The Money Section | Saving for retirement is getting harder

͏Plus, if you’re planning on buying a car, you should read this. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( November 16, 2022 • Issue #8 [The Money Section] This week, we’re talking about strategies for buying a new car this fall, the best way to plan for your retirement, and what the FTX-Binance drama means for crypto investors. A retirement crisis. [Save]( Vanessa Garcia / Money; Getty Images Half of today’s working families are at risk of not being able to maintain their standard of living once they retire, according to a report by the Center for Retirement Research at Boston College. Retirement can seem like an unattainable goal, but it’s not completely out of reach. [Read more](. 🎯 Take it to the limit. The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. Most people don't ever hit those limits, losing both tax benefits and earnings growth. [Here’s what you can do about it.]( 🤔 What’s the best country for retirement? The U.S. isn't even in the top 10, according to the annual Global Retirement Index study by Natixis Investment Managers. Why is the U.S. consistently ranked fairly low in the retirement index, and [what countries top the list?]( The crypto winter is here. [Winter]( Money; Shutterstock The crypto exchange FTX —valued at more than $30 billion less than a year ago— filed for bankruptcy after a potential acquisition by Binance fell through. According to experts, the collapse will most likely make investors think twice before putting their money in the very volatile crypto market. [Read more](. 🐣 A 401(k) for the new generation. Half of Gen Z and millennial retirement savers wish they could invest in cryptocurrency via their 401(k), according to a new study from Schwab. Will the retirement market change with the times and get younger workers [interested in investing for the future?]( ❗ ‘A Lehman moment’. Prices of digital currencies took a hard hit after FTX’s implosion. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% this year. Ether, the world’s second most valuable cryptocurrency, isn’t faring much better. [Here’s the latest on the FTX collapse.]( Any deals on new wheels? [New Car]( Getty Images With the average price for a new car at record highs —$1,775 higher than October 2021, according to Kelley Blue Book— buyers are finding it very difficult to get good deals. Difficult, but not impossible. To find out how to buy a new car in one of the toughest markets ever, [read more](. 🚘 Fingers crossed. New vehicles continue to be extremely expensive —up more than 24% in the past two years— but there’s a silver lining. According to a joint forecast from J.D. Power and LMC Automotive, the average transaction is expected to be several hundred dollars cheaper than the record level reached during the summer. [Can we expect this downward trend to continue?]( 🚨 Used-car dealers are hurting. AutoNation Inc., the largest US car retailer, warned of skimpier margins on used-car sales next year as prices come down from their peak. Wholesale prices for used cars will likely end the year down 14%, which means [relief for used car buyers could be close at hand.]( Smart Money Move As the cost of travel increases, so does the importance of Travel Insurance [Travel] [Travel]Let’s face it, traveling is expensive. With all the unforeseen issues that can happen while traveling, why risk adding stress and losing the money you've spent on tickets and reservations? Travel insurance can give you the peace of mind you want during this holiday season. Did you know that travel insurance can cover you in situations as unforseen as missing a flight due to oversleeping? It can also cover accidents, provide a Cancel for Any Reason (CFAR) policy, and include emergency assistance at foreign airports in case of lost luggage, among other things. You can get started today with a few clicks. Streamline your next adventure with a Travel Insurance policy — click below to find out more. [View the Best Travel Insurance Companies of 2022]( Stories we're reading this week - [A Judge Blocked Student Loan Forgiveness, and Applications Are Paused. What's Next?]( - [Jeff Bezos says he plans to give away most of his $124 billion fortune]( - [Home Sellers Are Most Likely to Cut List Prices on This Day of the Week]( - [Inflation and Thanksgiving: What you can expect to pay for turkey and all the trimmings]( - [Airbnb Is Finally Getting More Transparent About Rental Prices and Fees]( - [These Credit Cards Just Started Offering 10% Cash Back on Uber and Uber Eats]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. Please [contact customer service]( if you have any questions or concerns. [Privacy Policy]( | [Terms of Service]( | [View in Browser]( Copyright © 2022 The Charlotte Observer. 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