The Money Section | Here’s how your college major affects your retirement

͏Also, big tech layoffs continue unabated. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( February 7, 2024 • Issue #71 [The Money Section] This week, we’re looking at new research that details how student loan debt significantly influences the retirement outcomes of millennial couples, when Social Security recipients will get their February checks, and home insurance’s astronomical rise in cost since last year. How your college major affects your retirement. [College]( Money; Getty Images A recent working paper suggests that student loan debt significantly influences the retirement outcomes of millennial couples, with debt being the most crucial factor in determining if a household will have enough retirement savings. [See how much they need to retire comfortably.]( 🔥 “The Magnificent Seven” is dominating the market. Major corporations, particularly tech giants known as “the Magnificent Seven” (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta), now dominate the stock market to an extent not seen in 50 years, controlling an increasing share of the stock market’s performance. [Read more.]( 👨 💻 Big tech layoffs continue unabated. Amazon, Alphabet, Microsoft, and more are among the tech companies reducing their workforce. The reasons vary, including shifts in business strategies, organizational restructuring, and the completion of specific projects leading to surplus staff. [Read more.]( When will Social Security recipients get their February checks? [Checks]( Olive Burd / Money; Getty Images Social Security payments are being distributed with a different schedule for February. Beneficiaries who receive both Social Security retirement benefits and Supplemental Security Income, as well as those who claimed Social Security before May 1997, should have [already received their payments on Feb. 2.]( 👍 The economy had a good start to the year. A key indicator of business conditions at service-oriented companies in the U.S. rose to a four-month high in January, reaching 53.5% from the prior month’s 50.5%. Respondents from the Institute for Supply Management’s survey cited steady business conditions and expressed optimism due to [potential interest rate cuts.]( 📈 Mortgage rates exceed 7% for the first time since December. The 30-year fixed mortgage rate exceeded 7% for the first time since December, propelled by positive economic data and the Federal Reserve’s careful stance on future interest rate adjustments. This rise was fueled in part by strong economic data and rising rates following the Fed’s comments. [Read more.]( Home insurance prices are soaring. [Soaring]( Money; Getty Images Home insurance prices have surged nationally, rising by an average of 21% at renewal from May 2022 to May 2023, on top of a 12% increase reported the previous year. [See which states experienced the largest increases.]( 💵 USD hit a 3-month high amid new Fed comments. On Monday, the dollar reached its highest level in about three months after Federal Reserve Chair Jay Powell’s recent comments led traders to reevaluate the potential [quantity and pace of interest rate cuts in the U.S. this year.]( 💛 Gold bounces back as dollar rally cools. However, gold rebounded on Tuesday as the U.S. dollar and Treasury yields saw a slight retreat, with spot gold rising 0.3% to $2,030.49 per ounce. The closer we get to that first rate cut, the more gold is set to rise, marking [another potentially historic year for bullion.]( Smart Money Move Need help settling your tax balance? [Tax] [Tax] Tax season is here–and people are nervous. According to a new [survey]( a quarter of taxpayers expect to owe the IRS. If you're weighed down by back taxes exceeding $10k, Tax Relief Programs could help provide relief and guide you toward financial freedom. These programs may help reduce interest and penalties by negotiating with the IRS on your behalf to lower your overall tax debt if eligible. [View our Best Tax Relief Companies list to find options with 100% money-back guarantees, A+ BBB ratings, and free consultations.]( Stories we're reading this week - [McDonald’s Blames Israel’s War in Gaza for Missing Sales Target]( - [The 3 Best Money Moves for February 2024]( - [Elon's Cage Fight With Zuckerberg Just Happened. He Lost.]( - [CD Rates Are Starting to Drop. Is It Too Late to Buy?]( - [Deepfake Scammer Walks Off With $25 Million in First-Of-Its-Kind AI Heist]( - [Here’s What Will Happen When the Fed (Eventually) Cuts Interest Rates]( - [Bitcoin Flat as Traders Look Forward to the 'Year of the Dragon']( 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 or newsletters 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 © 2024 The Charlotte Observer. All Rights Reserved. 9140 Research Drive, Charlotte, NC 28262