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<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

<ul class="summary-list"><li>Michael Johnston was making six figures in a remote job he enjoyed when his second child was born.</li><li>He fell in love with <keyword id="23944982" type="General" weightage="20" keywordseo="full-time-parenting" source="keywords">full-time parenting</keyword> and his wife, a successful editor, was keen to keep working.</li></ul>This as-told-to essay is based on a conversation with Michael Johnston, 41, a <keyword id="23944981" type="General" weightage="100" keywordseo="stay-at-home-dad" source="keywords">stay-at-home dad</keyword> who lives in Old Orchard Beach, Maine. Johnston's financial claims have been verified with documents. It has been edited for length and clarity. I graduated from Boston University in 2006 with a degree in mechanical engineering. I then got a job in the semiconductor industry. The role allowed me unlimited creative freedom and had crazy big budgets. Life was good. A few years into this amazing job, things shifted. The 2008 recession hit, and though I survived layoffs, everything changed. Money dried up for creative projects, and suddenly, I was doing paperwork all day. After my wife Maddie finished school, we wanted a fresh start. We moved coasts onto a ranch in California. I found a new role at KLA Corporation, in manufacturing, with much less paperwork. When my wife told me she was pregnant, I had a steady job with a manageable workload, but I traveled frequently to China, Taiwan, and South Korea. I was grateful for the income when our son Lincoln was born. <div type="image" title="Dad with baby in a carrier." height="4032" width="2268" msid="114981391" hostid="261"></div><h2>The impossible task of pandemic parenting</h2>Like many parents, March 2020 was a very difficult period for my family of three. Lincoln was around three years old, and suddenly my world narrowed to just four walls during lockdown. Instead of traveling and working in the office, my role was being permanently on the phone. I had meetings the entire day and would try to get my actual work done in the evening. Calls from around the world pushed late into the night. At some points, I worked almost 24 hours a day. Maddie, Lincoln, and I tried to maintain daily family life while we kept up with our careers. Now we were both fully remote, so we bought a beach house in Maine in 2020 and left California in 2021. But that wasn't the only reason we were moving back closer to home: our second baby was on the way. <div type="image" title="Michael Johnston and his kids." height="3357" width="1888" msid="114981168" hostid="261"></div><h2>Crunching numbers on <keyword id="21017792" type="General" weightage="20" keywordseo="paternity-leave" source="keywords">paternity leave</keyword></h2>I fully intended to go back to work after paternity leave. I was making six figures doing work that I loved — prior to the pandemic shift — and my team was great. But over 12 weeks of leave, I fell in love with being a full-time dad. If I was up at 3 a.m. I was comforting a sleepless kid, not fielding international calls. It was some of the best times we'd had as a family. My wife has a successful career in editorial work, and we began examining whether we could afford to be a one-salary family. We'd spent our early career days digging out of student and credit card debt from moving around. Right before kids, we'd finally paid off our debt, which was tough even with two incomes. Moving back to Maine was a major savings opportunity. We streamlined our spending on our mortgage, rental property, two cars, and everything else it takes to run a family in California. We no longer had to pay for flights back, preschool or daycare. We dug into what life would look like on one income, and my financial projections showed it was doable in Maine. We walk the kids to school and don't have a pricey commute. We no longer pay for any day care — a drastic change from the insanely California options at around $2,000 for one child. Maine also has free breakfast and lunch at school. <h2>Deciding to stay home</h2>It came down to how we viewed our work. After maternity leave, my wife was excited to see her coworkers and jump back into her job. I saw work as a means to an end. My future wasn't ever really tied up in my workplace. I'd missed so much of my first child's youngest years that I was determined not to repeat that with my second. On the work front, I'd used my degree for 17 years and accomplished what I wanted to. A week or two before the end of my leave, I set my team up for success and gave my boss my two weeks' notice. <div type="image" title="Michael Johnston and his family." height="1690" width="2253" msid="114981165" hostid="261"></div><h2>Settling into full-time dad life</h2>The first few months were awesome. We knew we'd made the right choice. I walked the kids to school every day and got to experience small moments I'd previously been too busy to enjoy. I did have misconceptions about stay-at-home parenting life. I thought I'd renovate our 1954 Airstream during naps. Instead, I get up at 5:30 a.m., make lunches, have a cup of coffee for 15 minutes in peace, and then get everyone ready for school. Once my oldest is at school, my new mission is potty training. I'm lucky to grab a shower during naptime. I clean and reset the house for the evening, getting dishes under control and dinner started. My wife and I always split the cores, her taking the mental labor of organizing school and social life comms and I did more physical chores. This is now just more official – I manage school runs and all the household tasks. When others find out I'm a stay-at-home dad, they always ask: "When are you going back to work?" Maybe I will, maybe I won't. If I do, I'll have different boundaries. I spent too long wrapped up in my job. We are trained to graduate, get a good job, work that job forever, then retire at 65. I plowed along for long enough. Now I know a corporate job isn't a mandatory trajectory. It was a choice. I'm happy doing something different. Correction: November 8, 2024 — A previous version of this story misstated that the Johnston family didn’t have a car. They do have a car in Maine.

