Latest news with #MattSchulz
The Independent
a day ago
- Health
- The Independent
Having a baby is expensive. Here's where it will cost you the most
Having a child is getting more and more expensive each year in the U.S. The cost of raising one kid into adulthood now totals hundreds of thousands of dollars, according to recent estimates from online lending marketplace LendingTree and other finance groups. 'No one should be surprised that costs have risen in recent years, but the type of growth we've seen in child care costs is on a whole other level,' Matt Schulz, LendingTree chief consumer finance analyst, said in a statement. 'There are plenty of reasons for the growth, including inflation, growing labor costs and rising demand. However, whatever the reason, this growth is making an already challenging aspect of parenthood that much worse.' But years before your child speaks, goes to soccer camp, or applies to colleges, just giving birth to them can break the bank. That's true for some states more than others, according to data from non-profit FAIR Health. The database includes more than 46 billion commercial healthcare claim records. The FAIR Health Cost of Giving Birth Tracker data, including costs paid out by both patients and their insurance companies, shows it's even worse for new parents in Alaska, New York, New Jersey, Maine, and Vermont. Isolated Alaska, where health costs are generally more expensive, has the highest average costs for both vaginal deliveries and C-sections, at estimates of about $29,000 and $39,500, respectively. In the Lower 48, New York- and New Jersey-based vaginal deliveries at expensive hospitals may go for around $21,800. In Maine and Vermont, the C-sections cost more than $28,000. Notably, C-section surgeries cost more money, and are more complex procedures than vaginal deliveries. Many factors are driving the disparities, FAIR Health's Rachel Kent told Axios. Those include provider training levels, local salaries and the cost of living, malpractice insurance costs, and insurers' bargaining power. There are also differences in costs for some racial groups, with Black and Hispanic people forking out more for maternal care than Asian and white people, according to research published earlier this year. Of course, people with insurance typically fork out a fraction of the total amount paid. A 2022 Peterson-KFF analysis found that out-of-pocket costs range just over $2,800, on average. Still, pricey hospital bills and other childcare costs are some of many reasons people are now choosing to forgo starting a family. Earlier this year, the fertility rate in the U.S. plummeted to an all-time low, according to federal data. Karen Guzzo, director of the Carolina Population Center at the University of North Carolina, told The Associated Press that the trend seems tied to concerns about the ability to have money, insurance, and other resources needed to raise a child. A previous study from researchers at New York's Mount Sinai Health System found that some low-income families spent nearly 20 percent of their annual income on medical costs during the year of pregnancy and birthing. 'Worry is not a good moment to have kids,' and that's why birth rates in most age groups are not improving, she said.
The Independent
3 days ago
- Health
- The Independent
Picking up the newborn tab: These are the states where delivering your baby will cost the most
Having a child is getting more and more expensive each year in the U.S. The cost of raising one kid into adulthood now totals hundreds of thousands of dollars, according to recent estimates from online lending marketplace LendingTree and other finance groups. 'No one should be surprised that costs have risen in recent years, but the type of growth we've seen in child care costs is on a whole other level,' Matt Schulz, LendingTree chief consumer finance analyst, said in a statement. 'There are plenty of reasons for the growth, including inflation, growing labor costs and rising demand. However, whatever the reason, this growth is making an already challenging aspect of parenthood that much worse.' But years before your child speaks, goes to soccer camp, or applies to colleges, just giving birth to them can break the bank. That's true for some states more than others, according to data from non-profit FAIR Health. The database includes more than 46 billion commercial healthcare claim records. The FAIR Health Cost of Giving Birth Tracker data, including costs paid out by both patients and their insurance companies, shows it's even worse for new parents in Alaska, New York, New Jersey, Maine, and Vermont. Isolated Alaska, where health costs are generally more expensive, has the highest average costs for both vaginal deliveries and C-sections, at estimates of about $29,000 and $39,500, respectively. In the Lower 48, New York- and New Jersey-based vaginal deliveries at expensive hospitals may go for around $21,800. In Maine and Vermont, the C-sections cost more than $28,000. Notably, C-section surgeries cost more money, and are more complex procedures than vaginal deliveries. Many factors are driving the disparities, FAIR Health's Rachel Kent told Axios. Those include provider training levels, local salaries and the cost of living, malpractice insurance costs, and insurers' bargaining power. There are also differences in costs for some racial groups, with Black and Hispanic people forking out more for maternal care than Asian and white people, according to research published earlier this year. Of course, people with insurance typically fork out a fraction of the total amount paid. A 2022 Peterson-KFF analysis found that out-of-pocket costs range just over $2,800, on average. Still, pricey hospital bills and other childcare costs are some of many reasons people are now choosing to forgo starting a family. Earlier this year, the fertility rate in the U.S. plummeted to an all-time low, according to federal data. Karen Guzzo, director of the Carolina Population Center at the University of North Carolina, told The Associated Press that the trend seems tied to concerns about the ability to have money, insurance, and other resources needed to raise a child. A previous study from researchers at New York's Mount Sinai Health System found that some low-income families spent nearly 20 percent of their annual income on medical costs during the year of pregnancy and birthing. 'Worry is not a good moment to have kids,' and that's why birth rates in most age groups are not improving, she said.
