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A recent AARP poll shows voters ages 50 and up are divided in their support for who takes the Oval Office in November.
Here’s what a push to put Vice President Kamala Harris at the top of the ticket could mean for those voters.

U.S. President Joe Biden and U.S. Vice President Kamala Harris walk to the East room to welcome the 2023 WNBA champion Las Vegas Aces during a celebration at the White House in Washington, U.S., May 9, 2024. 
Craig Hudson | Reuters

Last Wednesday, a group of “Boomers for Biden-Harris” threw a virtual party that was attended by about 400 participants across the U.S.
This week, the names on the Democratic presidential ticket are poised to change now that President Joe Biden announced he has dropped out of his reelection campaign and endorsed Vice President Kamala Harris for president.

“Seniors loved President Biden,” said Laurie Plotnick, 76, a retiree and president of the Florida Democratic Senior Caucus who attended last week’s event.
“He made our lives so much better,” said Plotnick, citing Biden’s work to curb Medicare prescription drug costs and efforts to increase Social Security benefits and cap rents.
“We were very supportive of him staying in the race, if that is what he wanted to do,” Plotnick said.

Biden on Sunday announced in a letter posted on the social media platform X that he plans to “stand down and focus solely on fulfilling my duties as President for the remainder of my term.”
The decision came amid growing momentum in the Democratic party calling for him to call off his reelection efforts. Now, some Republicans, including House Speaker Mike Johnson, R-La., are demanding that he resign from the presidency as well.

“If the Republicans continue to say that President Biden should leave now, [they] will be insulting every person over 60 in the entire country,” Plotnick said.
Biden, 81, is the oldest American president. Former President Donald Trump, 78, is also among the oldest world leaders.
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Age has become a focal point in the presidential race, and not just because of the candidates’ advanced ages. Debate over whether to raise the retirement age took center stage in the runup to the Republican presidential nomination, with former candidate Nikki Haley suggesting raising the age for workers who are currently in their 20s while also limiting wealthy Americans’ access to Social Security and Medicare.
A recent AARP poll found voters ages 50 and over will help determine who wins in November, based on responses from likely voters in the 44 most competitive congressional districts. Yet their support is divided, with voters ages 50 to 64 leaning Republican by a 13-point margin and voters 65 and over favoring Democrats by five points.
A majority of all respondents — 80% — said Social Security will either be an extremely or very important issue that influences how they vote.
The next presidential administration may be poised to influence Social Security and Medicare policy, as both programs have trust funds that are nearing their depletion dates. While benefits will still be available, they may be reduced, if Congress does not act sooner.

Both Biden and Trump have promised not to touch benefits. But Trump has also talked about cutting entitlements, including in a March CNBC interview, which has prompted senior advocacy groups to endorse Biden.
The National Committee to Preserve Social Security and Medicare endorsed President Joe Biden for the 2024 race in June, in only the second time it has made such an endorsement in its history after it also endorsed Biden in 2020.
As of press time, the National Committee had not weighed in on the prospect of Harris as a frontrunner for Democratic nominee.
Social Security Works, which also endorsed Biden, is now endorsing Harris, according to Nancy Altman, the organization’s president.
“I think she’s going to be even better,” Altman said of Harris’ policies for seniors.
As senator, Harris was a co-sponsor of the Social Security Expansion Act, which calls for expanding benefits while raising taxes on the wealthy. As part of the Biden administration, she has helped to lower Medicare prescription drug costs. More

Nurphoto | Nurphoto | Getty Images

Spot ether exchange traded funds are set to begin trading on Tuesday. Crypto enthusiasts are hopeful it will broaden the investor base for Ethereum, a blockchain technology many argue has a far wider use case than bitcoin. 
These ETFs will invest directly in ether, which is the cryptocurrency used in the Ethereum network. There are already ether ETFs that track futures contracts, but these are the first to track spot ether.
Spot ether ETF applications

Grayscale Ethereum Mini Trust (ETH)Grayscale Ethereum Trust (ETHE)Bitwise Ethereum (ETHW)VanEck Ethereum (ETHV)          21Shares Core Ethereum (CETH) Invesco Galaxy Ethereum (QETH)Fidelity Ethereum (FETH)                                             Franklin Ethereum (EZET) iShares Ethereum Trust (ETHA)
Like the spot bitcoin ETFs that launched in January, most are waiving fees initially — in many cases for up to a year.  

