News Direct

Author: Vishesh Raisinghani

  • The median age of US homebuyers is a shocking 56 years old — it was 31 in 1981. Here’s why that’s a big problem

    The median age of US homebuyers is a shocking 56 years old — it was 31 in 1981. Here’s why that’s a big problem

    When you picture a typical homebuyer, you probably envision a young adult in their 30s who is ready to put down roots and buy a property for the family they’re beginning to build.

    This was certainly true back in 1981. The median age of a homebuyer at the time was 31 years old, according to data from the National Association of Realtors (NAR).

    Don’t miss

    But the age of the median buyer has moved higher — a lot higher — over the past four decades. It sits at a whopping 56 years old as of 2024.

    To put it another way, the person most likely to buy a home in the current market is much closer to retirement and being an empty-nester than to starting a new family.

    Here’s a look at what’s driving this strange dynamic in the housing market and how young families can try to shift the odds in their favor.

    Gray housing market

    Not only are older Americans more likely to buy homes, but many own some of the largest properties on the market.

    According to a January 2024 report by Redfin, 28.2% of three-bedroom-plus homes across the country were owned by empty-nest baby boomers. That’s compared to just 14.2% for millennials with kids.

    The report suggests that baby boomers were in their prime earning years during the 1990s economic boom when newly-built homes were remarkably abundant. Home values have since shot up, and Americans who purchased homes more than 20 years ago didn’t have to spend as large of a portion of their income to buy property as they would today.

    For younger buyers, this might feel like game over, but it isn’t necessarily. Here’s how you can boost your chances of getting onto the property ladder.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Improving your chances

    If you’re in your 30s or 40s, it may feel as though the odds are stacked against you if you’re aiming for homeownership. Although the NAR data shows the median age of first-time buyers was 38 in 2024 (29 in 1981), this cohort only purchased 24% of homes compared to 32% a year earlier.

    Nevertheless, with some planning and consistency or creative thinking, you could improve your chances. Start with aggressive saving and budgeting. Cutting back on non-essential spending — even by just $200 a month — can add up to $2,400 a year.

    Pair that with steady investing in stocks or low-cost index funds and you can start accumulating funds for a downpayment.

    Many young buyers also lean on the “Bank of Mom and Dad” if your parents are able to extend some financial security. About one-third of younger millennials (ages 26-34) who bought a home received assistance with their down payment through a gift or loan from a friend or family member, per a 2025 report by NAR.

    You could also consider broadening your geographic search. Consider relocating to more affordable markets. Use first-time buyer programs and state-level assistance. FHA loans can cut required down payments to as little as 3.5%, according to the U.S. Department of Housing and Urban Development.

    Buying a home may seem challenging for younger generations, but with the right financial planning it’s still within reach.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This 35-year-old left America for India and started a ‘Cali-style’ burrito business — today it brings in $23,000,000 in sales. Here’s the top 3 secrets to his explosive overseas success

    This 35-year-old left America for India and started a ‘Cali-style’ burrito business — today it brings in $23,000,000 in sales. Here’s the top 3 secrets to his explosive overseas success

    Introducing burritos to the land of biryani is a genuinely unconventional business idea. Yet, this experiment has turned into a massive success for 35-year-old American entrepreneur Bert Mueller.

    In a recent interview with CNBC Make It, the young entrepreneur described how he discovered that Mexican cuisine was a perfect match for the Indian palate, which convinced him to launch California Burrito, a fast-casual Southern California-style restaurant, in 2012.

    Don’t miss

    The company now has 103 locations across the country and generates $23 million in annual revenue.

    California Burrito’s rise holds three powerful lessons every entrepreneur and investor should take notes on. Here’s the secret sauce.

    Being a contrarian

    Mueller told CNBC that he first visited India as a foreign student.

    In 2021, just 46,000 international students were enrolled in Indian colleges, according to the British Council, making it one of the less obvious choices for studying abroad. But for Mueller, that was part of the appeal.

    “I wanted to go somewhere that was radically different than the U.S. and so I decided that India was the place to be given that, first off, I loved Indian food and second, people spoke English,” he told CNBC, calling the decision “contrarian.”

    This contrarian mindset has helped many investors and entrepreneurs uncover hidden gems and rare opportunities in unlikely places.

