Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
The e-mail's optimistic tone helped Tesla shares turn positive for the first time in seven days.Technologyread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
Prosecutors allege Stephen Calk, former president of Chicago-based Federal Savings Bank, loaned former Trump campaign chair Paul Manafort as much as $16 million in exchange...Politicsread more
At McDonald's annual shareholder meeting Thursday, executives said that the company is still monitoring plant-based meat substitutes.Restaurantsread more
Oil prices tumble as the market braces for a prolonged U.S.-China trade war and on signs the U.S. is willing to negotiate with Iran.Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Even wealthier Americans are struggling to save enough for retirement, according to a new survey.
The report, released Thursday by SunTrust, found that even among households with incomes of $75,000 or more, roughly a third live paycheck to paycheck at least some of the time, and one-fourth of those with incomes of $100,000 or more do the same. (Tweet This)
According to Census Bureau data, less than a third of households across the country earn $75,000 or more a year, though median incomes are higher in some areas than others.
A third of respondents said a lack of financial discipline at least sometimes holds them back from achieving their goals. But older respondents were significantly more likely than the younger cohort to say they were not saving enough for retirement, or were not sure if they were. To some extent, that may reflect lifestyle habits more than financial struggles. Respondents cited spending on things like entertainment, clothing and dining out as affecting their ability to save.
Pamela Sandy, CEO and founder of Confiance, a financial advisory firm, points to other causes as well. Her clients are contending with such things as student loans, the cost of child care and the need to help family members. "Do I think people are just out there being frivolous? It is damn expensive to live in the country today, and it's damn expensive to raise kids, and that's just the bottom line," she said.
There is also the matter of financial smarts. A survey released Thursday by Guardian Life Insurance found that 401(k) plan participants have a low understanding of financial concepts and practices, which the company said "likely contributes to lower plan engagement and less successful retirement outcomes."
The Guardian survey also found that saving for retirement is low even among those nearing that life stage, with the average 401(k) plan participant over age 50 contributing $9,100 per year. (Tweet This) And only half of all the survey respondents are confident they will reach the level of retirement income they are targeting.
Sandy said low savings rates are to be expected. "We don't really have a problem with savings vehicles," she said. "We have a problem that people don't have the money to save."