Women earn less than men
While the gender wage gap has narrowed somewhat over the years, women in most industries are still paid less than men in. This wage gap creates problems for women not only during their work years, but also during retirement. [… read more]
Will you outlive your money?
Are you prepared for retirement? In a recent survey of people aged 50 and over, about one third of those respondents indicated that they believed that their money will out live them. That means that these people are likely headed for a financially satisfying retirement. What about the other two thirds? The results in the survey were split evenly. Roughly one third of those surveyed believe they are not prepared for retirement. The rest feel that they are somewhat prepared. […read more]
Saving for retirement
Yesterday I highlighted a self-made millionaire who suggested that he would never contribute to an employer’s 401(k) plan as the money has limitations on how it can be invested and is essentially untouchable until retirement. I believe that the rest of us are better off investing their money through their employer’s retirement plan. It’s automatic thereby minimizing the chances that you wouldn’t actually invest the money; it frequently provides you with a corporate match; and a growing number of companies are offering index funds as part of their 401(k) plans making investing easier and less expensive.
The contribution limits for 2017 have just been announced. They will not increase from the current levels. Since plan contribution levels are pegged to inflation, which has remained low, the maximum amount you can contribute in your 401(k) next year stays at $18,000. That level has been the same since 2015. [… read more]
Millennials don’t want to own anything… even furniture
It’s been widely reported that the Millennial Generation — those people born between 1980 and 1996 — are not interested in buying homes, they would prefer to spend their money on experiences rather than stuff. (By the way, the Millennial Generation si now the largest group in the USA have surpassed the aging Baby Boomers.) A study showed that 78% would choose to spend money on a desirable experience or event over buying something desirable, and 55% of millennials say they’re spending more on events and live experiences than ever before.
Given this, perhaps it’s not surprising that Millennials aren’t interested in owning even the furniture in their homes. A Indian startup is looking to capitalize on this and has raised $30 million to create a company to lend furniture. [… read more]
A bar in Seattle has eliminated cash. Is it working? [… read more]