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| Stat Of The Day |
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Vacation mode is broken. A new survey finds 68% of employees feel anxious if they don’t check their work-related emails while away. But checking in isn’t exactly relaxing either. Some 35% admit it’s led to arguments with their partner. Trouble in paradise, indeed. |
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| Crypto, Catch-Ups & Confusion: Welcome To The New 401(k) |
Workplace retirement plans are changing fast, offering more features, more flexibility, and a lot more complexity.
More 401(k) plans are adding annuities or “guaranteed income lifetime income options.” Others are preparing to add private investments, like private equity or private credit. Some are even dabbling in crypto.
And that’s not all. A new “super catch-up” lets workers ages 60 to 63 contribute up to $34,750 to their 401(k) in a single year, if their income allows. Starting next year, higher earners over the age of 50 will be required to make catch-up contributions to Roth accounts, rather than traditional ones.
“All of that might all sound like a ‘win’ for retirement savers and in some ways, it is,” writes Pam Krueger, CEO of Wealthramp for HerMoney. “But it also means you’re being asked to make bigger decisions, with higher stakes and not nearly enough guidance. And here’s what too many people don’t realize: your employer is not your financial advisor.”
More plan features don’t automatically mean better planning. Before you choose, make sure you know what (and who) these new options are built for. Learn more, here. |
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| This Week In Your Wallet |
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Grab your piggy bank and maybe that old jewelry box. You could be sitting on a silver mine. Silver prices are surging, up over 20% to their highest levels in over a decade. “As with gold, jittery investors are scooping up the precious metal, but silver prices are getting an extra jolt from strong industrial demand, especially from solar-panel makers,” The Wall Street Journal reports. While some are buying in, others are cashing out. “Silver’s rally has made it worth the effort to sift through coin jars looking for old dimes, quarters and half dollars. The melt value of 25-cent coins minted from before 1965, when they were made of silver, is more than $6.50,” reports the WSJ.
No Buy July is here (or Low Buy July, if that’s more your speed). Recently, CNET editor Kelly Ernst completed a 30-day “No Buy” challenge and came away with more than just a fatter savings account. She learned valuable lessons that have reshaped how she spends. One big takeaway? Like so many of us, she’s been paying too much for convenience. “Ordering delivery is easier than scouring my fridge for dinner ideas and making a meal at the end of a long day,” she writes. “But for the cost of one Grubhub order, including delivery fees and driver tip, I could make a whole week's worth of dinners by getting creative and spending some time slicing and dicing.”
🚫💸 PS, want in on No Buy July? Check out this recent HerMoney Podcast episode, featuring Ashlee Piper, the brain behind the movement.
Crypto could soon help you get a mortgage. In a major shift for the U.S. housing market, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to start exploring how crypto could factor into mortgage applications, without requiring buyers to convert it to cash. As CNBC reports, the FHFA is pushing both mortgage giants to come up with formal proposals for how digital assets can be used in assessing risk for single-family home loans. “Cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets,” the order states, nodding to crypto’s growing presence in Americans’ financial lives. |
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| Things That Save You Money |
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Ready to stretch your summer travel budget? Pack your bags and your passport. These international locales offer 5-star stays for under $200. Prefer to stay stateside? You’ll pay a bit more, but can still score deals at hotspots like San Antonio, Las Vegas, and Miami. |
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Happy National Financial Freedom Day! Feeling less than liberated? The next session of FinanceFixx kicks off on July 15. Our 4-week financial bootcamp helps you rethink your spending, find hidden savings, and make smarter choices for the future. The best part? Many participants see a 3x return on their investment. Snag your spot, here. |
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Free stuff, incoming. Here are seven apps that can help get you everything from donuts to perfume for zilch. |
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| Ask Jean |
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| Q: |
An elderly family member passed away, leaving behind about $20K in credit card debt across four cards in their name. The surviving spouse has no joint assets with the deceased, except for their primary residence. Both receive Social Security and pensions. Is it correct to simply send the death certificate to the credit card companies and make no further payments? |
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The answer to your question is likely “yes,” but it depends on a few factors. Let’s dig into them.
First, you’ll want to determine whether the cards were in the deceased person’s name only. “If yes, and the surviving spouse was not a co-signer (authorized user does not count), then typically, the debt dies with the deceased, and the estate (if any) is responsible – not the spouse personally,” explains CFP Board Ambassador Cary Carbonaro, CFP®.
If the spouse was a co-signer on any of the cards, they may be liable for those specific debts. Lastly, if you reside in what’s known as a “community property state” (for example, California, Texas, Arizona, etc.), the spouse may be liable for debts incurred during marriage, even if the individual wasn’t a co-signer. “If this applies, a local estate attorney should be consulted,” adds Carbonaro. |
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| Submit your questions to Jean here. |
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