    By keeping an open mind and considering unconventional options, you could boost your chances of finding a lucrative niche that few others have considered.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Working with a margin of safety

    Another secret to Mueller’s success is his cautious approach to building a business. He told CNBC that his initial estimate for startup costs was $100,000, but he raised nearly $250,000 from friends and family “to be careful.”

    These additional funds gave him and his team much-needed flexibility to launch California Burritos and mitigate the risks of introducing an unproven concept to a new market. This approach mirrors Warren Buffett’s investing principle of working with a “margin of safety.”

    No one can predict the future with precision, so by raising more funds than you need or investing at a lower valuation than you think is fair could be the best way to mitigate unforeseen risks.

    Never quitting

    Mueller admitted that his journey had its fair share of setbacks. He told CNBC that the first area manager he hired turned out to be corrupt and was colluding with vendors for kickbacks. The betrayal could have derailed the entire venture while it was still in its infancy, but Mueller says giving up wasn’t an option.

    “My mom is a marathon runner, and I have that trait in me,” he said.

    “You have to keep going until you’ve reached the finish line. And I never felt like quitting.”

    According to psychologist Angela Duckworth, this ability to deal with failure and persevere is a key trait of high achievers in various fields. Her research indicates that grit — the ability to persevere despite challenges — is a greater predictor of success than social intelligence, IQ or even talent.

    Similarly, a study published in the Journal of Global Entrepreneurship Research found that undergraduate students with higher levels of grit had greater intentions of launching their own business after graduation.

    Just like Mueller, if you’re considering a new venture or a new opportunity, the ability to deal with setbacks and keep pushing forward despite adversity is a key skill you’ll need to develop.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Trump’s order to ‘rip the waste’ from US budget has finally killed penny production — so will they skyrocket in value now? Here’s what to do with them

    Trump’s order to ‘rip the waste’ from US budget has finally killed penny production — so will they skyrocket in value now? Here’s what to do with them

    After 233 years in circulation, the U.S. government is finally phasing out the penny. According to a Treasury Department spokesperson, the U.S. Mint has made its last purchase of penny blanks and will halt production of the coin once that supply is exhausted, likely by early next year.

    The move is part of the Trump administration’s efforts to cut operational costs.

    Don’t miss

    “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” President Donald Trump said in February.

    The cost of producing a single penny has surged over the past decade — climbing from 1.3 cents to 3.69 cents — with a sharp 20% increase in fiscal year 2024 alone, according to the Mint. Still, penny production accounts for just 0.00003% of the U.S. federal budget, according to CNBC — a tiny drop in a multi-trillion-dollar ocean.

    While the move won’t make much of a dent in the federal deficit, it could change the way Americans save and spend. Here’s how.

    Impact on savers

    Saving cash and pinching pennies isn’t as common as it used to be, but many Americans — especially seniors and low-income consumers — still like to keep some coins around. The Federal Reserve estimates that a typical household could have $60 to $90 in coins at home.

    If you or your grandparents have a stash of pennies, this could be a good time to convert them into digital savings that can earn interest or capital appreciation instead of steadily losing value to inflation.

    Impact on collectors

    Since the Mint plans to stop producing pennies, the number in circulation will gradually decline. But experts say most pennies aren’t likely to become rare collectibles.

    One exception is the 1943 copper Lincoln wheat cent — a famous minting mistake that slipped through during World War II, when copper was supposed to be conserved for the war effort and pennies were made from zinc. According to John Feigenbaum, publisher of the Greysheet Rare Coin Price Guide, these elusive coins have occasionally sold for as much as $1 million at auction.

    Still, the odds of finding one in your spare change are incredibly slim. Feigenbaum told USA TODAY it’s about as likely as finding a forgotten winning lottery ticket in your junk drawer.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Impact on shoppers

    Despite the rise of digital payments, cash and coins remain popular. A recent YouGov poll found that 67% of U.S. adults used cash for at least one transaction in the previous 30 days.

    Consumers will still be able to use pennies after production stops. But as they gradually disappear from circulation, the Treasury Department told the Wall Street Journal that businesses will need to adjust. Prices may be rounded up or down to the nearest 5 cents.

    That means the days of 99-cent pricing may be numbered. And don’t be surprised if businesses more often round up than down.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Mike Rowe warns Americans that the ‘will to work’ is disappearing — says 6.8 million able-bodied men aren’t even looking for a job. Here’s why and what it means for US job market

    Mike Rowe warns Americans that the ‘will to work’ is disappearing — says 6.8 million able-bodied men aren’t even looking for a job. Here’s why and what it means for US job market

    Concerns about a lack of job-ready skills have dominated workforce debates, but Mike Rowe, CEO of the mikeroweWORKS Foundation, is pointing to another crisis: a diminishing desire to work.

