Latest news with #KevinThompson
Newsweek
4 hours ago
- Business
- Newsweek
Map Shows States Where Seniors Are Most Likely To Outlive Their Savings
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. While retirement used to be a relatively short period of time after one's career ended, higher life expectancies mean many Americans may outlive their retirement savings. However, a new report from Seniorly showed that a person's likelihood of living past their savings could vary dramatically based on where they live. Seniors in 41 states and Washington, D.C., were projected to outlive their savings and face an average shortfall of $115,000. Why It Matters With Social Security payments covering 30 percent of a retiree's living expenses on average, the study found that many seniors would need to rely on their own retirement savings. While careful planning can allot a good nest egg during a retiree's golden years, running out of money could push substantial numbers of seniors back into the workforce and elevate senior poverty rates nationwide. About one in three adults aged 65 and older are living below the poverty level, according to ConsumerAffairs. What To Know Seniors in almost all states are set to live past their retirement savings, but for how long and by how much depends on where they live, according to Seniorly. New York was the worst state for seniors outliving their savings, with an average shortfall of $448,000 between costs and income from investments, retirement savings and Social Security benefits. Individually, New Yorkers would need $1.12 million to cover living expenses over 19.4 years of expected retirement without depleting their savings. Not far behind were Hawaii and Washington, D.C, while Alaska and California rounded out the worst five. All four states and D.C. had a gap of $337,000 or more. "States like Hawaii, California, and New York simply cost more to live in across the board, so it's no surprise that retirees in those places are more likely to run out of savings," Kevin Thompson, the CEO of 9i Capital Group and the founder of the 9innings podcast, told Newsweek. The top five states where retirees were least likely to live past their retirement savings were Washington, Utah, Montana, Colorado and Iowa. However, life expectancy played a major role. States with lower expectancies naturally ranked better for the likelihood that seniors could make their retirement savings stretch. A walking frame in the room of an elderly resident in a residential care home in Bristol, England, on January 22, 2022. A walking frame in the room of an elderly resident in a residential care home in Bristol, England, on January 22, People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the founder of the 9innings podcast, told Newsweek: "Costs for retirees are increasing faster than inflation, especially in areas like housing, health care, and food. In the states with higher shortfalls, more of a retiree's money is going toward basic living expenses. That could reflect not just higher costs, but also the strain that places on a retiree's quality of life." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "On both coasts, states like New York and California have retirees that, thanks to higher average earnings, can have more savings. Unfortunately, that also is linked to higher expenses, and the result is many retirees facing significant shortfalls in retirement." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "These results are shocking. With 41 states plus D.C. showing a projected shortfall, it is clear this has little to do with your state of residence, but instead has everything to do with your state of preparedness. Americans are simply not prepared to fund their retirements." What Happens Next More than half of Gen Xers and 40 percent of baby boomers already expect to outlive their savings, according to a survey from Northwestern Mutual. Long term, these trends could boost even more migration to lower cost of living states for retirees, Beene said. "Lists like these are one of the primary reasons why migration to the Midwest and southeastern United States has been so strong in recent years," Beene said. "As more baby boomers enter retirement, they quickly realize states in those regions of the country can extend their dollars far more in their golden years."
Newsweek
2 days ago
- General
- Newsweek
Major Swimming Pool Recall After 9 Deaths
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Around 5 million swimming pools are being recalled after nine deaths were reported related to compression straps that could allow a child to access the pools and drown. The U.S. Consumer Product Safety Commission (CPSC) and Bestway (Hong Kong) International Ltd. (China) and Bestway (USA) Inc. (Chandler, Arizona) (Bestway), Intex Recreation Corp. (Long Beach, California) and Polygroup North America Inc. (El Paso, Texas) all announced the recalls Monday for their 48-inch and taller above-ground pools with compression straps. "While some consumers may ignore certain recalls, this is certainly one to take seriously," Alex Beene told Newsweek. Why It Matters With summer temperatures averaging into the 80s in places like Texas and Louisiana, many Americans have purchased new pools to soak off the sun with. However, depending on design flaws, your new pool could pose significant safety risks, especially if you have a small child in your home. Every year in the United States, there are over 4,000 unintentional drowning deaths, according to the Centers for Disease Control and Prevention. And notably, more children ages 1-4 die from drowning than from any other cause of death. What To Know Consumers should take note of the recall if they own a 48-inch and taller above-ground pool with compression straps running on the outside. Stock image of a child jumping off a ladder into an above-ground pool. Stock image of a child jumping off a ladder into an above-ground pools were recalled as the compression strap that surrounds the outside of the pool legs may create a foothold, allowing a child access to the pool and posing a drowning risk, according to the U.S. Consumer