US Retirement Savings Rates Reach Record High in First Quarter: Fidelity
Americans saved for their golden years at a record pace to kick off 2025, a new
In the first quarter, 401(k) savings rates reached an all-time high of 14.3 percent. This was driven by a 9.5 percent employee contribution rate and a 4.8 percent employer contribution rate, falling short of Fidelity's suggested savings rate of 15 percent.
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Yahoo
17 minutes ago
- Yahoo
Veterans remain central to D-Day anniversary ceremonies
The Brief D-Day marks the day allied troops stormed the beaches of Normandy in Nazi-occupied France on June 6, 1944. D-Day was the largest amphibious invasion in military history. June 6 marks the anniversary of D-Day, the day allied troops stormed the beaches of Normandy and changed the course of World War II. The invasion was unprecedented in scale and audacity and implemented the largest-ever armada of ships, troops, planes and vehicles to punch a hole in Adolf Hitler's defenses in Western Europe. Today, though the D-Day generation of veterans are smaller, they remain a crucial reminder of what June 6 means as they continue to spread the message that they fought so hard for 81 years ago: Freedom is worth defending. About 66,143 of the 16.4 million Americans who served in World War II were alive as of 2024, according to statistics from the U.S. Department of Veterans Affairs. Dig deeper At the Normandy American Cemetery that overlooks Omaha, the resting place for nearly 9,400 American war dead, workers and visitors rubbed sand from the beach onto the white gravestones, so the engraved names stand out. Wally King, a sprightly 101-year-old, shared a few words at the grave of Henry Shurlds Jr. Shurlds who flew P-47 Thunderbolt fighters like King and was shot down and killed on Aug. 19, 1944. What they're saying When "most veterans from World War II came home, they didn't want to talk about the war. So they didn't pass those experiences on to their children and grandchildren," King said. "In a way, that's good because there's enough unpleasantness, bloodshed, agony in war, and perhaps we don't need to emphasize it," he added. "But the sacrifice needs to be emphasized and celebrated." Jack Stowe, a 98-year-old who served in the Navy, shared that he still receives "the sweetest letters" from kids he has met on previous trips. "The French people here, they're so good to us … they want to talk to us, they want to sit down and they want their kids around us," he said. Jake Larson, 102, survived machine gunfire while storming Omaha beach on D-Day. "We are the lucky ones … They had no family. We are their family. We have the responsibility to honor these guys who gave us a chance to be alive," Larson said. What does "D" stand for in D-Day? It depends on who you ask. The backstory Some say it stands for designated day, decision day, doomsday or even death day, according to the U.S. military. Others also said it merely stands for "Day," as in Day-Day. There have been other instances in history which utilized D-Day as a coded designation for the day of any important invasion or military operation, the U.S. military said. Referencing Stephen Ambrose's book, "D-Day, June 6, 1944: The Climactic Battle of World War II," the U.S. Army's first use of D-Day was in 1918. "For military planners (and later historians), the days before and after a D-Day were indicated using plus and minus signs: D-4 meant four days before a D-Day, while D+7 meant seven days after a D-Day," according to the U.S. Army website. An unknown person allegedly wrote to General Dwight D. Eisenhower, the Allied supreme commander for Operation Overlord, and asked what the "D" meant. His executive assistant at the time, Brigadier Gen. Robert Schultz answered: "General Eisenhower asked me to respond to your letter. Be advised that any amphibious operation has a 'departed date'; therefore the shortened term 'D-Day' is used," the Army's website reads. The sea landings started at 6:30 a.m., just after dawn, targeting five code-named beaches: Utah, Omaha, Gold, Juno, Sword. The operation also included actions inland, including overnight parachute landings on strategic German sites and U.S. Army Rangers scaling cliffs to take out German gun positions. By the numbers Around 11,000 Allied aircraft, 7,000 ships and boats, and thousands of other vehicles were involved. A total of 4,414 Allied troops were killed on D-Day itself, including 2,501 Americans. More than 5,000 were wounded. In the ensuing Battle of Normandy, 73,000 Allied forces were killed and 153,000 wounded. The battle — and especially Allied bombings of French villages and cities — killed around 20,000 French civilians. The exact German casualties aren't known, but historians estimate between 4,000 and 9,000 men were killed, wounded or missing during the D-Day invasion alone. About 22,000 German soldiers are among the many buried around Normandy. The Source Information for this article was taken from previous reporting by The Associated Press, FOX News and previous reporting by FOX Local. This story was reported from Los Angeles.
