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<ul class="summary-list"><li>Some American workers are encountering an unpleasant surprise when they reach <keyword id="25452" type="General" weightage="20" keywordseo="retirement" source="Orion">retirement</keyword>.</li><li>Murky provisions slash <keyword id="19966945" type="General" weightage="100" keywordseo="social-security" source="keywords">Social Security</keyword> for people who work in both the government and private sector throughout their careers.</li></ul>Patrice Earnest, 66, expected to have much more money for retirement. But after her husband died, she checked her <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security survivor benefits</a>. The total: $0. "It's absolutely stunning," Earnest said. "My husband worked all his life since he was 16 bagging groceries, and that Social Security was something we had planned to have in our retirement." Earnest won't see a penny of the benefits her husband worked for — and it's due to her work history, not his. She's one of a few million Americans who see cuts to either their own Social Security benefits or to their <keyword id="44080" type="General" weightage="20" keywordseo="survivor" source="Orion">survivor</keyword> benefits when a spouse dies because they have a career history that includes both government and private sector jobs. The idea is to ensure public servants with pensions don't get overly generous retirement benefits, keeping people like Earnest from receiving full benefits from both a government pension and Social Security. But like many people affected by this, Earnest was caught by surprise — throwing her retirement budget for a loop. The two provisions at play here are the Windfall Elimination Provision and the Government Pension Offset, or <keyword id="19921812" type="General" weightage="20" keywordseo="wep" source="keywords">WEP</keyword> and GPO for short. They typically affect middle-class workers in select states who spent some time in a public-sector job, such as teachers, firefighters, and police officers, with government pensions and no Social Security taxes. The measures reduce Social Security benefits accrued during private-sector work to compensate for the state or local government pension benefits. Even a short time with a pension can trigger cuts to Social Security that workers might have earned in a private sector role. WEP reduces a worker's own Social Security benefits, while GPO applies to spousal or widower benefits like those Earnest expected to collect. "Certainly, I could use the extra money owed to me to pay the bills that I thought we could with a two-income household," she said. Right now, the provisions are part of a political firestorm over how the US should care for its older workers, with Social Security <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">already imperiled</a> and many retirees struggling to pay their bills. On September 19, a bipartisan bill to eliminate WEP and GPO received the number of signatures needed for a vote in the <keyword id="19910021" type="General" weightage="20" keywordseo="house" source="keywords">House</keyword>. While supporters of WEP and GPO say they're necessary for ensuring equity, critics say they're applied unevenly across states and professions, sometimes resulting in benefit calculation mistakes. Those advocating for eliminating the provisions say they also hurt middle-class government workers the most. <h2>Unpredictable cuts to Social Security benefits make it impossible to plan for retirement</h2>The provisions can end up slashing your Social Security payments by up to half if you have a government pension, whether you were planning on survivor and spousal payouts or your own checks from time spent in the private sector. Workers with a private-sector 401(k), on the other hand, are not barred from collecting full Social Security. <keyword id="23551078" type="General" weightage="20" keywordseo="jane-roth" source="keywords">Jane Roth</keyword>, 74, a widow in New Haven, said she may have reconsidered becoming an educator if she had known about the provisions. <keyword id="20163067" type="General" weightage="20" keywordseo="roth" source="keywords">Roth</keyword> worked in the private sector before becoming a teacher. Because she pulled money out of her teacher retirement fund after six years of teaching to help finance life with a child, she said she has to work six extra years before cashing out her full pension. She's still teaching and has another 14 years before she can receive her full pension. In the meantime, she can't afford to live off the $32,000 she gets annually through her late husband's Social Security survivor benefits. If she retired now and started receiving her partial pension, she'd get even less because the GPO would kick in and zero out her survivor benefits. "What are my choices? Do I retire with a partial pension and lose 100% of my Social Security survivor benefits, or do I work until I am 88?" Roth said. "We are not asking for a handout. This is our money. They took our money and said this will be waiting for you upon retirement, and it's not." WEP and GPO were instituted in the 1980s to make retirement income more equitable, as many believed <a target="_blank" class="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">workers with governmentpensions</a> had an advantage over Social Security recipients. But even pensions have become less of a sure economic bet, with <a target="_blank" class="" href="https://www.brookings.edu/articles/teacher-pensions-systems-are-increasingly-underfunded-making-teachers-vulnerable-and-salaries-less-attractive/">returns less funded</a> and many states <a target="_blank" class="" href="https://www.urban.org/sites/default/files/publication/101700/how_have_teacher_pensions_changed_since_the_great_recession_0.pdf">cutting back the benefits</a> they offer to teachers. "Essentially, it's a substitute," <keyword id="23551077" type="General" weightage="20" keywordseo="karen-smith" source="keywords">Karen Smith</keyword>, a senior fellow at the Income and Benefits Policy Center at the Urban Institute, said. "The reason they don't pay Social Security is because they have this alternate pension." Today, however, major criticisms center on the uneven application, <a target="_blank" class="" href="https://oig.ssa.gov/assets/uploads/a-13-20-50970.pdf">rampant errors</a>, and <a target="_blank" class="" href="https://www.aft.org/news/retirees-advocate-fairness-retirement-benefits">poor communication</a> with those impacted. WEP and GPO impact teachers in 15 states, while state, county, and municipal employees are penalized in 26 states. An audit by the Office of the Inspector General for the Social Security Administration <a target="_blank" class="" href="https://oig.ssa.gov/assets/uploads/a-13-20-50970.pdf">found</a> that WEP and GPO were two of the "leading causes of improper payments" in the system. According to <a target="_blank" class="" href="https://scottweisbenner.web.illinois.edu/RESEARCH/PAPERS/JPEF_Brown_Weisbenner.pdf">a 2013 paper,</a> the WEP reduces benefits disproportionately for lower-earning households in some<a target="_blank" href="https://scottweisbenner.web.illinois.edu/RESEARCH/PAPERS/JPEF_Brown_Weisbenner.pdf"> cases</a>. The Bipartisan Policy Center wrote in a July paper that limitations to WEP calculations resulted in "an imprecise approach to adjusting Social Security benefits." Many who support WEP and GPO, whether in their current or modified forms, say the math still has merit, as those affected by the provisions tend to be better off. The Social Security Administration reported the average monthly check as of July 2024 is about $1,783. Meanwhile, <a target="_blank" href="https://crsreports.congress.gov/product/pdf/RS/98-35/60">nearly half</a> of WEP-affected Social Security beneficiaries had pensions above $3,000 a month in 2023. Proponents of the provisions argue that because of how Social Security <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-social-security">calculates benefits</a>, a worker who spent a short period of time in the private sector and the rest of their career working toward a public pension <a target="_blank" class="" href="https://www.urban.org/urban-wire/getting-rid-social-security-offsets-teachers-flunks-equity-test">could end up</a> getting a proportionally larger Social Security benefit than a worker making the same amount of money in the private sector for their whole career. Additionally, canceling WEP and GPO could worsen Social Security's financing, moving the depletion date for funds from 2035 to <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-run-out-pay-full-benefits-plan-2023-3">2034 or sooner</a>. According to the Urban Institute, this could disproportionately benefit those with higher incomes who have 401(k)s or other private retirement accounts. But some of those workers on the other end of the provision disagree. "I had a 76-year-old lady call me up. She taught for 40 years and retired, but recently her husband passed away. She lost all his earned benefits, and she's going to wind up either selling her house or lookfor a part-time job," said Janis Hernandez, a retired teacher in Louisiana, who sits on the communications committee for The National Task Force to Repeal the WEP and GPO. <h2>The future of WEP and GPO</h2>The Task Force <a target="_blank" href="https://ssfairness.org/gpo-wep-faq/">notes</a> that 83% of those penalized by the GPO are women, many of whom took time away from their careers to raise children and thus have less in Social Security than their spouses. Many impacted by the GPO also can't fully calculate their reductions until their spouse dies, like Earnest. Critics of the programs also note that there is no similar means testing for private-sector retirement plans. "If somebody is in the private sector and they've got a good 401(k), you don't tell them, 'Oh, we're not going to give you your Social Security,'" Louisiana Sen. Bill Cassidy, a Republican who's focused on Social Security solvency, told BI. WEP and GPO are front and center in Congress this month when the House of Representatives votes on the bipartisan <a target="_blank" href="https://www.congress.gov/bill/118th-congress/house-bill/82">Social Security Fairness Act</a>, which aims to eliminate both provisions. An alternative to eliminating the provisions completely is simplifying the formula for calculating Social Security benefits, which the Bipartisan Policy Center found would be less costly over time. As the Center on Budget and Policy Priorities finds, there's "widespread support" for a more proportional formula to calculate the amount these provisions shave off. But right now, any action on Social Security or altering those provisions may be a long shot, especially with the presidential election looming. Anne <keyword id="20223028" type="General" weightage="20" keywordseo="mcleod" source="keywords">McLeod</keyword>, 68, said the provisions can be punitive. In her 20s, McLeod worked various part-time and lower-paying clerical roles, all of which paid into Social Security. She then taught in New Orleans for 28 years and worked part-time jobs after school hours. She's retired now and gets $67 monthly in Social Security — $500 less than she would've gotten sans WEP. She gets $2,910 monthly in state retirement, and she creates and sells artwork for extra income. While she and her husband are up to date on their bills, they simplified their lives by selling their house and renting because it's cheaper. "It's almost like a punishment in a way because we chose to be educators or firemen or policemen," McLeod said. "They said you get a good enough retirement from the state, so you'll be OK not getting all your Social Security." Correction: October 1, 2024 — An earlier version of this article provided the wrong figure for Jane Roth's Social Security survivor benefits.