    “The skills gap is real, but the will gap is also real,” said the 63-year-old former TV host in a recent interview with Fox Business.

    Don’t miss

    According to him, 6.8 million “able-bodied men” are not just unemployed but not even seeking employment. “That’s never happened in peacetime,” he argued.

    Here’s why he believes America’s famous work ethic is gradually eroding.

    Men abandoning the workforce

    Data from the Bureau of Labor Statistics (BLS) shows that women’s participation in the workforce has remained relatively stable since the early-1990s. However, men’s participation has steadily declined, dropping from 86.6% in 1948 to 68% in 2024.

    According to the Bipartisan Policy Center (BPC), the participation rate for men in their prime working years (ages of 25 to 54) has fallen from 98% in September 1954 to 89% in January 2024.

    Notably, 28% of these men said they were not working by choice, validating Rowe’s claim that the desire for employment has diminished. However, the survey also found that 57% of prime-age men cite mental or physical health issues as barriers to working or job-seeking, suggesting that many are not as “able-bodied” as Rowe assumes.

    Additionally, 47% of these men cite a lack of training and education, obsolete skills, or a lacklustre work history as major obstacles to employment. Fortunately, Rowe has a solution for this specific group.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Solving the crisis

    Expanding opportunities for skills training could help bring some men back into the labor force.

    Through his foundation, Rowe has given away $8.5 million in scholarships since 2008, supporting more than 1,800 men and women enrolled in skilled trades programs across the country.

    “My goal with mikeroweWORKS is not to help the maximum number of people,” he told Fox Business. “It is to help a number of people who comport with our view of the world and are willing to go to where the work is. Who are willing to demonstrate something that looks a lot like work ethic here in 2025.”

    Similarly, the BPC calls for expanding Pell Grant eligibility so that more people can access financial aid. As of 2024, roughly 34% of undergraduate students receive a Pell Grant, according to the Education Data Initiative.

    Expanding workplace support programs could be key to reentering the workforce for men struggling with mental and physical health challenges. More than half of prime-age unemployed men surveyed by BPC said health insurance is a major factor in deciding whether to return to work.

    Other critical benefits include paid sick leave, disability accommodations, flexible schedules and medical leave. Additionally, 40% of respondents said mental health benefits are very important, and 28% said they might have stayed at their previous job if they had access to paid medical leave.

    While these solutions may be complex and expensive, improving male workforce participation could yield significant economic benefits, including lower inflation and higher growth, according to a 2023 study by the Center for American Progress.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Here’s the stunning new ‘retire comfortably’ number in 2025 — and why 97% of Americans miss it completely. Are you one of them?

    Here’s the stunning new ‘retire comfortably’ number in 2025 — and why 97% of Americans miss it completely. Are you one of them?

    According to the 2025 Northwestern Mutual Planning & Progress study, the average American now believes they need $1.26 million to retire. That’s $200,000 less than they said they needed last year and nearly the same as the figure quoted in 2022.

    The fact that the target hasn’t moved much in the last three years hasn’t made it more accessible, however. The vast majority of U.S. adults are still falling short of this benchmark and are hurtling towards a difficult and uncomfortable retirement. Here’s why, and what you can do to help yourself reach that figure.

    Don’t miss

    Lack of savings and investments

    Although most Americans agree that they need to enter the seven-figure club to retire comfortably, only a small fraction of the population has actually achieved this target.

    As of 2024, the U.S. was home to 7.9 million millionaires, according to Capgemini Research. That’s roughly 3% of the country’s total adult population, which means that 97% of Americans haven’t yet reached millionaire status. And keep in mind: that figure includes people of all ages and wealth levels, not just those nearing retirement. Several factors contribute to this shortfall. While some Americans may not prioritize retirement savings, many face barriers that make it difficult to set aside money, including rising housing costs, student loan debt and inflation. Even those who are diligently saving can find it challenging to keep up with the growing cost of a comfortable retirement.

    Starting early is key to saving for retirement

    Although 97% of people aren’t millionaires, many could meet that target eventually if they start investing at a young enough age.