Bitcoin ETF have been a hit. Will ether ETFs be the same?

By the standards of ETF launches, spot bitcoin ETFs have been a success: They recently topped $17 billion in net flows year to date since their debut.
For a new asset class, that is a big hit.
However, at $1.3 trillion in total assets, bitcoin has about three times the value of ether, which has about $414 billion in assets. That may limit the initial appeal of ether ETFs.

Bitcoin prices rose going into the launch of spot bitcoin ETFs. Ether has been a bit spottier: It is up 50% in 2024, but most of the gain came in the first three months of the year.
Still, for Ethereum enthusiasts, the primary value of a spot ether ETF is that it’s a perfect vehicle to educate the public about the use cases for Ethereum, which are far greater than anything bitcoin has to offer.
Ben Johnson, Morningstar’s head of client solutions and an ETF research veteran, noted that while bitcoin is often advertised as digital gold, “Ethereum is more like picks and shovels.”
“The case for the former is that it is finite and could be a store of value, the latter is not finite and being used to build some real-world applications,” he said. 

What the Ethereum platform does

Many investors have never been impressed with bitcoin, primarily because the use case seems limited: It is purely a digital currency. But the Ethereum platform is different. 
Bitcoin and Ethereum both utilize blockchain, which is a decentralized, immutable ledger to record transaction histories, but they have very different purposes. 
Bitcoin uses the blockchain as a digital currency. Ethereum utilizes digital money just like bitcoin, but its blockchain has broader purposes. (Ether is the cryptocurrency used in the Ethereum network, but in practice the terms Ethereum and ether are often used interchangeably.) 
Ethereum is a platform for building smart contracts, which are self-executing programs that enforce a pre-existing contract or agreement. It can be as simple as “If I do this, you do that.” The key is that they execute automatically, are done on the blockchain (the Ethereum network) and produce the same result each time they are executed. They also have a wide variety of applications.
The most common use is for decentralized finance, or “DeFi.” This is just a fancy term for using financial services on the blockchain. In theory, you could perform almost any banking services: Users can send, lend or borrow money, open a savings account, trade stocks or derivatives or other cryptocurrencies, get insurance. Theoretically, you could also do real estate transactions. Users can perform these functions using software called “decentralized apps.”
The use case goes beyond financial services. Users can play games. Corporations could use it for tracking supply chains. It could even be used as a clearing platform to settle stock trades. 
Another application for Ethereum: stablecoins. These are cryptocurrencies whose value is pegged to another asset, usually the dollar. Because cryptocurrencies like bitcoin and ether are volatile, many DeFi applications rely on stablecoins for lending, borrowing and trading.
The promise is a transaction network that — in theory — could be a much cheaper and faster way to do business.

Does this open the floodgates for more crypto ETFs?

It’s not clear whether this latest development will open the floodgates for more crypto ETFs — or whether the U.S. Securities and Exchange Commission will find a way to stop the potential tidal wave.
Any applicant for other crypto ETFs would still need to show that the underlying market was not subject to manipulation, a crucial requirement for approval of these funds.
But a lot may depend on the political climate.
In the past, for commodities, the SEC has traditionally required a regulated futures market to trade alongside the asset. Right now, that only exists for bitcoin and ether, so it would take time to develop futures markets for other crypto products. 
“Under the current regime in Washington, that would not change,” Matt Hougan, chief investment officer of Bitwise told me. “But if you get a change of regimes in Washington, that could change.”
Regardless, expect a lot of trading. “These new ETH ETFs will likely trade a lot,” Johnson at Morningstar told me. “I’d guess that if and when options on these ETFs become available, this will all go into overdrive…. These ETFs effectively add a whole new wing to the crypto casino.” 

Is Ethereum essentially a tech play?