The Social Security curveballs making retirement even more confusing

<ul class="summary-list"><li>Divorce can derail the best-laid retirement plans.</li><li>Divorced baby boomers — especially women — often struggle financially in retirement.</li></ul>A decade ago, Libby Mintzer imagined her <a target="_blank" class="" href="https://www.businessinsider.com/boomers-living-social-security-government-aid-snap-loneliness-crisis-isolation-2024-8">retirement</a>.Her gated community would sit along a river, each house hugged by palm trees and Florida coast humidity. Mintzer planned to spend mornings at yoga class and evenings on the deck with her husband, watching the sun set in pinks and oranges from their rocking chairs.Today, the 73-year-old lives alone in Tampa and receives $1,600 monthly <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security income</a>. When Mintzer and her husband divorced in the early 2010s, she lost all assets — the house on the river and any shared investments — and doesn't receive any spousal support. She drained most of her savings in her 60s when she cashed out the few thousand dollars in her <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k)</a> to fund her then-husband's business venture."I always thought of everybody else before me," Mintzer said. "And I would tell any woman now: 'Don't do it.'"Although Mintzer used her $200,000 in <a target="_blank" class="" href="https://www.businessinsider.com/expensive-divorce-mistakes-according-to-lawyer-2024-6">settlement money</a> to buy and furnish a one-bedroom apartment, she's barely able to keep up with the rising <a target="_blank" class="" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">HOA fees</a>. She said she has maxed out her credit cards to pay for groceries, and she's scrambling to apply for part-time jobs but isn't having any luck landing roles.It's a painful departure from her married life. Mintzer had a 30-year career as a paralegal and was often the main household income earner with her six-figure salary. She had worked hard to ensure she and her husband would be <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-401k-pension-real-estate-investments-baby-boomers-2024-6">comfortable as they aged</a>.Millions of Americans are <a target="_blank" class="" href="https://www.businessinsider.com/retirement-social-security-gen-z-millennials-uncertainty-fears-pensions-2024-4">feeling financial pressure</a> in retirement. Monthly Social Security checks aren't enough for most baby boomers to get by, further fueling a retirement crisis. And boomers are experiencing a newer phenomenon that adds to their financial distress: <a target="_blank" href="https://www.aarp.org/home-family/friends-family/info-2023/gray-divorce-trend.html">More are getting divorced</a> later in life.A 2022 study published in the <a target="_blank" class="" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9434459/">Journal of Gerontology</a> found that, from 1990 to 2010, the divorce rate for adults 65 and older has nearly tripled; among adults ages 50 to 64, the divorce rate per 1,000 rose from 4.85 in 1970 to 12.72 in 2019.Divorcees have lower average 401(k) balances, less savings, and a more limited monthly retirement income than married people, according to a Business Insider analysis of individual-level data from the Census Bureau's 2023 Survey of Income and Program Participation. Those numbers undergird the reality that an increasing number of middle-aged and older Americans are facing: The reverberations of their divorces will be felt long into their golden years.For retirees like Mintzer, this can leave them <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">struggling to survive</a>."I cannot live with just Social Security," she said. "I don't have any money to live on."<h2 id="1bc1fa71-3e75-4a46-9fd2-911ad74fca90">Most married couples' retirement savings are tied together</h2>In many ways, the world is built for married people: Taxes and living expenses are cheaper for two. Married couples also often share a household income, savings, assets like real estate and investments, and custody if they have children. But all of that gets divided up in a divorce.To be sure, the divorce rate has been steadily declining for years. According to the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.cdc.gov/nchs/data/dvs/marriage-divorce/national-marriage-divorce-rates-00-22.pdf">CDC's analysis</a> of 45 states, the divorce rate was around 2.4 per 1,000 Americans in 2022, down from around 4 per 1,000 in 2000.Still, a couple's retirement assets might feel the damage of a breakup. The average married retiree has over $100,000 more in their 401(k) and savings accounts than a divorced retiree. This might be because settlements caused retirees to split or completely lose access to the accounts, said Melody Evans, a vice president wealth management advisor at TIAA, a retirement and wealth management firm.Indeed, there are ways to protect assets from divorce. A <a target="_blank" class="" href="https://www.businessinsider.com/regret-not-getting-prenup-wont-make-same-mistake-2024-8">prenuptial agreement</a> can be helpful, but it typically doesn't protect wealth built after the couple ties the knot, like retirement savings.Talking about money as a couple — and understanding joint assets — is one of the best ways spouses can protect themselves during a divorce, Evans said.To preserve retirement savings, she said couples can also split their 401(k) and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-roth-ira-accounts#:~:text=Fidelity%20Roth%20IRAs%20have%20no,access%20automatic%20withdrawals%20and%20deposits.">Roth IRA funds</a>, or take Social Security based on the higher-earning spouse's salary.Evans added that if one person in a relationship is in charge of banking and major purchases, the other spouse <a target="_blank" class="" href="https://www.businessinsider.com/shark-tank-kevin-oleary-personal-finance-couples-combine-accounts-wealth-2024-9">might be in the dark</a> about their household's financial situation."When I hear about people having a really hard time or feeling like they missed assets during a divorce, generally, it's because they were not fully aware of what assets the couple had," Evans said.This division of wealth in a divorce — and financial literacy gaps — can have major consequences. BI's analysis found that the average income of a married retiree is $2,577 a month, considering money they might receive through pensions, Social Security, retirement accounts, and insurance benefits.A divorced retiree, however, takes home $1,940 a month. This compares to retirees who were never married ($1,887 monthly), people who are widowed ($2,381 monthly), and people who remarried after a divorce ($2,476 monthly).<h2 id="83554aa9-83be-46d9-a4b9-d01ffdb54708">Women can be especially vulnerable to lost assets and savings</h2>While divorce can impact anyone's retirement plans, some demographics are more vulnerable to lost assets and savings. For example, Evans said some women might not have a strong financial infrastructure compared to men — women couldn't have their own credit cards until the mid-1970s, and it was more common for baby boomer women to be <a target="_blank" class="" href="https://www.businessinsider.com/cant-afford-stay-at-home-mom-lifestyle-2024-5">stay-at-home-parents</a>, or hold primary domestic responsibilities.Evans said that these traditional gender roles could contribute to long-term income differences. America's <a target="_blank" class="" href="https://www.businessinsider.com/pay-gap-by-state-how-much-women-and-men-earn-2024-3">gender pay gap</a> also means women might earn less than men for the same job."There is generally a disparity in terms of how much one person has saved into a retirement plan versus the other," she said. "Maybe that's because one spouse didn't spend as much time in the workforce, maybe they helped in the households differently."On the whole, according to Business Insider's data analysis, retired women's finances fall behind men. Men's monthly retirement incomes are nearly $600 more than women's — $2,610 to $2,042 — and they're more likely to have a balance in a retirement account. Among retirees with retirement accounts, men have, on average, $318,727 socked away, regardless of marriage status. Women have $239,706.Kathryn Clark got married as a teenager and raised her sons in California's Bay Area. After Clark finished her GED, she worked a series of roles in the <a target="_blank" class="" href="https://www.businessinsider.com/accountant-shortage-sexy-taxes-business-school-pwc-kpmg-2024-8">accounting</a>, healthcare, and tech industries — and was oftentimes the main household income earner.When Clark finalized her divorce around the time she turned 50, she had been married for three decades. Neither she nor her husband had strong retirement savings, and they sold their house a few years before they split because they could no longer afford it. Clark didn't leave the relationship with any money or assets. She did, however, become the <a target="_blank" class="" href="https://www.businessinsider.com/single-mom-cant-pay-bills-income-too-high-snap-2024-6">sole parent</a> financially providing for their children. Clark's youngest son was still a teenager when the divorce was finalized, and she had to spend all the money she had to support herself and her kids."When the divorce came, I had nothing," she said. "I just walked away with half of what was in the bank account — which couldn't have been more than a couple hundred dollars."Now 80 years old, Clark lives near the Bay Area in a low-income housing unit. She lives check to check on Social Security, has no savings, and struggles to afford groceries on just $23 a month from <a target="_blank" class="" href="https://www.businessinsider.com/buying-groceries-snap-food-stamps-cant-afford-essentials-credit-card-2024-6">SNAP</a>. When Clark's ex-husband died a few years ago, she learned that she could receive an extra $400 monthly based on his Social Security contributions. She had previously been trying to get by on less than $1,000 a month.Overall, divorced women like Clark see lower monthly retirement incomes than their male counterparts — and peers who have remarried. Divorced women, on average, have around $1,800 a month in retirement income, while divorced men receive nearly $300 more monthly, per BI's analysis.To protect themselves, Evans said people should invest early in understanding their full financial situation, a task she said wealth advisors can help with. One of Mintzer's greatest divorce regrets is that she didn't safeguard her retirement savings."Don't rely on someone else — whether it's a husband or wife or children," Mintzer said. "From the day you turn 18 and you start working, start preparing for that day when you're not going to be working anymore."Are you financially struggling due to a divorce? Are you willing to share how you manage money in your marriage? If so, reach out to these reporters at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a> and <a target="_blank" class="" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

