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| Stat Of The Day |
| $1.26 Million |
How much do you need to retire by 65? According to a new survey from Northwestern Mutual, the magic number is $1.26 million, which is actually down from last year. But let’s be real – your number depends on your lifestyle, health, zip code and a number of other factors.
Unsure of your number (or how to reach it?). Our special pre-retirement check-up session of FinanceFixx starts July 22. In just six weeks, we’ll help you figure out where you stand, how to pivot if needed and how to enter retirement with confidence. Sign up here and use code SAVENOW for a special discount! |
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| This Week In Your Wallet |
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Analysts say the market is looking “bubbly” – and not in the celebratory champagne sort of way. “After nearing a bear market just three months ago, stocks are expensive again — trading above the value of their underlying assets, with analysts saying we're heading down a frothy path,” reports Axios. Translation? “Frothy” is Wall Street speak for when prices are riding on hype, not hard data. Like foam on a latte – fun, but not exactly indicative of what’s underneath. As Axios puts it, “Stocks might be rallying on vibes rather than fundamentals, while ignoring headwinds like tariffs.”
🍾🥂 P.S., We’re breaking down the froth (and what it means for your money) twice a month in InvestingFixx, HerMoney’s investing club for women. Sign up here, and join our next session on July 21. Your first month is free. We’ll be talking bubbly – and yes, you’re welcome to bring your own.
Thinking about going electric? Now is the time to make your move. EV tax credits – worth up to $7,500 for new and $4,000 for used vehicles – will disappear September 30 under the One Big Beautiful Bill Act. Now, experts are calling it the “summer of the EV” with the expiration of the tax credits pushing fence sitters to finally get behind the wheel. If you’re one of them, there are steps you can take to get the best deal possible. For example, opt to get your tax break up front as a discount, instead of later when filing your return.“Given all the uncertainty right now with the administration and IRS, I’d advise against doing the tax credit later,” shares Ingrid Malmgren, senior policy director at Plug In America, tells CNBC. “Plus, you compound your value because that’s money you don’t finance.”
Starting August 1, roughly 8 million student loan borrowers on the Saving on a Valuable Education (SAVE) plan will begin accruing interest on their loan balances. While payments remain paused for now, the Education Department is urging borrowers to consider switching plans to avoid piling on interest. As The New York Times reports, the department has begun contacting enrollees with instructions for doing so, and nudging them to use its loan simulator to calculate monthly payments and find the best fit. “Though several income-driven repayment options are still available, the department is encouraging SAVE enrollees to consider the Income-Based Repayment plan, since that program will remain open to existing borrowers as long as they do not take out new loans or consolidate after July 1, 2026,” reports the NYT. “And it will enable SAVE enrollees to resume making qualifying payments and earn credit toward any potential loan forgiveness down the road.” |
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| Till Midlife Do Us Part: The Rise Of “Gray Divorce” |
Thinking about a gray divorce? You aren’t alone. According to a recent study, 36% of U.S. divorces now involve adults 50 and older. But splitting up late in life isn’t the same as in your 30s or 40s. There’s often more at stake – retirement accounts, real estate, even frequent flyer miles and streaming passwords.
This week on the HerMoney Podcast, Jean Chatzky sits down with Erin Levine, the lawyer-turned-legal-tech-founder and creator of Hello Divorce, an online platform offering legal resources, financial tools and emotional support for those going through or thinking about divorce. She walks us through the big questions people contemplating gray divorce should ask themselves – starting with, can I even afford to go through with this?
Some couples stay together because they fear they can’t maintain the same quality of life apart. But the real questions are – can you afford not to divorce? What does your future look like? And is there financial or emotional abuse keeping you in place?
“What would it look like to delay your divorce?” Levine encourages women to ask themselves. “Because I can tell you this, over 10,000 people have divorced using the Hello Divorce platform. Over 50% of them were over the age of 45, and not one of them said, ‘Gosh, I wish I were still married to my spouse.’”
🚨 Going through a divorce or thinking about it? HerMoney readers get 10% off legal plans and expert financial guidance from HelloDivorce. Enter code HerMoney at checkout to save on services, including support from certified divorce financial analysts. |
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| Things That Save You Money |
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Thinking about buying an iPhone? Think again. As The Wall Street Journal reports, waiting a couple of months could pay off. But if an iPad is on your wishlist, go ahead and “add to cart.” Now is a good time to buy. |
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If you want your clothes to last longer, the key could be a few small tweaks to your laundry routine. For example, in addition to sorting by color, sort by fabric too. Experts say doing so prevents damage from heavier items. |
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Want free produce? Check out Falling Fruit, an interactive map that highlights over a million edible plants in urban, public spaces around the world – from sweet cherries in France, to mulberries from trees overhanging a sidewalk in Boulder, Colorado. |
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| Ask Jean |
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| Q: |
Today’s question comes from Christine. She asks: My 15-year-old niece has a part-time job and just opened her first checking account on her own with $500. She was asking what else she should do, or open. Also, any good books or articles she should check out to help her learn? |
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We love this question – and we love that your niece is mindful about getting a head start on building her financial future.
Opening a checking account is a great first step. From here, she may want to open a high-yield savings account. Right now, the best ones are offering between 4% and 5% APY, which is significantly more than traditional savings accounts. It’s a great way for her to build the habit of saving, while earning real interest.
Even better? Since she has earned income, she’s eligible to open a custodial Roth IRA. For 2025, she can contribute the lesser of $7,000 or whatever she earns this year. “Invest in a low-cost, all-stock index and get them set up for a successful life of long-term strategic planning,” suggests Boston-area CFP and enrolled agent Catherine Valega, founder of Green Bee Advisory. As Valega notes, opening a Roth IRA also opens the door to conversations about investing, compound growth and even estate planning basics, like naming beneficiaries.
As for learning resources, one book I always recommend is “How to Money: Your Ultimate Visual Guide to the Basics of Finance,” by HerMoney’s Kathryn Tuggle and me (yes, I might be a little biased!). It’s an easy-to-understand, no-nonsense guide to all things personal finance for young adults, from budgeting and student loans to credit scores, investing and beyond. Check it out, here. |
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Submit your questions to Jean here.
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