For the moment, selling Ethereum as a new transaction platform is the main game, and Ethereum enthusiasts have a potent argument: that the platform is a technology investment at heart.
“A lot of investors view bitcoin as digital gold, a store of value, whereas investors view Ethereum more as a technology play,” Hunter Horsley, CEO of Bitwise, said on CNBC TV last night.
Note: Jan van Eck, CEO of VanEck; Morningstar’s Ben Johnson; and David Mann, ETF product and capital markets at Franklin Templeton, will be on ETF Edge Tuesday, July 23 at 1:10 p.m., Eastern.  ETFEdge.cnbc.com. More

Trading is expected to begin as soon as Tuesday.
The ether exchange-traded funds come about six months after the launch of bitcoin ETFs, which saw some of the most successful debuts in the industry’s history.
BlackRock, Fidelity and Grayscale are among the firms slated to launch funds.

Representation of Ethereum, with its native cryptocurrency ether.
Dado Ruvic | Reuters

The U.S. Securities and Exchange Commission appears to have given the green light for exchange-traded funds that hold ether, the world’s second-largest cryptocurrency. Trading is expected to begin as soon as Tuesday.
Several fund issuers submitted additional registration statements Monday afternoon, and exchanges have given notice that the funds will trade on Tuesday, indicating that the SEC has signed off on the funds.

The regulator did not immediately respond to CNBC’s request for comment on Monday. It approved rule changes for exchanges to list ether funds in May.
Some of the companies that have been vying to launch ether funds include massive asset managers such as BlackRock, Fidelity and VanEck. Crypto-focused firms such as Bitwise, 21Shares and Grayscale — which is effectively converting its multibillion-dollar Ethereum Trust into two ETFs with different fee levels — are also jumping in.
The ether ETFs come about six months after the launch of bitcoin ETFs, which saw some of the most successful debuts in the industry’s history. Combined, the funds have attracted more than $16 billion of net inflows, led by the iShares Bitcoin Trust (IBIT), according to FactSet.
The ether funds are not expected to be as popular as the bitcoin funds, in part because the total market for ether is roughly one-fourth the size of the leading cryptocurrencies.
Still, the funds are expected to be large by the standards of most ETF launches. Bitwise Chief Investment Officer Matt Hougan has predicted the funds will attract $15 billion over their first year and a half on the market, with many investors holding both bitcoin and ether funds.

“If you think about an investor who doesn’t have a specific view — who just wants exposure to what blockchains can do — their starting point would be to have exposure to both bitcoin and eth,” Hougan said.
There are some funds on the market already that use ether futures contracts, but these new funds will be the first in the U.S. to buy and hold spot ether.

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With Kamala Harris as the front-runner to replace President Joe Biden as the Democratic nominee in the 2024 election, here’s what to know about where she stands on key money issues.
Harris has supported legislation and advocated for policies regarding retirement, taxes, workers’ compensation and more.

US Vice President Kamala Harris speaks at a moderated conversation with former Trump administration national security official Olivia Troye and former Republican voter Amanda Stratton on July 17, 2024 in Kalamazoo, Michigan.
Chris Dumond | Getty Images News | Getty Images

Taxes

With trillions in tax breaks expiring after 2025, taxes and the federal budget deficit will be key issues for Harris to address as part of her platform, experts say. 

Without action from Congress, dozens of provisions from the Tax Cuts and Jobs Act, or TCJA, will sunset, including lower federal income brackets, a bigger standard deduction and a more generous child tax credit, among other changes. That could mean higher taxes for more than 60% of filers, according to the Tax Foundation.
Broadly speaking, it seems like Harris would be “largely on board” with most, if not all, of what Biden and his administration have been promoting, “especially in the big picture,” said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation. 
Biden has called for higher taxes on wealthy Americans and corporations.
One big question is whether Harris will stick with Biden’s pledge not to raise taxes on those making less than $400,000, Watson said.

