Latest news with #LiamHunt
Yahoo
25-07-2025
- Business
- Yahoo
5 Worst Money Habits of Boomers — and What To Do Instead
Even in retirement, bad money habits can cost more than people realize. While many baby boomers worked hard and saved diligently, some outdated or overlooked financial behaviors could quietly erode their long-term security. Read Next: Learn More: From clinging to the wrong assets to underestimating healthcare costs, here are five of the worst money habits boomers should break — and what to do instead. Playing It Too Safe Keeping 70% to 80% of retirement savings in low-yield accounts, such as certificates of deposit (CDs) or cash, can severely limit long-term income, especially when inflation outpaces returns. 'I've seen retirees with close to a million in CDs earning $30,000 annually when a balanced and well-diversified portfolio could generate $100,000 without touching the principal,' said Liam Hunt, director of research at Hunt said boomers often equate conservative investing with safety, but in a low-rate, high-inflation environment, playing it too safe can actually shrink their purchasing power and undermine long-term financial security. 'I recommend rebalancing portfolios to a safe 40% to 50% allocation in stocks, even in retirement,' Hunt said. 'Longevity risk is a far greater concern for boomers than market risks.' Check Out: Treating Home Equity Like a Piggy Bank For boomers with limited retirement savings, home equity often represents their largest source of wealth. However, boomers tend to tap their home equity for big expenses, such as a child's college tuition or a second home, which can harm financial stability. Robert R. Johnson, Ph.D., a finance professor at the Heider College of Business at Creighton University, said boomers can protect their home equity by regularly following a simple investment strategy. 'People should invest in a low-fee, diversified equity index fund and continue to invest consistently whether the market is up, down or sideways,' Johnson said. 'Dollar-cost averaging into an index mutual fund or ETF (that mimics a benchmark index like the S&P 500) is a terrific lifelong strategy.' Relying Too Heavily on Tax-Deferred Accounts Many boomers rely solely on tax-deferred accounts, such as traditional IRAs or 401(k)s, unaware of the future tax burden that can result from required minimum distributions (RMDs). D'Andre Clayton, co-founder of Clayton Financial Solutions, said boomers should shift from simply delaying taxes to making strategic tax moves in retirement. 'Switch from tax deferral to tax precision,' Clayton said. 'Prioritize Roth conversions as soon as possible to insulate yourself from RMD exposure as best you can.' Underestimating Healthcare Costs in Retirement Many boomers make the costly mistake of underestimating how much they'll spend on healthcare in retirement. Without proper planning, rising medical expenses can erode savings, increase debt risk and compromise long-term financial security. According to Whitney Stidom of eHealth, an online insurance marketplace, the lack of preparation often leads to costly missteps, especially when navigating Medicare. One of the most common and expensive mistakes is choosing the wrong prescription drug plan. With dozens of Medicare Advantage options available in many areas, it's easy to pick one that doesn't align with specific health needs, resulting in subpar coverage and higher out-of-pocket costs. Medicare plan benefits and personal prescription needs can both change annually, making regular plan reviews essential. 'People should take advantage of Medicare's Annual Enrollment Period (Oct. 15 to Dec. 7) to review their coverage options and needs,' Stidom said. 'For help, a licensed agent can help people understand which plans might save them money and still meet their coverage needs.' Not Documenting Key Financial Details Even with a solid estate or financial plan, failing to maintain an up-to-date, centralized record of assets, accounts and ongoing expenses can create costly confusion. 'All assets, wealth and even ongoing expense details should be documented so it is available for family when they would need it,' said Pravat Lall of SmartHeritance. 'No matter what estate plans are in place, none of that would matter if there were not a centralized and up-to-date list of details available.' More From GOBankingRates 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on 5 Worst Money Habits of Boomers — and What To Do Instead Sign in to access your portfolio
Yahoo
14-07-2025
- Business
- Yahoo
I Asked ChatGPT the Worst Place for the Middle Class To Live: Here's What It Said
GOBankingRates asked ChatGPT this intentionally vague query: 'Where's the worst place in the U.S. for a middle-class household to live?' It replied with a precise answer that included a 'worst' city and four runners-up. Introducing its answer, the AI summarized its criteria: 'The 'worst' place in the U.S. for a middle-class household to live depends on how you define 'worst' — but if we're talking about cost of living relative to income, tax burden, housing affordability, and quality of life, a few places consistently rank as extremely difficult for middle-class families.' Find Out: Read More: Here's what it said was the worst place for the middle class to live. Also see how far a typical middle-class salary goes in America's 25 largest cities. The chatbot replied that San Francisco is the worst place in the U.S. for the middle class to live. To explain its answer, it cited the following data points: Sky-high housing costs: Median home prices exceed $1.2 million ($1,295,237, according to Zillow). Middle class squeezed out: Many families earning $150,000 or more still struggle. Taxes and expenses: There are high state income taxes, childcare, insurance and grocery costs. Limited space: Even modest homes or apartments are unaffordable or overcrowded. Liam Hunt researches family finances and incomes at and pointed out that the problems go deeper than housing costs. 'A $200,000 household income sounds substantial but can barely afford a basic middle-class lifestyle when the median home price costs $1.3 million,' he said. 'Not to mention childcare costs, which in locales like San Francisco and New York City can easily cost what a typical American family would spend on a mortgage.' High-priced cities come with high-priced labor, after all. Read Next: ChatGPT provided a list of four runners-up as well to round out its bottom five cities for the middle class. Ranking second worst, the AI called out New York City for its unaffordable housing, high taxes and high cost of essentials. It also noted that 'transportation, schooling and safety vary wildly by neighborhood.' Ben Mizes, real estate expert and founder of Clever Offers, expanded on ChatGPT's point. 