I quit my 6-figure job to be a stay-at-home dad. After leaving California, we could afford to be a single-income family.

<ul class="summary-list"></ul>Although my dad has helped out over the years, my 64-year-old mother — a retiree and recent widow after my stepdad died in 2023 — supports me the most. Stating this makes me cringe. I feel immense shame over being in midlife and heavily reliant on my parents.Without a doubt, my mom expected to be free of dependents decades ago. At 40, she was planning <a target="_blank" href="https://www.businessinsider.com/woman-retired-to-italy-at-55-despite-reducing-pension-2024-8">an early retirement</a>. But here I am, 39, unable to save a cent, in need of her financial support. While she lives alone, my kids and I occupy her townhouse.Although I pay rent to her, it is <a target="_blank" href="https://www.businessinsider.com/gen-z-nyc-affordable-housing-lottery-rent-apartment-tour-brooklyn-2024-8">well below market rate</a>, utilities and internet are included, and accommodations are made when I don't have enough to pay. And that's not all. Over the years, she has gifted me vehicles, loaned me money, and given me cash outright.<h2 id="a56acc7d-234f-4632-928a-684d160714a2">At one point, I felt like I was on a good financial path</h2>At 19, with my mom and stepdad acting as guarantors and contributing a $35,000 deposit that I later paid back, I <a target="_blank" href="https://www.businessinsider.com/renting-vs-buying-homeownership-wont-make-genz-rich-increase-wealth-2024-7">became a homeowner</a> of a townhouse like the one I am in now. I was otherwise financially independent, worked three jobs, had a good chunk of money saved, and my life was planned out. It looked like I was headed in the right direction.So, where did I go wrong? Simply put, several bad investments of different kinds — dead-end relationships, attempts at pursuing education, and career choices — led to my current state of financial affairs.I got married in 2009 while I was in university, and after putting nearly $20,000 toward a degree — all of which came from a <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/best-529-plans">registered education savings plan</a> set up by my mom — I dropped out of school to start a family. Five years and two kids later, my marriage ended.<h2 id="efdec07f-41c4-4876-9518-92c5fa2a3670">After my divorce, I went back to school</h2>We settled outside court and, with his parents' guidance, split the assets my parents had helped me acquire. We also shared the debt, including a sizable amount I was completely oblivious to. To this day, I am not entirely sure how so much <a target="_blank" href="https://www.businessinsider.com/married-separate-credit-cards-dont-fight-about-money-2023-11">shared debt was accrued</a>, but I assume a large portion was my ex-husband's education expenses and purchases he put on credit cards. Ultimately, I was left without the place I had owned for 10 years, chasing minimum-wage jobs. I spontaneously decided to become a practical nurse to put myself in a better position.After spending 18 months in full-time studies, acquiring additional specialized training, and working as a nurse, I was depleted. Not only was I feeling the effects of financial strain from the cost of school, but physical, mental, and ethical