Daily Money - Some Things Just Never Get Cheaper

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September 17, 2024

Last month, research from the National Council on Aging found that “80% of older adults are either financially struggling now or are at risk for economic insecurity in retirement.” That includes 47 million American households.

And despite many older adults’ preferences to age in place, the analysis also found that 60% won’t be able to afford two years of in-home long-term care services. Another 45% of those age 60 and older have household incomes below the levels required to afford basic living needs in their area.

While increases to the costs of living in the U.S. occasionally slow down, prices rarely drop. Take, for example, food inflation. On a monthly basis since 1968, food prices have only fallen 10 times out of a total of 680 months. That’s just 1.47% of all months going back to President Lyndon B. Johnson’s last year in office.

So as living costs in America continue to rise, it’s critical for people who haven’t yet retired to remember that it’s never too late to begin saving. Visit Money’s new retirement hub for tips about how to make the most of your retirement plan — and how to avoid joining the 47 million American households who are struggling later in life.

— Jordan Chussler, investing and banking editor

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The average retirement savings across Gen Xers — those born between 1965 and 1980 — is about $130,000, despite numerous surveys finding that people believe they’ll need $1 million or more to enjoy their golden years. Could their housing be a solution to these shortfalls?

Don’t let car insurance premiums drain your wallet. While it’s true that car insurance costs are rising, a few minutes of comparison shopping could save you hundreds every year. Then you could put those extra dollars toward paying off debt — or your dream vacation. Explore providers and see how much you can start saving annually.

Check out our list of the best car insurance providers today.

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• 🌎 The Average Retirement Age by State and Country 
• 🏥 5 Things Retirees Should Never ‘Cheap out’ On 
• 🇨🇳 China Raising Retirement Age for First Time Since 1978

Stock Market

History shows that the stock market only marginally underperforms in presidential election years. 

Money; Getty Images

Debt Management

In August, the average perceived probability of missing a debt payment over the next three months was 13.6% — the highest reading in over four years.

Money; Getty Images

Alternative Investing

The price of the precious metal hit a new record last week in anticipation of the Fed’s interest rate cut announcement this week.

Money; Getty Images

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