Breaking Down the Latest Personal Finance News from the WSJ
The Wall Street Journal is among the most reputable newspapers out there, and its articles on personal finance are typically high-quality pieces that offer valuable insights. We took some time to comb through the latest news on finance from the WSJ, and here’s what we found:
Budgeting Tips for Gen Y
If you’re under 34, you belong to the Gen Y category, and a lot of budgeting tips were recently posted that can help you get started on the road to financial success. Millennials would be well-advised to save money wherever they can, and a solid budget is a great place to start. This can help you monitor your spending and savings more readily, which will in turn ease the pressure. You can also use various apps that keep track of expenses, as well as categorized expenses, and more. And if you’re interested in availing yourself of these tools, there are plenty of free options available.
Changes to Retirement Savings
The SECURE Act from 2019 impacts the way retirement savings work, and it’s a great chance for those who haven’t yet started saving to begin saving. One change is that you no longer have to take Required Minimum Distributions (RMDs) at the age of 70 1/2; rather, the age for RMDs is now 72. The act also permits “qualified” education loans and childbirth or adoption expenses to be paid with up to $10,000 of retirement savings without early-withdrawal penalties.
Economic Trends & Lessons Learned From 2020
The pandemic is effecting the economy in a number of ways, and only time will tell the overall impact it has had on the workforce. It’s safe to bet, however, that any sudden change in the economy will make it that much harder for those who have not got a sufficient backup plan in place. Building up an emergency fund as part of the preparation for such eventualities is always a good idea.
On a separate note, the pandemic also highlighted important lessons about value investing. Stock market trends might indicate fear or optimism, but the most valuable investments are those that hold their value most consistently over a longer period of time.
In conclusion, knowledge of personal finance is essential for everyone, regardless of your age. The latest finance news from the WSJ can provide valuable insights into how to manage your financial future. From smart budgeting to managing retirement savings, make sure you keep up-to-date on all the latest trends and lessons learned.
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