exhaustion had taken hold.Still, I resolved to pursue further education. I switched to a focus on psychology instead of nursing to establish a career I was passionate about that aligned with my values and would allow me a better work-life balance. I was aware that I would be in it for the long haul.Typically, to get a master's degree, a person will dedicate nearly seven years to their education: four years toward their bachelor's degree and two and a half years in a master's program. And that's only if they are taking a full course load. However, my course load has reflected my situation as a single mom; while other students typically enroll in five courses a semester, I have only taken three.<h2 id="027e5fb3-b90b-413b-a253-5bb232e40700">Another pregnancy made it hard to keep up, and I asked for help</h2>I thought I could simultaneously pick up nursing shifts and study, but an unexpected pregnancy decimated the chances of that. Although I tried to find a <a target="_blank" href="https://www.businessinsider.com/working-from-home-remote-work-increased-layoff-risk-job-market-2024-2">job from home</a> — a remote position where I could work around a new baby and fit into my already stretched schedule — I was unsuccessful. I was unemployed, my student loans were insufficient to live off, and the little resources I had dwindled away, leaving me reliant on borrowed money.With inflation and the lack of other social support for parents in my position, after two years of staying at home with my youngest, I was <a target="_blank" href="https://www.businessinsider.com/professor-student-loan-debt-suddenly-forgiven-2024-8">drowning in debt</a>. Luckily, I could still continue with school by signing up for remote education courses.Typical expenditures such as vehicle repairs and maintenance, dental fees, vet bills, and costs associated with raising kids continued to drain my bank. Feeding, clothing, sheltering, and shuttling around growing kids all but obliterated my budget. I would rack up my two credit cards and then, as soon as I got my student loan, would pay them off. But the interest charges were astronomical, and I was doing a terrible job juggling it all.I hit a breaking point one day, and after crying to my mom about my Visa debt, which was nearly $12,000, she offered to help me out. <a target="_blank" href="https://www.businessinsider.com/parents-help-financially-call-it-loan-against-inheritance-2024-7">She loaned me money</a> to pay off that debt and told me I could pay my rent when I received my next student loan payment.Even though I feel embarrassed by my financial situation, I feel blessed. Not everyone has a family to back them like this. It seems no matter my age or what I need, my parents will come to my rescue, and I know I will do the same for my kids.As I am set to graduate next summer, I am one step closer to accomplishing my long-term goal of obtaining a master's in counseling psychology. While this means at least two and a half years of graduate school and more money, it will allow me to help people how I've always wanted to. And this is all possible because I have the support of my family. Though it's embarrassing to acknowledge how much help I've had to ask for along the way, I hope one day, in my career, I will support others to pursue lives that bring them happiness.

