In the
Media

Penny-pinchers and savings strugglers, listen up! If you’re part of the under-$10,000 savings club (and let’s face it, that’s a lot of us), you might be wondering how a second term with Donald Trump as president could impact your wallet. Will your piggy bank finally get some love, or is it time to start hoarding quarters? 

Trump, the Republican nominee for president, wrote on Truth Social: “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” Seniors can start claiming Social Security benefits at age 62, with their benefits increasing every year they wait to claim until 70. 

According to the Pew Research Center, 51% of American families lived in middle-class households in 2023. These were classified as households with a median income of $106,100 for a three-person household.

“Entitlement program” is a catch-all term used for U.S. federal government programs that provide benefits—often financial benefits—to certain qualifying citizens. For those entering their retirement years, key programs like Social Security and Medicare have long stood as a source of financial empowerment, providing a payout that follows years of tax contributions. Recently, however, entitlement programs have become a source of concern.

In general, crafting an effective retirement plan involves identifying retirement goals and mapping out a strategy for achieving them. It requires determining how much can be contributed to retirement investing and the investment instruments that will be most effective for achieving financial goals.

President Biden insists he will stay the course in pursuing a second term as commander in chief despite growing calls for him to step down as the presumed Democratic nominee, but one expert says the president’s refusal to withdraw from the 2024 race could have economic implications.

For some, working gigs like driving for ride-share companies, doing freelance work or selling products online helps supplement their income from their primary job. Through their main employer, many people can save for retirement, such as by automatically deducting a percentage of each paycheck and investing within a 401(k). 

Considering the state of the economy and the elevated interest rates financial institutions currently offer on deposit accounts, you may consider opening a certificate of deposit (CD). Some experts expect interest rates to fall soon with recent inflation reports showing cooling price growth in the United States. And, with the next inflation report expected July 11, now may be the time to act.

A few years ago, when the Covid-19 pandemic prevented most face-to-face meetings, connecting with your investment advisor virtually was the only option. You could either meet with them via video call or not at all. Today, many financial firms continue to offer virtual meetings, even though the restrictions on in-office meetings have been lifted. The question for investors is whether virtual is the right option.

Generative AI advocates say genAI tools can catch errors made by other genAI tools — but humans must still check the AI checkers’ work.