Newsweek
18 minutes ago
- Newsweek
More Gen Z Delay Having Kids Than Millennials Amid Birth Rate Decline Fears
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Gen Z Americans are more likely to delay having kids due to economic conditions than millennials, according to a new report from AI platform It's what analysts say could be a concerning trend as the birth rate continues to decline, creating larger implications for the economy, workforce and global politics. Why It Matters The CDC recorded a "historic low" for the U.S. general fertility rate in 2023, aligning with global trends seen in several developed countries. The Congressional Budget Office projected that U.S. fertility will remain below replacement for decades to come. A newborn baby girl is reunited with her mother straight after birth in a hospital environment. A newborn baby girl is reunited with her mother straight after birth in a hospital environment. Tim Clayton/Corbis via Getty Images What To Know In a new report from Gen Z, which consists of those born between 1997 and 2012, was slightly more likely to delay having children than their elder millennial counterparts. Roughly 39 percent of Gen Z said they had delayed having a child because of the current economic climate, while only 36 percent of millennials said the same. Katie Trowbridge, a multi-generational workplace strategist and CEO of Curiosity 2 Create, said the younger generations' decision to forgo parenthood has many reasons beyond just the economics of it, though. "This isn't about apathy. It's about discernment. I see a generation leaning into curiosity, creative and critical thinking, and seeking connection and meaning," Trowbridge told Newsweek. "They're not just putting off parenthood, they're rethinking, redefining, and reimaging what it means entirely." Thoai Ngo, a professor of population and family health at the Columbia School of Public Health, said Gen Z is prioritizing self-growth and career development before starting a family. They've also grown up in a world shaped by climate crisis and economic instability, he said. "Rising costs—student debt, housing, childcare—make financial stability an uphill battle," Ngo told Newsweek. "Climate anxiety and shifting social norms mean that Gen Z doesn't view marriage and children as inevitable milestones." Economic concerns are delaying other major life decisions as well, with 36 percent of Gen Z-ers in the survey saying they've given up on the idea of ever owning a home. Worries over their financial situations have driven 33 percent of Gen Z-ers and 40 percent of millennials to turn to artificial intelligence for personal budgeting, Pearl found, but the larger issue of it being too expensive to have a baby could have significant effects for the already declining birth rate. Declining Birth Rates and Demographic Shifts Research shows that those choosing not to have children—the "child-free"—are an increasingly visible identity group. Demographic breakdowns reveal higher proportions of white, urban, and employed individuals, with younger respondents more often uncertain or undecided about potential parenthood. Concerns over population decline have prompted legislative efforts, such as Ohio's proposed "Natural Family Month" bill to promote marriage and child-rearing. Policymakers and public figures, including President Donald Trump and Vice President JD Vance, have advocated for policies aimed at increasing the birth rate. Meanwhile, discussions about climate change, reproductive rights, and economic factors remain central to the choices facing younger adults. "Ultimately, Gen Z is rethinking commitment and stability in a deeply uncertain future. If we don't address the structural barriers—economic insecurity, lack of family supports, climate threats—we'll see continued delays and declines in family formation, with broad impacts on our social and economic systems in the decades to come," Ngo said. Child-free Americans cite various reasons for forgoing parenthood. A significant subset of young adults, 23 percent, said having children was irresponsible due to climate change, according to a recent Newsweek/Independent Center poll. The same Newsweek report found one in three Gen Zers and millennials do not have and do not want to have children. What People Are Saying Moira Corcoran, a CPA and finance expert on Pearl, said in the report: "This data tells us that Americans, particularly younger generations, are feeling a sense of hopelessness when it comes to their financial outlook. With so many saying saving feels futile at this point, many are looking to make drastic changes to their lives in a way that's reminiscent of the 2008 recession." "Between postponing major life decisions like having a child or owning a home to cutting back on summer travel, it is clear consumers are approaching a state of panic – they need ways to access affordable, professional financial advice to navigate these ever-changing economic conditions." Katie Trowbridge, a multi-generational workplace strategist and CEO of Curiosity 2 Create, told Newsweek: "Gen Z isn't just delaying parenthood because of the economy. They're questioning the world they're inheriting. From climate anxiety and student debt to unstable jobs and rising costs, they're asking big questions like: Can I afford to raise a child in a world that doesn't feel built for thriving?" Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "It shows that in today's economy, it often takes both parents working full-time just to stay afloat. With prices rising and housing becoming less affordable, there's less room — and frankly, less patience — for adding more financial weight. We also saw birthrates start to decline decades ago as more women entered the workforce and opportunities expanded — and that trend is only continuing." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Not only do inflationary pressures continue to way on the cost of living, but this generation that is newer to the workplace will more than likely be hit harder by many of the layoffs announced over the last six months." "And while the decision to not have children right away because of economic factors may not be fun, it is the right call. Having children is more expensive than ever, and having the maturity to understand it would be impossible to assume the role of parent under one's current income is pivotal for long-term financial growth." What Happens Next There are serious implications if the birth rate continues to decline as recent years would suggest, but these concerns tend to revolve around the workforce and national productivity. "The real concern lies in who's worried — and that's often those viewing the issue purely from an economic lens: fewer workers, fewer contributors to GDP, and slower growth," Thompson said. "Long-term, that could mean more economic stagnation. As populations age, we'll spend more on healthcare and social support and less on innovation and expansion. That's the deeper issue — not population size, but how the age imbalance affects productivity and prosperity."