Last week, Harris also touted the administration’s child tax credit expansion during the pandemic at a political event in North Carolina, which has been a priority for Biden and the Democrats.
However, Harris voiced some distinctions from Biden before becoming vice president, Watson noted.
During her 2020 presidential campaign, Harris called for a repeal of the TCJA’s corporate tax rate, which dropped the top levy from 35% to 21%. Her repeal would have reverted the top rate back to 35%. By comparison, Biden has called for raising the corporate rate to 28% in 2024.
— Kate Dore

Health care

During Harris’s 2020 presidential bid, she backed a “Medicare for All” plan to expand health-care access and lower consumer costs. She described health care as a “right,” not a “privilege.”
Under that proposal, all Americans would transition to a Medicare health plan — either public or offered by a private insurer — over a 10-year period.
If chosen as the nominee, Harris is unlikely to push that plan in the current presidential contest, said Drew Altman, president and chief executive of KFF, a nonprofit health policy research organization. That’s because Democrats seem to have coalesced around Biden’s “kitchen table” proposals to reduce health costs, he said.
For example, in 2022, Biden signed the Inflation Reduction Act, which extended enhanced Affordable Care Act subsidies, making ACA health plans more affordable for millions of households; those subsidies last through 2025. It also capped insulin co-pays at $35 a month for Medicare beneficiaries.
Harris would likely seek expansions of health coverage under the ACA and Medicaid, Altman said. She’d likely try to expand negotiations over prescription-drug prices, which currently apply only to Medicare beneficiaries and some medications, he said.

Additionally, abortion is likely to be “the defining issue” of the 2024 election, according to Fatima Goss Graves, president of the National Women’s Law Center Action Fund. Harris is among Democrats’ “strongest, most effective voices” relative to protecting abortion access, she said.
Abortion is an economic issue, Altman said.
Women must generally weigh affordability and career advancement when choosing to have children, he said. Women in states that have enacted abortion bans — following the Supreme Court’s 2022 decision to overturn Roe v. Wade — have missed work and paid to travel out of state for the procedure.
— Greg Iacurci

Student loans

Harris has helped promote Biden’s historic policies to forgive the debt of student loan borrowers, and would likely continue the president’s efforts, experts said.
However, as a candidate in the 2020 race, Harris put forward a debt relief program that was criticized for being overly complicated and narrow. To be eligible, borrowers needed to receive a Pell Grant and open a business in a disadvantaged community, among other requirements.
In contrast, Biden has favored more broad debt cancellation, advancing plans that would reduce or eliminate the balances of tens of millions of Americans.
A White House spokesperson recently told CNBC that Harris is proud of her and Biden’s work to forgive $167 billion in student debt for nearly 5 million Americans so far. The vice president plans to bring more relief to borrowers, he said.
Current U.S. Department of Education Secretary Miguel Cardona wrote that he was “All in!” for Harris in a post on X Sunday evening.

KALAMAZOO, Michigan – JULY 17: US Vice President Kamala Harris makes remarks before a moderated conversation with former Trump administration national security official Olivia Troye and former Republican voter Amanda Stratton on July 17, 2024 in Kalamazoo, Michigan. Harris’ visit, following the attempted assassination of former President Trump, makes this her fourth trip to Michigan this year and seventh visit since taking office. (Photo by Chris duMond/Getty Images)
Chris Dumond | Getty Images News | Getty Images

Harris has also taken on predatory schools and fought for relief for borrowers.
As the attorney general in California, Harris investigated and sued Corinthian Colleges, and obtained a $1.1 billion judgment against the now-defunct for-profit conglomerate. The U.S. Department of Educated ended up looking into the schools, and in 2022 forgave $5.8 billion in student debt for 560,000 former Corinthian students.
— Annie Nova

Income inequality

Before becoming vice president, one of Harris’ signature proposals — known as the Lift the Middle Class Act — would have provided an annual tax credit of up to $6,000 for lower- and middle-income workers, on top of the benefits they already receive, to help close the wealth gap. Harris proposed repealing the Trump tax cuts to pay for it.
Since then, the cost of living has only skyrocketed, hitting working-class Americans especially hard, said Laura Veldkamp, a professor of finance and economics at Columbia University Business School.
In that context, “there’s a good rationale” for refloating a tax credit for those making under a certain income threshold, Veldkamp said.
— Jessica Dickler

Housing

Harris has been a proponent for affordable housing policies both during her tenure as vice president and as senator.
“Every American deserves affordable housing,” Harris posted on X on July 16, referring to the Biden administration’s call to cap rent increases by 5% on landlords with 50 or more rental units or risk losing federal tax breaks.