Yahoo
5 days ago
- Business
- Yahoo
Retiring in a big city? You may need $1.6M to live comfortably
Social Security is supposed to replace about 40% of the income earned in working years, according to the federal agency. That's why Americans are urged to save for retirement. For retirees in big cities, however, Social Security dollars may not even go that far. In large U.S. cities and their suburbs, Social Security income covers only around 30% of what the average retiree spends in a year, according to a new analysis from the personal finance site LendingTree. Across the 100 largest metropolitan areas, Social Security covers anywhere from 24% of annual retirement spending (in San Francisco) to 35% of yearly spending (in McAllen, Texas), LendingTree found in the July 15 report. To retire comfortably in big cities, you need big savings To live a comfortable retirement in any of those cities, the report says, you'll need lots of savings: $1.6 million in Los Angeles or San Francisco, $1.3 million in Philadelphia or Chicago, $1.1 million in Memphis, Tennessee. 'Life is expensive in bigger cities in America today,' said Matt Schulz, chief consumer finance analyst at LendingTree. 'Not breaking news, but unfortunately, this is not something that's going to get better anytime soon. And it makes for a scary situation.' The analysis used data from the Labor Department, Social Security Administration and U.S. Census to estimate annual retiree spending and average Social Security benefits in each large metropolitan area. Among the findings: In the 100 largest metro areas, the average annual Social Security income is $21,500. That's about 30% of what retirees spend in a year, in pre-tax dollars. Social Security covers more than one-third of average retirement spending in only one of the 100 largest metro areas: McAllen, Texas. Of the 10 big cities where Social Security is stretched thinnest, eight sit in California. The most affordable cities for retirees don't share much in common, except that they don't rank among the very largest metros, and they aren't in California. Relatively affordable cities include Pittsburgh; Tucson, Arizona; and Rochester, N.Y. 'These are very different cities, in all sorts of ways,' Schulz said. 'One thing this does show is that the biggest of the big cities are going to be a challenge, in no uncertain terms.' How far does Social Security go in your city? Here's how far Social Security goes in some of America's largest metropolitan areas. We'll list the most affordable metros first. Pittsburgh: Social Security retirement income averages $21,978 per year, and retirement spending averages $55,882 per year. Social Security covers 32.2% of the pre-tax dollars you'd need to cover that spending, which total $68,176. (For the remaining cities on this list, we will skip the wonky 'pre-tax' figure. You get the idea.) Rochester, N.Y.: Rochester has an average Social Security retirement income of $22,581 per year. Retirees spend an average of $57,835 annually. Social Security covers 32% of annual retirement spending. Oklahoma City, Oklahoma: Social Security income averages $20,860, and retirement spending averages $53,869. Social Security covers 31.7% of that spending. Milwaukee: Average Social Security income is $21,784 a year. Average retirement spending is $56,533. Social Security covers 31.6% of that spending. Indianapolis: Retirees spend an average of $56,000 a year in Indianapolis. Average Social Security income is $21,491. Social Security covers 31.5% of retirement spending. Las Vegas: Social Security income averages $22,105 a year. Retirees spend $57,658 per year. Social Security covers 31.4% of that spending. Detroit: Retirees spend $58,013 a year, on average. Social Security income averages $22,117. Social Security covers 31.3% of retirement spending. Des Moines, Iowa: Retirees spend an average of $54,876 per year. Social Security retirement income averages $20,817. Social Security covers 31.1% of retirement spending. Louisville, Kentucky: Social Security income averages $20,948. Retirement spending averages $55,645. Social Security covers 30.9% of that spending. Cleveland: Social Security income averages $20,665, and retirement spending averages $55,053 per year. Social Security covers 30.8% of that spending. Cincinnati: Social Security income averages $20,665 a year. Retirement spending averages $55,704. Social Security covers 30.4% of that spending. Austin, Texas: Social Security income averages $21,398, and retirement spending