Product Safety Commission. Even with the ladder removed, children could still be able to gain access to the pool. "These pools are being recalled because the design still allows small children to access the water using foot holds on the sides — even when the ladder is removed. Tragically, this flaw has led to 9 reported child deaths across the country," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "They now pose a serious drowning hazard and are being pulled from the market." So far, nine children between the ages of 22 months and 3 years old have drowned after gaining access to the pools via the footholds, the commission found. The drownings happened in California, Texas, Florida, Michigan, Wisconsin and Missouri between 2007 and 2022. There were also at least three other incidents in 2011 and 2012 where children gained access to the pools due to the compression strap. Affected consumers should contact Bestway, Intex and Polygroup to get a free repair kit to reverse the design flaw. The pool models sized 48 inches and taller involved in the recall include: Power Steel, Steel Pro, Coleman Power Steel, Metal Frame Pools, Ultra Frame Pools, Prism Frame Pool, Ultra XTR Frame Pool, Summer Waves, Summer Escapes, Funsicle, Sand n Sun and Blue Wave. The products have been sold at stores like Walmart, Target, Home Depot, Costco and Amazon since 2002. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "There will absolutely be lawsuits and restitution paid to affected families. The core issue is that the pools were not supposed to be accessible to small children without a ladder — yet kids still found a way in. I don't see this leading to bankruptcy, but the fallout will likely include a spike in insurance premiums and an increase in operational costs. Add to that the reputational hit, and the long-term impact on the brand could be significant." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "While some consumers may ignore certain recalls, this is certainly one to take seriously. Bestway, Intex, and Polygroup are recalling certain above-ground pools that have been cited as presenting drowning risks. In fact, nine deaths have been reported due to this factor. These above-ground pools are very popular, with over 5 million having been sold." What Happens Next If you purchased one of the impacted pools, you should immediately contact the brands for the repair kit to be delivered. Delaying could cause unintended accidents and even drownings for consumers or their friends and family, Beene said. "If you own one, take this recall seriously and reach out to one of the three companies for next steps on how to deal with this issue," Beene said.
Newsweek
2 days ago
- Business
- Newsweek
One in Four Gen Z Workers Regret Going to College
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. As artificial intelligence transforms the workplace and student debt balloons, a significant portion of Generation Z now expresses regret over their college education. According to a new survey by Resume Genius, 23 percent of full-time Gen Z workers regret attending college, and 19 percent say their degree didn't contribute to their career. Why It Matters The data reveals a generation at a crossroads, questioning not only whether college was the right choice, but also what careers will remain stable in a rapidly evolving economy. Gen Z, those born between 1997 and 2012, is entering one of the toughest job markets in history. A different report from Kickresume showed that 58 percent of recent grads were still looking for a job, compared to just 25 percent of the older generations (millennials, Gen Xers, and baby boomers). A balloon reading "Congrats Grad" floats above the crowd during Harvard's commencement ceremony on May 29, 2025, in Cambridge, Massachusetts. A balloon reading "Congrats Grad" floats above the crowd during Harvard's commencement ceremony on May 29, 2025, in Cambridge, Massachusetts. Libby O'Neill/Getty Images What To Know The top reasons for Gen Z's regret likely stem from overwhelming student loan debt, a lack of job opportunities in their chosen fields, and the perception of a poor return on investment for certain degrees. Only 32 percent said they're content with their education path and wouldn't change it, according to Resume Genius. A different report by The HR Digest highlights that many Gen Zers, facing mounting debt and stagnant job prospects, would opt for higher-paying industries or skilled trades if given another chance. Thirteen percent say they would prefer a path without a traditional degree, evidence of a growing interest in trade schools, apprenticeships, and non-traditional career routes. "Gen Z is carrying debt that either personally weighs them down or is tied to a company benefit that only kicks in if they stay loyal to the firm," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "It's a new kind of indentured servitude. And to make matters worse, many of them are in roles they probably could've landed without the degree in the first place." Generative AI is also drastically reshaping the value of a college degree. A recent Indeed report cited by the New York Post shows that nearly 50 percent of Gen Z job hunters feel their education is already obsolete due to AI's impact. As companies increasingly drop degree requirements and prioritize AI literacy and digital upskilling, many college graduates view their expensive diplomas as less relevant in the modern job market. "These kids got sold a bag of goods. College became this magical ticket that supposedly guaranteed success. But nobody mentioned the $60,000 a year price tag or the fact that your communications degree might qualify you to manage a Starbucks," Michael Ryan, a finance expert and the founder of told Newsweek. "I've had parents sobbing in my office because their kid's drowning in debt for a degree that's essentially expensive toilet paper in today's job market. The math hasn't worked since 2008, but we kept pretending it did." Online learning and AI skills are in high demand, with upskilling programs rapidly expanding as employers need their teams to adapt. "Every job currently posted