More recently, Harris announced the recipients of a $85 million grant under the Pathways to Removing Obstacles for Housing, a first-of-its-kind project that aims to lower housing and rental costs for families.
Harris in May also declared a budget of $5.5 billion to boost affordable housing, invest in economic growth, build wealth and address homelessness in the U.S. through the U.S. Department of Housing and Urban Development, or HUD. The funds will be allocated to six different HUD programs.
— Ana Teresa Solá

Social Security

Equal pay

Harris has taken aim at the gender pay gap with a plan to eliminate discriminatory pay practices and penalize companies that don’t comply.
Under a plan she unveiled in 2019, companies with 100 or more employees would be required to report pay and total compensation for men and women, as well as the percentage of women in leadership positions to obtain an “Equal Pay Certification.” Businesses without that certification would be fined at 1% of their average daily profits during the last fiscal year.

Women earn just 84 cents for every dollar earned by men, according to an analysis of U.S. Census Bureau data by the National Women’s Law Center, although the pay gap worsens significantly for Black and Latina women.
Revisiting the effort to require companies to disclose pay data could help, said Columbia University’s Veldkamp.
“Various forces lead to inequalities and making them run the numbers may bring to light problems they may want to remedy,” she said.
— Jessica Dickler

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With President Joe Biden out of the election, experts are watching for tax policy from Vice President Kamala Harris, the frontrunner for the Democratic nomination.
While Harris has yet to outline her economic agenda, voters could see similar themes to Biden’s proposals, which have called for higher taxes on the wealthy and corporations.
However, questions remain about whether Harris’ platform could be similar to her 2020 campaign.

U.S. Vice President Kamala Harris speaks during a campaign event at Westover High School in Fayetteville, North Carolina, on July 18, 2024.
Allison Joyce | Afp | Getty Images

With President Joe Biden officially out of the election, experts are watching for tax policy from Vice President Kamala Harris, the frontrunner for the Democratic nomination.
While Harris has yet to outline her economic agenda, voters could see similar themes to Biden’s proposals, which have called for higher taxes on the wealthy and corporations, experts say.

Ahead of the 2020 presidential election, Harris shared many of Biden’s priorities but voiced distinct proposals before her campaign ended in December 2019.
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Broadly speaking, it seems like Harris would be “largely on board” with most, if not all, of what Biden has been pushing, “especially in the big picture,” said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation. 
If Harris becomes the Democratic nominee and leverages the Biden campaign’s infrastructure and staff, it could limit her ability “to go in a way different direction,” he said. 
The Harris campaign did not immediately respond to CNBC’s request for comment.

Here’s what to watch from Harris when it comes to tax issues, according to policy experts.

Expiring Trump tax cuts and Biden’s pledge

Trump wants to fully extend expiring TCJA provisions, including deeper cuts to corporate taxes. Meanwhile, Biden wants to renew tax breaks only for those making less than $400,000. 
One big question is whether Harris will adopt Biden’s pledge not to raise taxes on anyone making less than $400,000, said Andrew Lautz, associate director for the Bipartisan Policy Center’s economic policy program.    
“That’s a big one with significant consequences,” for future Democratic tax proposals and TCJA negotiations, he said.

Focus on the child tax credit

During the 2020 campaign, one of Harris’ key proposals was the LIFT the Middle Class Act, which would have offered a refundable tax credit worth up to $3,000 for single filers and $6,000 for married couples filing jointly.
However, Biden and Democrats have been focused on the child tax credit, with an expansion passed in the House in February. That could be another priority for Harris this election, Watson said.
“Whereas the last administration gave tax cuts to billionaires, we gave tax cuts to families through the child tax credit, which cut child poverty in America by half,” Harris said at a political event in North Carolina last week, before Biden left the race.

