Author: Money Mechanics

To house the hundreds or thousands of temporary workers needed to build an AI data center, developers are increasingly relying on temporary villages known as man camps. This style of camp was popularized as housing for men working in remote oil fields. For example, as a Bitcoin mining facility in rural Dickens County, Texas is converted into a 1.6 gigawatt data center, Bloomberg reports its workers are living in gray housing units with access to a gym, a laundromat, game rooms, and a cafeteria that grills steaks on-demand. A company called Target Hospitality has signed multiple contracts worth a total…

(World Oil) – The International Energy Agency said it sees no need yet to release emergency oil stockpiles amid the Middle East crisis, as global oil supplies are plentiful and the impact appears likely to be temporary. “All options are on the table, but there are no plans for a collective action at this stage,” IEA Executive Director Fatih Birol told reporters in Brussels on Friday. “There is plenty of oil in the market,” even amounting to a “huge surplus.” The conflict in the Middle East — sparked with U.S. and Israeli strikes on Iran on Feb. 28 — has…

Key Takeaways Charlie Munger argued that enduring an occasional 50% drop is crucial for any investor seeking substantial long-term gains.Market leaders such as Berkshire Hathaway, Amazon, and Apple have all had major drawdowns but recovered by staying focused on their fundamentals.Avoiding risk can result in lower returns that fail to keep pace with inflation. Get personalized, AI-powered answers built on 27+ years of trusted expertise. Charlie Munger, the former Berkshire Hathaway vice chair who died in 2023, argued that investors must be prepared for a brutal reality: If you can’t stomach a 50% decline in your portfolio, you’ll never achieve…

The statistics are disturbing: 80% of American homes that included aged adults couldn’t make their financial ends meet in 2024, according to the National Council on Aging (NCOA). Those who could felt they were at risk of no longer being able to do so as more years tick by. One of the NCOA’s suggestions to try to counter this doom involves taking full advantage of Social Security benefits. This can be a challenge, however, if you must continue to work or return to work to pay your bills. Key Takeaways You can keep working and collect Social Security retirement benefits,…

Key Takeaways On average, American workers say that they would need an additional $70,000 of household income each year to feel financially stable, according to a report by insurance company Aflac.Households earning under $50,000 per year would like an additional $48,834, on average, in annual income, while those earning over $100,000 would like an additional $86,518.Many workers report high levels of anxiety about health care costs, and almost half (44%) couldn’t cover a $1,000 health care expense out of pocket. Get personalized, AI-powered answers built on 27+ years of trusted expertise. Many Americans don’t feel financially secure. In some ways,…

(Image credit: Getty Images)One of retirement’s biggest psychological challenges is replacing a predictable paycheck with income drawn from investments that rise and fall.According to research from the Stanford Center on Longevity, retirees generally prefer predictable income to flexible lump sums.The usual answers for income certainty — such as bonds, CDs and annuities —come with tradeoffs. From just $107.88 $24.99 for Kiplinger Personal Finance Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues CLICK FOR FREE ISSUE Sign up for Kiplinger’s Free Newsletters Profit and prosper with the best of expert advice…

(Image credit: Getty Images)Annuities are a popular component of many retirement strategies, particularly with increasing U.S. life expectancy. But how safe are they?Annuities have come through for Americans for many years. They’re generally low-risk but not entirely risk-free. Risk depends on the type of annuity you choose and which issuing company you select.Can you lose money in an annuity?An annuity is a contract between an individual and an insurance company. You, the owner, can buy an annuity with either periodic payments or a lump sum. They come in two basic types: fixed and variable. From just $107.88 $24.99 for Kiplinger…

(Image credit: Getty Images)Question: At 54, we’re young grandparents. My wife wants to start a college fund for our grandson, but I think we have to focus on funding our retirement. We’ve already saved $1.8 million. Who is right?Answer: As of 2022, the most recent year for which data are available, the average retirement savings balance among 54-year-olds was about $313,000, per the Federal Reserve. If you’re 54 years old with $1.8 million saved for retirement, you’re clearly in a strong position compared to the typical person your age.Just because you’ve amassed a $1.8 million fortune by age 54 doesn’t…

Key Takeaways According to Federal Reserve data, just 57% of Americans in their mid-50s to mid-60s have a retirement account, a participation rate that is near a 30-year low.More recent data from Empower placed the median saved for 50-somethings at $253,454 and the median saved for 60-somethings at $186,902.Retirement readiness varies widely at this stage, shaped by housing wealth, access to workplace plans, and exposure to market swings. Get personalized, AI-powered answers built on 27+ years of trusted expertise. How Many Americans Ages 55–64 Have Any Retirement Savings at All The Federal Reserve’s Survey of Consumer Finances shows that 57%…

(Image credit: Getty Images)Many families with children consider having one parent stay home. Sometimes the decision is driven by lifestyle preferences, but rising child care costs are also pushing more families to rethink whether two incomes always make financial sense.The ability to live on a single income varies widely depending on where a family lives. Housing, taxes and everyday expenses differ significantly from state to state, which can make living on one income easier to manage in some places than others.In lower-cost states, a single salary may be enough to support a parent staying home with a child. In higher…