Author: Money Mechanics

Only 14% of Gen Xers have access to a traditional pension, compared with 44% of baby boomers. Many Gen X workers also lacked tools now common in retirement plans — such as automatic enrollment and target-date funds. “Gen X is the first generation to shoulder full responsibility for their retirement. They became DIY financial planners by necessity, not by choice,” said Nick Lane, president of Equitable. “Now in the prime of their careers, with the oldest Gen Xers thinking seriously about how they will live the next 20 to 30 years in retirement, they face a new chapter — one…

Key Takeaways Shares of Carvana tumbled 20% on Wednesday after short-seller Gotham City Research accused the company’s largest shareholder of using his other companies to inflate the used-car seller’s profits and enrich himself. Gotham City’s report echoes accusations made by Hindenburg Research and Jim Chanos last year.Carvana stock rose 10,000% in the past three years thanks to the turnaround effort that short sellers say is a sham. A lengthy runup in the price of a used-car stock got stuck at a red light today. Shares of Carvana (CVNA) plummeted on Wednesday, recently falling 15%—they were earlier down even more—after short-seller…

Key Takeaways Elon Musk said Tesla would stop making the Model S sedan and Model X SUV later this year, freeing up factory space to make robots.The news for now means a smaller lineup of Tesla consumer vehicles—which Musk said was “part of our overall shift to an autonomous future.” Elon Musk wants investors to think of Tesla as more than a car company—and it looks like he means business. The Tesla (TSLA) CEO on Wednesday said the company would stop producing two of its EV models—the Model S sedan and the Model X small SUV—by the end of the…

(Oil Price) – UK-based supermajors Shell and BP are seeking U.S. licenses to develop gas fields that Trinidad and Tobago shares with Venezuela, the Caribbean island’s Energy Minister Roodal Moonilal said on Wednesday. BP and Shell have sought to develop two separate cross-border gas fields in Venezuelan and Trinidad and Tobago waters, but progress has been slow in recent years due to the frequent changes in U.S. policy toward allowing international firms to do business with Venezuela. In July 2024, BP, together with its partner, the National Gas Company of Trinidad and Tobago (NGC), was awarded an exploration and production license by Venezuela for the…

Key Takeaways Apple is slated to post its latest quarterly earnings after the market closes Thursday, with the iPhone maker expected to report record revenue.Options pricing suggests traders expect the stock could moving about 4% in either direction following the results. Apple is slated to report its fiscal first-quarter earnings after the closing bell Thursday, with traders anticipating a sizable move in the iPhone maker’s stock following the results. Based on current options pricing, traders expect Apple’s (AAPL) stock could move about 4% in either direction by the end of the week. A move of that size from Wednesday’s close…

Key Takeaways Intel shares soared Wednesday, amid a broader rally for chip and AI-exposed stocks.Nvidia and Apple are planning to shift some 2028 chip production to Intel, DigiTimes reported Wednesday, adding to fuel to earlier rumors they could become clients. Could Intel be closer to winning new chipmaking contracts from Nvidia and Apple? On a day when chip stocks were rising broadly, helped by strong orders and a rosy outlook from semiconductor-equipment maker ASML (ASML), Intel (INTC) shares were among the biggest gainers. The stock jumped 11% Wednesday as a report suggested the struggling chipmaker could be set to win…

Key Takeaways Owning a home is more affordable than renting in a majority of U.S. counties, according to a report from real estate analytics firm ATTOM.In most places, the costs of both homeownership and renting exceeded recommendations relative to wages. It’s cheaper to own a home than rent, but the high upfront costs of home ownership are keeping many potential buyers in rental properties, a new report showed. In 57% of counties analyzed by real estate data firm ATTOM, the cost of renting a three-bedroom property was higher than owning it. “The data shows that buying is typically the most…

(Image credit: Getty Images)For years, a “good” phone plan meant clear coverage, reliable data and a reasonable monthly bill. Today, that same plan often arrives wrapped in a long list of bonuses: free streaming subscriptions, international roaming, cloud storage, in-flight Wi-Fi and discounted phone upgrades (you name it).On paper, it can look like a great deal. But in reality, many people end up paying for features they barely notice once the novelty wears off.If you signed up for your current plan during a promotion or a new-phone deal, it may be worth stepping back and asking a simple question: Is…

TOPSHOT – An elderly couple dances at the cultural tourism center El Ateneo de Nicaragua in Managua on June 18, 2023. Founded in 1996, El Ateneo Club is a favorite place for people, mostly retirees, to gather on weekends and dance to the rhythm of old-time music. (Photo by STRINGER / AFP) (Photo by STRINGER/AFP via Getty Images)AFP via Getty ImagesOne of the keys to positive aging in post-retirement life is staying relevant and engaged. When we were working for organizations, professional development was an expectation. If we had technology issues, there was usually and IT department. Since I left…

Key Takeaways President Trump said that Nicki Minaj would donate hundreds of thousands of dollars to Trump Accounts for her fans’ children, with a New York Post report estimating the donation at $150,000 to $300,000. Trump Accounts were created by the One Big Beautiful Bill Act, and notable figures like Michael Dell and Ray Dalio have already announced large donations. President Donald Trump announced that rapper Nicki Minaj is pledging hundreds of thousands of dollars in donations to her fans’ Trump Accounts, a new type of investment account for children. “Nicki makes a lot of money, and she’s generously stepping…