Today: 16.07.2018
News
Opinion
Business
Living
Metro
Tech
Sport

Last News

02:53
Today
22:35
15.07.2018
19:57
15.07.2018
19:18
15.07.2018
18:48
15.07.2018
18:39
15.07.2018
17:07
15.07.2018
15:26
15.07.2018
15:25
15.07.2018
14:58
15.07.2018
13:56
15.07.2018
13:42
15.07.2018
13:24
15.07.2018
13:15
15.07.2018
12:29
15.07.2018
12:04
15.07.2018
11:50
15.07.2018
11:02
15.07.2018
09:31
15.07.2018
08:56
15.07.2018
08:33
15.07.2018
02:43
15.07.2018
22:37
14.07.2018
21:41
14.07.2018
18:30
14.07.2018
18:02
14.07.2018
17:16
14.07.2018
17:10
14.07.2018
16:36
14.07.2018
16:25
14.07.2018

These are American’s biggest financial regrets.

Stop being stuck in a financial rut. About half (49 percent) of those who have saved too little or who owe too much aren’t doing anything to solve their money problems, according to a Bankrate.com report released Wednesday. A quarter said they have “no plans” to address the issue and just under 1 in 5...
Time: 13:47     Date: 16.05.2018
US Living News: These are American’s biggest financial regrets. NY Post 24 - US News

About half (49 percent) of those who have saved too little or who owe too much aren’t doing anything to solve their money problems, according to a Bankrate.com report released Wednesday. A quarter said they have “no plans” to address the issue and just under 1 in 5 (19 percent) said they’ll “get around to it” in the next year, according to the survey of just over 1,000 people.

The problem is, the most common financial regrets that are taxing so many of us are too serious to ignore: Nearly 2 in 5 survey respondents said they are not saving enough for either retirement or an emergency and and 1 in 5 are most concerned about being in debt. But both issues are so daunting that many people probably feel frozen in place: National credit card debt and student loan debt recently passed $1 trillion; 6 in 10 Americans (61 percent) don’t have enough cash saved to cover a $1,000 emergency; and while the typical retirement costs $738,000, only 9 percent of American women have $300,000 or more saved.

“In a word, it’s ‘inertia,’ which is working against you because you just can’t get started,” Greg McBride, Bankrate.com’s chief financial analyst, told Moneyish. But you can make inertia work for you by automating deposits into your retirement and savings accounts, as well as setting up automatic payments for your credit cards and student loans; all the work is done for you.

Here are the five biggest financial regrets from Bankrate’s report and the baby steps to start facing them today.

Getty Images

You haven’t saved enough for retirement Most respondents wished they had started saving for retirement earlier and McBride noticed that these nest egg regrets increased with age, peaking in the 70s. (Census Bureau data shows that the average retirement age is about 63, although a recent Gallup poll finds working Americans expect to retire at 66.) “As you get closer to retirement, you realize that you’re behind,” he said. “But it’s never too late to start saving and there’s no better time than the present.”

Automating your deposits is the best way to begin a regular practice of contributing to your retirement account. “Have payroll set up automatic deductions into your workplace 401K or other retirement plan, or if that’s not available, open up a Roth IRA and transfer over monthly deductions from your checking account,” he said. Or take a look at your monthly budget and see if you can bump up what you are contributing now, especially if your employer matches it.

So how much do you need? This depends on how much you want to spend and how comfortably you want to live once you retire, but the conventional rule of thumb suggests a nest egg of $1 million to $1.5 million, or 10 to 12 times your current income, according to the AARP.

Your emergency fund is in crisis mode The second most common complaint was not having enough money saved for something like a sudden health problem, car repair or losing a job. “Don’t wait until the end of the month and save what’s left over — pay yourself first!” said McBride, who recommends automatically transferring 10 percent of your paycheck into savings. HalfBanked.com writer Desirae Odjick suggests doing a self-audit to determine how much you can save after paying off essential monthly expenses. If you can put 15 percent of your salary towards financial goals, for example, you put 5 percent into your emergency fund, 5 percent into retirement and 5 percent toward paying down debt.