The American Rescue Plan boosted the maximum tax break to $3,000 or $3,600 per child, up from $2,000, and sent monthly payments to families. As a result, the child poverty rate fell to a historic low of 5.2% in 2021, largely due to the expansion, a Columbia University analysis found.
After pandemic relief expired, childhood poverty more than doubled in 2022, jumping to 12.4%, according to the U.S. Census Bureau.  More

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024. 
David A. Grogan

Berkshire Hathaway trimmed its gigantic Bank of America holding for the first time in four and a half years following the bank’s strong 2024 run.
Warren Buffett’s conglomerate sold 33.9 million shares of Bank of America shares for almost $1.5 billion in separate sales on Wednesday, Thursday, and Friday at an average selling price of $43.56, a regulatory filing showed.

It marked the first time since the fourth quarter of 2019 that the Omaha-based conglomerate has reduced the stake. Still, Bank of America remains Berkshire’s second largest equity position after Apple, holding 999 million shares with a market value of almost $43 billion. Meanwhile, Berkshire is still Bank of America’s largest shareholder with a 10.8% stake.
Berkshire could be taking some profits as Bank of America has rallied 27.4% so far this year to its highest levels since March 2022. In the first quarter, Buffett trimmed Berkshire’s Apple holding by 13% for tax reasons following sizable gains.

Stock chart icon

Bank of America

Shares of Bank of America dipped about 1% in premarket trading Monday following the news.
Bathtub idea
The Oracle of Omaha’s purchase of Bank of America has become one of the most endearing Wall Street tales. In 2011, the legendary investor bought $5 billion worth of the bank’s preferred stock and warrants to shore up confidence in the lender as it grappled with losses related to subprime mortgages in the aftermath of the financial crisis.
Buffett later revealed that he got the idea while taking a bath in his tub.

“Incidentally, that BofA purchase, it literally was true that I was sitting in the bathtub when I got the idea of checking with … BofA, whether they’d be interested in that preferred,” he said at Berkshire’s annual meeting in 2017, when he first converted the warrants and added the bank stock to his portfolio.
The 93-year-old investor said he was attracted to CEO Brian Moynihan’s leadership and the profit-generating abilities of the franchise.
Moynihan later recalled that Buffett initially tried to reach him through Bank of America’s public phone line, but got rejected by the call center. Despite the snafu, the deal still came together within hours, he said. More

Gen Xers are nearing ages where it becomes easier to access penalty-free withdrawals from retirement accounts.
But while it can be reassuring to know those funds may provide a safety net, that money should only be used as a last resort, one expert says.

Fg Trade | E+ | Getty Images

Gen Xers are starting to reach age milestones that give them penalty-free access to certain retirement funds.
The eldest members of that generation will be turning 59 this year. And once they reach a certain milestone — age 59½ — they can withdraw money from their individual retirement accounts, or IRAs, and 401(k)s penalty free.

Penalty-free withdrawals are also available to 401(k) participants who are age 55 or older and who lose or leave a job (or age 50 for certain public employees). That so-called Rule of 55 only applies to the account with the employer you’re leaving; plans from former workplaces don’t qualify.
Beyond those age guidelines, there are other exceptions that may enable savers to avoid penalties for early retirement withdrawals.
Yet even without a penalty, dipping into retirement funds as soon as you’re able to can be a “bad move,” according to Ed Slott, a certified public accountant and founder of Ed Slott and Co.
“It should be a last resort,” Slott said. “That’s the most expensive place to get money when you need it, because you pay tax on that money.”

While traditional IRA owners are typically subject to levies on their withdrawals, Roth IRA owners may be able to avoid a tax bill, so long as their account has been open for at least five years.

But retirement savers should be especially hesitant of tapping their Roth IRAs, because they’re growing, compounding and building income tax free, Slott said.
“Don’t touch the Roth,” Slott said. “Tax-free money grows and snowballs the fastest because it’s not eroded by current or future taxes.”
Gen Xers who are planning for retirement face more stressors than their parents’ generation, particularly a higher cost of living and the responsibility for caring for both their children and parents, according to Rita Assaf, vice president of retirement products at Fidelity.
Recent Fidelity research found 1 in 10 Gen Xers have yet to identify when they plan to retire.
To get more certainty, having a plan can help, Assaf noted.