averages $57,776 per year. Social Security covers 30.4% of that spending. Jacksonville, Florida: Social Security income averages $21,740. Annual retirement spending averages $58,723. Social Security covers 30.4% of that spending. Columbus, Ohio: Social Security income averages $20,665, and retirement spending averages $55,941 a year. Social Security covers 30.3% of that spending. Nashville, Tennessee: Social Security income averages $21,157. Retirement spending averages $57,568. Social Security covers 30.1% of that spending. Chicago: Social Security income averages $21,922. Annual retirement spending averages $60,736. Social Security covers 29.6% of that spending. Houston: Social Security income averages $21,398 a year. Retirement spending averages $59,315. Social Security covers 29.6% of that spending. Philadelphia: Social Security income averages $21,978 a year. Retirement spending averages $61,269. Social Security covers 29.4% of that spending. Atlanta: Social Security income averages $21,317 a year. Retirement spending averages $59,730. Social Security covers 29.3% of that spending. Phoenix: Average Social Security income is $21,989 a year. Retirement spending averages $62,453. Social Security covers 28.9% of that spending. Dallas: Average Social Security income is $21,398 a year. Retirement spending averages $61,150. Social Security covers 28.7% of that spending. Boston: Social Security income averages $22,397 a year. Retirees spend $66,064, on average. Social Security covers 27.8% of that spending. New York: Average Social Security income is $22,581 a year. Retirement spending averages $66,597. Social Security covers 27.8% of that spending. Miami: Social Security income averages $21,740. Retirees spend $66,182 per year, on average. Social Security covers 26.9% of that spending. San Diego: Social Security income averages $20,726. Retirement spending averages $66,005. Social Security covers 25.7% of that spending. Washington, D.C.: Social Security income averages $19,540. Retirement spending averages $64,288. Social Security covers 24.9% of that spending. Los Angeles: Social Security income averages $20,726. Retirement spending averages $68,372. Social Security covers 24.9% of that spending. San Francisco: Social Security income averages $20,726. Retirement spending averages $69,971. Social Security covers 24.3% of that spending. This article originally appeared on USA TODAY: Why Social Security isn't enough to retire in major US cities Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
5 days ago
- Business
- USA Today
Retiring in a big city? You may need $1.6M to live comfortably
Social Security is supposed to replace about 40% of the income earned in working years, according to the federal agency. That's why Americans are urged to save for retirement. For retirees in big cities, however, Social Security dollars may not even go that far. In large U.S. cities and their suburbs, Social Security income covers only around 30% of what the average retiree spends in a year, according to a new analysis from the personal finance site LendingTree. Across the 100 largest metropolitan areas, Social Security covers anywhere from 24% of annual retirement spending (in San Francisco) to 35% of yearly spending (in McAllen, Texas), LendingTree found in the July 15 report. To retire comfortably in big cities, you need big savings To live a comfortable retirement in any of those cities, the report says, you'll need lots of savings: $1.6 million in Los Angeles or San Francisco, $1.3 million in Philadelphia or Chicago, $1.1 million in Memphis, Tennessee. 'Life is expensive in bigger cities in America today,' said Matt Schulz, chief consumer finance analyst at LendingTree. 'Not breaking news, but unfortunately, this is not something that's going to get better anytime soon. And it makes for a scary situation.' The analysis used data from the Labor Department, Social Security Administration and U.S. Census to estimate annual retiree spending and average Social Security benefits in each large metropolitan area. Among the findings: The most affordable cities for retirees don't share much in common, except that they don't rank among the very largest metros, and they aren't in California. Relatively affordable cities include Pittsburgh; Tucson, Arizona; and Rochester, N.Y. 'These are very different cities, in all sorts of ways,' Schulz said. 