He stressed that putting your paycheck toward retirement and emergency funds takes precedence over all other money regrets. “It’s really easy to sit back and say, ‘I’ll save when I make more money,’ but you need to save now,” he said. Making it automatic makes it a habit. Plus, when does anyone ever have ‘enough’ money? “Don’t leave your savings to chance; make it happen automatically before you even roll out of bed on payday morning.”

You’re carrying credit card debt One in 10 respondents is stressing over the balance due on their cards — although this group was also most likely to be taking steps to pay it down. “That’s a very high interest-rate debt (17 percent on average), so what’s left in your paycheck after you contribute to retirement and savings has got to be put toward paying down that credit card debt,” said McBride. “That might mean cutting expenses, moving in with a roommate, or taking a second job long enough to get that debt paid off.” Start by paying down as much as you can on your highest interest-rate debt and the minimums on all others, until you’ve paid them all off.

And stay out of trouble with your credit cards as you’re paying them down — and once you’ve paid them off — by leaving them at home when shopping in brick-and-mortar stores, unless you have a specific purchase in mind and a shopping list in hand, as recommended by CreditCards.com. When shopping online, don’t store your credit card number on sites, which makes one-click ordering too mindless; you’ll think before you hit “purchase” if you’ve got to punch in that 16-digit number every time. Unfollow brands on Twitter and Instagram that tempt you to spend. And curb impulse buys by keeping items in the virtual shopping cart for 24 hours; then if you still want it, you can click on it.

You’re drowning student loan debt Being in the red for your college or graduate degree(s) comes just behind credit card debt, but McBride said this should be among the least of your money regrets. “Particularly when you’re talking about federal student loans, there’s a low interest rate (around 6 percent) and there’s a lot of flexibility on student loans that no other creditor is going to give you,” he explained. For example, you can get a deferment or a forbearance if you run into financial difficulties and some loans are potentially tax deductible. Plus, some states and industries (like public service and education) have student loan forgiveness programs.

“Make the minimum monthly student loan payments, but put more money into your 401k,” he said. “And 10 or 20 years from now, you’ll have paid off your student loans and you will be sitting on a pile of money in your retirement account — as opposed to just starting to save for retirement because you were spending all of your money to pay down that low-interest debt.”

You haven’t saved enough for your children’s education Parents, this is one less thing to feel guilty about. “Focus on your retirement fund first,” repeated McBride. “Your kids can borrow money to go to college, they can borrow on very attractive terms and they have a 40-plus year career to pay that off. You can’t borrow for retirement.”

And when your kids are applying for student loans, he recommended that “the total student loan borrowing shouldn’t exceed the typical first-year salary in your child’s particular field.”

Living

US Living News: My nightmare condition makes me feel like I’m constantly suffocating. NY Post 24 - US News
My nightmare condition makes me feel like I’m constantly suffocating.
Take a deep, satisfying breath. Barbara Schmidt can’t. With every breath, she feels as if she is suffocating. About 20...
US Living News: Junzi Kitchen opening Bleecker Street outpost. NY Post 24 - US News
Junzi Kitchen opening Bleecker Street outpost.
Junzi Kitchen, a fast-growing casual restaurant group serving Northern Chinese bings (crepes) and noodle bowls, is opening...
US Living News: There’s nada like these empanadas at pop-up eatery. NY Post 24 - US News
There’s nada like these empanadas at pop-up eatery.
The South Bronx is flaunting Puerto Rican style with a new hot spot from chef Jason Alicea. Empanology, which is open Thursdays...
US Living News: Baccarat Hotel launches special tea and scotch pairings. NY Post 24 - US News
Baccarat Hotel launches special tea and scotch pairings.
There’s nothing more decadent than a proper afternoon tea in a beautiful setting like the Baccarat Hotel New York. Upping...

