Today, Americans live longer, which means we must address long-term care costs when considering retirement planning. In 1950, the life expectancy for men was 67 years, and 72 years for women.1 Today, according to the Social Security Administration, a 65-year-old person can expect to live an additional 19 to 21 years on average. What’s more, the…
Inflation was already on the rise before we learned about the omicron variant. Now on top of supply-chain shortages and transportation disruptions, Federal Reserve Chairman Jerome Powell recently observed that a resurgence of COVID-19 cases could reduce the consumer-driven boom we’ve enjoyed for the past few months. Safety concerns could result in more workers being…
Across the board, we’re seeing the capitalist principles of supply and demand both drive and curb U.S. economic activity. As more people have emerged from their hermit-like existence throughout the past year and a half, consumer spending is shifting from goods to services. For example, the services industry (e.g., restaurants, travel, hospitality) is on the…
An important economic driver for America — working consumers — is dwindling. For example, the Denver International Airport recently hosted a concessions job fair to fill around 1,000 openings at the airport for jobs at stores, restaurants, and other businesses. Only 100 people attended the fair.1 Money could be one issue. In Georgia, Kentucky,…
One of the silver linings coming from the pandemic is that when pet shelters had to close temporarily during lockdowns, a call went out for foster homes so animals would continue receiving the necessary attention. Many of those pets were so loved that they were adopted rather than returned to shelters. In other cases,…
Some people have no trouble saving money — they stash away any cash they don’t need, and their account grows and grows. These people usually aren’t very materialistic and don’t have a lot of goals that require money to fulfill. That’s a wonderful trait, in some ways. However, there’s nothing wrong with setting up…
Inflation is a steady rise in the price of goods and services over time and actually signals both good and bad economic conditions. On one hand, as prices rise, someone living on a fixed income cannot purchase the same amount of goods, so they tend to reduce spending or buy cheaper alternatives. On the other…
The mid-year U.S. economic recovery numbers look strong. On Wall Street, analysts predict that our economy will expand by trillions of dollars and create 2 million good-paying jobs throughout the next 10 years. However, despite nearly 1 million jobs reported in July alone, the White House cautioned that the resurgence in COVID-19 cases among unvaccinated…
Some people stay in place when they retire, while others buy a second home or relocate entirely. If you’re thinking of buying a new home, should you plan the purchase before you stop working, or is it possible to get to a mortgage after you’re retired? Plenty of retirees can qualify for a mortgage…
It would be nice if the Roth IRA had been around long as the traditional IRA. Imagine the long-term benefits of tax-free growth throughout a 40-year career. Annual contribution limits for IRAs are relatively low ($6,000; $7,000 for 50-plus), but the Roth is a good complement for investors who also contribute to an employer-based retirement…
According to a recent survey of supply chain professionals, the COVID-19 pandemic interrupted 98% of global supply chains. Among the most disruptive supply challenges was the procurement of personal protective equipment, pharmaceuticals and semiconductors. Companies that had outsourced manufacturing to other countries experienced firsthand the types of risks associated with offshoring. The previous administration…
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