I'm a millennial mom of 3, and I rely on my mom's financial assistance

<ul class="summary-list"><li>Jo Storm, 69, quit her job to care for her granddaughter and her grandson, born two years later.</li><li>Her son and daughter-in-law paid her $10 an hour — a sum she refused to accept after working a week.</li></ul>This as-told-to essay is based on a conversation with Jo Storm, 69, from Wisconsin. It has been edited for length and clarity.My daughter-in-law was <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/reproductive-health/second-trimester">four months pregnant </a>when my son asked if I'd consider caring for their first child while they were at work.It was about 10 years ago now. I was working 20 hours a week in retail."Mom, we really don't want to put our child into a day care," he told me. "Would you be able to watch our baby instead?"Without a thought, I said yes. It was more a privilege and a duty as a parent and grandparent than about how much money I would forfeit by leaving my job.At 59, I still felt I had the energy and willpower to keep up with a little kid. Besides, it seemed the right thing to do.My son and daughter-in-law worked long hours in demanding jobs. I know that if I hadn't agreed to watch their daughter, they'd have managed somehow.But the stress would have been amplified if they didn't have a family to help out.<h2 id="a0eb79c3-999b-4057-9bc9-a33048dceb3f">I received $300 for 30 hours of childcare the first week</h2>The initial plan was for me to <a target="_blank" class="" href="https://www.businessinsider.com/grandparents-moved-from-india-to-us-provide-free-childcare-2024-10">provide childcare</a> four days a week, sometimes with my husband, while my daughter-in-law's parents covered the other day and sometimes a weekend.I was very enthusiastic because I felt like I had to offer my grandchildren. I'd previously gotten a day care license after taking classes at a community college. I'd been thinking about running my own business from home. I decided against it, mostly because of the high insurance costs.Later, my son and daughter-in-law's accountant said, "Maybe you could pay your family for childcare and apply it to your taxes?"So, when I formally watched my granddaughter for the first time, they paid me around $300. It worked out at about $10 an hour — the same rate I'd earned in retail.But, as soon as they gave me the salary at the end of the week, I felt so guilty — and <a target="_blank" class="" href="https://www.businessinsider.com/unexpected-signs-you-are-a-star-employee-2016-11">as if I was an employee</a>. "This can't happen again," I told my son. "I am a grandma, not a granny-nanny."<h2 id="d7487c81-df6b-49f2-9bbd-8c5b2b3faeb6">I now provide childcare for free</h2>I wasn't in it for the money. Compensation can't pay for the memories of being with my grandchildren.I wanted them to take back the dollars, but they said to keep them that once to put toward things I'd already bought, like cribs, dressers, and bouncy toys.After that, I did everything for free. My husband picked up some extra hours at work, which went toward the income I no longer brought in. Still, people would say, "You know, you're affecting yourself financially. "But I told them I was giving a gift to my son, daughter-in-law and grandchildren that was priceless.I watched my granddaughter, now 10, at my home from around 6:30 a.m. to 5 p.m. Her parents would drop her off and pick her up. They did the same when her little brother, now 8, was born.If they had to work late, I'd drive the kids to their home and stay as long as was needed — sometimes 10 p.m. We were fortunate they only lived four miles away.<h2 id="bde347a4-50ce-440a-a5b8-18f19a68caa8">It's an extremely rewarding job</h2>As the children got older, I'd take them to preschool for three hours every morning. <a target="_blank" class="" href="https://www.businessinsider.com/american-sign-language-tiktok-tutorials-viral-sounds-deaf-community-2023-4">I taught myself American Sign Language</a> and instructed them. I also read to them, and they both perform above grade level.These days, we often take them after school and do a lot of activities, like gymnastics and swim lessons. On Saturdays or Sundays, <a target="_blank" class="" href="https://www.businessinsider.com/amateur-soccer-referee-seen-abuse-threats-violence-shortage-2022-6">we attend soccer games</a>. But we organize things ourselves, such as fishing or crafting. It's extremely rewarding.If I find myself getting tired, I'll just say Grandma needs to step back from kicking the soccer ball and take a rest. But I'm planning to give as much childcare support as I can — until the day I die.I think a late retirement is healthy. Stepping up for your family when they need it is not a sacrifice.Do you have an interesting story to share with Business Insider about grandparents and childcare? Please send details to <a target="_blank" href="mailto:jridley@insider.com">jridley@businessinsider.com</a>.

I quit my job to look after my grandchildren. My son initially paid me $10 an hour, but now I gladly do it for free.

