For Gen Z, money is not a taboo topic

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.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

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.

Sign up

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.