The Money Section | Retirees call on Congress for protection from inflation

͏Also, the median household net worth in the U.S. increased by 37%. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Fort Worth Star-Telegram]( October 25, 2023 • Issue #56 [The Money Section] This week, we’re looking at calls from retirees for better benefits in the face of inflation, the median net worth for every age group, and why home sales have slowed down in 2023. 80% of retirees are calling for Congress to protect them from inflation. [Inflation]( Money; Getty Images The group suggests using a specialized index, such as the CPI-E, to offer enhanced benefit growth over time. Analysis shows that using the CPI-E over the past ten years would have resulted in the average Social Security beneficiary receiving an additional $3,787 in income by 2024. [Read more.]( 💸 Gen Z hopes to retire at an average age of 61. However, 99% face obstacles in saving for retirement. These younger workers prioritize benefits such as healthcare and student debt assistance, with 62% wanting professional advice. Others even acknowledge [the possibility of working beyond their initial retirement age](. ⚓ Retiring on a boat or in an RV is a dream for some Americans. Many retirees who choose this lifestyle save money by forgoing permanent homes, but maintenance costs can still weigh on their budgets. Their incomes range from $30,000 to $125,000, and [savings range from $180,000 to $2 million]( showing that a nomadic retirement can be affordable and memorable. From 2019 to 2022, the median household net worth in the U.S. grew by 37%. [Household]( Money; Getty Images This marked the Fed's largest three-year increase ever recorded, thanks to factors like booming home prices, stimulus relief, stock market growth, and more investing. The increase was nearly universal across different family types, but disparities still exist. [Take a look at the numbers.]( 🏦 Economists and central bankers are revisiting the strategy of quantitative easing (QE). The debate centers on three aspects: the flexibility of central banks to meet their inflation targets, the effectiveness of asset purchases like QE, and the coordination between monetary and fiscal policies. Economists suggest central banks [will take more time to reach inflation targets](. 📉 Over 400,000 tech workers were laid off in 2022 and 2023. A downturn in a sector once known for high salaries and job security has bred anxiety and led to more aggressive job searches. Younger workers face fewer entry-level positions, resulting in a shift towards hiring experienced employees. [Read more.]( High mortgage rates and elevated prices are restraining demand in the housing market. [Rates]( Money Redfin estimates a total of 4.1 million existing home sales for 2023, the lowest figure since 2008. Despite expectations that high mortgage rates might lower home prices by reducing competition, prices continue to rise. [Find out how reluctant sellers are handling the uncertainty.]( 🏠 More homeowners are skimping on insurance. Prices across the United States increased by approximately 20% in the past year, attributed to climate change and inflationary pressures. Skipping homeowners’ insurance, while legally allowed, can have costly consequences. [Read more.]( ❌ Homebuyers have been canceling deals at the highest rate in a year. Cancellations reached 16.6% in September, with first-time buyers and current homeowners looking for the best deals. High mortgage rates lead buyers to demand more concessions from sellers, [making cancellations more common](. Smart Money Move Home Warranties have benefits you can’t afford to ignore [Home] [Home] Reports show homeowners spent an average of $6,000 on maintenance and repairs last year. With a Home Warranty, you could reduce the financial stress and uncertainty that often comes with home ownership. No more worrying about the cost of eligible repairs— your Home Warranty has you covered. [Make the smart choice and enjoy the peace of mind that comes with a Home Warranty.]( Stories we're reading this week - [What's the Best Country for Retirement? The U.S. Isn't Even in the Top 20]( - [California Suspends Cruise’s Autonomous Driverless Vehicle Permits]( - [Employee Health Insurance Costs Are Up a ‘Nasty’ 7% This Year]( - [Meta Sued by 33 States Over Claims Youth Mental Health Endangered by Instagram]( - [These States Are Giving out Stimulus Check-Style Tax Rebates This Fall]( - [Swifties Have Boosted shopping searches for 'football outfit' by 242 percent]( - [Why There's A Gold Rush at Costco]( 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 Fort Worth Star-Telegram. 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. 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