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What Matters Most – Greater Optimism Among Millennials

What Matters Most – Greater Optimism Among Millennials

A large majority of us — according to the Keep Good Going Report, a survey conducted by New York Life — say we would be happier if we had more money. That makes sense; money can make a lot of challenges easier to bear. Survey respondents indicated that their lives would be easier if they didn’t have to worry about paying bills, had enough to save in order to be financially self-sufficient in retirement and could financially protect their families from upheavals. But in spite of an understandable yearning to have more money, a majority of the respondents would turn down a 50% raise if it meant taking time away from their families.
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Look Who’s Worrying Now – Gen-X and Gen-Y Worry About Safety Nets

Look Who’s Worrying Now – Gen-X and Gen-Y Worry About Safety Nets

According to a 2012 Pew Research Center survey, as recently as 2009 it was mid-50s “Gloomy Boomers” who fretted they would outlive their savings. But with the return of both real estate values and the stock market, Boomers are feeling better about their future. Now, it’s Gen-X and Gen-Y who are worried. Fifty-three percent of those age 36-40 indicate that they are either “not too” or “not at all” confident that they will be able to afford to retire. And, at least according to an analysis of data collected by the Federal Reserve Board in its Survey of Consumer Finances, those between the ages of 35 and 44 have good reason to be worried:
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In Dependent Nation – The Rise of Multi-Generational Homes

In Dependent Nation – The Rise of Multi-Generational Homes

This isn’t the first time that I’ve written that things have changed and, in at least a few significant ways, seem to have been much easier in the recent past. Take the idea of a “dependent” in the eyes of the I.R.S. and benefit managers at work. Most of us just shrug and figure that means our spouses and young kids. Well, considering that more and more households are becoming multi-generational, the dependent equation is changing too. Chances are we might have more dependents than we thought. According to a Pew Research Center report published in 2010, about 49 million Americans, more than 16% of the population, live in a multi-generation home – defined by Pew as two adult generations living under one roof.
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‘Tis the Season

‘Tis the Season

By now, the families all around the country who were waiting for the ping in the email inbox and/or the letter in the snail-mailbox letting them know which colleges have accepted their high school seniors have heard the news – both good and bad. Any family that has ever gone through it knows it’s a high-anxiety, emotional rollercoaster ride. What’s changed over the past five years or so, though, is that an acceptance that isn’t accompanied by sufficient financial aid can cause as much grief as a rejection. There are cases, one reported recently in The New York Times, where a family is choosing to send their child to a university from which they didn’t receive any significant financial aid instead of a state school that offered a full scholarship.
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Healthy Conversations

Healthy Conversations

An overwhelming majority (95% according to the Intra-Family Generational Finance Study by Fidelity Investments) of adult children and their parents agree it’s a good idea to have open conversations about the future. However, there seems to be little consensus beyond that. In fact, the study indicates that family members are more comfortable speaking about their financial situations to third-party financial professionals than they are to each other.
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