By Lauren Young, Digital Special Projects Editor
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Greetings, On the Money readers!
This summer we’ve been lucky to spend quality time with our twentysomething sons. One has a grueling tech internship, another just finished graduate school and the oldest is moving in with his significant other.
There is a lot of adulting happening simultaneously — signing leases, picking rental insurance, job hunting and even retirement planning. A key item we still need to tackle, though, is making sure our kids prepare for financial and healthcare emergencies, which I discuss below.
Before I launch into the hard-core personal finance stuff, here is a friendly reminder to follow our On the Money coverage. Connect with me on LinkedIn, where I’m always posting the latest Reuters headlines.
And write me at onthemoney@thomsonreuters.com with your questions, comments and concerns. I read every message!
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A key part of adulting is getting your financial life in order. REUTERS/Dado Ruvic
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📑 5 key legal documents every young American adult needs |
Turning 18 makes a legal adult out of a child overnight in the U.S., but most families don't plan for it financially until it's too late.
Here is why turning 18 is a legal turning point for families, along with the key documents to have in place before a crisis hits your young adult.
If you have a young person in your life, please make sure they take care of this important paperwork, pronto! And then have them get in touch, so I can write about their experience: onthemoney@thomsonreuters.com.
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📚 Read. Watch. Listen. |
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Why aren't oil prices higher? Global oil prices haven't even hit $150 a barrel, though analysts predicted the price of crude oil could rise as high as $200 a barrel when the U.S. and Israel went to war with Iran at the end of February. Here is why prices remain stable, for now.
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📬 Your retirement questions, answered |
Can you retirement at 60 with $500,000 in savings? The answer, my friend, is blowing in the wind. REUTERS/Marcelo Del Pozo
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I like writing about retirement more than I like covering taxes. But, all too often, the two go hand-in-hand.
My most recent A$K Lauren column focuses on a smart (albeit complex) way to boost retirement savings and minimize the tax bite. This strategy is called a backdoor Roth conversion.
I also recently tackled another common retirement question: “How much do I need to retire?" And, more specifically, can I do it at age 60, with $500,000 in savings?
If you’ve done a Roth conversion (backdoor or frontdoor!), retired at 60 or have any burning retirement questions, I’d love to hear from you. Write to me at onthemoney@thomsonreuters.com.
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🧠Why Gen Z thinks differently about money |
Financial therapist Matt Lundquist at his office in New York. REUTERS/Jenna Zucker
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When it comes to money, young people are often given familiar advice: To budget better, save more and spend less.
But for many young adults, financial decisions are shaped as much by economic realities such as housing costs and job insecurity as they are by things like anxiety, family history and, perhaps most importantly, how they feel.
That is where financial therapy comes in. This emerging field looks at the emotional and psychological factors that shape how people earn, spend and think about wealth.
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Have a money question that's keeping you up at night? Whether you're navigating rising pet insurance premiums, trying to figure out if you should roll over your 401(k) or debating a bucket-list travel splurge — I want to hear it.
Drop me a line at onthemoney@thomsonreuters.com.
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This newsletter was edited by Mark Porter.
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