Here’s our FJY Take on the latest news from the past week, where we cover what’s happening in the industry and why it matters to you.
Your Ultimate Spring Cleaning Guide
Love it or loathe it, springtime is here — and with it, comes spring cleaning. The knee-jerk reaction is to jump right into scrubbing, wiping, and polishing. The smart move, however, is to have a plan in place to ensure that all facets of your household and finances are being served. This comprehensive guide will help you organize your tasks to tackle chores with minimal hassle.
Selling Like Hot Cakes: New-Home Sales Surge
Sales of new single-family homes in the U.S. rose to an 11-month high in February. January sales were also revised upwards, implying that lower mortgage rates and tax cuts are beginning to boost the housing market. Sales rates rose in all the regions except the West. In the South, the number climbed to the highest level since 2007. Catch up on the latest home sales data here.
Meanwhile, Baby Boomers Struggle to Sell Their Too-Huge Homes
Retirees who built extravagant houses across the Sun Belt during the housing boom of the early 2000s are finding it hard to sell them to the younger generations. According to Candace Taylor of the Wall Street Journal, this may be due to the shift in credit access. However, design taste has also shifted to a more modern and simple desire. Many multi-million dollar houses in the market have gone through deep price cuts, and the problem is only anticipated to compound in the 2020s.
Social Security Blues for U.S. Government
Social security started running a deficit back in 2010 — and if there are no reforms, the growing problem will only fuel the debt and spending crisis. Reform proposals are still circulating through Congress, with more urgency given that the fund is slated to run dry in 2034. In mid-March, there were hearings on a bill aimed at expanding the benefits and stabilizing the long-term finances of the Social Security system. And while the Democrats and Republicans have conflicting views of how to tackle the situation, the ticking clock is calling for both parties to come together and find a feasible solution.
Your Kids and Retirement: A Potentially Volatile Combo?
Children have become a growing threat to the retirement savings of their parents. When emotions and money mix, most parents are unable to make a decision that puts their needs first. Which begs the question, how do you help your adult children without compromising your retirement? Parents need to come up with a clever plan on how to assist their grown-up kids returning home. Keep reading to learn about some smarter strategies for this dilemma.
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