Many Americans do not adequately save for retirement because of lack of information about its true cost. For instance, they might think they will spend less in retirement. But the Bureau of Labor Statistics found that “older households,” defined as head of household age 65 and older, spend approximately $46,000 annually in retirement (this includes housing, transportation, healthcare, food, personal insurance/pensions, cash contributions, and entertainment).
After college, I had an urge to go on a big adventure. We were in the early days of the global financial crisis and the supply of traditional entry-level jobs and paid internships had evaporated. So, in the middle of that economic storm, I decided to move to South America and become an English teacher.
Did you know that half of all monies spent on healthcare is spent during our retirement years? According to the New York Times, total healthcare spending for Americans 65 and older is about $15,000 per year — nearly three times that of working-age Americans.
There was record job growth in June, but National Women’s Law Center data shows that many women were left out of this economic rebound. According McKinsey & Company, women’s jobs have been 1.8 times more vulnerable to this crisis than men’s jobs.
COVID-19 has financially impacted the nonprofit sector, and many do not know if they will survive the crisis. Charities Aid Foundation of America surveyed nearly 550 nonprofits in 93 countries in March 2020, and 96.5 percent of respondents reported negative impacts related to the virus.
The second quarter ushered in much needed relief across all major equity asset classes, including commodities and global real estate. The performance rebound recovered a significant amount of the decline over the first quarter, but left most equity indexes still in red for the year as the world continued to grapple with COVID-19.
Thirty-six percent of all businesses are women-owned, and the number continues to grow. However, it’s still a struggle to make it as a female entrepreneur. A 2019 Columbia Business School study found that female-led ventures are 63% are less likely to receive VC funding — even though when female-led ventures do receive VC funding, they are just as likely to achieve exit outcomes through IPOs or acquisitions.
College students nationwide are bracing themselves for the upcoming school year, a year that will look completely different from other years due to COVID-19.
Students, parents, and faculty nationwide will have to redefine their image of what the typical “college experience” will look like this fall, as many classes go remote and off-campus for the safety of everyone due to COVID-19.
The financial toll of the COVID-19 pandemic is being felt by everyone, including young children. It’s natural to want to shield them from the hard reality we’re all going through. But this is a great opportunity to talk to your kids about money.