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Stat Of The Day
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51%
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That’s the percentage of workers who say they’re looking for a new job – even though they know it’s not exactly a hiring market, according to a new Gallup poll. It’s what experts call "turnover intent" (basically your plan to leave your current job) and it’s now near its highest level since Gallup started tracking in 2015.
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This Week In Your Wallet
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With people living longer, when your kids inherit money may matter more than how much they inherit. Today, many beneficiaries receive inheritances in their 50s and 60s – after some of life’s biggest milestones (like buying a first home, for example) are behind them. "At this point in their lives, wealth is usually less impactful, and sometimes, it's not even necessary," notes Kiplinger. One alternative? Lifetime gifting. "This allows you to transfer assets while you're still alive rather than waiting until you pass," explains Kiplinger. "Instead of receiving one lump sum, assets are distributed to heirs gradually."
RELATED:
✅ 5 must-dos to put on your estate planning checklist
📝 HerMoney Podcast: Why Estate Planning Isn’t Just For The Wealthy
👍 Estate planning resources we like – and trust
Private equity in your 401(k)? It might be closer than you think. The U.S. Department of Labor is opening the door wider to "alternative investments" – like private equity, crypto and commodities – in workplace retirement plans. As CNN reports, a new role proposed last week gives plan fiduciaries "maximum discretion and flexibility in selecting any particular investment as a designated investment alternative." Technically, employers could always offer these options – but few have done so. Why? "Because such investments have been more opaque and expensive than publicly traded options, and the threat of being sued…was a deterrent," explains CNN. Still, the DOL’s proposed rule needs to be finalized, and even if that happens, it will be up to employers to decide whether these options belong in their retirement plans.
If retirement is 10 years away – or closer – you’ve got some homework. We’ve pulled together 10 must-dos from the HerMoney community to get retirement ready – everything from setting up your Social Security account to building a life outside of work…because as anyone who’s retired will tell you, retirement isn’t just a financial transition, it’s a lifestyle one, too. "Sometimes, your work family doesn’t always translate into a full social life outside regular business hours in retirement," shares Kathy. "If you retire before your colleagues, that may mean they won’t have the same amount of free time as you do. To keep busy, I volunteered with Meals on Wheels for 4 years. Do not stay home on the sofa!"
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Things That Save You Money
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And, one bonus way to prepare for retirement: HerMoney’s FinanceFixx Pre-Retirement Checkup. Our last session filled up quickly, and we have a hunch this one will too. Learn more and sign up for our next round –kicking off May 14 – here!
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If you’re jonesing for more Cadbury mini eggs (arguably the best Easter candy) or want to pick up decorations for next year, check out this schedule of when major retailers will be marking down Easter items. Sales are underway now, but if you can hold out until April 10th or later, you could score discounts of 90% off.
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Buying secondhand is a great way to save money, but in some cases, if you’re not careful, it can actually cost you. Here are 5 red flags to watch out for the next time you go thrifting. For example, if you’re buying children’s gear or electronics, it’s always worth checking whether the item has been recalled.
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Behind The Brand: Veronica Swanson Beard On Building A Fashion Favorite
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As she shares on How She Does It, it all started at a wedding, where she was lucky enough to connect with a woman – also named Veronica – who would become her future sister-in-law and business partner.
Early in their friendship, the two Veronicas bonded over business ideas, but kept circling back to one. A reimagined blazer with a removable "dickey." It didn’t exist for women, so they built it themselves.
They quit their jobs, launched from their apartment and landed eight initial accounts. "One of them was Saks. And so we were off to the races," Swanson Beard said.
But then came the reality check. "Oh God, now we’ve got to figure out how to make this business a business," she recalls thinking.
So how did they build a powerhouse brand while juggling motherhood at the same time? Get the full story here.
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Ask Jean
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Today’s question comes from Jenn. She writes: Is there a formula I can use to figure out how much I should save for my child’s college education?
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Saving for college can feel overwhelming because the price tag is so big. But the good news is you don’t actually have to plan to cover all of it.
A common rule of thumb among financial planners is to aim to save about one-third of the total cost of college. The idea is that the rest will likely come from a mix of scholarships, financial aid, student loans, and current income – either from you or from your student through a job or work-study program.
Why that one-third target? It helps make the goal more manageable. Instead of feeling responsible for the entire sticker price, you’re focusing on a meaningful portion that can reduce how much your child may need to borrow later.
If you want to get more precise, college savings calculators can estimate how much you should be setting aside each month based on your child’s age and the type of school they might attend. They’re a great way to turn a big, abstract goal into a concrete savings plan.
And one final reminder we say often around here: there are loans for college, but there are no loans for retirement. Helping your child is wonderful, but not at the expense of your own financial security. If saving that full one-third feels like too much, it’s perfectly reasonable to scale back and make sure your retirement savings stay on track.
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Submit your questions to Jean here.
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