Behavioral Biases in Financial Planning

<ul class="summary-list"><li>Holly Martins, 39, was taught that scraping by financially was OK, she said.</li><li>After divorcing, she realized she needed to make a lot of money.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.instagram.com/hollysellsjersey/">Holly Martins</a>. It has been edited for length and clarity.I grew up in a household that fostered a <a target="_blank" href="https://www.businessinsider.com/decluttering-my-home-poverty-mentality-harms-2024-03">poverty mentality</a>. I was told to earn just enough to live, don't complain, get a stable job, stay there forever, and never, ever talk about money. My parents worked good, solid government jobs in order to scrape into the middle class, but they still always lived as if they didn't have enough money or resources.I was told to find a job with a pension and ride it out until retirement. I was never taught to dream big or reach for the stars.My first job was at a nonprofit, where I scraped nickels to get by. After I got married and had kids, I quit my job because I wasn't making enough to <a target="_blank" href="https://www.businessinsider.com/childcare-workers-pay-quit-impact-on-children-tuition-increase-2023-4">pay for daycare</a>. It made more sense for me to just stay home with the kids than work. I missed working, but stayed home with the kids until my husband and I separated in 2019.<h2 id="5ab09c40-ff26-4836-b9ec-918535db04e6">I became focused on money after my divorce</h2>Suddenly, I realized I needed to make a lot of money to support my household without a partner. It was the first time in my life I'd had that thought. In the past, I'd always believed it was OK to be scraping by.I had gotten my <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/how-to-find-real-estate-agent">real estate license</a> after my second son was born, and dabbled in selling homes. But compared to my husband's career, mine was always treated as a hobby. Now, I saw it as a lifeline. Real estate is all commission-based. There's no floor to how little you can make, but there's also no ceiling. For the first time ever, I felt motivated to reach for the stars.<h2 id="5b2ee450-27cb-464a-8ea6-1905a9efd954">I did lots of therapy to address my poverty mentality</h2>Undoing years of messaging from my parents and myself wasn't easy. It felt uncomfortable to admit I wanted success. I thought I was being unfair when I asked for what I was worth. Processing that took a lot of therapy.In addition to my therapist, I started surrounding myself with people who dreamed big. In the past, working in a nonprofit, I'd told myself I had little money or financial resources, but it was OK because I was a good person. Now, I was reevaluating that message. The people around me told me I was a good person and I deserved a lot, including <a target="_blank" href="https://www.businessinsider.com/what-does-gen-z-want-workplace-financial-stability-paid-leave-2024-2">money and financial stability</a>.Today, I teach my boys, who are now 7 and 9, these same lessons. Sometimes, they have self-limiting beliefs. I remind them that they're amazing and can accomplish anything they set their mind to — something I was never told as a kid.<h2 id="dad1b54f-602c-45c2-8899-4aab7a940bd6">I'm exposing my sons to saving and investment</h2>My new mindset coincided with the 2020 real estate boom in New Jersey, where I live and sell homes. I was making more than I ever had. Saving money came easily to me since I was used to putting all my money toward bills. Once I had the money I needed to pay for my necessities, I started to invest. I now have a <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">retirement account</a>, college savings, and other investments.I started to show my sons what I was doing. Now, <a target="_blank" href="https://www.businessinsider.com/teaching-kids-financial-literacy-from-little-2024-8">we talk about money</a> all the time. I was never shown a budget, savings account, or investment account. Luckily, friends and mentors later taught me how to use these financial tools, and I also educated myself with podcasts. It's hard to learn something if you're not exposed to it. I was thrilled when my older son recently asked if he could start investing because I want my boys to have that exposure early.<h2 id="e1f74bed-2abe-4fed-a04b-ec04857dba9a">I want my sons to make grand plans</h2>Last year, I bought my ex out of our house. But around that same time, I realized that my family would be better off in a neighboring school district. Our family uses <a target="_blank" href="https://www.businessinsider.com/how-private-equity-is-reshaping-special-education-2024-4">special education services</a>, and they just weren't cutting it in our original district.The version of myself from before would have rather died than make a grand plan, like moving from a house she'd just obtained ownership of. But the new me knew she could do it. I <a target="_blank" href="https://www.businessinsider.com/rent-house-extra-income-declutter-happier-2024-9">rented out our home</a> and moved the boys into a rental in the new district. I plan to purchase a home here later this year.I hope making this move shows the boys they deserve to take risks and make plans to improve their lives. They're entitled to access the resources they need.<h2 id="d8c1db9d-525c-4a90-9966-a0e65602d981">I don't want my kids to be afraid of the world</h2>I realize now I had a lot of fear because of my upbringing. I don't want that for my sons: they should know that the world is an amazing place for them to explore, and that home is a safe place that they can come back to.I've learned that I can be a good person and also be successful. Wanting to strive and achieve isn't a perversion. I don't need to sacrifice my well-being in order to serve others. It took me more than three decades to learn these lessons, so I'm teaching them to my boys as soon as I can.

