Taking time off from work can be a challenge for many Americans, despite recognizing the importance of having paid time off. In a society where workaholism is praised, finding a balance between work and leisure can be difficult. According to a report by the Pew Research Center, 62% of workers consider having paid time off
Personal
In a recent analysis by Fidelity, it was revealed that the average 401(k) plan savings rate has hit a record high of 14.2% during the first quarter of 2024. This rate, which includes both employee and company contributions, is inching closer to the recommended benchmark of 15%. Fidelity estimates that a total retirement savings rate
Social media platforms have become a hub for financial information, with TikTok leading the way in providing tips and advice. Generation Z, also known as Gen Zers, are flocking to #FinTok for guidance on managing their finances. This demographic prefers seeking information online rather than from professional advisors, making them more likely to engage with
Early in their careers, many individuals find themselves in a situation where they realize they are being underpaid. One such example is Kelly Harry, who worked in ad sales in New York City. She was shocked to discover that her coworker, who held a similar position, was making significantly more than her. This revelation led
Financial thresholds that are adjusted for inflation play a crucial role in maintaining the purchasing power of individuals in a constantly evolving economy. However, the lack of inflation adjustments in certain key areas raises concerns about financial security and equity among different segments of the population. In this critical analysis, we will examine the implications
When it comes to maximizing tax-free retirement savings, high-income earners often face limitations due to income thresholds for Roth IRAs. However, there is a relatively unknown strategy called mega backdoor Roth conversions that can help these individuals overcome those barriers. This method involves transferring after-tax 401(k) contributions to a Roth account, allowing investors to take
Recent data from Vanguard reveals interesting insights into the hiring patterns across different income brackets in the United States. The data shows that while the pace of hiring remains strong for lower-earning Americans, there has been a slight decline in the demand for higher-income workers. The hire rate for the bottom one-third of workers by
As per research from the Schwartz Center for Economic Policy Analysis at the New School for Social Research, unpaid student loan debts are posing a significant threat to the retirement savings of millions of older individuals in the United States. The study, which analyzed data from the Federal Reserve Board’s 2022 Survey of Consumer Finance,
The closure of the Delaware College of Art and Design has brought to light the challenges faced by many independent art and design schools. These challenges stem from a variety of factors, including declining enrollment, a shrinking pool of college-age students, rising costs, and issues with the Free Application for Federal Student Aid (FAFSA) form.
When it comes to claiming Social Security retirement benefits, the general consensus among experts is that delaying the claim is the most financially advantageous strategy. Despite this advice, many individuals still opt to claim benefits early, either at age 62 or before reaching their full retirement age. However, early claims result in a significant reduction