    A 20-year old, for instance, needs to invest just $330 a month into an asset class that delivers a steady 7% annual return to reach $1.26 million by the time they turn 65. Having the luxury of time significantly boosts your chances of becoming a millionaire.

    This doesn’t mean it’s too late for middle-aged savers, but it takes a significantly greater investment. If a 50-year-old hasn’t started saving for retirement, they’d need to invest $3,958 a month at a steady 7% return to reach $1.26 million by retirement.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    The real ‘retire comfortably’ number will be unique to your situation

    Saving $1.26 million doesn’t guarantee a comfortable retirement for everyone. For example, if your net worth is $1 million but your annual living expenses are $200,000 or $300,000, you need much more than $1 million in savings to continue living the same lifestyle in retirement.

    In fact, two thirds of millionaires don’t consider themselves “wealthy” and half of them say their financial planning needs improvement, according to another study by Northwestern Mutual. In short, being a millionaire doesn’t mean you’re ready for retirement.

    If you live in a state or another country with a lower cost of living, your target might be smaller. According to Empower’s calculations of tax burdens and costs of living, states like Alaska and New Hampshire might be ideal for retirees looking to minimize their expenses. Try using a retirement calculator or consulting a financial planner to determine your personal target. With enough time and meticulous planning, you can be on track for almost any type of retirement you might want.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • MTG warns the US government ‘just blindly’ sends checks to anyone — whether dead or alive, citizen or non-citizen. Here’s her solution to save $1 trillion of ‘waste, fraud, and abuse’

    MTG warns the US government ‘just blindly’ sends checks to anyone — whether dead or alive, citizen or non-citizen. Here’s her solution to save $1 trillion of ‘waste, fraud, and abuse’

    In a digital post dripping with outrage, Georgia Republican Rep. Marjorie Taylor Greene echoed the claims made by Elon Musk and President Donald Trump, alleging widespread fraud within the Social Security system.

    "Our own government just blindly sends checks to anyone and everyone whether citizen, non-citizen, dead or alive,” Greene said in a recent post on X, formerly Twitter. "We must end this malpractice and outright waste, fraud, and abuse. This is the mission of DOGE."

    Don’t miss

    To be fair, the Congresswoman has a reputation for making baseless allegations and promoting conspiracy theories. In previous tweets, she has claimed that 9/11 was an inside job, Jewish people control a space laser that causes wildfires and that the Sandy Hook massacre was staged.

    Her latest assertion — that cracking down on “widespread” fraud can save the Social Security Administration (SSA) $1 trillion — has also been debunked.

    Here’s a closer look at why experts argue that while addressing waste and fraud is necessary, it’s not a silver bullet for the nation’s safety net.

    Misleading claims

    The claim that the Social Security Administration “blindly” sends out checks is misleading.

    Non-citizens or foreign-born workers with legal permits pay into the system at the same rate as citizens but collect fewer benefits on average, according to the Bipartisan Policy Center.

    Meanwhile, undocumented workers contributed an estimated $25.7 billion in Social Security taxes — typically through borrowed or fraudulent Social Security numbers. These individuals are not eligible to receive benefits.

    While the agency isn’t immune to fraud and improper payments, the overall impact is minimal.

    During a press conference on March 18, Lee Dudek, the agency’s acting commissioner, estimated that annual losses due to direct deposit fraud at roughly $100 million. That represents just 0.00625% of the $1.6 trillion the government distributes annually in Social Security benefits, according to the Brookings Institute.

    That figure is nowhere close to Greene’s claims of $1 trillion per year on X. Her claim would amount to 62.5% of the SSA’s total projected payouts for 2025.

    Nevertheless, the Congresswoman continues to insist that tighter identity verification procedures could help reduce fraud.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Stringent ID requirements

    The SSA confirmed updated ID policies were implemented by April 14. Under the new rules, more people will need to visit a Social Security office in person to make changes to their direct deposit information.

    Critics argue that these changes come at a time when the agency is still reeling from mass layoffs and office closures by the Trump administration’s Department of Government Efficiency. In February, the SSA announced a 12% reduction in its workforce and a reduction in field offices from 10 to 4, according to AARP.

    “The customer service situation at Social Security has really declined in the past month or so,” Bill Sweeney, senior vice president of government affairs at AARP, told CNBC. He noted that the average wait time for the SSA’s 800 number rose from 11 minutes in November to 21.2 minutes.