I wasn't taught about money growing up. After my divorce, I built a nest egg, and I'm showing my kids how to budget.

<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<ul class="summary-list"><li>For Gen Z, retirement is 40 or 50 years away, but now is the perfect time to start saving.</li><li>Investing early and building healthy financial habits is key to a successful retirement.</li></ul>For <a target="_blank" class="" href="https://www.businessinsider.com/top-topics-financial-planner-says-gen-z-clients-ask-2024-10">Gen Zers</a> just entering the workforce, retirement may seem too far away to be a concern.Or, it may seem difficult and anxiety-inducing, especially as Gen Z juggles student loan debt, high costs of living, and a <a target="_blank" class="" href="https://www.businessinsider.com/jobs-recent-college-grads-hiring-slowdown-unemployment-higher-than-population-2024-9">tough job market</a>. And with a rising national debt, many younger workers are increasingly worried that they won't have access to the same resources that boomers have today, such as Social Security and Medicare.Only 15% of Gen Z put a set percentage of their paycheck into a savings account every month. And, only 20% contribute to a 401(k) or retirement account, according to Bank of America.However, when it comes to saving for retirement, there's no such thing as starting too early. In fact, the biggest advantage Gen Z has is time.Business Insider asked four wealth advisors for their best tips and tricks on how Gen Z can maximize their retirement savings, starting now.<h2 id="aa3e47db-cfea-4dbc-85ba-2482e91ab970">Andrew Crowell, vice chairman of wealth management at D.A. Davidson</h2>For Crowell and other experts, the biggest piece of retirement advice is deceptively simple: start early."With even just a modest allocation to investments, your money has the potential to double every 7 to 10 years," Crowell said. That means for a 20-something Gen Zer just starting their career, their money has the potential to double at least four times.Take advantage of your workplace retirement plan, such as a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-retirement-plans">401(k)</a>, where you can contribute a portion of your salary to an account. Employers often match employee contributions up to a certain percentage, typically between 3% and 6%.When investing for the long term, Crowell recommends putting your money into higher-yielding assets such as stocks to ensure that <a target="_blank" class="" href="https://www.businessinsider.com/higher-long-term-inflation-outlook-investing-strategy-attractive-bonds-stocks-2024-10">inflation</a> doesn't erode your savings. The S&amp;P 500 has posted an annualized return of 13% in the last decade, well above inflation.Basic budgeting strategies, such as keeping housing costs at 30% or lower of your total paycheck, can also create a strong foundation for retirement savings, Crowell said. But don't panic if rent takes up a larger proportion of your take-home pay and prevents you from saving as much as you'd like."Their peak earning potential is in the future somewhere years from now, and they're finding just the cost of living to be very expensive," Crowell said of Gen Zers.No amount of savings is too small. "It's less important how much you save out of your paycheck than it is just to get started. You can always dial it up in the future," Crowell added.