Wellthi retirement savings

S.O.S! Your 401k Is Having a Wardrobe Malfunction – Here’s How To Dress for Retirement Success In a Rocky Market

Honey, your 401k is calling, and it’s in need of a makeover!👠 Just as you would never dream of wearing last season’s fashions with mismatched accessories, you absolutely cannot afford to have your retirement savings out of vogue. There’s $9 trillion adorning the closets of over 100 million Americans in the U.S. 401k retirement plan market, as reported by the US Department of Labor. But, darling, there’s a snag in the fabric.

It wasn’t long ago that retirement savings accounts performed like a chic ensemble at a pre-pandemic rooftop party. Well they’ve lost that sparkle, and at an alarming rate. According to Vanguard, the average balance in 401k accounts has slipped down the runway by about 20% – from $141,542 in 2021 to $112,572.

Did you know? By creating goals and sharing them in public with your friends and family, you’ll increase your chances of success! You can download the Wellthi app here, if you act by July 3, you could win $10,000 for just posting your financial goal in the app!

The median balance isn’t strutting any better. Picture yourself sashaying through New York with a stunning designer bag; now imagine it’s contents vanishing. That’s right, my dears, the median balance has cascaded from $35,345 in 2021 to a humbling $27,376.

But let’s not be fashion victims. This 401k issue is like that little black dress waiting to be styled to perfection. The primary culprit, as per Vanguard, is lukewarm equity and bond markets recently. They’re like that outfit you adored, but now it just doesn’t light up the room.

As your confidant, I urge you not to panic. It’s time to be your own investment stylist. How about diversifying, honey? Like pairing those Nike kicks with a chic blazer. Or, go on and explore the world of IRAs, real estate, or even the bold and edgy cryptocurrencies. Whatever you choose, make sure to do your homework, and better yet consult with a financial advisor.

Now, let’s get together with our besties and venture through this together. The Wellthi app is your virtual brunch squad – always there for you. It’s the sparkling jewelry to your 401k’s little black dress. 🥂

Take a page out of Carrie Bradshaw’s book – when life trips you on the runway, pick yourself up, adjust your tiara, and keep walking with grace and determination. Accessorize your retirement plan, don your financial stilettos, and let’s take on this 401k drama together, head held high. 🎩💖

You can download the Wellthi app here, if you act by July 3, you could win $10,000 for just posting your financial goal in the app!

Go Deeper

  1. Understanding 401k Investments: A guide by Investopedia that explains the basics of 401k and how to make the most out of your retirement savings. Link
  2. Diversifying Your Retirement Savings: A piece by Fidelity on why diversification is essential for managing risk and enhancing returns on retirement savings. Link
  3. Cryptocurrency for Beginners: A beginner’s guide to cryptocurrency by Investopedia that covers the essentials of crypto as an investment option. Link
  4. IRA vs. 401k: A side-by-side comparison by The Balance to understand the differences between IRA and 401k, to make an informed decision. Link
Wellthi-egg-prices-drop

Cracking the Price Drop: Egg Prices Experience Sharpest Decline in Over 70 Years

Calling all egg lovers and brunch enthusiasts! We have some egg-citing news for you. According to the latest consumer price index report from the U.S. Bureau of Labor Statistics, egg prices have experienced the sharpest decline in over seven decades. This means more affordable eggs for your morning omelets and baking adventures!

In a welcome shift for consumers, egg prices have been on a downward trajectory, dropping a remarkable 13.8% between April and May. This marks the largest decrease in the egg price index since January 1951. On an annual basis, egg prices fell by 0.4%.

Did you know? By creating goals and sharing them in public with your friends and family, you’ll increase your chances of success! You can download the Wellthi app here, and act by July 3, you could win $10,000 for just posting your financial goal in the app!

This significant price drop comes as a relief to many who have witnessed egg prices soar in recent months due to the impact of the largest bird flu outbreak in U.S. history. Just a few months ago, in January 2023, egg prices reached a staggering $4.82 per dozen. However, since then, prices have steadily declined month after month. In May, the average price for a dozen eggs was $2.67, the lowest it has been since April 2022 when it reached $2.52.

The good news doesn’t stop there. Wholesale egg prices are projected to continue their decline, with an expected drop of 26.8% in 2023, according to Seth Meyer, the U.S. Department of Agriculture’s chief economist. So, you can look forward to even more affordable eggs in the months to come.

But it’s not just eggs that are becoming more budget-friendly. The latest CPI report reveals that overall inflation is cooling down. The consumer price index for all items, which serves as a proxy for inflation, increased by 4% over the past 12 months. While still significant, this marks the lowest year-over-year increase in two years, signifying a positive trend.

The Federal Reserve has been closely monitoring inflation and its impact on the economy. As they prepare for their upcoming announcement, scheduled for Wednesday, regarding the federal funds rate, they will consider whether to maintain the current rate or increase it further. Their goal is to strike a balance and control inflation effectively.

So, whether you enjoy eggs for their versatility in the kitchen or simply savor them during your Sunday brunch outings, this decline in egg prices is certainly something to celebrate. It’s a win for your taste buds and your wallet!

At Wellthi, we understand the importance of making smart financial choices while still enjoying the things you love. That’s why we’re here to support you on your journey toward financial wellness. With our unique social savings app, you can reach your goals and make every dollar count, all while connecting with your friends. So, go ahead and indulge in some delicious eggs without breaking the bank. It’s time to savor the savings and embrace a life of financial well-being.

You can download the Wellthi app here, and act by July 3, you could win $10,000 for just posting your financial goal in the app!