For Gen Z, money is not a taboo topic
And more of the week's best financial insight
Here are three of the week's top pieces of financial insight, gathered from around the web:
A November to remember for stocks
The stock market had one of its two best November performances in decades, said Jess Menton and Elena Popina in Bloomberg. The S&P 500 rose 8.9% for the month, "its second-best November since 1980, behind only the pandemic-fueled rebound in 2020." November is normally strong "because stock buying by companies and pension plans picks up." But this one was unusually robust: "The index went the entire month without a single decline of 1% or more" — the first time that’s happened since August 2021. The S&P 500 broke a three-month losing streak andis now up close to 20% for the year. "Optimism that rates have peaked" sparked an even bigger rally in tech stocks.
Important tax breaks for seniors
Seniors, don’t miss out on valuable tax breaks, said Lori Ioannou in The Wall Street Journal. Starting in 2023, Americans 65 or over (or who meet certain qualifications) can take "an extra standard deduction" of $1,850 for single filers or $3,000 for married couples "on top of the standard deduction." If you’re planning donations to lower taxable income, seniors over 701⁄2 should use a "qualified charitable distribution." A QCD allows individuals to "transfer up to $100,000 a year from their traditional IRA directly" to a 501(c)(3) charity tax-free. You can also direct your required minimum distribution (RMD) to charity. Lastly, if you’re retired but self-employed, "you can deduct your Medicare premiums," as long as you don’t have health care through a former employer or your spouse’s employer.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
For Gen Z, money is not a taboo topic
The younger you are, the more likely you grew up in a family that talked about money, said Daniel de Visé in USA Today. A recent survey from Forbes Advisor found that "nearly three-quarters of Millennials, born between 1981 and 1996, grew up in families" that talked openly about finances. More than half of Gen Z respondents (55 percent) also said money was discussed freely in their family. That contrasts with "parents of the Ward and June Cleaver era," when money talk at the dinner table was widely considered taboo. "Only 41% of Baby Boomers recalled talking to their parents about finance." It’s probable "that Boomers championed the cause of teaching finance to their Millennial children precisely because their parents taught them so little about money."
This article was first published in the latest issue of The Week magazine. If you want to read more like it, you can try six risk-free issues of the magazine here.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Today's political cartoons - November 2, 2024
Cartoons Saturday's cartoons - anti-fascism, early voter turnout, and more
By The Week US Published
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
The World Bank and the IMF: still fit for purpose?
In the Spotlight Washington meeting has renewed focus on whether 80-year-old Bretton Woods 'twin' institutions are able to tackle the challenges of the future
By The Week UK Published
-
Post Office: still-troubled horizons
Talking Point Sub-postmasters continue to report issues with Horizon IT system behind 'one of the worst miscarriages of justice in British legal history'
By The Week UK Published
-
The UK's national debt: a terrifying warning
Talking Points OBR's 'grim' report on Britain's fiscal outlook warns of skyrocketing spending, but 'projection' is not a 'forecast'
By The Week Published
-
The rise of the world's first trillionaire
in depth When will it happen, and who will it be?
By Justin Klawans, The Week US Published
-
Can Starbucks' new CEO revive the company?
Today's Big Question Brian Niccol has been the CEO of Chipotle since 2018 but is now moving to the coffee chain
By Justin Klawans, The Week US Published
-
Is the Fed ready to start cutting interest rates?
Today's Big Question Recession fears and a presidential election affect the calculation
By Joel Mathis, The Week US Published
-
Copper coins: are they doomed?
Talking Point Treasury says no new 1ps and 2ps needed due to declining use – but would we really miss them?
By The Week UK Published
-
The precipitous fall of the Japanese yen
Under the Radar The Yen recently below 160 to the dollar, its lowest value in more than 30 years
By Justin Klawans, The Week US Published