<h2 id="82328411-a680-4c49-bc2f-60b12971759b">Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group</h2>There are other ways to save for retirement outside a traditional 401(k), Yoshioka pointed out. Self-employed people can utilize a Simplified Employee Pension (SEP) IRA to save for retirement and enjoy tax-deductible contributions.A <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-roth-ira">Roth IRA</a>, which allows you to contribute after-tax dollars for retirement, is also a great choice, Yoshioka said. Once placed inside a Roth IRA, contributions and earnings grow tax-free and can typically be withdrawn tax-free in retirement.For those who like to pick individual stocks and funds, opening a brokerage account and building your own portfolio is another way to invest your savings. But for those who do trade stocks, Yoshioka flags that there are capital gains taxes levied on the profits of an investment.When it comes to retirement savings, keeping the big picture in mind is critical. There will undoubtedly be boom and bust cycles in the stock market, but stay invested, Yoshioka said. During the Great Financial Crisis, some people pulled their money out of the market to protect their assets and never put it back in."When you don't get back in, you have your cash, but inflation eats away at it, and you miss out on a lot of growth in equity markets," Yoshioka said.For Gen Zers who haven't lived through many economic cycles, it's important not to panic-sell in the short term. Equity markets typically bounce back within a year, which is simply a blip in a retirement portfolio that could span 50 to 60 years.<h2 id="80eb8c54-d39b-43ed-af26-9be03baffb34">Ashley Weeks, wealth strategist at TD Bank</h2>Now, more than ever, a successful retirement depends heavily on personal savings, Weeks said.Historically, retirement income has come from what has been dubbed the "three-legged stool" of Social Security, pensions, and personal savings. But today, Weeks points out that less than 15% of individuals in the private sector will have access to a pension, and the future of Social Security is looking uncertain — meaning that the burden of adequate retirement is increasingly falling on the individual.According to Weeks, <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/target-date-funds">target-date funds</a> can be a helpful tool for saving for retirement. Many company 401(k) plans offer them, and they automatically rebalance their portfolio composition to minimize risk as you approach retirement. A target date fund typically has a higher allocation to riskier assets such as stocks early on and increases its exposure to less volatile fixed income holdings as time goes on.It's important to approach saving for retirement with the right mindset. "Start saving early and treat the retirement contributions just like a monthly living expense," Weeks said.<h2 id="5cb054ca-2549-482b-adb2-655c3ce12c1d">Alanna Morey, private wealth advisor at Ameriprise</h2>Building basic budgeting habits is key to retirement success, in Morey's view.There's no one-size-fits-all way to budget, but one popular strategy that Morey recommends is the 50/30/20 rule — meaning that 50% of after-tax income goes to essential costs, 30% to discretionary spending, and 20% to savings or other financial goals such as retirement or buying a house.But before saving for retirement, Morey suggests first building up a basic savings fund for emergencies by putting money in the bank or a high-yield savings account. Once you have enough money saved to cover a few months of essential living expenses, then it's time to start thinking about contributing to a 401(k) or another retirement plan.Morey also recommends automating payments as much as possible. Credit card payments, rent payments, savings, and 401(k) contributions can all be automated to reduce extra hassle and promote healthy financial habits.And if possible, avoid credit card debt."If I'm paying 20% interest on my credit card, I'm paying 20% more for everything," Morey said. That can rapidly eat into your ability to save. If you do have credit card debt, make sure you know what interest rates you're paying and have a plan to start paying it down."It's hard to change those habits or create them later on, and it's harder to catch up on savings later on as well," Morey said.

Gen Z, here's how to craft the best retirement plan starting now: 4 financial experts share their best tips and tricks  