CBS News
34 minutes ago
- CBS News
3 things credit card users should be doing now
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Changing your online payment method from a credit card to a debit card could make sense now. Getty Images Using your credit card is often quick and effortless, providing an easy way to pay for everyday purchases and online shopping needs. And in the modern era, with credit card numbers being automatically saved to your online accounts, it feels like making purchases is easier than ever. But that ease can come with dangerous risks if your credit card spending isn't managed properly, as was seen recently, when a new report showed credit card balances up 6% year-over-year. Considering that the average credit card balance is close to $8,000 now and the average credit card interest rate is around 21% (down from a record high last year), it becomes even clearer that the simplicity associated with credit card usage has resulted in significant amounts of debt for many Americans. If you're one of those credit card users – or are looking to avoid becoming one – some tried and true techniques are worth remembering (and utilizing) right now. Below, we'll break down three things to consider doing in today's economic climate. Start by checking your credit card debt relief eligibility requirements here. 3 things credit card users should be doing now Here are three things credit card users should be doing now: Use cash and debit cards more frequently This may seem obvious, but if you want to improve your debt situation, you'll need to make some small but important changes, like using cash and debit cards more frequently, preferably in place of the expenses you're currently using your credit card for. What does this mean in practical terms? It may be as simple as changing your payment methods on your online accounts to your debit card from your existing credit cards. It may also mean giving yourself an "allowance" of cash to use from each paycheck (post-expenses paid). When that runs out, you're out of discretionary spending money until you get paid again. Sure, this may come at the expense of reduced credit card rewards and points, but if you've been racking those up by accumulating high-rate credit card debt, those rewards are not nearly as advantageous as they appear on paper. Learn more about the ways to reduce your debt here. Look for ways to consolidate your debt and lower your rates Don't want to turn to cash or your debit card? That's understandable, but it doesn't mean you need to continue to pay a high interest rate on your credit card, either, particularly when there are attractive balance transfer credit card alternatives and much lower-rate debt consolidation loan offers on the market now. The average personal loan rate, for example, is almost 10 percentage points lower than the median credit card rate right now. Balance transfer cards, meanwhile, come with low or 0% introductory rates for qualified users, giving you an easy way to pay more toward your principal balance each month. Just be sure to take advantage of that limited window of opportunity as rates will change here over time. And, more importantly, take a closer look at the spending habits that put you in this financial dilemma to begin with. Without addressing (and resolving) that first, a balance transfer card or debt consolidation loan won't be as effective. Speak with a debt relief servicer about high balances Some credit card debt balances are manageable with due diligence, consistency and the techniques outlined above … and some are not. And if you're a credit card user struggling to pay down, or even make a significant reduction in your balance, it's worth speaking with a debt relief service provider to discuss the next steps. A conversation with a representative is non-committal but informative, allowing you to better understand your current situation and, importantly, potential resolutions. With options ranging from credit counseling to debt management programs to credit card debt forgiveness for higher balances, there's like a debt relief solution applicable to your situation. But you won't know which is right or how to get started until you reach out for help. Chat with a debt relief specialist to determine your next move. The bottom line While the above moves can make sense for a wide range of credit card users, they're certainly not the only items worth addressing now. But they're a good starting point for credit card users who want to maintain their financial health and improve their credit card use approach. By doing these three things now, these users can start the delayed work of paying down their debt balances and, more importantly, regaining their financial independence and well-being.