A major curveball in retirement preparedness: divorce

<ul class="summary-list"><li>A third of US adults believe Social Security income alone will be enough for retirement.</li><li>A financial expert advises building a 401(k) and HSA to prepare for unexpected expenses.</li></ul>America's retirees have a lot on their minds.About a third of US adults believe <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">Social Security alone</a> will provide enough income for them to live comfortably in retirement, but another third said they won't have a retirement account to pull from when they leave the workforce.That's according to <a target="_blank" class="" href="https://www.nerdwallet.com/article/insurance/medicare/2024-medicare-and-retirement-report">a report</a> published on August 13 by the personal finance firm NerdWallet. In July, analytics company Harris Poll surveyed 2,096 Americans over the age of 18 about their retirement plans on behalf of NerdWallet. Of the respondents, 779 were enrolled in <a target="_blank" class="" href="https://www.businessinsider.com/boomers-medicare-part-d-prescription-drug-costs-biden-inflation-reduction-2024-2">Medicare</a>.Elizabeth Ayoola, personal finance writer at NerdWallet, said it can be difficult for hopeful retirees to <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-magic-number-how-much-money-need-2024-5">predict how much money they'll need</a>. Many wonder if they're building enough wealth, how long it will last, and if that money is distributed in the right savings accounts."Everyone's expenses are going to look different during retirement," she told Business Insider.NerdWallet's report comes as the US faces a <a target="_blank" class="" href="https://www.businessinsider.com/retirement-crisis-social-security-pensions-student-loan-debt-2024-3">retirement crisis</a>. Millions of older adults don't have the savings or assets necessary to retire from their 9-to-5s or are living from one Social Security check to another. In 2024, the average check is <a target="_blank" rel="" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,907</a>, but for many, it isn't enough to get by. What's more, the federal fund could <a target="_blank" rel="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">start shrinking by 2030</a>.Highly vulnerable to these retirement woes are "peak boomers," the last of the generation who are turning 65 this year — many of whom are caught in the middle of America's <a target="_blank" class="" href="https://www.businessinsider.com/retirement-social-security-gen-z-millennials-uncertainty-fears-pensions-2024-4">switch to a 401(k) system from pensions</a> in the 1980s. Half of adults age 65 and above have an income <a target="_blank" class="" href="https://www.businessinsider.com/retirement-crisis-social-security-poverty-older-americans-savings-inequality-2024-3">below $30,000 a year</a>. And, <a target="_blank" class="" href="https://www.businessinsider.com/gen-x-baby-boomers-savings-cant-afford-retirement-2024-4">a fifth of Americans</a> over 50 have no retirement savings at all.BI has heard from boomers who are <a target="_blank" class="" href="https://www.businessinsider.com/boomer-lives-on-social-security-scared-use-401k-retired-teacher-2024-8">worried their savings won't last </a>the rest of their lives, and others who struggle each month to afford food, housing, and healthcare. Many worry about becoming <a target="_blank" rel="" href="https://www.businessinsider.com/peak-boomer-scared-to-retire-not-enough-savings-social-security-2024-5">financial burdens</a> on their adult children or <a target="_blank" class="" href="https://www.businessinsider.com/boomer-social-security-cant-afford-groceries-feels-lonely-retirement-2024-7">suffer from loneliness</a>."It never hurts to have more than you need for retirement," Ayoola said.<h2 id="1285940f-24be-4d99-b99a-3383fbbe1b2d">401(k)s can help supplement Social Security income</h2>For the majority of Americans, Social Security is a pillar of their retirement plans. NerdWallet found that about 30% of US adults don't expect to have a savings account by the time they retire — meaning that federal benefits are many people's only option to live on.Ayoola said it may or may not be realistic to <a target="_blank" class="" href="https://www.businessinsider.com/middle-class-americans-earning-above-poverty-live-paycheck-to-paycheck-2024-4">afford basic necessities </a>on a monthly Social Security check, depending on your lifestyle. Some people are comfortable <a target="_blank" class="" href="https://www.businessinsider.com/boomer-lives-on-social-security-works-walmart-retirement-savings-2024-7">living frugally in retirement</a>, Ayoola said, while others would prefer to <a target="_blank" class="" href="https://www.businessinsider.com/retired-young-traveling-world-husband-2024-6">travel and have luxury experiences</a>. There are no wrong choices, she said — as long as retirees budget and live within their means.To best prepare for retirement, Ayoola suggests that people take the time to <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/retirement-planning">calculate how much money</a> they will likely spend. She said individuals can most accurately estimate their economic needs by comparing their projected retirement savings and Social Security income with their monthly spending. <a target="_blank" class="" href="https://www.businessinsider.com/how-much-food-healthcare-housing-cost-most-expensive-us-cities-2024-2">Cost of living varies widely </a>based on a person's location and lifestyle, she said."This can be an intimidating process — some people are scared to see in plain numbers how far behind they are in terms of retirement savings — but it can give you a lot of clarity about what steps you need to take next," she said.For savings, Ayoola said people can start simple, with "low-hanging fruit." Even adding $50 a month to a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/average-401k-balance">401(k) account </a>throughout a person's career can make a difference, Ayoola said, because the amount grows over time with interest.Ayoola said it's also important to have a <a target="_blank" class="" href="https://www.businessinsider.com/saving-investing-in-health-savings-account-hsa-mistakes-to-avoid-2024-3">health savings account</a>. About 90% of Americans rely on Medicare in retirement, per NerdWallet. This federal health insurance can help people over 65 pay for prescriptions and basic medical visits, but it might not be enough to cover urgent or long-term care. Ayoola said a health savings account often has tax benefits and can help people avoid <a target="_blank" class="" href="https://www.businessinsider.com/retirement-social-security-peak-boomer-alaska-medical-expenses-financial-insecurity-2024-8">draining their retirement savings</a> if they have a health emergency.To be sure, <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-401k-pension-real-estate-investments-baby-boomers-2024-6#:~:text=The%20three%20retirees%20Business%20Insider,in%202035%20without%20legislative%20intervention.">not all retirees struggle</a> to build retirement savings. Some have strong corporate 401(k) matches or a robust investment portfolio that makes them less reliant on Social Security income.Ayoola, however, said people can experience financial curveballs —changes in health, increases in expenses, or outliving their savings. It's best to be prepared, even if that means saving a small amount of money over time."Although investing and saving for retirement may seem intimidating, it's really about putting one foot in front of the other," she said.Are you living on Social Security or government assistance? Have you experienced stigma or loneliness because of your finances? If you're open to sharing your story, reach out to <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com.">allisonkelly@businessinsider.com</a>.

A third of Americans plan to retire on Social Security alone, but it may not be enough to get by 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. Memorials are being <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/middle-east-israel-iran-lebanon-high-alert-october-anniversary-attacks-2024-10">held across Israel today</a> to mark the one year anniversary of the October 7 terror attacks.In today's newsletter, earnings season is upon us. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">Here's what to look out for</a>.What's on deck:<ul><li>Markets: The 49 fintech startups worth keeping an eye on, <a target="_blank" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">according to VCs</a>.</li><li>Tech: Amazon's Prime Day kicks off tomorrow, and there are some deals on <a target="_blank" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">surprising items</a>.</li><li>Business: Activist investor Starboard has informed Pfizer it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake</a>.</li></ul>But first, let's double-click on that for a second.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">EBITDA for everybody</h2><div type="image" title="trader at desk" height="1500" width="3000" msid="114018838" hostid="261" sizebytes="186350"></div>It's beginning to look a lot like earnings season.The numbers are being crunched and talking points prepared as companies get ready to report their financials and discuss expectations for the final stretch of 2024.Business Insider's Matthew Fox has a rundown of the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">biggest themes investors are watching this earnings season</a>.This crop of earnings is particularly important. It follows the first interest-rate cut in more than four years as the economy is on the cusp of nailing its soft landing. Meanwhile, the S&amp;P 500 gained 5% in the third quarter while trading near record highs.That translates into big expectations from investors, with Wall Street analysts looking for the S&amp;P 500 to see year-over-year earnings growth of 4.6%.Luckily for us, we'll get a sense of where things are headed early on. Big banks begin reporting at the end of the week, with JPMorgan and Wells Fargo kicking things off. The sector can act as a proxy for the wider market, with its insight into the health of consumers and corporations.But the true test will come in a few weeks when Big Tech reports, offering another update on how its massive bets on AI are paying off (or not at all).<div type="image" title="Jerome Powell Photo illustration" height="600" width="1200" msid="114018843" hostid="261" sizebytes="29880"></div>We've already got one indication companies are in good shape: <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">Friday's blockbuster jobs report</a>.The US economy added 254,000 jobs in September (the consensus forecast was 147,000), and unemployment dropped to 4.1% (estimates were it would stay at 4.2%).Considering the jobs market is the top priority of the Fed now that inflation is under control, that's good news … sort of.If you were banking on another jumbo rate cut next month, <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">those hopes have been dashed</a>. (One firm thinks there's still a chance, pointing to a low response rate on the survey that <a target="_blank" href="https://www.businessinsider.com/september-jobs-payroll-report-fed-rate-cut-outlook-labor-market-2024-10">could lead to a revision down</a>.)Philipp Carlsson-Szlezak, Boston Consulting Group's global chief economist, told me he expects the Fed to stick with the standard 25-basis-point cuts.But another blowout report — 250,000 jobs added and at least 4% wage growth — could lead the Fed to reconsider its easing policy."Just wait and see how this is going. This is so strong. There's no need to cut. We need to restrain the economy a little. Let's just pull back on the pace," he said.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">speaks at Donald Trump's rally</a> in Pennsylvania.</li><li>'Trump is going to win': Latino voters explain <a target="_blank" href="https://www.businessinsider.com/texas-latinos-shifting-right-trump-harris-gop-democrats-starr-county-2024-10">why they're moving to the right</a>.</li><li>Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money. <a target="_blank" href="https://www.businessinsider.com/harris-tax-deduction-plan-small-business-startup-cost-2024-10">It won't</a>.</li><li>Jamie Dimon: <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">No, I haven't endorsed Donald Trump</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="divorced elderly couple collaged with money and scribbles" height="900" width="1200" msid="114018835" hostid="261" sizebytes="221900"></div><ol><li>A major curveball in retirement preparedness. Divorce can derail the best-laid retirement plans, particularly for baby boomers (especially older women). <a target="_blank" href="https://www.businessinsider.com/divorced-boomers-lower-retirement-savings-401ks-social-security-income-2024-10">An analysis by BI shows</a> divorcees often have lower incomes and savings than married people.</li><li>The future of fintech. More than two dozen VCs nominated <a target="_blank" rel="noopener" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">49 fintechs they believe are on the rise</a>. The startups, which haven't raised beyond a Series C, are focused on everything from AI (of course) to disrupting the insurance and healthcare industries.</li><li>More bad news for Trump Media. The No. 2 executive at former President Donald Trump's social media company resigned last week, with one report alleging his exit is tied to a whistleblower complaint. That follows a major shareholder selling their stake. <a target="_blank" href="https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10">But don't expect shares to crater</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Shopping bags with the Amazon logo in front of an orange grid background" height="1000" width="2000" msid="114018840" hostid="261" sizebytes="82008"></div><ol><li>Amazon Prime Day may look a little different this year. In addition to the usual Prime Day gadgets, like TVs and Airpods, Amazon is dishing out deals on tents, pocket knives, and chainsaws. It's a way for Amazon to market those items, typically sold at steep end-of-season discounts, as <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">early holiday deals</a>.</li><li>Microsoft told customers it lost log data for key security products. According to an update viewed by BI, <a target="_blank" href="https://www.businessinsider.com/microsoft-tells-customers-it-lost-log-data-key-security-products-2024-10">a software bug caused inconsistent collection of log data</a> for several important cloud services. Affected products included Microsoft Entra and Sentinel, though there's no evidence of cyberattacks stemming from the incident.</li><li>Hard times a-falling on the influencer middle class. Marketers are turning away from the small-time creators and micro influencers in favor of big stars and celebrities, a new survey found. It's a tough draw for those with less than 500,000 followers; the survey found more and <a target="_blank" href="https://www.businessinsider.com/micro-influencer-campaigns-decline-marketers-turn-to-big-stars-2024-10">more deals are going to those with audiences of millions</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A man sits at a bar while being surrounded by dogs." height="1000" width="2000" msid="114018845" hostid="261" sizebytes="76756"></div><ol><li>It's not just you. Dogs are everywhere. Fewer adults may be having children, but that's not the case for pet ownership. Americans are spending more time and money on their "fur babies" — and public spaces are becoming more welcome to dogs. <a target="_blank" href="https://www.businessinsider.com/rise-of-dogs-and-childless-adults-shaping-real-estate-urban-amenities-2024-10">It might be the new normal</a>.</li><li>Starboard Value has its next target: pharma giant Pfizer. The activist investor has informed Pfizer that it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake in the drugmaker</a>, people familiar with the matter told BI. It comes after Pfizer's stock dropped significantly since it reached record highs in 2021 during the rollout of its COVID-19 vaccine.</li><li>The great stuff transfer. Baby boomers are starting to pass their wealth to younger generations, but it doesn't end there. They're also handing down their decades-old collection of prized possessions and <a target="_blank" href="https://www.businessinsider.com/millennial-gen-x-boomer-inheritance-stuff-house-collectibles-2024-10">leaving Gen Xers, millennials, and Gen Zers to deal with the mess</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Tim Tully taught himself to code at age 6 and still codes daily. Here's how computer science <a target="_blank" href="https://www.businessinsider.com/menlo-ventures-partner-tim-tully-invests-in-generative-ai-startups-2024-10">took him from startups to AI investing at Menlo Ventures</a>.</li><li>There are 3 signs that generative AI might be reaching peak market froth — <a target="_blank" href="https://www.businessinsider.com/generative-ai-market-froth-openai-cerebras-meta-2024-10">and it's not just OpenAI</a>.</li><li>China's stimulus won't fix its economy, <a target="_blank" href="https://www.businessinsider.com/china-stimulus-wont-fix-economy-xi-jinping-isnt-done-yet-2024-10">but Beijing isn't done yet</a>.</li><li>Why so many entry-level jobs <a target="_blank" rel="noopener" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">aren't entry-level.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Kamala Harris' "60 Minutes" interview airs on CBS at 8 p.m. EDT.</li><li>ASEAN summit continues in Vientiane, Laos.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Earnings season kicks off after a blowout jobs report upended investors' hopes of another interest-rate cut