'One thing this does show is that the biggest of the big cities are going to be a challenge, in no uncertain terms.' How far does Social Security go in your city? Here's how far Social Security goes in some of America's largest metropolitan areas. We'll list the most affordable metros first. Pittsburgh: Social Security retirement income averages $21,978 per year, and retirement spending averages $55,882 per year. Social Security covers 32.2% of the pre-tax dollars you'd need to cover that spending, which total $68,176. (For the remaining cities on this list, we will skip the wonky 'pre-tax' figure. You get the idea.) Rochester, N.Y.: Rochester has an average Social Security retirement income of $22,581 per year. Retirees spend an average of $57,835 annually. Social Security covers 32% of annual retirement spending. Oklahoma City, Oklahoma: Social Security income averages $20,860, and retirement spending averages $53,869. Social Security covers 31.7% of that spending. Milwaukee: Average Social Security income is $21,784 a year. Average retirement spending is $56,533. Social Security covers 31.6% of that spending. Indianapolis: Retirees spend an average of $56,000 a year in Indianapolis. Average Social Security income is $21,491. Social Security covers 31.5% of retirement spending. Las Vegas: Social Security income averages $22,105 a year. Retirees spend $57,658 per year. Social Security covers 31.4% of that spending. Detroit: Retirees spend $58,013 a year, on average. Social Security income averages $22,117. Social Security covers 31.3% of retirement spending. Des Moines, Iowa: Retirees spend an average of $54,876 per year. Social Security retirement income averages $20,817. Social Security covers 31.1% of retirement spending. Louisville, Kentucky: Social Security income averages $20,948. Retirement spending averages $55,645. Social Security covers 30.9% of that spending. Cleveland: Social Security income averages $20,665, and retirement spending averages $55,053 per year. Social Security covers 30.8% of that spending. Cincinnati: Social Security income averages $20,665 a year. Retirement spending averages $55,704. Social Security covers 30.4% of that spending. Austin, Texas: Social Security income averages $21,398, and retirement spending averages $57,776 per year. Social Security covers 30.4% of that spending. Jacksonville, Florida: Social Security income averages $21,740. Annual retirement spending averages $58,723. Social Security covers 30.4% of that spending. Columbus, Ohio: Social Security income averages $20,665, and retirement spending averages $55,941 a year. Social Security covers 30.3% of that spending. Nashville, Tennessee: Social Security income averages $21,157. Retirement spending averages $57,568. Social Security covers 30.1% of that spending. Chicago: Social Security income averages $21,922. Annual retirement spending averages $60,736. Social Security covers 29.6% of that spending. Houston: Social Security income averages $21,398 a year. Retirement spending averages $59,315. Social Security covers 29.6% of that spending. Philadelphia: Social Security income averages $21,978 a year. Retirement spending averages $61,269. Social Security covers 29.4% of that spending. Atlanta: Social Security income averages $21,317 a year. Retirement spending averages $59,730. Social Security covers 29.3% of that spending. Phoenix: Average Social Security income is $21,989 a year. Retirement spending averages $62,453. Social Security covers 28.9% of that spending. Dallas: Average Social Security income is $21,398 a year. Retirement spending averages $61,150. Social Security covers 28.7% of that spending. Boston: Social Security income averages $22,397 a year. Retirees spend $66,064, on average. Social Security covers 27.8% of that spending. New York: Average Social Security income is $22,581 a year. Retirement spending averages $66,597. Social Security covers 27.8% of that spending. Miami: Social Security income averages $21,740. Retirees spend $66,182 per year, on average. Social Security covers 26.9% of that spending. San Diego: Social Security income averages $20,726. Retirement spending averages $66,005. Social Security covers 25.7% of that spending. Washington, D.C.: Social Security income averages $19,540. Retirement spending averages $64,288. Social Security covers 24.9% of that spending. Los Angeles: Social Security income averages $20,726. Retirement spending averages $68,372. Social Security covers 24.9% of that spending. San Francisco: Social Security income averages $20,726. Retirement spending averages $69,971. Social Security covers 24.3% of that spending.
