of elderly lawmakers like Nadler heeding their calls to step aside to repair the intra-party rift.

    As it is, the vast majority of Democrats who are 70 or older are publicly running for another House term.

    Against that backdrop, a trend of acknowledging the party’s age problem — often tacitly — is beginning to emerge, even as other senior members of the party are likely to stay put.

    Four House Democrats, including Nadler, and four Senate Democrats over the age of 65 have said this year that they are stepping down from Congress. A fifth House Democrat said he would retire from his home district if Texas’ proposed redistricting maps survive legal challenges. Democrats believe even more departures could be coming with a government shutdown deadline looming and lawmakers evaluating their futures after returning from their August recess.

    “These retirements are a great example of maturity from these leaders to make the difficult decision for them of knowing even after you’ve served somewhere for decades that it’s time for somebody else to lead,” Leaders We Deserve co-founder David Hogg said in an interview, specifically responding to Nadler’s news.

    But 25-year-old Hogg, who has become a leading voice for generational change within his party, also pledged to continue his plan to financially support some candidates who challenge older incumbent Democrats.

    “There is still more of a need for us to bring in some fresh blood into this party and help rejuvenate it,” he said, “and show people how the party is changing in the wake of a pretty major loss last election cycle.”

    More than 80 House members are 70 or older, a statistic younger Democrats like Hogg cite to underscore their argument that a party in turmoil needs generational change. Only one House member is in his 20s, and the vast majority of older congressional members are expected to run for reelection.

    Still, some Democrats who have announced their retirement have explicitly cited age as a factor.

    Nadler told the New York Times that “watching the Biden thing really said something about the necessity for generational change in the party, and I think I want to respect that.” Illinois Rep. Jan Schakowsky, 81, announced in the spring she wouldn’t seek reelection, saying, “It is now time for me to pass the baton” and this week praising the “new voices” as “so sharp, so articulate, so self-assured. It’s wonderful.”

    Minnesota Sen. Tina Smith, 67, likewise said earlier this year that “it’s important that people in my position do what they can to lift up the next generation of leaders” when unveiling her retirement. And 83-year-old Illinois Rep. Danny Davis told supporters in July when he decided to retire that “this would be a great time to try and usher in new leadership.”

    As Democrats search for a path out of the political wilderness, they have faced a push for fresh faces from voters and activists who have urged their leaders to mount a more visible resistance to President Donald Trump. The impatience from younger Democrats has led several primary challengers to attempt to turn incumbents’ age into a liability. Three House Democrats have died in office this year, further fueling the contentious debate on the left.

    “The boomer generation has held on to some of these seats for a long time,” said New York City-based Democratic strategist Evan Thies. “And we saw in the last election that even very accomplished, highly competent and productive elder electeds are now at risk of not winning their elections simply because they’re older.”

    Even agitators like Hogg have carved out exceptions to their push to oust senior Democrats, which he insists is motivated by effectiveness and not solely age. Hogg, whose primary plans caused an uproar within the Democratic National Committee that culminated in his ouster as a party vice chair, has exempted Democratic luminaries like Nancy Pelosi, 85, from his anti-incumbent movement. And he has said the same of Sen. Bernie Sanders (I-Vt.), 83, who still draws huge crowds even as he signals this term could be his last in the Senate.

    “Generational change has been underway in the House Democratic caucus for the last several years, and it’s something that every caucus member, regardless of which generation they find themselves in, has embraced,” House Minority Leader Hakeem Jeffries, 55, told reporters Tuesday when asked about generational change and Nadler’s decision. “What the record shows is leadership to rank-and-file-members to committee positions, and at all points in between.”

    This year, House Democrats elevated a younger, rising star in the party, Rep. Robert Garcia, as their top member of the Oversight Committee, and Jeffries himself had participated in a changing of the guard when Pelosi stepped aside as speaker, along with her top lieutenants, Reps. Steny Hoyer and Jim Clyburn, to make way for a younger trio.

    Rep. Jared Huffman took over as the top Democrat on the Natural Resources Committee from Rep. Raúl Grijalva, who stepped aside amid a cancer battle and later died. And Rep. Angie Craig won a caucus-wide election to be the top Agriculture Committee Democrat after Rep. David Scott also dropped his bid amid health questions.

    In a move that some younger Democrats have criticized, Senate Minority Leader Chuck Schumer has actively recruited older, well-known Democrats like former Ohio Sen. Sherrod Brown and former North Carolina Gov. Roy Cooper in his long-shot bid to flip the upper chamber. Other Senate Democratic candidates are younger, including Rep. Chris Pappas, 45, in New Hampshire and the trio of Democrats running in Michigan.