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! I've been known to make a bet or two in my day, which is why I'm wondering the odds you could get betting you'd have <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=6772a277a53343d1b8950d06c580109a&amp;_e=wedM0vcz3WB83-iK-OBZJTkfVvTI1cenK4Yfx-kMvpCPL58ojVWleTggSDrDNbC6MwxTb_NHGcJCaEdKGa66gW11aCmDeW54RamXMfEYgz4pgzPyjX3VK-xGq6HLo8JeF7nM8tdyn4FxN4cSYiGkQCMUaavUX7kshB-sMPphr6HvBF2DREPVxJDafa_79wfvN6VKhdYiUJnVdmEB1IKEEQHCf7LUE-5DFaymAiX_zWS1zHCSdRISy3qfL_nHIW4-CUAZJD3W_erXuiGqEcOJW8bEkt13rwIOROZ83FVl34PHj0WL69EHdDhEEX9OL3Vy6IqBL4ivYkaI3KuRoSrpxi0zMck_wwGXx8Ho_Rfmm1rf418GJiy2K1HKfbnj7tnxp-0WREsGhcM8vuSM8AkynSKTd7PGptUxbU0h7GaVSX4UFH191h1CXQasaDZi8Noacuiq2XhMSo8AoOGkIL90nA%3D%3D">four kids with the same birthday</a>.In today's big story, the economy is heading in the right direction, <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=6772a277a53343d1b8950d06c580109a&amp;_e=wedM0vcz3WB83-iK-OBZJTkfVvTI1cenK4Yfx-kMvpDdvvp5_TVwJ0J3vTteS83eVIpt0v1xbwCXSl3sN3tMrAZNUiQLvyMxCikHtOcIkqz9gRKolFXi2bsoDVThPUIrOWqwQlUFqGLcwxdzRN_2B5DGEy_WN93l0PLSw0F0R9zBJvD9LdCrxQiH7sQuSGBDBKINpLHrgTK2gEILUNpPVD5NEwaEGzElv8IWb0jrebQml1SjspMQJLTm1W7SJh6SrDPQ6L9GBKv9M_B1rBQb8HXfX8JVYq55eoOPDlloYzylnHbrJSEwu91n6NFHmn1ckz6IliaXwWuaAfBpOOdNmfJykY0_BTBwTUUY2GzvVKJXyEGrOBrYEUojIiOdfRCS5J9xBXzYU5IxNKLSIWt9w_rkKbuS9LhLP8ouy-fyufQFjfX0Kj5GDB4zWIRZfbJn40Y6ru83RJ28WKZLMd9ojg%3D%3D">but consumers aren't buying it</a>.What's on deck:<ul><li>Markets: What's good for economic growth <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-nightmare-scenario-is-no-landing-in-the-economy-2024-9">could eventually be bad for stocks</a>.</li><li>Tech: Check out the leaked MrBeast handbook <a target="_blank" href="https://www.businessinsider.com/leaked-mrbeast-guide-reveals-youtube-secret-weapons-for-success-2024-9">revealing his "secret weapons" for success</a>.</li><li>Business: The DOJ just hit Visa with an <a target="_blank" href="https://www.businessinsider.com/visa-antitrust-monopoly-lawsuit-doj-debit-card-2024-9">antitrust lawsuit over its debit cards</a>.</li></ul>But first, the vibes are all off.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Lacking confidence</h2><div type="image" title="A job seeker looking at an Employment page in the newspaper, giving it a .5-star review out of 5" height="1500" width="2000" msid="113670882" hostid="261" sizebytes="97270"></div>The Federal Reserve cut interest rates, the stock market reached all-time highs, and the risk of a recession is gone.Things seem to be going really well for the economy, right?Wrong.Consumers aren't feeling bullish about the economy these days. In fact, they're quite pessimistic. US consumer confidence suffered its biggest drop in three years this month, according to data from the Conference Board.We've been here before. For much of 2022 and 2023, Americans were in a "vibecession" where their perception of the economy was much worse than the data indicated. Last time around, pesky inflation was keeping things like groceries and housing costs high, even as the rest of the economy showed improvement.This time, <a target="_blank" href="https://www.businessinsider.com/jobs-hiring-less-economy-outlook-inflation-consumer-sentiment-2024-9">the labor market's the culprit</a>, writes Business Insider's Juliana Kaplan. But it's not mass layoffs most people are worried about. Having a job isn't the issue — the unemployment rate is just 4.2% — as much as finding the next gig.It's no wonder that consumers aged 35 to 54 suffered the biggest drop in confidence, according to the Conference Board. This group, which is in its prime earning years, is facing a job market that's keeping them stuck in place.<div type="image" title="Wall street broker pointing upwards in front of an upward stock arrow" height="1500" width="2000" msid="113670879" hostid="261" sizebytes="159792"></div>The labor market isn't a lost cause, though.The Fed has acknowledged its top priority is keeping an eye on job growth and unemployment.We'll get a sense of which direction things are headed on October 4 when we get September's payroll data.Morgan Stanley's chief US equity strategist, Mike Wilson, recently outlined <a target="_blank" href="https://markets.businessinsider.com/news/stocks/best-case-scenario-for-stock-market-outlook-fourth-quarter-ms-2024-9">the best- and worst-case scenarios for the numbers</a> in regard to the stock market. If unemployment dips below 4.1% and non-farm payroll can surpass 150,000, consider it game on for a big fourth quarter for stocks.But if unemployment climbs to 4.3% and non-farm payroll drops below 100,000, buckle up for a bumpy ride.The stock market isn't representative of the entire economy, as we've already covered. But continued success there could give companies more confidence to start hiring again.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Caroline Ellison was sentenced to 2 years in prison for her role in <a target="_blank" href="https://www.businessinsider.com/caroline-ellison-sentencing-jail-time-ftx-2024-9">the FTX and Alameda Research fraud scheme</a>.</li><li>Brett Favre reveals he's been diagnosed <a target="_blank" href="https://www.businessinsider.com/brett-favre-diagnosed-parkinsons-disease-hearing-2024-9">with Parkinson's disease</a>.</li><li>Hezbollah launched its deepest strike on Israel yet — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/israel-intercepts-hezbollah-missile-strike-tel-aviv-lebanon-2024-9">targeting Tel Aviv</a>.</li><li>Alice Walton, the world's richest woman, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/alice-walton-wealth-walmart-family-richest-woman-bettencourt-meyers-billionaires-2024-8">just joined the $100 billion club</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A line of public servants walking toward an open door on a Social Security card" height="1000" width="2000" msid="113670886" hostid="261" sizebytes="316196"></div><ol><li>Retirement, so confusing. Social security curveballs are making retirement age a nightmare to wade through for workers who have had both private sector and government careers. The murky provisions have left some workers <a target="_blank" href="https://www.businessinsider.com/social-security-benefits-loopholes-mean-teachers-police-get-less-retirement-2024-9">with a bitter $0 in benefits</a>.</li><li>One of the biggest risks to stocks could be the economy growing. Wait, what? Economist Steven Blitz outlined a scenario where the Fed keeps rates too low for too long, creating a red-hot economy. The end result could be <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-nightmare-scenario-is-no-landing-in-the-economy-2024-9">another bout of inflation</a> and the Fed raising rates again.</li><li>China's stimmy package is a win for emerging markets. China's stimulus plan to boost its ailing economy sent emerging markets indexes to their <a target="_blank" href="https://www.businessinsider.com/chinas-stimulus-boosts-emerging-markets-stocks-2024-9">highest level since April 2022</a>. But some analysts aren't sold on China's strategy saving its economy in the long run.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Andy Jassy" height="900" width="1200" msid="113670885" hostid="261" sizebytes="240466"></div><ol><li>Amazon cut a popular remote-work benefit. Months before its strict RTO policy kicks in, the company has already scrapped the option to <a target="_blank" href="https://www.businessinsider.com/amazon-rto-remote-work-benefit-ends-2024-9">work up to four weeks a year fully remote</a>. The benefit allowed people to stay close to family while working during the holidays.</li><li>MrBeast's "secret weapons" for workplace success. A leaked handbook reveals the YouTuber's sacred pillars for success and the expectations he set for employees. "We aren't stuck in any old ways of thinking and you can literally turn anything into content," <a target="_blank" href="https://www.businessinsider.com/leaked-mrbeast-guide-reveals-youtube-secret-weapons-for-success-2024-9">he wrote in the document</a>. Former employees said his principles weren't always followed.</li><li>TikTok waves the white flag on music streaming. TikTok is <a target="_blank" href="https://www.businessinsider.com/tiktok-abandoning-plan-to-challenge-spotify-apple-in-music-streaming-2024-9">abandoning its plan to beat</a> Spotify at its own game: It's shutting down the TikTok Music app in November. However, the video-sharing platform will still be a major player in music discovery.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="State of Texas with an Austin map inside along with an arrow going down with a house on it" height="1500" width="2000" msid="113670883" hostid="261" sizebytes="113256"></div><ol><li>A boom and bust your city should copy and paste. Austin, Texas, enjoyed a real-estate boom during the pandemic, but that high has since subsided. While that's created short-term pain for those who bought near the peak, the quick boom-bust cycle will be good for the city in the long term because of one key effect: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">It allowed developers to build, build, build</a>.</li><li>Visa just got hit with an antitrust lawsuit. The US Justice Department filed a lawsuit accusing the payment processing giant of engaging in anticompetitive behavior and <a target="_blank" href="https://www.businessinsider.com/visa-antitrust-monopoly-lawsuit-doj-debit-card-2024-9">imposing unfair costs on customers and merchants</a>. Prosecutors say the company's actions affect "the price of nearly everything."</li><li>Generation Never-Called-in-Sick. Ron Sherman had what he considered a typical baby-boomer attitude towards work: Be loyal to your employer, always give 100%, and never call out sick unless you really have to. But he lost 360 hours of unused sick leave after a brutal layoff. Now, at retirement's doorstep, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/baby-boomers-gen-z-sick-days-time-off-work-regret-2024-9">he thinks Gen Z might have the right idea</a> after all.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>SEC chair testifies to Senate banking committee.</li><li>G20 foreign ministers meet.</li><li>Mark Zuckerberg addresses Meta Connect developer conference on AI and AR.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Jordan Parker Erb, editor, in New York. Amanda Yen, fellow, in New York.

