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How the American middle class has changed in the past five decades

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The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data.

The shrinking of the middle class has been accompanied by an increase in the share of adults in the upper-income tier – from 14% in 1971 to 21% in 2021 – as well as an increase in the share who are in the lower-income tier, from 25% to 29%. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021.

The analysis below presents seven facts about how the economic status of the U.S. middle class and that of America’s major demographic groups have changed since 1971. A related analysis examines the impact of the coronavirus pandemic on the financial well-being of households in the lower-, middle- and upper-income tiers, with comparisons to the Great Recession era. (In the source data for both analyses, demographic figures refer to the 1971-2021 period, while income figures refer to the 1970-2020 period. Thus, the shares of adults in an income tier are based on their household incomes in the previous year.)

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Interesting!

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Click the link below for the article:

https://www.pewresearch.org

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House passes ‘Secure Act 2.0.’ Here’s what that means for retirement savings

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The House of Representatives has passed a bill that will improve the retirement savings system for U.S. workers, moving it closer to becoming law.

The Securing a Strong Retirement Act, H.R. 2954, also called the Secure Act 2.0, was approved on Tuesday with a bipartisan vote of 414-5. Now, the legislation heads to the Senate.

“H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,” said House Ways and Means Committee Chairman Richard Neal, D-Mass., ahead of the Tuesday vote. “Too many workers reach retirement age without having the savings they need.”

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Lucy Lambriex

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Click the link below for the article:

https://www.cnbc.com/2022/03/30/house-passes-secure-act-2point0-heres-what-it-means-for-your-retirement-.html?utm_source=pocket_discover

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Nasdaq Bear Market: 3 High-Yield Dividend Stocks You’ll Regret not Buying on the Dip

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For the past few months, Wall Street and the investing community have been reminded that stocks can go down, too.

Following the strongest bounce back from a bear market bottom in history, all three major U.S. indexes are, once again, in correction territory. The 125-year-old Dow Jones Industrial Average and benchmark S&P 500 are lower by more than 10%, while the growth-dependent Nasdaq Composite has entered a bear market (i.e., a decline of at least 20%).

While the velocity of stock market declines can be scary at times, especially for the more-volatile Nasdaq Composite, history has shown time and again that buying high-quality stocks during corrections and bear markets is a smart move. After all, every notable decline in the market throughout history has eventually been put into the back seat by a bull market rally.

The big question is: Which stocks to buy on the dip?

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A snarling bear set in front of a rapidly declining stock chart. Image source: Getty Images.

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Click the link below for the article:

https://www.fool.com/investing/2022/03/19/nasdaq-bear-market-3-high-yield-dividend-stocks/?utm_source=pocket_discover

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Americans are ‘wasting too much money on housing,’ says top economist—here are 4 ways to get ‘house rich’

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“House poor” is a common expression used to describe people who are wasting too much money on housing, leaving them with too little to spend on everything else. But it can also refer to those who are getting too little housing bang for their buck.

And now, with interest rates on home mortgages spiking faster than they have in decades, it’s getting more expensive by the moment to own a home in the U.S.

As an economist, one of my goals is to make you “house rich,” ensuring you end up with the housing you really want at the price you can really afford.

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Home against a color background, house or mortgage conceptPeter Dazeley | The Image Bank | Getty Images

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Click the link below for the article:

https://www.cnbc.com/2022/03/31/americans-are-wasting-too-much-money-on-housing-says-economist-heres-how-to-get-house-rich.html?utm_source=pocket_discover

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Here’s Who Won’t Qualify For $6.2 Billion Of Student Loan Cancellation

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Here’s who won’t qualify for $6.2 billion of student loan cancellation.

Here’s what you need to know — and what it means for your student loans.

Student Loans

There’s good news for student loan borrowers: President Joe Biden will cancel $6.2 billion of student loans. However, you may be wondering if you will qualify for this student loan forgiveness. While 100,000 student loan borrowers are expected to qualify for this student loan cancellation, it’s important to understand who won’t qualify for $6.2 billion of student forgiveness.

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President Joe Biden (Photo by Win McNamee/Getty Images) Getty Images

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Click the link below for the article:

https://www.forbes.com/sites/zackfriedman/2022/03/19/heres-who-wont-qualify-for-62-billion-of-student-loan-cancellation/?utm_source=pocket_discover&sh=54351602213a

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Big changes are coming to your 401(k). Here’s what you need to know

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The United States is on the brink of a retirement crisis. The primary savings tool for Americans — your 401(k) — isn’t helping.

By the end of the decade, about 21% of the country’s population will be 65 or older, up from 15% in 2016, according to forecasts by the Census Bureau. Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track.
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Now, Congress is looking to help Americans save by bolstering 401(k) programs — the tax-deferred, company-sponsored retirement accounts to which employees can contribute income, and employers can match their contributions.
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A new bill, expected to reach President Joe Biden’s desk by the end of the year, could require most employer-sponsored retirement plans to enroll their workers automatically, making it easier for student-loan borrowers to save, and for older workers to make catch-up contributions. It will also lower costs for smaller businesses.

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Click the link below for the article:

https://www.cnn.com/2022/04/06/investing/retirement-savings-401k-investing-roth-ira

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Missed News 753

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News You might have missed!

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A single sentence that perfectly captures the utter madness of the Trump era A tornado survivor who was trapped under ‘5-feet of debris’ at the collapsed Kentucky candle factory says she was in ‘so much pain’ and couldn’t feel her legs
Astronomer’s Stunningly Simple Animations Reveal Solar System Physics Toxic smog chokes Indian capital during Diwali celebrations
US Justice Department sues Texas over controversial voting law Apology after bishop ‘says Santa does not exist’
From CNN: A Maine city that’s 90% White now has a Somali mayor The Dead Sea of West Texas – Texas Monthly
Bryce Young, Alabama’s Sophomore Star, Wins the Heisman Trophy Man receives 46 years in prison for the double homicide of his friends in Glen Burnie
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NEWS TED TALKS
Letters to the Editor: Journalists, start treating the GOP like the bigoted cult it is 10 steps to boost your financial health — that you can do in a day | Your Money and Your Mind
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‘Rapid evolution’ of tuskless elephants caused by ivory trade, scientists say The genius of the London Tube Map | Small Thing Big Idea, a TED series
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Coronavirus Daily Briefing How the hyperlink changed everything | Small Thing Big Idea, a TED series
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Missed News 708

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NEWS TED TALKS
Jan. 6 panel votes to hold Steve Bannon in contempt A simple 2-step plan for saving more money | Your Money and Your Mind
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NYTimes: See How the Dixie Fire Created Its Own Weather The hidden ways stairs shape your life | Small Thing Big Idea, a TED series
Your Daily AM Roundup A simple new blood test that can catch cancer early | Jimmy Lin
Coronavirus Daily Briefing Uncovering a radical discovery in solar energy | Sam Stranks
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NYTimes: Colin Powell, Who Shaped U.S. National Security, Dies at 84 Can’t stick to a budget? Try these tweaks instead | Your Money and Your Mind
Miami school says vaccinated students must stay home for 30 days to protect others, citing discredited info The money talk that every couple needs to have | Your Money and Your Mind
13 States Where Social Security Benefits Are Taxed | ThinkAdvisor Making a Quantum Computer: Jason Alicea at TEDxYouth@CityOfIndustry
Taliban accused of murdering female police officer 3D Printers Will Revolutionize Education: Miguel Almena at TEDxYouth@CityOfIndustry
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