| Volume 143 Number 40 |
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The People’s Lawyer’s Tip of the Day
Debt can be tricky – especially when you have more month than money. Here are some ideas about how you can manage your debts and start regaining your financial footing. Click here for more.
Coronavirus is negatively impacting 401(k) balances
The coronavirus stock market crash has taken a toll on the average 401(k) balance.
According to a new report from Fidelity Investments, the average 401(k) balance fell 19 percent to $91,400 in the first quarter of the year. The average individual retirement account balance sank 14 percent to $98,900. In the fourth quarter of 2019, the average 401(k) balance was $112,300 and the average IRA balance was $115,400.
Fidelity analysts said it was obvious that the dip was caused by the extreme market volatility caused by the coronavirus pandemic. Click here for more.
Your Money
It can be especially challenging to find a new job in your 50s and 60s. The unemployment rate for older workers is lower than that of younger workers, but once out of work, older workers seem to have greater difficulties landing a new position. The average duration of unemployment for job seekers ages 55 to 64 was 20.9 weeks in March 2020, compared with an average of 17.5 weeks of unemployment among all workers, according to an AARP Public Policy Institute analysis of Bureau of Labor Statistics data. Here are some strategies to find a new job after age 50. Click here for more.
For the Lawyers
The current pandemic has created special problems for consumers and the attorneys who represent them. The National Association of Consumer Advocates has put together very useful list of resources, available at the COVID-19 resource page. Click here for more.