Things are looking up for the economy. So why are consumers still unhappy? 

The way retirement is supposed to work in America is something like this: <a target="_blank" href="https://www.businessinsider.com/steve-cohen-4-day-workweek-artificial-intelligence-ai-golf-investment-2024-4">You work hard and play hard</a> (within reason) until you're 65. Then you get to collect Social Security, on top of drawing from the nest egg you've built up over your career. Free from the shackles of a 9-to-5, you can finally do all the things you've been waiting for: spend time with your grandkids, travel across the country <a target="_blank" href="https://www.businessinsider.com/personal-finance/simple-strategy-to-save-enough-for-retirement-2021-7">in an RV</a>, and <a target="_blank" href="https://www.businessinsider.com/scary-cruise-ship-facts-2018-2">hop on a cruise ship (if you dare)</a>. But to a lot of people, this story <a target="_blank" href="https://www.businessinsider.com/insider-today-retirement-crisis-america-social-security-boomers-2024-3">increasingly feels like a fairy tale</a> that's out of reach.Instead of a golden sunset to look forward to, retirement has become anxiety-inducing for many people — and not just because of the get-old-and-die thing that comes at the end. Millions of Americans are <a target="_blank" href="https://www.businessinsider.com/personal-finance/signs-you-have-enough-saved-for-retirement-2021-8">worried they won't be able to retire</a> in the way they'd like, and they're afraid they'll run out of money once they stop working. In a Gallup poll last year, 43% of non-retirees said they thought they'd have enough money to live comfortably once they're ready to hang up their proverbial aprons, and 71% said they were at least moderately worried about being able to pay for their retirement. (It is worth noting that current retirees, as in boomers, feel a lot better about the whole deal.) In a recent CNBC survey, over half of respondents in the US said they thought they were behind on saving and planning for retirement.The pessimism is understandable: People estimate they need about <a target="_blank" href="https://www.businessinsider.com/how-much-money-do-i-need-for-retirement-gen-x-2024-4">$1.5 million to live as they want to in retirement</a>, but only a small fraction of savers actually have that amount stashed away. Teresa Ghilarducci, a labor economist at The New School and the author of "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy," told me that given these expectations, the anxiety is well founded."There's nothing irrational about being nervous that you won't have enough money to live on to last your whole life, because most people do not have enough money to last their whole life and maintain their standard of living in retirement," she said.The <a target="_blank" href="https://www.businessinsider.com/personal-finance/generation-x-behind-retirement-savings-2023-10">burden of saving for retirement</a> — and the anxiety that comes with it — is a fairly new phenomenon. Until the 1980s, American workers generally received money in retirement via defined-benefit plans, such as pensions, where their employers paid them a set amount depending on how long they'd worked at the company and how much money they'd made. Over the past 40 years, however, the approach has changed. Workers have shifted to defined-contribution plans, like <a target="_blank" href="https://www.businessinsider.com/why-the-401k-isnt-working-2016-3">401(k)s</a> and IRAs, where they (and, perhaps, their employers) kick into a fund that's usually invested to help them save up for older age. That system puts the impetus on individual employees to decide how much to save and how to invest it. In his <a target="_blank" href="https://www.businessinsider.com/key-takeaways-blackrock-ceo-larry-finks-letter-2024-3">2024 letter to investors</a>, BlackRock CEO Larry Fink addressed the conundrum. While much of society is focused on helping people live longer lives, he said, there's not much focus on helping them afford those longer lives. The move from pensions to 401(k)s for millions of workers represents an "impossible math problem," he wrote, because it's so hard for people to decipher how much money they'll need and how fast they'll spend it."Put simply," Fink wrote, "the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial uncertainty."The new system also allows people to dip into their retirement piles if need be — which can be both a blessing and a curse. On the one hand, that money can act as a lifesaver in a preretirement emergency. On the other, dipping into it may mean running out of money down the line."It's probably not a great idea to let people draw on their retirement assets before they reach retirement age, but if you don't let people do that, they're not as likely to contribute to a 401(k) plan in the first place," said Norman Stein, a professor emeritus of law at Drexel University's Thomas R. Kline School of Law. "We have basically a savings system with a reasonably strong orientation toward retirement."Chris Woods, a financial advisor who founded Silvis Financial, based in Charlotte, North Carolina, told me that all this uncertainty is often the reason clients wind up in his office. They're not only worried about having enough money to support themselves in retirement but concerned about all the other<a target="_blank" href="https://www.businessinsider.com/retirement-age-income-education-retiree-ages-income-marital-status-states-2024-3"> financial curveballs life may throw at them</a> in their golden years: what their medical costs might be, whether <a target="_blank" href="https://www.businessinsider.com/boomer-wealth-transfer-myth-dont-count-on-inheritance-estate-planning-2023-10">their children might need help</a>, whether they might get divorced, <a target="_blank" href="https://www.businessinsider.com/baby-boomers-florida-appalachia-retirees-rural-georgia-population-growth-2024-3">where they want to live</a>. The overarching theme is having enough money to retire, he said, "and then subsets of that that are unique to families based on health, family, even location and things like that."There is also a level of doomerism around how the federal government will financially support its citizens in the future as they reach old age. The <a target="_blank" href="https://www.businessinsider.com/when-will-social-security-run-out-pay-full-benefits-plan-2023-3">Social Security trust fund is expected to run out</a> of money in about a decade, and <a target="_blank" href="https://www.businessinsider.com/social-security-benefits-republicans-raise-age-retirement-cuts-2024-3">Republicans often talk about making changes and cuts to the program</a>. The GOP sometimes <a target="_blank" href="https://www.businessinsider.com/house-republicans-social-security-and-medicare-medicaid-mccarthy-biden-debt-2023-1">makes noise about scaling back Medicare</a>, the government-administered health-insurance program, too. Regardless of one's political stripes, Social Security and Medicare are enormous government expenses, and given concerns about the country's debt and deficit, it's hard not to wonder whether those programs will remain untouched.It's not likely that Social Security will just dry up — Congress could increase the retirement age or up the funding for the program. But it's impossible to know whether it will be intact by the time many young people reach retirement. Of course, it could, at least in theory, get better."The big debate shouldn't be on cutting benefits," Stein said. "It should be on how we preserve and improve the current system."It's not just the financials of retirement that are scary. There's a significant emotional weight to it, too. Riley Moynes, a retired educator who wrote the book "The Four Phases of Retirement: What to Expect When You're Retiring," said that for many people, the first year or so of retiring is exciting. They're free from work; they have time to relax and get moving on plans. But that soon shifts. People begin to feel lost. They need to make a conscious effort to reinvent themselves and find a purpose."Most of retirement planning has been focused on investments. It's been focused on wills, powers of attorney, and all of that kind of stuff — critically important," he said. "But for the most part, the psychological changes and challenges that people are going to experience, absolutely, are virtually overlooked."There are so many unknowns that come with retirement: how one will feel emotionally, how they'll feel physically. Money isn't the be-all and end-all, but it's a big part of it. The <a target="_blank" href="https://www.businessinsider.com/my-husband-worries-well-run-out-of-money-in-retirement-2024-4">unknown is unnerving in any circumstance</a>, especially one where the end game is being able to pay for your life until you die — and, if you're lucky, <a target="_blank" href="https://www.businessinsider.com/millennial-millionaires-baby-boomer-inheritance-wealth-transfer-2019-10">leave some money behind for your family</a>. Before I started reporting this story, I didn't realize just how freaked out I was by retirement. But after losing some sleep over my financial future, I asked the experts for advice on what to do to assuage my newfound (or at least newly examined) anxiety.Ghilarducci, the labor economist, said it's important to pay attention to your spending and saving. If you're starting early, in your 20s, you don't have to stash away as much of your income as you do if you're starting later. Invest the money, and make sure the person or entity you're entrusting to oversee that investment is looking out for you. Be careful of conflicted and bad advice. And then there's the democracy aspect."You're a voter, and the most important thing you need to know is Social Security and Medicare are the most important sources of income and wealth in retirement," she said. "That means the federal government is the most important financial partner you have."And listen, if you feel behind, it's <a target="_blank" href="https://www.businessinsider.com/personal-finance/retirement-savings-start-at-25-vs-35-2019-4">not the end of the world</a>. Or maybe it is, but there are concrete steps you can take to try to get on more solid footing."It's never too late," Woods said. "The best time to start saving, for many people, was when they were in their teens. The second-best time is now."<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