    Some senior House Democrats are keeping others in the party guessing about their future plans. Two top members of the previous generation of House Democratic leadership — Pelosi and Hoyer — have been publicly noncommittal on their re-election plans, though Pelosi has filed for re-election. And others who have faced competitive primary challenges amid broader health questions, like Rep. David Scott (D-Ga.), have said they’re still running for re-election.

    Hoyer spokesperson Margaret Mullkerrin said in a statement he was “focused on holding the Trump Administration accountable, protecting democracy at home and abroad, supporting federal employees and civil servants, and delivering for Maryland’s 5th District.”

    Jumaane Williams, the 49-year-old New York City Public Advocate, applauded Nadler for stepping down after “watching what happened to the country, particularly around President Biden.”

    “I think the party in general should be learning this lesson,” he said. “Hopefully, when it’s my turn, I have that lesson, too.”

    With additional reporting by Jeff Coltin and Shia Kapos.

    [ad_2]

    Source link

  • Here Are the Top States Where Seniors Outlive Retirement Funds | Entrepreneur

    [ad_1]

    One of the greatest retirement fears Americans face is outliving their savings and investments, according to a June study from the nonprofit Transamerica Center for Retirement Studies.

    A new report published earlier this month by the senior living platform Seniorly highlights these concerns by finding that retirees in nearly every state are expected to fall short of enough income to cover their retirement costs.

    The study found that in 41 U.S. states and in Washington, D.C., seniors do not have enough financial resources saved up for retirement. Retirees have an average life expectancy of 18.2 years at retirement age (65 years old) and are expected to bring in $762,000 across their retirement lifetime from Social Security, savings, and investments. However, their average living expenses are $877,000, leaving a gap of $115,000.

    Related: How Much Money Do You Need to Retire Comfortably in Your State? Here’s the Breakdown.

    Seniorly analyzed available data from sources like the U.S. Social Security Administration and the Census Bureau to calculate expected retirement income and expenses.

    The study found that New York was the highest risk state for retirees running out of funds. Expenses in the state were $1.1 million, and income was $670,000, leaving a shortfall of $430,000. Washington is the top state where seniors are least likely to outlive their savings, with a surplus of about $146,000.

    A Northwestern Mutual report added to the findings by discovering that Americans believe they need $1.26 million to comfortably retire — that’s the magic number for retirement savings. The majority of Americans (51%) said that it is somewhat or very likely that they will not have enough money to cover retirement expenses.

    Related: These Are the ‘Wealthiest and Safest’ Places to Retire in the U.S. None of Them Are in Florida — and 2 States Swept the List.

    Here are the 10 states where seniors are most at risk of outliving their retirement savings, according to Seniorly, based on average income across a retirement lifetime and average expenses across a retirement lifetime for each state.

    1. New York

    Expenses Across Retirement Lifetime: $1.1 million

    Income Across Retirement Lifetime: $670,000

    Shortfall: $430,000

    2. Hawaii

    Expenses Across Retirement Lifetime: $1.7 million

    Income Across Retirement Lifetime: $1.3 million

    Shortfall: $400,000

    3. District of Columbia

    Expenses Across Retirement Lifetime: $1.1 million

    Income Across Retirement Lifetime: $736,000

    Shortfall: $364,000

    4. Alaska

    Expenses Across Retirement Lifetime: $1.1 million

    Income Across Retirement Lifetime: $712,000

    Shortfall: $388,000

    5. California

    Expenses Across Retirement Lifetime: $1.3 million

    Income Across Retirement Lifetime: $926,000

    Shortfall: $374,000

    6. Massachusetts

    Expenses Across Retirement Lifetime: $1.3 million

    Income Across Retirement Lifetime: $1 million

    Shortfall: $300,000

    7. Rhode Island

    Expenses Across Retirement Lifetime: $960,000

    Income Across Retirement Lifetime: $676,000

    Shortfall: $284,000

    8. Vermont

    Expenses Across Retirement Lifetime: $1 million

    Income Across Retirement Lifetime: $771,000

    Shortfall: $229,000

    9. Louisiana

    Expenses Across Retirement Lifetime: $724,000

    Income Across Retirement Lifetime: $479,000

    Shortfall: $245,000

    10. Connecticut

    Expenses Across Retirement Lifetime: $1 million

    Income Across Retirement Lifetime: $851,000

    Approximate shortfall: $149,000

    One of the greatest retirement fears Americans face is outliving their savings and investments, according to a June study from the nonprofit Transamerica Center for Retirement Studies.