    This could be a good time to log in to your SSA account and double-check your details to ensure the agency has the correct information. If not, contact SSA to make any necessary corrections or updates and to avoid delays in receiving your benefits.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Here’s how to retire in 10 short years no matter where you live in America — even if you’re starting with $0 savings. Are you ready to get wealthy?

    Here’s how to retire in 10 short years no matter where you live in America — even if you’re starting with $0 savings. Are you ready to get wealthy?

    Most Americans would consider $1.5 million the “magic number” for retirement savings, according to a Northwestern Mutual survey. Unfortunately, many are falling short of that goal.

    As of 2022, the median household net worth was just $176,500, according to the Census Bureau. Meanwhile, about 20% of adults over 55 have no retirement savings at all, the AARP reports.

    Don’t miss

    In other words, many people are approaching retirement with little savings and not much time to turn things around. If you’re over 50 or 60 with no nest egg, typical wealth-building strategies like career changes, long-term investing and slow-and-steady savings likely won’t get you to your goal.

    But that doesn’t mean it’s impossible to retire comfortably. It just means the path is narrower and more difficult than it would have been in your 30s or 40s.

    Here’s one way to build wealth on a faster timeline.

    Eliminate debt

    The only thing worse than having no savings is having a negative net worth. Without a financial cushion, your loans and credit card balances are propped up by your income, putting you in a fragile financial position.

    That’s why the first step is tackling your debt. Consider using the avalanche or snowball method to start knocking down your liabilities. Once you free yourself from monthly interest payments, you can move on to the next step.

    Save aggressively

    With a short time frame, you’ll likely need to make bold moves to build up your savings. That could mean cutting back on spending, downsizing your home or even relocating to a more affordable area. Saving as much as 50% of your income may seem extreme, but it can help you reach a modest retirement goal faster.

    According to SmartAsset, the median income of someone between 45 and 54 is $1,336 per week, or $69,472 per year. Saving 50% of that gives you about $34,736 a year, or $2,900 per month.

    Investing that $2,900 monthly in a low-cost index fund like Vanguard’s S&P 500 ETF (VOO) could help it grow significantly. The fund has delivered a 14.55% annualized return since its inception. If that performance continues, you could have $691,220 in 10 years.

    That might be enough for a bare-bones retirement, depending on your lifestyle. But if you want more flexibility, you’ll need to boost your income as well as cut expenses.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Side hustles

    Starting a business or side hustle could help you increase your income enough to build a comfortable retirement within a decade.

    It’s not an uncommon career choice. According to Hubspot, about 31 million Americans are entrepreneurs, representing 16% of the workforce. While building a business has risks, it also offers high potential and relatively low barriers to entry.

    JP Morgan reports that 8.9% of new businesses reach $1 million in annual revenue within five years. But the Bureau of Labor Statistics says only about one-third of businesses survive past the 10-year mark.

    If going all-in feels like too much, a side hustle may be a better option. It’s more common and less risky. Nearly 52% of workers say they have a side hustle to supplement their income, according to the Wall Street Journal.

    Still, most side hustles won’t make you rich. A 2025 MarketWatch survey found the median side hustle brings in just $250 a month. Driving for Uber or delivering food might not get you to your retirement goal. But high-skill side hustles like tutoring, interior design, public speaking or social media management could make a bigger difference.

    For example, adding $1,000 more per month to your investments in Vanguard’s ETF could grow your 10-year nest egg from $691,220 to about $929,570.

    When you’re playing catch-up, every extra dollar counts.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Never reveal these 5 things to anyone if you’re an older American — or it could backfire badly. How many have you disclosed already?

    Never reveal these 5 things to anyone if you’re an older American — or it could backfire badly. How many have you disclosed already?

    Older Americans have a lot to keep an eye on as they age — from health concerns to financial planning to long-term care. But one risk that’s often overlooked is the threat to their personal information.

    Sharing too much about your finances, legal matters or health — even with close friends or family — can leave you vulnerable to fraud, manipulation or unintended consequences.

    Here are five things you should never reveal unless you’re speaking with a trusted professional, and the reasons why keeping them private matters.

    Don’t miss

    Your net worth or salary

    Older Americans hold the majority of the nation’s wealth — nearly 73% of it, according to SmartAsset. That makes them a prime target for scammers, fraudsters and even opportunistic acquaintances.