The one big shift that turned America's retirement fairytale into a nightmare

<ul><li>A <keyword id="15764516" type="General" weightage="20" keywordseo="Great-Learning-study" source="Orion">Great Learning study</keyword> found that in 2022, building skills in data science was likely to result in 3x rise in salaries by 2040 compared to those who haven’t upskilled. </li><li>A marketing professional who upskills in 2022 will earn 100% more than her peers over a period of 10 years. </li><li>The industry recognises and pays a premium for relevant skills as compared to legacy skills. </li><li>An often-overlooked component of <keyword id="3554713" type="General" weightage="20" keywordseo="upskilling" source="Orion">upskilling</keyword> is developing the right set of social and professional contacts to unlock potential career moves.</li></ul>Every graduate has a moment of reckoning: after years of preparation and being tested, they’re ready to face the world and carve a career, hoping for instant success and believing they have the right combination to crack the job market. But being labelled a ‘fresher’ in a viciously cutthroat environment offers a sudden reality check for most wide-eyed, hopeful aspirants, bringing up real-world challenges and barriers that can be hugely dispiriting. Freshers have the odds stacked against them—employers logically seek experience, people who can get going right from day one, and personnel with proven track records. From an economic and viability standpoint, companies look to invest in reliability, as the long-term benefits of skilled employees outweigh the immediate low hiring costs associated with freshers. Up-and-coming hopefuls also lack inside perspective; you don’t simply learn organisational dynamics in a classroom. Intuitiveness comes from experience, and it’s little wonder graduates find it difficult to land their first jobs once out of college. Freshers also face the dreadful proposition of encountering a slow, uncertain post-pandemic job market that is still finding its feet as global volatility and economic unpredictability loom large. Companies and MNCs are either rescinding their offer letters or delaying their recruiting in the backdrop of new, more austere hiring practices, causing an onboarding bottleneck that’s proving challenging to get past. But, thankfully, it’s not all doom and gloom. Freshers can appeal to hirers, brush away more accomplished competition, and possibly skip bottlenecks by skilling up, reskilling and building a <keyword id="27676" type="General" weightage="20" keywordseo="portfolio" source="Orion">portfolio</keyword> of attractive abilities. A recent report by <keyword id="6559242" type="General" weightage="80" keywordseo="great-learning" source="Orion">Great Learning</keyword> has shown that professionals who invest in upskilling early on in their careers earn twice as much as their peers and receive significantly higher increments than them. They also gain financial independence much earlier than those who do not. The modern job market regards upskilling and reskilling very highly, as it is a way to stay up to date with a dynamic environment. Here are some steps that can help guide young professionals ready themselves for the job market: 1.Select your industry domain – Knowing which basket to keep your eggs in is crucial when it comes to an ever-changing environment. Traditionally, industries such as finance and technology have been regarded as high paying. With growing digitalisation, technology has emerged as one of the hottest sectors, especially with regard to new-age technologies such as data science, AI, ML, blockchain, etc. A Great Learning study found that in 2022, building skills in data science was likely to take salaries of professionals to 57.9 lakh per annum by 2040 - 3x that of peers who haven’t upskilled. Similarly, a marketing professional who upskills in 2022 will earn 100% more than her peers over a period of 10 years. 2.Build the right skills – Enhancing your skill sets can open up unimaginable new opportunities and streams of revenue for you. It can introduce you to a sea of domains and skills demanded by recruiters across the globe. For example, a software engineering professional with new-age skills can make up to 4x as much as her peers who have traditional knowledge and the same level of expertise. A professional who hasn’t upskilled will be able to build her retirement corpus only by the age of 60, whereas an upskilled professional would have accumulated her retirement fund by 50 years of age. This is because the industry recognises and pays a premium for relevant skills as compared to legacy skills. 3.Choose the right learning platform with research and a data-led approach – There are innumerable ways through which you can increase your knowledge capital. However, the focus needs to be on building capability rather than just receiving certification on paper. To achieve the highest aaknowledge. Many upskilling platforms have connections with hiring companies and provide dedicated placement assistance to help you make the best of your cutting-edge expertise. 4.Network for the win – An often-overlooked component of upskilling is developing the right set of social and professional contacts to unlock potential career moves. Once a candidate has updated her skill sets and zeroed in on an industry domain, the next stage is to connect with the industry through its peers and influencers – leverage employment-focused online platforms and engage with mentors and like-minded professionals; build a social network that is privy to your interests, profile, skills and creativity and caters to nurturing your professional relationships. Having the skills alone might not suffice, you’ll need to advertise them and show people why you’re qualified. Take advantage of the tools available, join groups and forums, and participate in events, connecting with a global network of established members. You stand to gain specific insights and tidbits you otherwise wouldn’t. And if you capture someone’s interest, you might find yourself at the receiving end of a recommendation or a possible job opportunity or two. Complement your networking by participating in industry-relevant programmes and live projects like hackathons and summits. They further provide an understanding of the inner workings of particular specialisations and are a great way to meet industry partners and stakeholders with similar goals and attitudes 5.Curate a relevant portfolio – A portfolio is your identity and speaks on your behalf before you’ve even personally met a prospective employer. As such, take a lot of care in ensuring that your portfolio is fresh, contemporary, and offers an inside view of your talents and abilities. Detail your experiences, don’t shy away from showcasing your wins, highlight tangible outcomes you’ve effected in projects, and give a sense of progression and your hunger to succeed. Update your CV with the skills you’ve picked up and let hirers know you’re up to the brief and have what it takes to work in the industry. And finally, prepare for interviews and possible curveballs and participate in career fairs to get a sense of the job market and what companies are looking for. The bottom line is to make smart choices, put in the effort, and ensure that the effort is aligned with your goals and the larger industry ecosystem. Investing in learning and building the right skills is a foolproof way to secure your position in the future. This not only guarantees access to more appropriate opportunities and prepares you for the most demanding moments of your career, you also draw better benefits and are always a couple of rungs above the rest of the contenders on the highly challenging and immensely crowded employment ladder. (The writer is the co-founder of Great Learning)

Skill up and stand out: How to crack a demanding job market in 2023

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/931953312">Chip Somodevilla/Getty Images</a></div></div></div><ul><li>Facebook founder and CEO Mark Zuckerberg will testify at a joint hearing with the Senate's Judiciary and Commerce committees on Tuesday.</li><li>There are several senators to keep an eye on, as their history with Facebook and tech giants could produce tense back and forths.</li></ul>WASHINGTON - All eyes will be on the Senate this Tuesday as Facebook founder and CEO Mark Zuckerberg testifies at a rare joint hearing with the upper chamber's Judiciary and Commerce committees.The hearing, which will focus on privacy concerns, will allow senators to probe the social media mogul in ways he has never been publicly scrutinized before.<h2>The Democrats</h2>There are several key lawmakers to look for in the hearing.<ul><li>Sen. Kamala Harris of California: She's a Democrat who has typically been an ally to Silicon Valley, a major piece of her constituency. At the same time, Harris, also a member of the Senate Intelligence Committee, has been vocal in going after bad actors in the investigation into attempts by the Russian government to interfere in the 2016 elections.</li><li>Sen. Amy Klobuchar of Minnesota: As Business Insider <a href="http://www.businessinsider.com/mark-zuckerberg-subpoena-congress-2018-3">previously reported</a>, Klobuchar was one of the first members of the Judiciary Committee to demand Zuckerberg come to Capitol Hill. In addition, Klobuchar, who also sits on the Commerce Committee, is a sponsor of the Honest Ads Act, which would bring online political ads into the same regulated sphere as the rest of campaign activities. Zuckerberg may have <a href="http://www.businessinsider.com/r-facebook-backs-us-regulation-of-internet-political-ads-2018-4">publicly backed</a> the legislation last week, but it can still be expected to come up in the hearing.</li><li>Sen. Ed Markey of Massachusetts: He's been a longtime critic of large tech companies and Facebook in particular. Markey already sent a <a href="https://www.markey.senate.gov/imo/media/doc/Zuckerberg%20Letter1.pdf">letter</a> to Zuckerberg requesting information regarding the <a href="http://www.businessinsider.com/cambridge-analytica-facebook-scandal-trump-cruz-operatives-2018-3">Cambridge Analytica scandal</a> in advance of the hearing. Markey can be expected to take the gloves off when it is his turn to question Zuckerberg.</li></ul><h2>The Republicans</h2>Among Republicans, there are several to watch closely for potential fireworks in the hearing.<ul><li>Sen. John Kennedy of Louisiana: A member of the Judiciary Committee, Kennedy wanted to bring Zuckerberg in several weeks ago. Kennedy, know on Capitol Hill for his folksy barbs and quick wit, has thrown curveball questions in hearings before, including relentlessly <a href="http://www.businessinsider.com/trump-judicial-nominee-struggles-to-answer-legal-questions-during-hearing-2017-12">grilling one Trump administration nominee</a> last year.</li><li>Sen. Ted Cruz of Texas: Also a member of the Judiciary Committee, Cruz has been a vocal critic of tech companies over what many conservatives believe are attempts to "censor" users on the right. When Facebook, Twitter, and YouTube sent officials to Capitol Hill in January, Cruz <a href="https://www.youtube.com/watch?v=zlfV6ldIbjI">probed them</a> over concerns among the far right that conservatives are treated unfairly through company policies and algorithms. Cruz went as far as to ask each company representative whether they engage in "shadow banning" conservative users, a theory that social media platforms deliberately suppress content produced from right-leaning users.</li><li>Sen. Lindsey Graham of South Carolina: For questions to be peppered at Zuckerberg from a national security angle on Tuesday, look no further than Graham, a member of the Judiciary Committee. Graham has previously gone after major tech companies. Graham probed representatives from Facebook, Twitter, and Google in a hearing last October about foreign actors that are of paramount concern, including Russia. Graham also suggested that legislative action might need to be taken to prevent abuses in the future.</li></ul>The hearing is slated to last a few hours, beginning at 2:15 ET on Tuesday. Zuckerberg's will be one of the most high profile testimonies in months. On Wednesday, he will be back on Capitol Hill early in the morning to face the House Commerce Committee. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/julian-ku-north-south-korea-reunification-2018-3">3 reasons why North and South Korean reunification is unlikely</a></h3> <div> </div> </div>