Yahoo
24-07-2025
- Business
- Yahoo
Summer break is costing parents more than just time—here's how debt is becoming the new normal for child care
With five kids, paying for summer camp is one of the biggest items in our annual budget. I'm constantly shifting schedules, looking for more affordable ways to cover my kids' time out of school. And beyond the logistics of getting our family to multiple locations each day, the strain of paying for camp has been equally real over the years. In a world not built for modern parenthood (seriously—why do we still accept a 9-month school year designed for an agrarian society?), summer can feel like the peak of institutional abandonment. Between bosses who pretend the season doesn't exist and a government that acts like every parent has backup child care on call, it's hard not to ask: Why does no one seem to care that summer is such a massive source of strain for families? Turns out, the numbers back up the burnout. Families are spending big and still falling short A new LendingTree survey of more than 600 parents found that 62% of those who used summer child care or camps have gone into debt to cover the cost. On average, they're spending nearly $900 per child. Two-thirds of parents—66%—said paying for summer care is a financial struggle. Nearly half cut back on nonessentials, while 19% reported reducing spending on basic needs like food and utilities. And that pain sticks around: A quarter of parents took up to a year to pay off the debt, while some are still carrying last summer's balance even as the next one rolls in. 'Many parents don't have any other option but to pay for child care,' said Matt Schulz, chief consumer finance analyst at LendingTree. 'As much as they'd love to take a bunch of time off during the summer to spend with their kids, that just isn't a realistic thing for most Americans, so they're forced to shell out for child care. That extra cost often requires sacrifice.' Related: Child care costs over 50% of income in some states—and moms are done staying quiet Parents know the value but can't afford more Even amid the financial stress, most parents still believe summer care is important. A full 91% of parents surveyed said summer programs are worth the investment for their children's development and well-being. Still, 86% wish they could afford to enroll their kids in more camps or activities, and 36% say affordable options simply don't exist where they live. While nearly half of respondents receive some form of tuition assistance, the patchwork system doesn't meet the scale of the need—especially when families are already stretched thin the rest of the year. The emotional load is constant The money is one thing. The planning, coordination, and constant hustle? That's another beast entirely. Each summer brings a logistical obstacle course of drop-offs, pickups, sibling schedules, and desperate group chats about carpooling. For many moms, that mental labor is relentless. And it doesn't pause when the budget is tight or your inbox is overflowing. Support systems that could ease the burden—affordable child care, flexible work schedules, equitable co-parenting—are still the exception, not the rule. Which means summer ends up landing hardest on the very people already maxed out. The reality for single parents is even more pressing The math becomes even more unforgiving in single-parent households. According to WalletHub, single parents in New York are spending up to 45% of their median income on childcare. In New Mexico, it's as high as 36%, compounded by some of the lowest household incomes in the country. And that's just for care during the academic year—summer often adds extra weeks of uncovered time and an additional layer of debt. It's time to rethink the system We are long overdue for a national reckoning on what child care actually is: not a private family issue, but a public infrastructure need. Without summer care, many parents—especially mothers—can't work. Yet every year, we treat the cost and logistics of camp like an individual puzzle that families should just 'figure out.' Parents need a system that fully supports child care as a core part of family life—especially in the summer months. That includes public investment in summer programming, employer flexibility, and school calendars and community options designed for the actual lives we live—not the ones we were expected to live in 1955. Because surviving every summer shouldn't be a parenting badge of honor. It should be a policy failure we're finally ready to fix. Related: A push to pay parents to stay home is gaining traction—but moms say what they really need is child care they can afford Sources: 62% of parents using summer child care go into debt. June 2024. LendingTree. 62% of parents using summer child care go into debt. Best and worst states for working moms. May 2024. WalletHub. Best and worst states for working moms. Solve the daily Crossword