    Criminals often zero in on retirees and older Americans because of their financial standing. And according to the FBI, seniors and retirees lose roughly $3 billion annually to fraud.

    When others know the details of your financial situation, like your salary, savings or net worth, it can increase your exposure to theft, manipulation or financial abuse.

    To protect yourself, keep that information private unless you’re working with a licensed financial advisor or another trusted professional.

    Passwords and other sensitive personal information

    Relying on family for tech support is common, but handing over your passwords, PINs or login details can put you at serious risk.

    Whether it’s your banking credentials, Medicare account, or even just your email password, sharing that access opens the door to mistakes, misuse or, in worst cases, exploitation.

    Cybercrime is on the rise among older Americans, with criminals targeting seniors who may be less familiar with online security practices. And once your personal information is out there, it’s incredibly difficult to rein it back in.

    To stay safe, never share passwords unless it’s absolutely necessary. The more tightly you guard your digital life, the less vulnerable you are to scams and identity theft.

    Power of attorney

    A power of attorney (POA) can be a smart and necessary tool as you age. It allows someone you trust to manage your affairs if you’re ever unable to do so yourself. But it’s also one of the most commonly misused legal documents.

    Granting someone POA gives them broad authority to act on your behalf, which can include accessing your bank accounts, selling property or making medical decisions. And when that authority falls into the wrong hands, it can lead to serious financial harm or even elder abuse.

    According to Carefull, misuse of power of attorney is a leading method of financial exploitation among older adults. Even well-meaning family members can overstep, especially if they feel entitled to manage your affairs their way.

    To protect yourself, don’t rush the process. Work with a qualified attorney to create a POA that clearly outlines limits and responsibilities. Only assign this role to someone you trust implicitly, and review the document regularly to ensure it still reflects your wishes.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Details of your will

    Your will and estate plan contain some of your most sensitive information, from a full list of your assets to exactly who will receive what. In the wrong hands, those details can be used against you.

    Scammers may see your estate plan as a blueprint for potential fraud, while even well-meaning relatives might try to influence your decisions once they know what’s at stake. In some cases, that pressure can turn into manipulation or financial abuse.

    In fact, a survey published in the Journal of General Internal Medicine found that the most common perpetrators of financial exploitation of seniors were family members at 57.9%, followed by friends and neighbors at 16.8%.

    To avoid putting yourself in a vulnerable position, don’t share the details of your will with anyone who doesn’t need to know. Keep those conversations between you, your lawyer and your executor — and make sure everything is stored securely and updated regularly.

    Mental health or other health-related issues

    As we age, health issues involving memory or cognitive function can become more common. Unfortunately, this can also make older adults more vulnerable to exploitation.

    A study published in the National Institute of Justice Journal found that cognitive decline is closely linked to an increased risk of fraud. When others are aware of your mental health challenges, it can open the door to manipulation.

    This doesn’t mean you should hide your health concerns. But it does mean you should be thoughtful about who you share them with. Stick to medical professionals and a small circle of trusted loved ones. Put protections in place, like legal safeguards and a medical power of attorney, to ensure your wishes are honored no matter what.

    Protecting your personal information is just as important as protecting your physical health or financial assets, especially as you get older. By keeping sensitive details private and working only with qualified professionals, you can safeguard your independence and avoid unnecessary risks down the line.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Here are the top 5 signs you should retire earlier than you think — no matter where you live in the US

    Here are the top 5 signs you should retire earlier than you think — no matter where you live in the US

    For many Americans, the magic number for retirement is $1.26 million, according to Northwestern Mutual, and the average age of retirement is 62, according to Guardian Life.

    In other words, most people are trying to get into the seven-figure club by the time they reach their 60s. But you could be on track to retire earlier than that, perhaps with less money than you initially anticipated.

    Here are the top five signs that you’re on track to afford to retire earlier than you think.

    Don’t miss

    No mortgage or consumer debt

    Retiring or approaching retirement with a debt burden is surprisingly common. Roughly 75% of Americans over the age of 50 hold at least some form of debt and 84% of them say borrowing money is necessary to make ends meet, according to the AARP.

    As you can imagine, this isn’t a comfortable way to retire. You can’t enjoy your golden years in peace if you’re up at night thinking about interest rates and the global economy.

    This is why paying off all your debt — including your mortgage — puts you in a better position than the majority of seniors and could allow you to retire sooner than you expect.