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="153" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor Swaminathan J has said State Level Bankers' Committees (SLBC) can play a more effective role in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> through better <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword> in <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword> and promoting <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>. Observing that the role of <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> in fostering inclusive and <keyword id="20289318" type="General" weightage="20" keywordseo="sustainable-growth" source="keywords">sustainable growth</keyword> is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. "By focusing on effective <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword>, adopting a scientific approach to <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword>, and emphasising <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>, <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> can create a more inclusive financial ecosystem," he said at the Conference of Convenors of SLBCs at Pune on June 19. "As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> reach every corner of our country," he said. By tailoring initiatives to local conditions and needs, and by fostering a culture of financial literacy, he said there is a need to empower individuals to actively participate in the formal economy, thereby contributing to the broader goal of inclusive and sustainable economic development that is essential for a Viksit Bharat 2047. "I urge all stakeholders to continue working collaboratively, leveraging the strengths of each sector, and harnessing the power of technology to create a financially inclusive society," he said. As part of aspirational goals for <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword>'s centenary, referred to as RBI@100, he said, among these targets are deepening financial inclusion and expanding credit availability. Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs, he said. This includes savings, credit, insurance, and investment products that can enhance their economic well-being, he said. Expanding credit availability, particularly to underserved sectors such as micro, small and medium enterprises (MSMEs), agriculture, and marginalised communities, is crucial for fostering <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword> and sustainable development, he added. While these may appear as part of RBI@100 objectives, they are, in fact, the goals of every stakeholder in the financial ecosystem aligned with national interest, he said, adding, achieving these aspirations requires a collective effort involving government agencies, non-governmental organisations, financial institutions, and the banking community. The role of SLBCs in this journey is pivotal, as they are the linchpin connecting various stakeholders and ensuring that the financial system works seamlessly at the grassroots level, he added.

SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG

<ul class="summary-list"><li>US debt is surging and Trump and Harris's plans will only add to the pile, the former FDIC chair says.</li><li>Sheila Bair warns that high debt cause the next financial crisis. </li></ul>The US debt has soared in recent years, and with no solution proposed by either presidential candidate, it will likely hit unprecedented levels that could spur a crisis, former FDIC Chair Sheila Bair said.Surging debt levels could cause the next financial crisis if left unchecked, Bair warned. Bair, who chaired the FDIC during the global financial crisis of 2008, said the government employed deficit-financed spending and tax relief during past crises in 2008 and during the 9/11 terrorist attacks of 2001.At the time, those were correct decisions, but the government has kept up that level of spending since, driving up the debt and creating a risk to the economy."Now, the resulting overhang of federal debt could itself be the cause of a future crisis," Bair wrote in an <a target="_blank" href="https://www.barrons.com/articles/national-debt-financial-crisis-harris-trump-investors-8608ce19">op-ed</a> last week.What's more, Bair said both presidential candidates lack plans to fix the debt, and their proposals will likely continue to drive government borrowing to sustainable levels. That raises the risk of a scenario in which global investors lose faith in the country's ability to pay its debt, eroding confidence in the hugely important US Treasury market. Investors could demand higher premiums, driving up the government's interest payment, which could forced tax hikes, spending cuts, and Treasury losses, Bair says.Those factors would cause widespread economic distress, she said. "Both parties have decided that deficits don't matter anymore, which is pretty distressing because they do. At some point we're going to reach the inflection point, and they're going to matter a lot to investors who are going to question if they want to keep buying our debt," Bair told CNBC in a Monday interview.The gross national debt has topped $35 trillion. Trump's proposed policies would pile on a whopping $7.75 trillion in the next 10 years, while Harris's plans would add $3.95 trillion, Bair said, citing findings from the <a target="_blank" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a>.Bair says the debt problem is getting little attention in this election cycle because to solve the debt crisis, the candidates would likely need to hike taxes or lower spending on social programs — neither of which would be popular among voters."There's no political payoff for it. People don't want to hear that their taxes are going to go up, or their benefits are going to go down," Bair told CNBC. "And even if you go and make those hard decisions and institute some reforms, the next generation of leadership could come in and just squander it all, so I think politicians have just decided it's not worth it."She said leaders need to take a bipartisan approach to avoid any political fallout, working shore up social security, reduce the deficit, and reform the tax code."You have to lock arms and do it," she said. "That's what happened in the 1980s, and I'm hoping that's what can happen again. We need for it to happen again."

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