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Stat Of The Day
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26%
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One of the hottest workplace perks? Help getting your money life together. A new survey finds that more employees are turning to their employers for financial guidance. 26% say they’re actively seeking support to build emergency savings, pay off debt, and boost their overall financial wellness. That’s double the number from just two years ago, when only 13% were asking for help.
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This Week In Your Wallet
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It’s Veterans Day, and the HerMoney team is taking a moment to salute those who have dedicated their lives to our country – and the families who stand beside them. We can never truly repay their sacrifices, but with prices climbing in recent years, every little bit helps. Many companies offer special discounts for veterans, active-duty service members, reservists and their families. We’ve rounded up a few of our favorites here. Check them out and share our list with a hero in your life who deserves a little extra thanks today.
October wasn’t exactly kind to American workers. Employers announced more than 153,000 layoffs – a 183% surge from September and the worst October for job cuts since 2003, according to outplacement firm Challenger, Gray & Christmas. "Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes," Challenger said. Meanwhile, data from ADP showed modest gains, a sign the labor market isn’t completely tanking.
The latest warning sign of a K-shaped economy? Look no further than the Golden Arches. McDonald's CEO Christopher Kempczinski told investors that visits from lower-income customers have dropped by double digits industry-wide, while higher-income consumers are showing up for their Big Mac fix more frequently. "The wealthiest Americans are fueling consumer spending, while the working class — bogged down by waning wage growth, grocery inflation and the rising costs of living — are forgoing dining out and impulse purchases," reports The Washington Post.
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Ask Jean
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Today’s question comes from Debbie. She writes: I just received a notification that my long-term care insurance premium will be increasing. They're offering two options: a 10-year rate guarantee with a 63% increase phased in over 5 years, or a lifetime rate guarantee with a 96% increase phased in over 5 years. I'm currently 68 and in good health. How do you make a decision between these alternatives?
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As life expectancy climbs, it’s more important than ever to plan for how we’ll care for ourselves as we age. One option is long-term care insurance, which can cover chronic health conditions and services like adult daycare, in-home care, and room and board at assisted living facilities or nursing homes. Unfortunately, however, as more people require long-term care, the cost of coverage has also risen.
Now, on to your question, Debbie. For help answering it, we turned to Jesse Slome, Director Emeritus of the American Association for Long-Term Care Insurance. Here’s what he had to say:
Here’s the good news: You have locked in long-term care insurance coverage. [That’s a win] because a significant percentage of people who wait until after age 65 to apply are declined due to health conditions. Second, even if you could health qualify, the cost of new coverage would be much higher.
Here’s the not-so-good news: There is no easy answer or formula that I can give you. It’s a personal decision. Your personal financial status and health have all changed over the past 20 years (since you applied for this coverage). Just as one evaluates their investment every few years, you now have to do the same for your long-term care insurance. What can you afford? How much are your other assets worth? How much of any potential long-term care cost are you now willing to co-share (insurance pays some, you pay some from savings and retirement income)?
And, one more thing. It may be worthwhile calling your insurer to see what other options they might offer you. Typically, when an insurer offers a rate increase, they have other options not described in the letter. But at the end of the day, it’s a personal decision that you’ll need to make.
I agree with Jesse — and, in fact, I faced this issue with my mother when her LTC premiums started to climb. I also wrote about it, in depth, in AARP magazine about a year ago. My story outlines some of the options that your insurer is likely to offer you. In the end, with my mom, we accepted the rate hikes and kept the policy because, particularly for women in good health, I feel like this kind of insurance is important — but only if you can afford to sustain it. If not, then look at making compromises to keep a policy that you can afford in place.
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Submit your questions to Jean here.
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Things That Save You Money
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4 Documents That Can Save Your Family Time, Money And Stress
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What happens to everything you’ve worked for — your home, savings, memories, even your values — after you’re gone?
Most of us avoid thinking about it. But here’s the truth – estate planning isn’t just for the ultra-wealthy. It’s for everyone. Whether you’re single, part of a blended family, a young parent just starting out, or a retiree thinking about your next chapter, you already have a legacy — and a few smart moves now can save your loved ones time, money and stress later.
Heather Winston, Assistant VP at Principal Financial Group, has spent her career helping people plan their financial futures in a way that feels empowering, not overwhelming. She joined the HerMoney Podcast to break down the essentials and share four key documents every adult should have – starting with a will. "The best time to get these documents is as soon as you’re legally an adult," says Winston. "Emergencies can happen at any time. Planning ahead means avoiding unnecessary stress for your family."
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More For You To ♥
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💪 Rabbi Angela Buchdahl made history as the first female Senior Rabbi to lead NYC’s iconic Central Synagogue… but not without pushback, including doubts about her ability to do the job because she’s a working mom. Hear her inspiring story on the latest episode of How She Does It.
🌪️ Home insurance bills are creeping up, with the average homeowner spending an additional $648 per year. Why? More wild weather and natural disasters = higher rates. Give your wallet a break by comparing prices and seeing what other providers in your area offer. Your bank account will thank you!
🎙 HerMoney CEO Jean Chatzky’s journey took her from journalism to Wall Street and back again. Along the way, she found her mission to make money make sense. Hear her story on the COACHED podcast, hosted by Keren Eldad, an executive coach, TEDx speaker and author.
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