These are the senators to watch in Tuesday's blockbuster hearing with Mark Zuckerberg

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Pete Marovich/Getty ImagesRick Saccone and Mike Pence.</div></div></div><ul><li>The Republican candidate in the critical special election race for Pennsylvania's 18th district knows he's in for a battle.</li><li>That candidate, Rick Saccone, calls himself "Trump before Trump."</li><li>He thinks House Speaker Paul Ryan is doing a "great job."</li></ul> The Republican candidate running in what is the most important election on the early 2018 calendar knows he's in for a tough race.But Rick Saccone, the Pennsylvania Republican who calls himself "Trump before Trump," believes that the special election taking place in the Keystone State's 18th congressional district will, at least in part, be a national referendum on President Donald Trump and his agenda. And that's a backdrop he feels will assist him in a district that overwhelmingly supported Trump in 2016 and Republican presidential nominee Mitt Romney in 2012.Saccone, one of the most conservative members of the Pennsylvania statehouse, told Business Insider in a recent interview that he's been running on the Trump agenda for years - since he first was elected to office in 2010. Of the issues he says are core to him include gun rights, slashing regulations, cutting government spending while improving the military, and locking down the borders."I was like Trump before Trump in that regard," he said. "I was already running on those issues, but in my little area. President Trump nationalized those issues, and he's done a great job of that.""It's a good line," he added, "and that's what I've meant by it."It was the Trump agenda that led the president to a 20-point victory in the 18th district, Saccone said."He speaks from their hearts," he said of the district's constituents.Of course, the landscape in 2018 is quite a bit different than 2016. Republicans are coming off a trio of losses in headline races such as for the governorships in New Jersey and Virginia, and in Alabama's special election to fill the Senate seat formerly occupied by Attorney General Jeff Sessions. Coupled with Trump's sluggish approval ratings nationally, races such as this special election have received added attention. Pennsylvania's 18th district has a curveball included as well. The seat Saccone is fighting with Democratic candidate Conor Lamb for was previously occupied by Republican Rep. Tim Murphy, <a href="http://www.businessinsider.com/pennsylvania-special-election-tim-murphy-2017-10" target="_blank" rel="noopener">who resigned late last year after</a> a scandal emerged involving a mistress and allegations that he suggested she have an abortion.Republicans have signaled that these factors, paired with Saccone's young opponent, will turn what should be a relatively clear path to victory for Saccone into a highly competitive race.Corry Bliss, head of the main super PAC for House Republicans, <a href="https://www.politico.com/story/2018/02/05/pennsylvania-republicans-special-election-389964" target="_blank" rel="noopener">told Politico that</a> he "realized this would be a race" after viewing a video of Saccone on social media back in November. The party has since launched a substantial campaign to help Saccone save the seat, and both President Donald Trump and Vice President Mike Pence have sought to bolster the candidate.<a href="http://www.businessinsider.com/trump-goes-to-pittsburgh-rally-rick-saccone-2018-1" target="_blank" rel="noopener">Ahead of an official visit</a> last month, <a href="https://twitter.com/realDonaldTrump/status/953973568035086336" target="_blank" rel="noopener">Trump tweeted</a> that he was headed to the Pittsburgh area to give his "total support to RICK SACCONE, running for Congress in a Special Election (March 13).""Rick is a great guy," he continued. "We need more Republicans to continue our already successful agenda!"Saccone said he hopes that people look at the race as both a national referendum and as a battle that will be decided at the local level "between two candidates."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersSaccone with his wife Yong.</div></div></div>"Because if they do, and they look at the skills, look at the background and experience and qualifications, I should win that hands down," he said. "If they look at is as a nationalized race, then I should still win. Because those are the issues I've been running on, that I've been working on, that I've been succeeding on for the last six years in the state legislature."In the 18th district, voters "want" the Trump agenda "implemented," he said."They see that our president is trying but he's getting beat up, mostly by the so-called mainstream media, and they want someone to go down and help implement that agenda," he added.Lamb, a former US assistant attorney and Marine veteran, has sought to run a more non-partisan campaign, <a href="http://www.mcall.com/news/breaking/mc-nws-election-congress-tim-murphy-20180128-story.html" target="_blank" rel="noopener">pledging to work across the aisle with Republicans while</a> calling for new Democratic House leadership. When asked about why some are expecting a close race in a district Republicans have carried since Murphy's first election in 2002, <a href="http://www.mcall.com/news/breaking/mc-nws-election-congress-tim-murphy-20180128-story.html" target="_blank" rel="noopener">Saccone pointed to</a> the 70,000-person advantage Democrats hold in voter registration within the district. He also pointed to the seat no longer being occupied by Murphy, an eight-term incumbent who was rarely challenged."When you're an incumbent and you've been there for many years and you do lots of work for people, they remember that," he said. "It's an open seat now, so [voters] have a lot more interest and there's generally going to be a different type of scrutiny on [the race]. So it's just a different dynamic. "Recent polling has shown a neck-and-neck race. On Thursday, <a href="https://www.monmouth.edu/polling-institute/reports/MonmouthPoll_PA_021518/" target="_blank" rel="noopener">a Monmouth University survey</a> showed Saccone with a three-point lead over Lamb.<h2>Paul Ryan 'took a job that nobody wanted and has done well with it'</h2>A large number of union workers, particularly steelworkers, reside in the district. A Democratic strategist in the area told The Daily Beast in December that House Speaker Paul Ryan played right into Lamb's hands by suggesting the GOP would soon seek cuts to Medicare, Medicaid, and Social Security, <a href="https://www.thedailybeast.com/is-this-marine-veteran-the-next-doug-jones" target="_blank" rel="noopener">alienating some of the union base</a>. Saccone said that while he is a "proponent of government reform," he wouldn't necessarily "be a part of cutting back those safety net services," though he said the programs "obviously" need reforms."If we can keep our promises and deliver services at a lower cost, I think that's what government reform means," he said. "And I think I'd be for that, and I think most people are for that."Meanwhile, he said he would continue to support Ryan as House speaker. He said Ryan "took a job that nobody wanted and has done well with it.""He's working with the president of the United States on that agenda that I mentioned to you that speaks to the hearts of these people," he said, pointing to the Republican tax overhaul as a "great success story.""They had to talk him into taking the job if I remember right," he continued. "So you got to give him credit for stepping up and taking a job that no one else wanted, and I think he's doing a great job so far."To win over these voters, he's planning to highlight his stances on deregulation, particularly as it relates to the coal and natural gas industries."Those workers will be for me because they know I've always fought to preserve those jobs," he said. "And my opponent and his party have always sought to kill those jobs." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/black-lives-matter-cofounder-on-how-to-really-make-america-great-patrisse-cullors-trayvon-martin-2018-2">How to make America great - according to one of the three cofounders of Black Lives Matter</a></h3> <div> </div> </div>

We spoke to the Republican candidate in the most-watched race in the country - and he knows it's going to be a battle

