The student loan debt crisis is having a real impact on individuals and the economy in general. As a result, some lawmakers want to encourage employers to help their workers pay down their student loan debt. One proposal, for example, would grant businesses and workers a tax break.
You might think that teachers have a pretty good deal, getting the summer off and 12 months of pay to boot, but teachers' compensation is pretty low, especially when it's compared with other professions that require similar levels of education and training. Other public servants, like police officers and firefighters, also opt into a career that, despite its importance, leaves something to be desired in the salary department. But, shouldn't teachers and all public servants who work tirelessly and selflessly to better communities be able to afford to live in the area where they work? Here are a few things to think about.
Unfortunately, only a very small minority of workers are really saving enough for retirement. In fact, many aren't saving at all. Let's look at a couple quick statistics from a study done this summer by the U.S. Government Accountability Office (GAO) to see just how much folks are actually putting away. Here are a few facts.
The Great Recession had an impact on every age group, but there is no doubt that it caused specific challenges for the youngest generation in the workforce, the millennials. After graduating with the highest student loan debt in history, millennials (born between 1980 and 1995) entered the labor market during a time of economic crisis.
There may be something of a retirement crisis in America. Due to a strained economy, high education costs, and fewer companies offering retirement accounts to employees, workers are expecting to retire later than they used to. But, for at least a decade, folks have tended to leave their working lives behind sooner than they expected – often due to health problems or some other factor. Now, although the expected retirement age is 66, the average age for making the move is actually 62. The crisis then is pretty clear – a lot of folks are retiring without quite being able to afford to do so.
Retirement can be one of the greatest times of our lives, and making smart decisions about how and where to spend those years can make all the difference in the world. You want to retire somewhere safe, somewhere lovely ... plus, wherever you choose needs to have solid healthcare options and, perhaps most importantly, a cost of living that you can afford.
Once the definition of success, earning $100,000 or more per year doesn't automatically mean you've made it to easy street these days. As kids in the '80s (or earlier), we might have thought that amount was akin to a million dollars, but now, a six-figure income doesn't mean as much as it used to. What happened? Inflation, for one.
While many people still quibble about how much to tip their server at a waitress (psst, it's generally 15-20 percent for good to outstanding service) there's even more debate around what to tip at the year's end. Even if you don't celebrate a winter holiday, the end of the year is nigh, and your paper boy is coming around for his two dollars, plus tip.
Families have a lot of tough decisions to make, when it comes to finances. One of the trickiest can be whether or not one parent ought to stay home while the kids are young. There are many pieces to this complicated puzzle, but a recent report shows that one single factor is pretty influential – the cost of child care versus the price of rent. Let's take a closer look.
Generation Xers are known for a lot of things. They're cynical, yet entrepreneurial, individualistic, and super tech-savvy. But some fear that, soon, they'll be known for something else – their total and complete lack of planning and preparation for retirement. Here's what you need to know.
Historically, most people didn't even think about their retirement until they were practically knocking on its door. But then again, there was a time when most people earned a living working the land, and the chances were pretty good that their children would assume their duties as they aged. There was also a time, more recently, when pensions dominated professionals' visions of retirement, rather than the 401Ks of today, and the cost of living was far less. Not to mention, the cost of health insurance....