Here's how wealthy New Yorkers could be impacted by Zohran Mamdani's policies
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Yahoo
11 minutes ago
- Yahoo
401(k): What the Average Person in Their 30s Has Saved
With financial literacy growing at an exponential rate, people aren't waiting to start thinking about their retirement. Without the security of a company-sponsored pension, most Americans contribute to things like a 401(k) to ensure they have enough funds to live off once they quit their 9-to-5. Read More: Learn More: According to a survey conducted by Northwestern Mutual, Americans believe they will need approximately $1.26 million to retire comfortably. Unfortunately, their savings may not be enough to cover this bold number. Here is how much the average person in their 30s has saved and what you can do to help boost your retirement funds if you are falling short of your goal. Average 401(k) for People in Their 30s Recent data from Fidelity shows that the average 401(k) savings for people ages 30 to 34 was $44,800 at the end of the first quarter of 2025, CNBC reported. The average 401(k) balance for individuals aged 35 to 39 was $71,400 during the same period. The data was based on Fidelity's quarterly analysis of over 50 million retirement accounts. Check Out: How This Year's 401(k) Balances Compare With 2024's Overall, market volatility at the beginning of the year left some balances short of their 2024 levels. According to data provided by Fidelity, 401(k) balances for individuals in their 30s decreased by approximately 2% in the first quarter. The good news, as highlighted by the investment company, is that savings rates remained consistent. How Much Should Someone in Their 30s Have Saved? Fidelity suggests that a person should have one year's salary saved by the time they are 30. By age 40, the global financial services company advises that a person should have three times their annual salary saved. Current 401(k) account balances indicate that individuals in their 30s may be significantly short of these recommendations. However, many savvy investors have other retirement accounts, such as IRAs or Roth IRAs, that may better align their savings with expert suggestions. What To Do To Boost Retirement Savings Millennials were skeptical whether they had saved enough, according to Northwestern Mutual's 2025 Planning & Progress Study, with 57% saying they were somewhat likely or very likely to outlive their savings. Fortunately, there are several options available to 30-year-olds hoping to boost retirement savings. The financial experts at Charles Schwab recommend that individuals in their 30s and 40s strive to cut back where possible, particularly in the face of competing interests. While many millennials are well into their careers, they are also paying back student loans and raising families. Retirement savings may be on the back burner, but they should not be out of the picture. Putting more money into investment accounts, even small amounts, can help boost retirement savings exponentially, especially during this critical decade. As income increases, the experts at Charles Schwab encourage individuals in their 30s and 40s to refrain from excessive spending and instead focus on investing. They recommend funding savings first and contributing to a tax-advantaged IRA if they have maxed out their 401(k) contributions. Finally, the financial services company also said individuals should avoid borrowing from their 401(k). Even if the amount is paid back with interest, it would not compensate for the growth that could have occurred. More From GOBankingRates 10 Cars That Outlast the Average Vehicle This article originally appeared on 401(k): What the Average Person in Their 30s Has Saved Sign in to access your portfolio
New York Post
13 minutes ago
- New York Post
Trouble-packed NYC animal shelters land another $1M in taxpayer funds — GOP's Sliwa slams as ‘drop in the bucket'
The city is dumping another $1 million into its troubled jam-packed animal-shelter system to hire and train 14 new staffers, City Hall said Friday. The Animal Care Centers of New York City — a nonprofit with a $1.4 billion contract to run the Big Apple's animal-shelter system for 34 years — recently announced it was suspending its intake of dogs and cats because of 'critical' overcrowding. The move came days after a Post expose revealed ongoing sickening conditions at ACC's new $75 million city-funded shelter in Queens. Advertisement 5 Anna Garguilo, an adoptions counselor with Charmy, 4, an Akita mix. Stephen Yang 'ACC's work to ensure no animal is left behind is essential to protecting animals across New York City, and our administration is proud to invest $1 million in additional funding to support the work ACC does and boost their capacity to better care for animals,' Mayor Eric Adams said in a statement. 'I also urge New Yorkers looking for a pet addition to their families to adopt, so we can ensure that every animal can find a loving home.' Advertisement But GOP mayoral candidate Curtis Sliwa slammed the funding announcement as a piecemeal solution to the larger problem of animal welfare in Gotham. 'The city has completely ignored animal welfare,' Sliwa wrote on X. 'Today's $1M for ACC is a drop in the bucket. ACC has a 34-year contract worth over $1B—and yet our shelters are overcrowded, surrenders are paused, and animals are suffering.' 5 New York City mayoral candidate Curtis Sliwa holds a campaign event outside of an Animal Care Center on 110th street in East Harlem in Manhattan. Stephen Yang 5 'ACC has a 34-year contract worth over $1B—and yet our shelters are overcrowded, surrenders are paused, and animals are suffering,' Sliwa said. Stephen Yang Advertisement The red-beret-wearing Republican, who shares an apartment with six rescue cats, earlier this week called for the city to end its contract with ACC and replace it with a city-run overhaul that would include a 'quasi-private public partnership' to shift the cost away from taxpayers. A new animal welfare agency would be created in the 'basement' of City Hall and all shelters would be kill-free and offer free spay and neuter programs under a Sliwa administration. The ACC has three active sites across the five boroughs with more than 1,000 animals in its care. 5 New York City Mayor Eric Adams speaks at a press conference to announce that 200 rescues have been made through the NYPD's drone and enforcement operations targeting subway surfing on July 21, 2025 in New York City. Andrew Schwartz / Advertisement 5 A new animal welfare agency would be created in the 'basement' of City Hall and all shelters would be kill-free and offer free spay and neuter programs under a Sliwa administration. Stephen Yang While the ACC is mandated to have a location in each of the five boroughs, the Brooklyn location is currently closed till 2026 for renovations, and the Bronx resource center has been 'temporarily' closed since May. Another $92 million facility in The Bronx is still under construction even though it was slated to open in the spring. The ACC did not respond to a Post request for comment. Adams' campaign did not respond to a request for comment, either.
CNBC
14 minutes ago
- CNBC
CNBC Markets Now: July 25, 2025
CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