<ul class="summary-list"><li>Nico Bossi is an entrepreneur with a background in investment banking at Citigroup and COO of Verasity Worldwide, as well as the founder of two investing and media companies.</li><li>He always thought he would have kids at a young age, but unexpected circumstances led him to align with the common trend of having kids later.</li><li>Millennial moms and dads are demanding different kinds of products and services that are more eco-friendly and make parenting more efficient.</li><li>Bossi said that there are ways companies can capitalize on the delayed parenting strategy, like making what used to be considered luxury childcare techniques accessible to everyone.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>I grew up in Italy, just outside Rome, and I always thought I'd become a young father. I pictured myself kicking a ball around the yard with my children and taking them with me to watch AS Roma, our hometown soccer team - a pep in my step all the while, my parenting skills bolstered by the buoyancy of youth.Perhaps I expected to have children young because my mother and father were young when they had me. That was the norm back then: to raise big, rambunctious families. My mother is one of five sisters, and I grew up surrounded by cousins - 12 at the last count. My grandparents also lived nearby.When I emigrated to America after high school, I maintained both my hope and my expectation that I'd be a young father. Things started according to plan when I met and married <a href="http://www.jenniferleesnowden.com">my American wife</a>. Yet as it tends to do, life threw us a curveball. Due to illness, we were unable to start a family right away, as we'd hoped. This was frustrating and scary. However, due to the amazing progress in fertility medicine, we were able to "bank" our luck. As I write this, there are some fertilized embryos nestled safely inside nitrogen tanks, awaiting a future arrival date.Although it felt unusual at the time, the fact that my wife and I have waited to have children aligns us with the broader worldwide cultural shift: More and more, parents are delaying procreation. According to the <a href="https://www.cdc.gov/nchs/data/vsrr/report004.pdf">National Vital Statistics System</a>, 3.8 million babies were born in the US in 2017. Although it sounds like a high number, this was the lowest reported fertility rate in 30 years. Importantly, this reflects the successful campaign against unwanted teen pregnancies - which are down 55% since 2007, according to NVSS - but it's also a matter of strategy. Some parents are waiting until they feel financially secure and professionally established to have children - which is entirely logical: <a href="https://www.fns.usda.gov/resource/expenditures-children-families-reports-all-years">According to the US Department of Agriculture's Expenditures on Children by Families</a>, in 2015 parents were expected to spend $233,610 to raise a child, from birth to adulthood. People are waiting longer to have kids. The mean age of first-time mothers is continuing to <a href="https://www.nytimes.com/interactive/2018/08/04/upshot/up-birth-age-gap.html">increase</a> from 21 in 1972 to 26 today, alongside fathers who are now around 31, up from 27 in the same time period. As a result, when couples today do have children, they are more informed and more conscious of safety concerns because they've taken the time to educate themselves. They're also constantly digitally connected and demanding better and more reliable child-centered products and services. Some of those products include <a href="https://cocooncam.com/">Cocoon Cam</a>, an AI-vital signs, data-capturing monitor started by a former Tesla engineer; <a href="https://www.tinyhood.com/">Tinyhood</a>, an on-demand expert advice network which functions as a "ParentTech"-style assistant; and <a href="https://kidizen.com/">Kidizen</a>, a peer-to-peer resale market for kids clothing and products. All told, this amounts to a seismic generational shift, both in how parents prepare for raising kids and what they demand out of the technology that helps them do that. <a href="https://news.crunchbase.com/news/millennial-parents-helping-grow-baby-tech-market/">Data shows</a> $300 million in capital flowing to startups servicing this revolution. What we're also seeing is a broader socioeconomic shift towards products and services with roots in the <a href="https://www.parqex.com/how-parents-benefit-from-the-sharing-economy/">sharing economy</a> - companies that allow parents to rent, resale, and share rather than buy - as well as the "<a href="https://time.com/4376283/quantified-self-parents-apps/">quantified self</a>" movement: technology that tracks data for self-improvement.This trend is of deep interest to me, both personally and professionally. I'm not only an aspiring father, but an investor. The ability to see around corners, to understand what's coming next, is a vital skill for early-stage venture capitalists and one I've worked hard to hone. As such, it's clear to me that what we have on our hands is not just a revolution in parenting, but an economic opportunity.Here's how we should all be preparing for it. <h1>Look for companies that are democratizing parent services for the masses</h1>At Alpha Edison, the VC firm where I work, we make concerted efforts to identify startups who use new technology to bring upmarket services - services which were once only enjoyed by the rich and powerful - to the masses. (We call this strategy <a href="https://www.alphaedison.com/insights/2018/11/13/democratized-decisions">democratizing decisions</a>.) Examples of companies who fit this bill are Uber and Lyft. Both companies made perks like private drivers, for example, available to all. There are several companies who are democratizing the parent services space in a similar way. Consider the rideshare service for minors, <a href="https://www.hopskipdrive.com/">Hop Skip Drive</a>, which has raised $75 million in funding to date according to Pitchbook. In providing child-safe alternatives to Uber and Lyft, their growth will mirror what happens with the industry as a whole.Other examples of companies bringing "luxury" to the masses within the parenting sector include services like doulas (<a href="https://itunes.apple.com/us/app/birth-made-easy-hypnobirthing/id1021177624">hypnobirthing meditations</a>, <a href="https://itunes.apple.com/us/app/squeezy-nhs-pelvic-floor-app/id700740791">pelvic floor</a> exercises/reminders); <a href="https://www.hisawyer.com/">after-school EdTech</a>; digital <a href="https://itunes.apple.com/app/id661829386?mt=8">therapists</a>, and <a href="https://www.workingmother.com/beautiful-co-working-spaces-that-offer-babysitting-too#page-3">coworking spaces with childcare.</a> In making upscale, desirable parenting services available to a larger percentage of people, these companies have a chance at real success. <h1>Look for companies that alleviate 'silent suffering'</h1>Another category of market opportunity centers around relieving "silent suffering" - everyday irritations that we all just put up with. The kind that, if someone solved them, would unlock massive latent demand. For example, many women suffer in silence when it comes to the physical recovery from pregnancy. "As a society, we've made it seem 'normal' that women will pee in their pants, have painful sex, or never regain core or pelvic strength for years after giving birth," said Carine Carmy, cofounder and CEO of <a href="http://theoriginway.com">Origin</a>, a women's health company. "These issues are far more common than they need to be, affecting one in four adult women, and many women are no longer waiting in pain. They're seeking help and treatment, and the good news is that physical therapy and other noninvasive methods work."The most obvious form of silent suffering parents presently put up with is the lack of paid parental leave and affordable childcare options, making many parents - particularly mothers - unable to work. <a href="https://www.bls.gov/news.release/famee.nr0.htm">According to the Bureau of Labor Statistics</a>, only 71% of US mothers are in the workforce, compared to 93% of fathers. The participation rate drops still further - to 65% - for mothers with very small children. Both <a href="https://www.gillibrand.senate.gov/news/press/release/as-momentum-continues-to-grow-for-congress-to-take-action-on-paid-family-leave-gillibrand-delauro-stand-with-workers-business-leaders-and-advocates-to-reintroduce-the-family-act-to-give-every-american-worker-access-to-paid-family-and-medical-leave">paid parental leave</a> and <a href="https://www.warren.senate.gov/newsroom/press-releases/warren-unveils-universal-child-care-and-early-learning-proposal">universal childcare</a> are key pieces of legislation ripe for debate in the run up to the next election. In the meantime, providing safe, affordable childcare is a massive opportunity. Next gen parents want and need state-of-the-art childcare where they can keep in touch with offspring during the workday. They want on-site childcare at coworking spaces.Companies who can deliver on that in the near future will change lives. <h1>Look for non-toxic startups </h1>Parents today want products that are free of toxic chemicals. They likewise don't want products that promote climate-unfriendly practices. As a result, a variety of environmentally conscious companies have begun sprouting up. (It just so happens that many of the founders are celebrity parents.) These include Jessica Alba's eco-friendly child/baby line <a href="https://www.honest.com/">The Honest Company</a>, which has <a href="https://www.crunchbase.com/organization/the-honest-company">raised</a> around $500 million to date; Karolina Kurkova's wellness line <a href="https://gryphandivyrose.com/">Gryph &amp; IvyRose</a> known as "Goop for kids"; and Emma (Baby Spice) Bunton's <a href="https://kitandkin.com/">Kit &amp; Kin.</a>Emma Bunton in particular has captured mommy bloggers' universal acclaim. Bunton's company sells diapers made with far fewer chemicals than leading brands and chlorine-free fluff pulp harvested from sustainably managed forests. In the baby/child food sector, Sarah Michelle Gellar's company, <a href="https://foodstirs.com/">Foodstirs</a>, bills itself as "junk free" organic DIY baking, providing simple-to-use kits with no "bad" ingredients. <a href="https://abcnews.go.com/GMA/video/sarah-michelle-gellar-shares-secrets-launching-business-51242576">Gellar told Good Morning America</a> about the power of taking parenting brands direct to consumers: "Customers nowadays want to really know every part of what goes into what they're eating, what they're purchasing, and social media allows that," she shared.This epitomizes the ethos companies in this space are adopting - and hints at something of a winning formula that investors should be paying attention to. <h1>Look at companies poised to disrupt incumbents</h1>I'm bullish about the companies detailed above because, while many are still small, they nevertheless are direct threats to the biggest players in the baby/child products and services industry They're heralding trends that will only continue to grow in importance over time, as the parenting revolution takes shape and garners influence. I met recently with Lisa Barnett, the founder of <a href="https://www.littlespoon.com/">Little Spoon</a>. She reiterated that assisting the parenting revolution is very much something entrepreneurs like her are focusing on. "2018 was the first year the millennial generation represented the critical majority of new parents," she said. "And in the same way we've seen millennials disrupt so many other consumer categories, they've entered the parenting space with the same demands for high-quality, transparent, health-conscious, and affordable products for their families."The disruptive potential of entrepreneurs like Lisa is massive. Big picture, the total addressable market for global baby care products is <a href="https://www.statista.com/topics/1259/baby-care-market/">estimated</a> at $73.86 billion, and <a href="https://www.statista.com/statistics/258435/revenue-of-the-baby-care-products-market-worldwide/">projected</a> to grow to $109.13 billion by 2026, according to research and data company Statista. It's still a fragmented industry, but Johnson &amp; Johnson (23.2%), Procter &amp; Gamble (18%), and Kimberly-Clark (8%) Statista says are the three market leaders.And they're susceptible to disruption. In line with the widespread concerns around toxic and harmful ingredients, J&amp;J is still embroiled in a <a href="https://www.reuters.com/article/us-johnson-johnson-cancer-lawsuit/jj-loses-trial-over-claims-linking-cancer-to-asbestos-in-talc-idUSKCN1HC2PL">lawsuit</a> around asbestos traces in their talcum powder that is said to cause cancer, which could negatively affect their market share in the coming years. So there's a real opportunity for smart startups to grab market share or make themselves ripe for successful IPO or acquisition.More importantly, there's a real opportunity for companies and investors to do good and change lives here. For example, when I met with Lisa, our conversation eventually turned to her parenting hopes. "I'd love to be a mother at some point," she said. "But I feel it's really tough, if not impossible, to be an entrepreneur CEO and working mother without masses of support." I felt for her. It's a horrible choice to have to be between pursuing your dreams and starting a family. Technology designed for the next generation of parents can alleviate some of that pressure and solve for the time-constraint burdens of early-stage parenting. Obviously, technology can't solve all of the problems parents face today, but developed and cultivated strategically, it can certainly make it easier for women to stay in or re-enter the workforce, should they choose to have kids. The way we raise families has changed - perhaps forever. It's time for founders and the people who power them to change, too.

There's been a revolution in parenting driven by millennials having kids later in life, and it's a huge economic opportunity for investors and founders

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