Tap non-retirement accounts first if possible

Savers who have access to non-retirement funds may want to consider dipping into that money instead, according to Assaf.
“You can take advantage of longer tax benefits if you keep it in your IRAs longer,” Assaf said.
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Savers who are tempted to withdraw from IRAs may get themselves into a bind when it comes to their tax bills, Slott said, citing one couple who took a $20,000 IRA withdrawal to pay for their wedding even after he cautioned them against it.
The couple spent the full $20,000 on the wedding. When that prompted a tax bill of around $2,000 to $3,000, they withdrew even more. That marked the beginning of a habit of withdrawals that lasted for years, Slott said.
“They got into the cycle of taxation that wiped out their retirement savings,” Slott said.

Add money through catch-up contributions

For younger Gen Xers, age 50 marks another milestone, when they can start making catch-up contributions to retirement accounts.
In 2024, retirement savers 50 and over can put away an additional $7,500 in their 401(k)s, for a total of $30,500, and $1,000 more toward their IRAs, for up to $8,000.
Catch-up contributions are a valuable opportunity for workers in their 50s and 60s, who are often in their highest earning years, Slott said.

Consider Roth conversions

Gen Xers who are invested in traditional IRAs and workplace retirement plans have another age milestone to look forward to — age 73 — when they must start taking required minimum distributions.
Roth IRAs do not require withdrawals until after the account owner dies.
To clear the way for tax-free withdrawals in retirement, retirement savers may opt to gradually convert pre-tax IRA funds to post-tax Roth accounts.

While that will require paying taxes on Roth conversions now, it makes it so retirees have less of a tax hit on their income later, Assaf said.
“We kind of call it that RMD balloon, and you’re letting a little bit of air out by doing some of these conversions,” Assaf said.
Eligible retirees may opt to do qualified charitable distributions by donating money from their traditional IRAs tax-free to charity rather than taking a required minimum distribution. More

Although the economy is doing well, Americans are listening to “recession pop” again.
“The era of the Katy Perry banger” may be providing some much-needed escapism for young adults struggling to get by, a forensic musicologist says.
“We’re feeling very, very negative about the state of our own finances … but this music offers a glimmer of fun,” says Casey Lewis, a social media trend expert.

Taylor Swift performs during “Taylor Swift | The Eras Tour” at the National Stadium on March 02, 2024 in Singapore. 
Ashok Kumar | Getty Images Entertainment | Getty Images

In good times and in bad, pop music reflects the world around us.
Although now that times are seemingly good — data shows the economy is expanding and unemployment is low — recent hits paint a different picture.

On Taylor Swift’s latest double album, “The Tortured Poets Department,” one line in her song “I Can Do It With a Broken Heart” deeply resonated with listeners: “I cry a lot, but I am so productive, it’s an art.”
Beyoncé, who has referenced worker burnout before, also tapped into the recent malaise in her “Cowboy Carter” album: “Hardworkin’ men ain’t got no money in the bank,” she sings in “Ya Ya.”
Even 2024’s viral TikTok hit, “I’m looking for a man in finance,” captures some of the feelings of frustration and financial vulnerability that are increasingly widespread.
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Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing.

We’re in a “vibecession,” experts say. On TikTok, some have gone a step further, even summing up the current mood as a “silent depression.”
If popular music is any guide, there has been a return to the songs of about 16 years ago that became known as “recession pop.”
“We’re feeling very, very negative about the state of our own finances … but this music offers a glimmer of fun,” says Casey Lewis, a social media trend expert and founder of trend newsletter After School.

What is recession pop?

Recession pop largely refers to the body of music that emerged during the Great Recession, which started in late 2007 and lasted for 18 months.
The recession pop trend is a “curatorial act,” said Charlie Harding, co-author of “Switched On Pop: How Popular Music Works and Why it Matters” and music adjunct professor at New York University Steinhardt School of Culture, Education and Human Development.
“It’s a trend of people trying to make sense of a thing that happened to us that was senseless,” said Harding. “There was a bunch of songs that became the soundtrack of that era.”
Contrary to the country’s economic standing at the time, Joe Bennett, a professor at Berklee College of Music and forensic musicologist specializing in the analysis of popular music and songwriting, refers to this period as “the era of the Katy Perry banger.”
“I think about the 2008 recession and the music that was taking over the radio waves at that point. It’s a lot of Katy Perry, and a lot of hyper, very fast music,” said Lewis. “It’s very dance pop.”

