The U.S. population hit a significant milestone, this year, when the number of 65-year-olds reached its highest point in history. Dubbed the “silver tsunami” by AARP, the trend is important because 65 has historically represented the average retirement age, and in the case of the 4.1 million Baby Boomers who celebrated the event this year, the transition represents a major wealth planning moment. It also has big implications for the wealth management industry, which has helped make the Boomers the wealthiest generation ever and must now start thinking about their children and grandchildren. Much has been written about the financial…

OBSERVATIONS FROM THE FINTECH SNARK TANK Conclusions from a new Apple study might make consumers rethink using ChatGPT—and other Generative AI tools—to get financial advice. And it should temper the plans of bank and credit union executives to use artificial intelligence (AI) to offer financial advice and guidance to consumers. Americans Use Generative AI To Get Financial Advice A survey from the Motley Fool revealed some surprising—and, frankly, hard to believe—statistics about Americans’ use of the Generative AI tool ChatGPT for financial advice. The study found that: 54% of Americans have used ChatGPT for finance recommendations. Six in 10 Gen…

OBSERVATIONS FROM THE FINTECH SNARK TANK In the past few weeks, two contacts of mine announced new jobs on LinkedIn. Nothing unusual about that, right? Except that both of them had announced their retirements in the past two months. As one of them told me, “I failed at retirement.” The Rise of the ReBoomers These examples are a sign of a much bigger trend. Baby boomers aren’t “retiring” in a traditional sense. They’re downshifting to become gig workers, have side hustles, and become influencers. They don’t call it any of those things, though—they call it “consulting.” Or, they’re coming back—full…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Certificates of deposit work as a short-term savings vehicle for goals such as upcoming home or car purchases. If you’re near or in retirement, you might wonder if CDs fit there too.For risk-averse folks, CDs can be appealing. Safety is central to them: CDs offer predictable returns, federal deposit insurance and no volatility in value such as in the stock market.“CDs are like…

A regional bank is a bank with assets between $10 billion and $100 billion, according to the Federal Reserve. Based on their assets, regional banks are midsize banks: They’re bigger than community banks but smaller than national banks. Though asset size is how the Federal Reserve defines regional banks, it’s not the only way to earn that designation. Banks with assets greater than $100 billion can also be considered regional banks based on the area they serve — generally, a specific and limited region.What does a regional bank offer?A regional bank typically caters to its local communities and offers many…

What is a bank failure?A bank failure is the closure of a bank by a government regulator generally when the bank loses the ability to pay back debts or return deposits to customers. A failed, or bankrupt, bank will have its assets, such as customer loans and investments for future profit, be worth less than its liabilities, such as customer deposits that the bank owes. When many customers lose confidence in a bank and try to pull out all their money at once, a bank run occurs.The Federal Deposit Insurance Corp., the federal agency that manages failed bank operations, has…

Allpoint is one of several major automated teller machine (ATM) networks that operate throughout the U.S. Banks might choose to work with ATM networks such as Allpoint that have a pre-existing infrastructure that helps customers withdraw cash and doesn’t require banks to set up their own networks. SavingsCash ManagementCDCheckingMoney MarketSoFi Checking and SavingsAPY4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated…

Combining finances with a partner can happen at any stage of your relationship, even if you’ve been married to your partner for a long time. It can be a great opportunity for a couple to get on the same page about what they want their financial future to look like, especially when it comes to big considerations such as child care, homeownership and retirement. An academic study published in the Journal of Consumer Research in 2023 found that couples with joint bank accounts experience less financial conflict and greater harmony within their relationships. The study results indicated that couples who…

Hurricane Helene Aftermath Prompts Card, Cash Troubles After Hurricane Helene devastated much of the southeastern U.S., survivors of the wreckage wrought by the storm are grappling with another issue: How to pay for goods and services. Across much of the region, particularly in the hardest hit areas, credit card networks have been disabled in tandem with power and internet outages. Merchants who managed to open their doors were sometimes demanding that customers use cash only because of an inability to process credit or debit card transactions. [Payments Dive] The Buying Power of Your Credit Card Points Is Tanking Inflation is…

Marcus by Goldman Sachs’ Online Savings Account earns a competitive 4.10% APY (annual percentage yield) as of 10/10/2024. This rate is much better than the national average rate of 0.45%, and is among the best savings rates around. Also, there are no monthly fees. The savings account is offered by Goldman Sachs Bank, which is a brand of the financial giant Goldman Sachs. Marcus by Goldman Sachs high-yield savings account: rates and feesMinimum requirement to earn the high rateSavingsCash ManagementCDCheckingMoney MarketSoFi Checking and SavingsAPY4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period…