The world of finance is constantly evolving, with new challenges, trends and data being brought to our attention practically on a daily basis. We know it’s hard for people to keep up, that’s why Amanda’s Feed is curating the most interesting news and technology available to help the Future You.
This week, we found stories that surprised us and challenged the norm. The three stories below prove that there’s no one-size-fits-all financial profile. Sometimes, as you’ll see in the second story, even well-seasoned experts can change their opinions when presented with surprising facts!
It’s easy to assume that recent grads are most affected by student loans, but this TIME article forces us to think again. Over the last decade, people over the age of 60 had the fastest growing educational loan balances of any age group. Amid a tough job market and social security that has become less reliable, student loan debt can have a crippling impact on retirement dreams. Before you start reconsidering your education, know there may be a light at the end of the tunnel – new legislation and regulations this year could bring new methods of relief to educational loan borrowers.
Many critics of defined contribution plans, such as 401(k)s, have suggested they are not efficient savings tools. It has been Ubiquity’s mission to dispel these misconceptions, which is why I was happy to read this InvestmentNews article about one prominent critic, Alicia Munnell, who had a change of heart. Alicia co-authored a new report that revealed you can save just as much in a 401(k) plan as in a traditional pension plan, especially by taking advantage of tools like automatic enrollment and escalation. Don’t let the critics stop you from making smart financial decisions to obtain the retirement that’s best for the Future You!
Raising the retirement age has long been met with fierce opposition as it usually means working longer to claim benefits. However, this CNBC article suggests that the “retire as soon as possible” mindset is not universal – citizens of certain Asian countries, such as Hong Kong and Thailand, actually support their government raising the retirement age! Fast-aging populations in these countries create extra financial and emotional burdens as people live longer, healthier lives – further proof that there is no one definition of an ideal retirement.
Always wondered how your investment strategies stack up to other investors’, or even your friends and family? Well, look no further! This app uses crowdsourced data to show how your portfolio compares with the top 10 percent of your investment peers and some of the largest investment firms in the world. A personalized dashboard enables you to see all of your accounts in one place and provides a complete summary of who you are as an investor. By equipping you with everything from your historical return to annual investment fees, DRAFT is revolutionizing the way we understand finance.