Opinion

Last US News - Opinion: MLB may be broken, but better not to fix it. NY Post 24 - US News
MLB may be broken, but better not to fix it.
WASHINGTON — It is a prudential axiom: If it isn’t broken, don’t fix it. This reflects the awareness that things...
Last US News - Opinion: How to take a proud staycation. NY Post 24 - US News
How to take a proud staycation.
Summertime is traditionally a time of movement. People flock to the coasts. Paris is said to empty entirely in August. Your...
Last US News - Opinion: If ridership is down, why are the subways still crowded?. NY Post 24 - US News
If ridership is down, why are the subways still crowded?.
You may not have noticed all the extra seats or elbow room on your local commute, but according to the MTA, bus and subway...
Last US News - Opinion: Scarlett’s white flag will only make outrage mob smell blood. NY Post 24 - US News
Scarlett’s white flag will only make outrage mob smell blood.
“I believe that all artists should be considered equally and fairly.” So said Scarlett Johansson, after withdrawing...
Last US News - Opinion: Why are greens silent over this ongoing ecological war?. NY Post 24 - US News
Why are greens silent over this ongoing ecological war?.
Hamas’ recent tactic of launching fire kites and balloons over the border from Gaza marks something new: ecological war....

Living

US Living News: My nightmare condition makes me feel like I’m constantly suffocating. NY Post 24 - US News
My nightmare condition makes me feel like I’m constantly suffocating.
Take a deep, satisfying breath. Barbara Schmidt can’t. With every breath, she feels as if she is suffocating. About 20...
US Living News: Junzi Kitchen opening Bleecker Street outpost. NY Post 24 - US News
Junzi Kitchen opening Bleecker Street outpost.
Junzi Kitchen, a fast-growing casual restaurant group serving Northern Chinese bings (crepes) and noodle bowls, is opening...
US Living News: There’s nada like these empanadas at pop-up eatery. NY Post 24 - US News
There’s nada like these empanadas at pop-up eatery.
The South Bronx is flaunting Puerto Rican style with a new hot spot from chef Jason Alicea. Empanology, which is open Thursdays...
US Living News: Baccarat Hotel launches special tea and scotch pairings. NY Post 24 - US News
Baccarat Hotel launches special tea and scotch pairings.
There’s nothing more decadent than a proper afternoon tea in a beautiful setting like the Baccarat Hotel New York. Upping...
US Living News: Restaurants near Central Park offering take-out picnic baskets. NY Post 24 - US News
Restaurants near Central Park offering take-out picnic baskets.
Restaurants are getting creative this summer, offering picnic baskets for the park. On the Upper West Side, The Milling Room’s...
US Living News: More than 500 ill after E. coli outbreak at zip line facility. NY Post 24 - US News
More than 500 ill after E. coli outbreak at zip line facility.
E. coli bacteria was found in water at a popular ziplining attraction in Tennessee where more than 500 people reportedly...
US Living News: Archaeologists in Egypt discover mummification workshop. NY Post 24 - US News
Archaeologists in Egypt discover mummification workshop.
CAIRO — Archaeologists in Egypt stumbled upon a new discovery dating back to more than 2,500 years ago near Egypt’s...
US Living News: Are unpaid internships still considered work experience?. NY Post 24 - US News
Are unpaid internships still considered work experience?.
I was late to the internship game this summer. I found a firm that is willing to offer me an internship but can’t pay me....

Business

Last US Business News: Steve Young’s private equity firm accused of covering up fraud. NY Post 24 - US News
Steve Young’s private equity firm accused of covering up fraud.
NFL great Steve Young is feeling the heat — and this time, it’s not from a 300-pound defensive lineman. The private equity...
Last US Business News: Alarming number of NYC subways are using broken equipment. NY Post 24 - US News
Alarming number of NYC subways are using broken equipment.
The city’s subway system is rife with an alarming array of dangerous problems, from broken speedometers to faulty signal...
Last US Business News: Serendipity pays $975K in labor settlement. NY Post 24 - US News
Serendipity pays $975K in labor settlement.
Serendipity 3, the Upper East Side eatery famous for being featured in numerous movies, is dishing out a hefty payment to...
Last US Business News: Department store drops Ivanka Trump clothing line. NY Post 24 - US News
Department store drops Ivanka Trump clothing line.
The Ivanka Trump fashion brand was kicked to the curb in Canada by the leading department store company there. Hudson’s...
Last US Business News: Don’t be surprised by fast food’s bait-and-switch. NY Post 24 - US News
Don’t be surprised by fast food’s bait-and-switch.
Dear John: I am 67 years old — a dinosaur in the computer age. I’m on a fixed income and angry. I’m especially angry...
Last US Business News: Financial markets are the ultimate predictor of gas prices. NY Post 24 - US News
Financial markets are the ultimate predictor of gas prices.
Dear John: Regarding gasoline prices, I spent over 20 years working in oil refining and marketing. Gasoline and other prices...
Last US Business News: Retail workers are struggling to make ends meet. NY Post 24 - US News
Retail workers are struggling to make ends meet.
Retail workers are doing the hustle just to pay the utility bills. A record number of US retail employees are hustling for...
Last US Business News: Americans are feeling better about the economy under Trump. NY Post 24 - US News
Americans are feeling better about the economy under Trump.
The bread and butter of politics and government for most Americans is … bread and butter. In other words, we care more...