Recording artist Katy Perry performs onstage during the Pepsi Super Bowl XLIX Halftime Show at University of Phoenix Stadium, now known as State Farm Stadium, in Glendale, Arizona, on Feb. 1, 2015.
Kevin Mazur | WireImage | Getty Images

The songs that dominated the charts — also including The Black Eyed Pea’s “I Gotta Feeling” and Kesha’s “Tik Tok” — were “party anthems,” Bennett said. “It was all about dancing and having a good time, in contrast to the actual economic circumstances.”
“They were feel-good songs to get us out of a difficult time and they were the medicine we needed,” Bennett said.
Since the Great Depression in the 1930s, consumers have shown a preference for happier songs during periods of economic uncertainty, according to Diane Negra, professor of film studies and screen culture at University College Dublin.
“There’s that cliché that music is faster and more upbeat and consoling in difficult times,” she said.
Music can mimic and respond to major trends, and a great example is the 1980s, according to Harding. The period of high inflation and economic downturn was also a time when subgenres like house and techno emerged.
“The thing about the Great Recession and larger economic shifts is that they do potentially touch all people, but they don’t touch people equally,” said Harding, who mentioned the development of hip hop and country, in addition to other genres that speak to economic woes experienced by different groups.

Why is recession pop having a renaissance?

Now, Americans are returning to those escapist hits from over a decade ago. In a July 19 Google Trends email, analysts noted that searches for the term “recession pop” had reached an all-time high, with Katy Perry and Charli XCX as the top trending related artists.
Search interest in Katy Perry first spiked in 2008, during the last U.S. recession, Google noted.
But today’s economy is much different than those days. The Dow Jones Industrial Average is hitting record levels. Americans’ consumer confidence has only just started to slow after years of contending with sticky inflation. And the unemployment rate has spent 30 months at or below 4% — a near record.
However, regardless of the country’s economic standing, Americans are feeling the pain of higher prices, with various reports showing many have exhausted their savings and are now leaning on credit cards to make ends meet.
“There’s a bit of a disconnect between how the economy is actually doing and how young people feel financially,” Lewis said. “It hurts to see an economist say, ‘Actually, things are better than ever.’ That tension has given way to recession pop.”

Several reports show financial well-being is deteriorating and young adults, especially, are struggling.
“You have a particularly fraught relationship to capitalism right now,” Negra said. “Power and resources are hoarded in older generations and the way younger people are avoiding financially calamity is by being dependent on their parents.”
More than half — 52% — of Generation Z between the ages of 18 and 27 said they don’t make enough money to live the life they want, according to a recent report from Bank of America. And nearly as many rely on financial assistance from their family, most notably for food and rent.
“The resurgence of recession pop that we’re seeing right now, it reflects young people specifically, their societal struggles, their distrust of corporations and the sort of economy that they’ve inherited in many ways,” said Lewis.

The present political and economic terrain motivates various kinds of escapism.

Diane Negra
professor of film studies and screen culture at University College Dublin

In the years since the Covid pandemic, homeownership has been one of the greatest tools of wealth creation — and those who have been priced out of the housing market have disproportionately struggled to achieve the same level of financial security, according to Brett House, economics professor at Columbia Business School.
“That is a massive challenge for wealth accumulation among Gen Z,” he recently told CNBC, and one which shows no signs of improvement.
Housing prices — and mortgage rates — have remained stubbornly high even as inflation in the broader economy has cooled significantly from peak levels. There is a low supply of houses for sale and far fewer affordable starter homes.
Today’s newly minted adults are “wanting to feel or create the conditions of crisis when the society is saying there is no crisis,” Negra said.
Hence, the recession pop revival.
“The present political and economic terrain motivates various kinds of escapism, and recession pop is one form of that,” Negra said.

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