    A new report published earlier this month by the senior living platform Seniorly highlights these concerns by finding that retirees in nearly every state are expected to fall short of enough income to cover their retirement costs.

    The study found that in 41 U.S. states and in Washington, D.C., seniors do not have enough financial resources saved up for retirement. Retirees have an average life expectancy of 18.2 years at retirement age (65 years old) and are expected to bring in $762,000 across their retirement lifetime from Social Security, savings, and investments. However, their average living expenses are $877,000, leaving a gap of $115,000.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Sherin Shibu

    Source link

  • Research Reports & Trade Ideas – Yahoo Finance

    [ad_1]

    Analyst Report: PPG Industries, Inc.

    [ad_2]

    Source link

  • Research Reports & Trade Ideas – Yahoo Finance

    [ad_1]

    Analyst Report: Xcel Energy, Inc.

    [ad_2]

    Source link

  • Research Reports & Trade Ideas – Yahoo Finance

    [ad_1]

    Analyst Report: Church & Dwight Co., Inc.

    [ad_2]

    Source link

  • Workers Over 40 Are Turning to Side Hustles — Here’s Why | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    It seems that every day, there is another story about a young person who started a side hustle and hit it big. In 2024, over one-third of Americans had a side hustle to supplement their income. Side hustles are particularly appealing to Gen Z, with about half of them reporting having one. Millennials are a little less active, with about one-third of them stepping up to get that extra income that a hustle provides. Are side hustles just for those in the early stages of their career? Is there a huge opportunity for baby boomers as well?

    Several years ago, I wrote an article and shared how I turned my “side hustle,” which at the time we called freelancing, into a business. At the time, I shared that turning a side hustle into a business does not always work. However, if you can go the distance, build a team and get the cash you need to launch and sustain the business you, like me, can have a great run. In 2027, Cynthia Kay and Co. will be 40 years old.

    There are some dramatic differences between a side hustle and a mature business. To begin, a side hustle is generally a part-time endeavor to make some additional money and does not require a lot of investment. A business is more structured and complex. Believe me, it takes a significant amount of time, attention and cash to be successful in the long haul.

    Most of the time, the side hustle stories are about an endeavor that grows and becomes a viable business. I would like to propose something to entrepreneurs who are at a different stage in their careers, where the runway in front of them is shorter than behind them.

    There comes a time when entrepreneurs must decide to continue running their company or move on. Some entrepreneurs love the thrill of a new venture and cannot even think about leaving the business. Others get bored when managing the day-to-day operation and are ready to start a new venture. Finally, there are those who are ready to sell but struggle with the idea of retirement. I know I do. There are options.

    Related: This 79-Year-Old Retiree’s Side Hustle Earns $4,000 a Month: ‘I Work as Much or as Little as I Desire’

    Side hustle as a transition

    A side hustle can be the perfect transition for entrepreneurs who are seeking a new adventure. If you have sold a business but are too young to sit on a beach, it might be a way to earn some cash while you consider the possibilities. A side hustle offers a flexible schedule, and you don’t have to make a significant investment. You can test out a big idea or new product and have the time to refine it. If it shows promise, it becomes your next entrepreneurial venture. If it fails, you still made some money and probably learned a lot.

    Side hustle while working full-time

    For years, people have been asking me when I am going to retire. Honestly, it is getting annoying. It started in my early 60s, and it continues to this day. I know many entrepreneurs who never plan to retire. That does not mean they will continue to work day-to-day in their operation. I have been working for years on a “side hustle” that gives me the best of both worlds.

    While running my company, I built a communications consulting practice. I love to teach seminars, write books and speak to audiences, both big and small. I was intentional about building this side hustle because I know I cannot fathom retirement. Truthfully, like most entrepreneurs, there are some things I no longer enjoy doing at work. There are projects that do not require my advanced skills. I needed to step out of the way so that others at the company could step up.

    Several years ago, working with my accounting team, I began to create a “business within a business.” All the activities that I was doing solo were line-itemed and separated out on the balance sheet. That way, we could account for all the income and expenses. More recently, I formed a new business entity where all that work now resides.

    It is important to note that building a side hustle while working full-time running a company is quite different than doing it as a transition. I have made my established business the priority because there simply is not enough time to do both well. There are opportunities I have turned down. However, when I finally do sell the business, my side hustle is established and is ready to be supercharged.

    Related: 10 Side Hustles for Retirees: Making Extra Cash on Your Terms (And Enjoying the Ride!)