Metro

Metro News: Cuomo throwing cash at CBS, NBC to keep late night shows in NYC. NY Post 24 - US News
Cuomo throwing cash at CBS, NBC to keep late night shows in NYC.
Gov. Cuomo promised NBC and CBS tens of millions of dollars’ worth of taxpayer-subsidized incentives to keep the kings...
Metro News: Barback says he was blinded by exploding beer bottle in lawsuit. NY Post 24 - US News
Barback says he was blinded by exploding beer bottle in lawsuit.
A barback at a trendy Manhattan watering hole was left permanently blind in one eye when a beer bottle exploded as he placed...
Metro News: Teen beaten, fatally shot in gang-related attack. NY Post 24 - US News
Teen beaten, fatally shot in gang-related attack.
A Brooklyn teen was beaten and fatally shot on Sunday during a vicious gang-related attack near his home, according to police...
Metro News: City probing Parks Department ex-con accused of sex abuse. NY Post 24 - US News
City probing Parks Department ex-con accused of sex abuse.
City officials are investigating sex-abuse allegations against an ex-con who rakes in $105,000 as a Parks and Recreation...
Metro News: Cuomo’s $10B economy ‘boost’ results in broken promises. NY Post 24 - US News
Cuomo’s $10B economy ‘boost’ results in broken promises.
It’s a financial wasteland that stretches across the state. Since taking office in 2011, Gov. Cuomo has doled out more...
Metro News: NYC library cards can now get you free entry to some museums. NY Post 24 - US News
NYC library cards can now get you free entry to some museums.
Book-smart New Yorkers will cash in on this deal. The city’s library cards can now be used to save big bucks at some of...
Metro News: Wig-wearing bank robber threatened teller with bomb: prosecutors. NY Post 24 - US News
Wig-wearing bank robber threatened teller with bomb: prosecutors.
The wig-wearing bandit nabbed for a Manhattan bank heist on Saturday is a convicted felon who claimed to be packing a bomb...
Metro News: Pizza delivery driver found dead after being shot, crashing car. NY Post 24 - US News
Pizza delivery driver found dead after being shot, crashing car.
A New Jersey pizza delivery guy died Sunday after being shot and then crashing his car into a tree, according to reports....

Sport

Last US Sport News: Unlikely Dodgers slugger went from out of baseball to folk hero. NY Post 24 - US News
Unlikely Dodgers slugger went from out of baseball to folk hero.
Dodgers third baseman and Home Run Derby participant Max Muncy tries to hit some Q&A out of the park with Post columnist...
Last US Sport News: Three players Mets can ditch to prepare for a brighter future. NY Post 24 - US News
Three players Mets can ditch to prepare for a brighter future.
What might be the most flawed Mets team of at least the last quarter-century — and that’s saying something when you consider...
Last US Sport News: Yankees close to decision time on biggest annual dilemma. NY Post 24 - US News
Yankees close to decision time on biggest annual dilemma.
It’s less a problem and more a dilemma. And for a third straight year, it’s one the Yankees are thankful to have. Between...
Last US Sport News: David Ortiz still deeply invested in Yankees-Red Sox rivalry. NY Post 24 - US News
David Ortiz still deeply invested in Yankees-Red Sox rivalry.
WASHINGTON — All David Ortiz wants for the second half is a few more wins over the Red Sox’s historic rivals. “We’re...
Last US Sport News: Mets prospect’s on-field work not even most impressive feat. NY Post 24 - US News
Mets prospect’s on-field work not even most impressive feat.
WASHINGTON — Andres Gimenez speaks of his goals, and the fact he actually uses the word “goal,” in English, reflects...