There is one very simple strategy that can help your funds grow, yet many people fail to do this. Read on to make sure you are taking advantage of the easiest way to make your funds grow.
Americans Need to Increase Their Savings for Retirement
Americans now anticipate needing $1.25 million to fund their retirement. The retirement age has increased from 62 in 2021 to 64 this year. A recent analysis suggests that businesses should emphasize their employees’ financial wellness by providing tools and services that make it simpler to accumulate money.
Wondering about that Lousy Interest Rate on Your Savings Account?
For over a decade, savers have been earning little or nothing on their deposits due to low-interest rates. Increasing interest rates should have changed that. So far this year, the Fed has lifted rates by 225 basis points, or 2.25 percentage points. Borrowers’ financing costs have risen as a result, but savers have yet to reap the same benefits.