    Side hustle as an alternative to retirement

    Entrepreneurs looking to work well into retirement should look at their existing business and determine if activities or services can become the foundation of a side hustle. In my case, there is no conflict of interest between my side hustle and my business. That may not be the same for others. In fact, if you sell, there may be strict non-compete clauses. Look for specific expertise that you have that no one else does. You may be able to carve out working with clients who will not stay with the company if you leave. There may also be short-term engagement projects that are a perfect fit.

    Of course, a retirement side hustle can be completely different than the entrepreneur’s life’s work. It could be a passion. My father was a business owner, a dry cleaner who had a passion for duplicate bridge. Over the years, he became a life master. His side hustle in retirement was directing bridge games. It was great pin money, kept his mind active and he loved it. Others have hobbies that become businesses. It is easier than ever to set up ecommerce sites and sell anything and everything. Not creative? I know a retired teacher who has become a paid tester of products.

    A side hustle is no longer just for Gen Z or millennials looking to build a career. It is for entrepreneurs of “a certain age” to stay engaged, make a little extra cash or a big haul and work as long as they want. To those who keep asking when I will retire, the answer is not anytime soon.

    It seems that every day, there is another story about a young person who started a side hustle and hit it big. In 2024, over one-third of Americans had a side hustle to supplement their income. Side hustles are particularly appealing to Gen Z, with about half of them reporting having one. Millennials are a little less active, with about one-third of them stepping up to get that extra income that a hustle provides. Are side hustles just for those in the early stages of their career? Is there a huge opportunity for baby boomers as well?

    Several years ago, I wrote an article and shared how I turned my “side hustle,” which at the time we called freelancing, into a business. At the time, I shared that turning a side hustle into a business does not always work. However, if you can go the distance, build a team and get the cash you need to launch and sustain the business you, like me, can have a great run. In 2027, Cynthia Kay and Co. will be 40 years old.

    There are some dramatic differences between a side hustle and a mature business. To begin, a side hustle is generally a part-time endeavor to make some additional money and does not require a lot of investment. A business is more structured and complex. Believe me, it takes a significant amount of time, attention and cash to be successful in the long haul.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Cynthia Kay

    Source link

  • Average Ages to Make 6 Figures, Buy a House, Save for Retirement | Entrepreneur

    [ad_1]

    There’s no age limit when it comes to achieving significant financial milestones, but many people envision checking them off their list by a certain point in their lives.

    Unfortunately, these days, amid high costs of living and economic uncertainty, most U.S. adults fall short of wealth-building goals: 77% say they aren’t completely financially secure, according to Bankrate’s Financial Freedom survey.

    How old should you really be to land that dream job, start saving for retirement, earn six figures or buy your first home?

    Related: Rewire Your Brain to Reach Money Goals With This Simple Exercise From a Former J.P. Morgan Retirement Executive

    New research from Empower set out to answer those questions and explore how Americans navigate money milestones today.

    Although just 17% believe people should hit financial milestones by a specific age, 44% are glad they achieved them when they did, per the report.

    On average, Americans think you should start saving for retirement at 27, land your dream job at 29, buy your first home at 30 and earn six figures by 35, according to the research. Respondents also reported hoping to be debt-free at 41 and to retire at 58.

    About half of Americans (45%) wish they’d saved money earlier and with more consistency in order to prepare for life’s big changes, the study found.

    Related: Make Your Money Manage Itself — How to Automate Your Personal Finances and Keep Your Goals on Track

    After planning for retirement and becoming a homeowner, Americans see several life events as significant wealth-building opportunities: investing in stocks (34%), investing in education (26%), changing career paths (21%), getting married (19%) and starting a business (19%).

    Nearly one-third of respondents said they realized the value of having a financial plan or working with a financial planner after meeting a life milestone.

    “For all ages, it’s important to talk to an advisor who can help create a tailored path specific to your financial goals and set you up for a realistic retirement lifestyle,” Stacey Black, lead financial educator at Boeing Employees Credit Union (BECU), told Entrepreneur last year.

    Ready to break through your revenue ceiling? Join us at Level Up, a conference for ambitious business leaders to unlock new growth opportunities.

    There’s no age limit when it comes to achieving significant financial milestones, but many people envision checking them off their list by a certain point in their lives.

    Unfortunately, these days, amid high costs of living and economic uncertainty, most U.S. adults fall short of wealth-building goals: 77% say they aren’t completely financially secure, according to Bankrate’s Financial Freedom survey.

    How old should you really be to land that dream job, start saving for retirement, earn six figures or buy your first home?

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Amanda Breen

    Source link