'Manhattan renters average over $4,000/month for a one-bedroom; three-bedrooms go for nearly $7,000/month. Meanwhile, infant care can run from $18,000 to $26,000 per year, a staggering increase in just a few years.' Completing its rankings of the worst five cities, the AI listed Honolulu, Los Angeles and Boston. It summarized its reasoning by pointing to high tax rates for middle earners, long average commutes exceeding 45 minutes, high housing costs relative to incomes, high childcare costs and 'public school performance versus property tax burden mismatch.' Based on those quantitative metrics, these five cities certainly rank among the most challenging for middle-class households. But that doesn't tell the whole story either, to be fair to these major metros. ChatGPT did an admirable job trying to answer a vague question with a precise answer. Human experts had some more nuanced replies, however. 'ChatGPT identified some great metrics, but the human side of financial planning goes deeper,' Mizes explained. 'These five cities also offer exceptional career opportunities, cultural experiences, public amenities and social networks that many families value enough to justify the high costs.' Dr. Tyeshia Redden teaches urban planning at the University of Toronto, and similarly pointed to the AI's lack of nuance. 'The state income tax response is interesting as it doesn't elaborate on the higher public spending on social services and infrastructures — the idea that residents pay more but also get more. The Massachusetts public healthcare system comes to mind for Boston, by way of example,' she said. Are these five cities the worst places in the nation for the middle class to live? They're certainly some of the most expensive for middle-class families, which add to the challenge of living there on a budget. But they also come with some qualitative amenities that aren't as easily measured by an AI. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on I Asked ChatGPT the Worst Place for the Middle Class To Live: Here's What It Said
West Australian
28-04-2025
- Sport
- West Australian
Geraldton Buccaneers split road trip with loss against the Flames and win against the Hawks
The Geraldton Buccaneers split their road trip over the weekend, with a loss at the hands of the Rockingham Flames and a win against Perry Lakes Hawks as they hold down sixth position on the NBL1 West ladder. The opening game of the road trip against Rockingham on Saturday night was always going to be a tough contest, touted as one of the hardest road trips to make in the competition. Buccs' big man Liam Hunt performed impressively on the night, leading the way offensively with 24 points, 12 rebounds and three assists. Josh Keyes also shone bright for the Buccs in a hard contest with 14 points, nine rebounds and one assist. The Buccs went 74 per cent from the line, trumping Rockingham's 44 per cent, but that made little difference as the Flames crashed the boards, outclassing the Buccs on that front, leading to more scoring opportunities from the field. The final score was 99-85 to the Flames in a tough start to the road trip for the Buccs. The Buccs then travelled to Perry Lakes to face-off against the Hawks on Sunday, with the opportunity of road-trip redemption up for grabs. Perry Lakes were up and about as they came off a win against the South West Slammers but the Buccs were determined to run over the top of them. Johny Narkle was a star on the court with a stand-out performance of 31 points, 10 rebounds, four assists, three steals and one block, earning the Anzac Medal for his efforts. Nik DeSantis lent a helping hand to Narkle with 20 points, four rebounds and five assists. New US import Akeem Springs also chalked up impressive numbers finishing his night with 15 points. Coming off the bench and providing a playmaking masterclass was new recruit Verle Williams, who racked up 11 points, three rebounds and six assists. The Buccs ended up convincing winners over Perry Lakes, 104-74. They will now gear up for their second home game of the year at Activewest Stadium on Saturday, May 3 at 7pm against 10th placed Eastern Suns.
West Australian
21-04-2025
- Sport
- West Australian
Geraldton's 2025 Breathe Basketball Mega Camp a fantastic success with more than 100 participants
The 2025 Breathe Basketball Mega Camp has officially concluded after more than four successful days of basketball coaching led by Geraldton Buccaneers star Liam Hunt. More than 100 kids showed out in full force from the first day last week as the 2025 Breathe Basketball Mega Camp kicked off. Specialist coaches including star Buccs players this season led the way as the participants were taken through drills, competitions and game play. Hunt, founder of Breathe Basketball Camps, said the turnout exceeded expectations. 'The amount of kids we've had, especially before Easter, we thought we'd struggle a little bit with numbers,' he said. 'But wow, the amount of kids that just showed up every day and just played their absolute hearts out every day was incredible. 'The kids are really positive, they are really upbeat and really competitive.' Hunt has led the Breathe Basketball Camps now for the last three years with the help of his star-studded lineup of coaches. Each year Hunt recruits his fellow Buccs teammates as coaches for the camps, helping out with drills over the four-day event. This year included two fresh faces to the scene with American import Akeem Springs and former Darwin Salties player Verle Williams lending a helping hand, proving to be fan favourites along with Hunt, Josh Keyes and Johny Narkle amongst others. Hunt said the camp allowed the players to mix with the participants and let their hair down while instilling knowledge in the young players. 'I love when the kids have fun, but when the coaches are having fun, that just ticks all the boxes,' he said. 'It gives the coaches a chance to mix with the kids that look up to them, which I think is pretty cool.' Hunt said this year's camp had been the best since the inception of the Breathe Basketball Camp idea back in 2023. 'I keep thinking we can't top the last camp but this one's blown out of the water,' he said. 'As far as smoothness and organisation, this one has absolutely been a success. 'We had a great bunch of kids this year with 14 of them being sponsored by local businesses. 'It really shows that the community get around something like this.'