    Diversified streams of cash flow

    Most retirement plans hinge on typical sources of income such as interest, dividends or pension benefits.

    However, if you have a plan that incorporates more sources, perhaps rental income from properties or passive income from a side venture, your finances are much more robust than the average retiree.

    If you’re trying to retire before you turn 60, finding new sources of passive income could be essential.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Relatively high savings rate

    As of May, 2025, the average personal savings rate in America is 4.5%, according to the Federal Reserve. If you and your family are saving more than that, it could be a green signal that you’re approaching retirement faster than most of your peers.

    Firstly, a higher savings rate can get you to your goal quicker. As an example, someone who only saves 4.5% of their $100,000 income and invests it in an asset that delivers 10% annual growth can reach $1.2 million within 35 years. If this person can double their savings rate to 9%, they can get to $1.2 million in less than 28 years — or seven years earlier.

    Not only does a higher-than-average savings rate help you achieve your goals faster, it also indicates a more stable retirement. It’s a sign that you have the willpower and discipline to live below your means and stick to a budget, which are essential skills for retirees on a fixed income.

    Empty nest with no financial assistance

    Having dependents reshapes your financial situation and could be the deciding factor for whether or not you can retire. This is why many parents have to wait until their children are adults and have their own sources of income to consider retiring.

    Unfortunately, the housing and cost-of-living crisis has pushed many adults to rely on their parents for support.

    As of 2025, roughly 50% of parents with children over the age of 18 gave at least some form of financial assistance to them, according to Savings.com.

    If you’re part of the other half — with independent children — you’re in a better position to retire earlier.

    Good health

    Healthcare costs can make or break your retirement. A sudden spike in health insurance or a serious medical issue can derail your financial plan.

    However, if you have managed to take better care of yourself, perhaps by quitting smoking, limiting alcohol or regularly working out, you could qualify for lower insurance premiums and be less exposed to this risk.

    Simply put, good health is a key ingredient for a cheaper, earlier and more enjoyable retirement.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • What net worth puts you in the top 10% of Americans? It’s probably a lot higher than you think in 2025

    What net worth puts you in the top 10% of Americans? It’s probably a lot higher than you think in 2025

    One of the lesser-known rules of personal finance is that wealth is relative. A net worth of $500,000 might be a fortune in some countries and barely enough in others.

    That’s why tracking your net worth against the national average and different percentiles can give you a clearer picture of your progress toward financial freedom.

    Don’t miss

    With that in mind, here’s the latest available government data on how much wealth it takes to be in the top 10% of all Americans.

    America’s top 10%

    The Federal Reserve is arguably the best source of data on national net worth. It has unmatched insight into how Americans earn, spend, save, invest and borrow.

    According to a Washington Post analysis of the Federal Reserve’s 2022 Survey of Consumer Finances, the median American family has a net worth of just $192,900. If your household has more than that, you’re doing better than half of the country.

    If your net worth is above $1,063,700, you’re wealthier than the average American. This number is much higher than the median number because it is skewed by ultra-wealthy individuals like Jeff Bezos and Mark Zuckerberg. Still, it’s a useful benchmark — being a millionaire or billionaire in America puts you ahead of most.

    To break into the top 10%, though, you’ll need a net worth of at least $2 million, according to the 2022 survey. That means only 1 in 10 American households has a net worth above that threshold.

    In other words, if you’re a multimillionaire, you can safely consider yourself among the affluent. Your family likely enjoys access to better housing, education than most.

    That said, 2022 was a while ago, and this data is likely outdated. If you’re trying to crack the top 10% in 2025 or beyond, you might need to aim a little higher than $2 million.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Wealth is a moving target

    Every year, America’s wealthiest people tend to get even richer. At the same time, the cost of living keeps rising.

    Since 2022, the S&P 500 has jumped roughly 64%, boosting the portfolios of many affluent families and potentially raising the bar for the top 10%.

    Meanwhile, consumer price inflation (CPI) has averaged about 3.25% annually since 2022, according to SmartAsset. This means cumulative inflation is around 10% over the past three years; your dollar buys 10% less than it did then.

    Taking all of this into account, it’s safe to estimate that the current minimum net worth for joining the top 10% sits closer to $2.2 million.

    Reaching that milestone may take a lifetime of exceptional earnings, diligent saving, savvy investments, successful business ventures or even a lucky inheritance.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.