Tag: Millennials

The best US cities for millennials who have student debt
Unemployment

The best US cities for millennials who have student debt

But according to a new analysis from financial consultancy RewardExpert, these cities might not be the best places for young people with student loans, since living costs are relatively high.
Housing and transportation costs (as compared to the median income for the area) are also lower than 95% of all cities and metro areas in the analysis.
Mankato’s unemployment rate of 2.4% is among the lowest in the nation, and the region’s young residents have considerably low debt loads and high credit scores.
Those under 23 years old have just $8,875 in average total debt with $1,340 on cards ($13,812 and $1,401 nationally).
And while the median rent here is $1,163, renters have a relatively high median income of $48,981.
Combined housing and transportation costs amount to only 58.6% of annual income, which is much lower than the national average of 75.4%.
Commutes in this metro region average just 13 miles, and unemployment stands at a low 2.85%.
About a third of jobs are in industries that typically require a college education.
Plus, median student debt here is $1,072 lower than the national average, and younger residents have lower than average total debt burdens and lower credit card balances than those living elsewhere in the US.
Millennials living here also have 33% less credit card debt than the Midwest’s average.

Retirement planning: Millennial, Baby Boomer, or GenX, here’s what you should be doing
Unemployment

Retirement planning: Millennial, Baby Boomer, or GenX, here’s what you should be doing

RNC spokesperson Kayleigh McEnany discusses President Trump’s visit to Boeing in Missouri and whether Trump’s “phase two” of tax cuts will help more Americans with retirement.
Ready’s comments were given to FOX Business ahead of the release of the Wells Fargo/Gallup Investor and Retirement Optimism Index, on Tuesday, which found that although investors are optimistic about the state of the economy, this optimism isn’t necessarily translating to increased confidence about retirement savings.
Ready told FOX Business his recommendations on how retirement planning and saving should be approached, depending on age.
The Wells Fargo’s survey found that when it comes to thinking about retirement, the top concerns are how to spend leisure time (53%) and where to live (48%).
The important consideration for those about to retire or in retirement is deciding what assets to draw upon first, with the consideration if minimizing taxes and maximizing payouts.
Work in retirement?
People are having longer, healthier lives and therefore many are planning on working into retirement, Ready told FOX Business.
Although improved from four years ago, the Wells Fargo survey found that relatively few investors, 34% today versus 26% in 2014, say they are highly confident they will have enough money to maintain the lifestyle they want through retirement.
Ready told FOX Business that people should “save 10% of your salary, don’t put it off….Make sure you maximize your employer match.” For investors that are behind on retirement he recommends that investors set annual guidelines and goals, for example, a goal to increase their saving by 1% each year.
Ready also suggested reinvesting the tax savings from tax reform into retirement savings.

66% of Millennials have nothing saved for retirement
Unemployment

66% of Millennials have nothing saved for retirement

Most Millennials are not on track when it comes to saving for retirement.
But a new report shows just how far off track they might be.
For those people, Boneparth finds “nothing wrong” with not saving for retirement as long as they’re honest with themselves about what their financial goals are.
About one-third are saving for retirement.
If they are saving, it’s likely their employer offers a retirement plan, like a 401(k).
More than 94% of Millennials who are eligible for a workplace retirement plan are saving.
But Millennial workers in particular often find they don’t meet the eligibility requirements for a 401(k) even if their employer offers one.
About 25% of Millennials said they were not eligible to participate in an employer-sponsored retirement plan because of their part-time status.
Loosening these eligibility qualifications would increase the number of Millennials saving for retirement, the report said.
Of course, people can save for retirement without an employer sponsored plan.

Rethinking New York City’s Education-to-Career Pipeline
Unemployment

Rethinking New York City’s Education-to-Career Pipeline

Rethinking New York City’s Education-to-Career Pipeline.
This is more than 10 percent higher than that of older populations in our city.
Yet this is no longer a guarantee of success – my career hunt and the career hunts of my peers remain daunting, and I remain uncertain as to whether I’ll be able to find a quality job after graduation.
Out of all state expenditures in 2012, only 7.6 percent went to education.
This makes our city’s education-to-career formula broken: we are seeking skills training and access to college, yet we become saddled with student loan debt, forced to sink or swim in a post-recession economy, and often unable to flourish in our fields of study.
Alternative programs, like apprenticeships, directly connect young adults to paid, on-the-job training experiences and to longer-term career opportunities with an average starting salary of $50,000 and increased lifetime earnings of more than $300,000 than their peers.
New York has legislation to build on the success of apprenticeships: New York State Assemblymember Harry Bronson and State Senator Patrick Gallivan introduced the Empire State Apprenticeship Program, which provides tax credits to employers who host apprenticeship programs and would allow for non-profits to access resources allowing them to set up apprenticeship programs as well.
Employers are constantly seeking the best methods to engage Millennial workers, while government leaders continue to scramble to invest in youth.
The need to better connect young adults to opportunities directly linked to careers must be a priority and young adults should be part of the process.
For the 35 percent of young adults who are either out of work, out of school or in low-wage jobs without opportunity for advancement, their future depends on smart evidenced-based policies that are informed by the needs of the economy.