Debt levels among average 65-year-olds are rising, according to the Federal Reserve Bank of New York. Its data show that the average 65-year-old borrower has 47% more mortgage debt and 29% more auto debt than the average 65-year-old had in 2003, after adjusting for inflation. Overall, debt in the hands of Americans ages 50 to 80 has increased by 59% since 2003.
Thirty-five percent of workers with a retirement plan say the value of their household’s savings and investments, excluding the value of their primary home and any defined benefit pension assets, stood at $100,000 or more, according to data from the 2016 Retirement Confidence Survey conducted by the Employee Benefit Research Institute. By contrast, 83% of workers without a retirement plan report that the value of these assets is less than $10,000.
There is a significant cost premium to booking last-minute air travel, according to Concur, a business travel management firm. Their research found that the average price of an airline ticket booked at least 15 days in advance of departure was $404. The price jumped to $596 when booked 0-3 days before departure.
The U.S. Small Business Administration (SBA) has revised employee-based size standards under the North American Industry Classification System for manufacturing, the wholesale trade, and the retail trade. Under the new definition, additional businesses can qualify as “small” and therefore can be considered for SBA-backed loans.
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