As traditional retirement options like pensions and workplace plans become less accessible for many, some Americans are exploring real estate, entrepreneurship and other nontraditional paths to build financial security in their later years.
Category: Financials
Posted inFinancials
The retirement gap: Why Black Americans face an uphill battle in saving for the future
Despite working for decades, many Black Americans reach retirement with significantly less savings than their White counterparts. A 2024 study finds that unequal access to employer-sponsored plans, lower wages and greater economic hardships have fueled this growing racial retirement gap.
Posted inFinancials
Avoiding online fraud: How to stay one step ahead
Phishing emails pose a major cyber threat, targeting businesses and individuals with deceptive messages to steal sensitive information. Timothy Smoot, executive vice president and chief financial officer, warns that scammers often impersonate trusted contacts to gain access. He stresses the importance of cybersecurity training, multi-factor authentication and vigilance in spotting red flags to prevent fraud and data breaches.
Posted inPolitics
Black Americans hit hard as medical debt rule tossed
A federal judge has blocked a Biden administration rule that would have removed medical debt from credit reports, a move that would have helped around 15 million Americans. The decision hits Black Americans hardest, as they are disproportionately burdened by medical
Posted inFinancials
Innovation in fraud: How scammers are targeting Americans in new and evolving ways
Money scams are becoming more sophisticated, with fraudsters targeting more consumers with cryptocurrency investment scams, fake online relationships and deceptive remote job postings. In 2024, Americans lost over $12.5 billion to fraud, with investment scams accounting for $5.7 billion of those losses.
Posted inFinancials
Detecting fraud before it’s too late: Clever Girl Finance founder talks red flags and warning signs
Credit card fraud is on the rise, with millions of Americans falling victim to unauthorized charges every year. Bola Sokunbi, founder of Clever Girl Finance, shares expert insights on how to spot and prevent fraud before it spirals out of control, offering practical advice to protect your financial information in an increasingly digital world.
Posted inFinancials
AARP’s Fraud Watch Network: Supporting older adults in the fight against scams
AARP’s Fraud Watch Network works to educate older adults about the risks of fraud, offering resources and emotional support to victims of scams. Kathy Stokes, director of fraud prevention programs for AARP, emphasized the importance of reframing the narrative around fraud, urging society to recognize that scams affect everyone, not just older adults.
Posted inBUSINESS
How Washington, D.C.’s unbanked population compares to the rest of the US
Despite a decline in unbanked Americans since 2019, millions—especially those in marginalized communities—still lack access to traditional banking due to barriers like minimum balance requirements, distrust and limited physical access.
Posted inFinancials
How to spot and avoid digital fraud
Financial solutions investment advisor Zakiyyah Muhammad warns that Cash App scams are becoming more prevalent, particularly targeting elderly retirees and young users. By understanding common fraud tactics and staying vigilant, individuals can better protect their finances and avoid falling victim to digital payment scams.
Posted inFinancials
How to spring clean your finances
Janet Currie is president of Bank of America, Greater Maryland. This week she offers advice on how to spring clean your finances—by reviewing subscriptions, updating your budget, rebuilding your emergency fund, optimizing credit card rewards, using digital coupons, and enjoying free local events to save while having fun.
Posted inFinancials
Breaking down the TikTok trend of ‘loud budgeting’
By Laura Onyeneho Social media is best known as a place where flaunting your latest purchase or sharing your vacation snaps is the norm. A new trend has emerged on TikTok that encourages the opposite: being loud about not spending. “Loud budgeting,” a money-saving technique, is all about putting your financial goals first and being […]
