Money

Need some help managing your financial future? Money surveyed more than 1,000 financial planners to arrive at the 80 best, who all earned high marks for qualifications, trust, services and customer service. Check out our list, in partnership with Financial Planning Association (FPA), to help you find a professional to plan your financial life. https://bit.ly/3MVAERC

Here’s a rule of thumb to consider: If you’re in your 40s, plan for the #retirement age — which is currently 67 — to be one year higher by the time you retire. Tack on two years if you’re in your 20s. At least, that’s the recommendation in a new white paper analyzing the looming #SocialSecurity funding shortfall by HealthView Services, Inc. A recent white paper released by the firm analyzes seven other possible courses of action and breaks down how much of the current funding shortfall each would address. A few examples: - Ending the maximum taxable earnings limit on payroll taxes for high earners would eliminate 70% of the shortfall - Reducing annual cost-of-living adjustments (COLAs) by 0.5% would eliminate 28% - And increasing the payroll tax from 6.2% to 8% for employees and employers would eliminate it entirely. Pete Grieve reports: https://bit.ly/3Y6sKvc

Last fall, the student loan repayment system was turned back on for the first time since March 2020. Millions of borrowers had to readjust their spending after years without having to budget for student loan payments. The on-ramp was intended to ease that transition, helping vulnerable borrowers who may not have been able to suddenly afford a monthly payment avoid serious ramifications. While interest has accrued, the government hasn't reported any missed student loan payments to credit bureaus, which meant they haven't affected people's credit scores. Missed payments also weren't counted for delinquency or default. That ends today. Now, if you miss payments, your credit score could take a hit. And if your loans eventually fall into default, which happens after nine months of missed payments, the government can begin to garnish your wages and pull payments from tax refunds or Social Security checks. These on-ramp policies have likely shielded millions of borrowers. Within a few months of payments resuming in 2023, nearly 30% of borrowers had fallen behind on their bills, according to a July report from the Government Accountability Office. About 6 million borrowers were at least 90 days delinquent. Kaitlin Mulhere reports: https://bit.ly/3N96VVu

Attention, travelers ✈️ U.S. Customs and Border Protection is hiking application fees for several of its trusted traveler programs for the first time in 15 years. Beginning Tuesday, Oct. 1, applications for Global Entry, NEXUS and SENTRI will all require an upfront $120 fee. The new rule has been in the works since 2020. While it doesn't directly affect the price of TSA PreCheck, the three CBP programs slated for the price hike include complimentary TSA PreCheck benefits for qualifying travelers, which may result in an indirect price hike for folks looking to bundle benefits. On the other hand, the new price structure could reduce costs for some families, as it waives application fees for minors whose parents have already applied. Learn more about why fees are going up: https://bit.ly/3vKotCq Luckily, many travel credit cards will reimburse you the cost. Here are the ones we've confirmed so far: https://bit.ly/3XJBSEy

About 6 in 10 Americans reported that they would need a salary of at least $100,000 to stop stressing so much about money. For a quarter of respondents, it would take more than $200,000. Most Americans earn nowhere near those amounts. For reference, median earnings in the U.S. for 2024 are about $60,000. “There’s no question that the economic and social pressures Americans have faced in recent years continued to mount in 2024,” Edelman researchers wrote of the study. “Money issues still loom large as a top source of stress.” Adam Hardy reports: https://lnkd.in/gKwtF5dU

Financial aid recipients who attended 10 U.S. colleges can submit claims for part of a $284 million settlement payout in a class action lawsuit over alleged price fixing. Here are the 10 settlements that already have final approval: University of Chicago: $13.5 million Emory University: $18.5 million Yale University: $18.5 million Brown University: $19.5 million Columbia University: $24 million Duke University: $24 million Dartmouth College: $33.75 million Rice University: $33.75 million Northwestern University: $43.5 million Vanderbilt University: $55 million The universities continue to deny all allegations of wrongdoing and a settlement isn't an admission of guilt. Learn more: https://bit.ly/4gtOEzX

Next year is shaping up to be another solid one for pay bumps. 🎊 Employers say they’re increasing their salary budgets by about 3.5% to 4% on average, according to several recent surveys. The budget increases mark a slight dip from recent pandemic highs but remain above the pre-pandemic norm of 3%. “Despite a slower pace of hiring and slight increases in unemployment, elevated wages are expected to continue into 2025,” said Dana M. Peterson, chief economist at The Conference Board. The industries with the largest increases to their salary budgets are: 📡 Communications (4.45%) ✍️ Insurance (4.35%) 💵 Financial services (4.26%) 🔋 Energy-agriculture (4.15%) On the other hand, utilities (3.31%) and banking (3.6%) companies have the lowest planned increases. Adam Hardy reports: https://bit.ly/3XtNxaE

To gain a better understanding of how much you should save for emergencies, it's helpful to have a sense of which financial crises are most common and how they come up. Among a surveyed group of consumers, 4 in 10 say their bank account balances fall under $50 at least once a month, and 30% are not prepared to pay for a $5,000 emergency, according to a report from digital personal finance company Achieve. In Achieve's survey, consumers were asked if they've experienced various issues in the past year. Here are the 10 most common financial hardships based on the share of people who said yes: Medical issues: 29% Lost job/wages: 20% Car problems: 14% Bank overdraft or late fee: 13% Home repairs or replaced appliance: 12% Death of a family member: 7% Became an adult's caretaker: 5% Legal issues: 5% Victim of a crime: 5% Divorce or separation: 4%

The $5 value meal was the fast food trend of the summer, and some of the biggest chains are now extending their deals into the fall as they try to draw customers amid disappointing store traffic. The cost of eating at restaurants (including fast food) has increased 4% in the past year and is up more than 25% since August 2020, according to new government inflation data. More diners who can't stomach the ever-rising prices are simply staying home, and that’s created a tough business environment for America’s chain restaurants, which depend on the patronage of lower-income customers. Facing the same consumer trends — and to compete with McDonald's’s — brands including The Wendy's Company, Burger King and Jack in the Box are running $5 deals of their own. The competition is good news for consumers who are fed up with paying what feels like restaurant prices for fast food sandwiches, but what do you actually get for your cash? Pete Grieve take a hungry look at these popular value meal deals 🍟 🍔 https://bit.ly/3XtWhgV

The Fed is expected to cut interest rates at its meeting this week. The Money team digs into what that news actually means for everyday Americans, and what you can expect to happen after the rate cuts. This ones for the: 👛 Savers 🏡 Homeowners 🏠 Homebuyers 💼 Job-seekers 🏦 Investors 👵 Retirees 💳 Borrowers 🚗 Drivers