on Indeed's job board will likely experience some level of exposure to generative AI and the changes it represents," said Linsey Fagan, senior Talent Strategy advisor at Indeed, in a statement to CIO Dive. Gen Z workers are already responding to economic pressures and shifting values by diversifying their income streams. The Resume Genius survey found that 58 percent of Gen Z employees have a side hustle, with another 25 percent considering one, primarily to supplement their income, pursue their interests, acquire new skills, or plan for entrepreneurship. This could also reflect a larger sense of regret about pursuing a degree, rather than investing in more lucrative skills or trades. "Absolutely they regret it," HR consultant Bryan Driscoll told Newsweek. "Society told Gen Z college was the only path to a stable future, then handed them record tuition, predatory debt, and a job market that barely values degrees anymore, while still demanding five years of experience for entry level roles. That math doesn't add up." "This isn't a Gen Z problem. It's a broken promise, a societal lie," Driscoll said. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "More and more are questioning whether the degree was worth it, and it shows. Enrollment is falling, and in the short term, this could move the price of college tuition down. "Longer term, I think we'll see a divide. Fewer college grads could mean higher wages for those with degrees, simply because there's less supply. On the other hand, wages for lower-skilled jobs may stay flat or even decline due to oversupply. It's a shift in the labor market that's already playing out." Michael Ryan, a finance expert and the founder of told Newsweek: "[Gen Z is] the first to call BS on the whole system. They see their friends who skipped college making bank in trades or starting businesses while they're making lattes with a bachelor's degree. "The job market's dirty secret? Companies started demanding degrees for jobs that didn't need them. Pure laziness. I've watched electricians out-earn lawyers and plumbers retire at 50 while college grads move back in with mom and dad. We convinced an entire generation that working with your hands was beneath them. Meanwhile, skilled trades are desperate for workers, and the pay reflects it." What Happens Next As college degrees lose luster and AI reshapes the job market, Gen Z is recalibrating its approach to education and careers. Whether through trade school, entrepreneurship, or acquiring digital skills, many are actively seeking alternatives to the traditional college route in pursuit of job security and personal fulfillment. "Gen Z is forcing the conversation we should've had decades ago. They're realizing college isn't magic, it's just expensive. And sometimes the smartest thing you can do is admit you made a mistake and pivot," Ryan said. "The kids who figure this out early? They'll be the ones retiring young, healthy, and wealthy while their debt-laden classmates are still trying to justify their degrees."
Newsweek
2 days ago
- Business
- Newsweek
Applebee's Announces Major Menu Change
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Applebee's is revamping its 2 for $25 menu to include two new entrées: Chicken Parmesan Fettuccine and the BIG Bangin' Burger. Applebee's says the additions promise both value and bold flavors, targeting customers that are looking to mix up their summer eats. Why It Matters Many well-known restaurant chains have been updating their menus this summer in an attempt to boost sales and draw in consumers. While Domino's revived its popular "Best Deal Ever" by offering any pizza with any toppings for $9.99 in online orders through August 3, KFC introduced fried pickles to its menu alongside a nationwide promotion offering free buckets of chicken to eligible customers. With fast food prices rising 47 percent over the past decade, many Americans have pulled back on both fast food and fast casual restaurants alike, according to WalletHub. A sign is posted in front of an Applebee's restaurant on June 12, 2024, in Hayward, California. A sign is posted in front of an Applebee's restaurant on June 12, 2024, in Hayward, To Know Applebee's says the new Chicken Parmesan Fettuccine features a "crispy, chicken breast filet, smothered in marinara sauce and topped with Parmesan cheese on a bed of fettuccine pasta in a Parmesan cream sauce. Served with a golden-brown signature breadstick with buttery garlic and parsley." According to Allrecipes, the combination works surprisingly well, balancing acidity and creaminess—a standout described as "savory and saucy chicken pasta that keeps you coming back for more." The company said the portion size also offers value and enough food for leftovers. "Whether you're looking to channel an 'Italian summer' or relax with a backyard cookout, we've got you covered with our new Chicken Parmesan Fettuccine and Big Bangin' Burger," Reid Leslie, Vice President of Marketing at Applebee's, said in a statement. Another additions to the menu is the BIG Bangin' Burger. The company says this burger "features a juicy all-beef patty topped with two slices of American cheese and Applebee's new sweet and spicy secret sauce made with jalapeños and bacon. Served with lettuce, tomato, onion, and pickles on a Brioche bun." "They recognize the economy is slowing and consumers are feeling the pressure on discretionary spending," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "By introducing new value-focused offerings like 2-for-meals, they're trying to get people back in the door." Applebee's is also rolling out new beverages. Guests can try the Perfect Watermelon Margarita—a blend featuring 1800 Reposado Tequila, Grand Marnier, Cointreau, watermelon, and lime—or the Watermelon Lime Rush, a nonalcoholic concoction with Red Bull, strawberry, and lemon lime soda. There's also the Strawberry Lemon Sunshine, with proceeds supporting Alex's Lemonade Stand Foundation. Dine Brands Global, Applebee's parent company, saw same-restaurant sales drop 2.2 percent in quarter 1. "The entire restaurant sector is facing serious headwinds: rising food costs, wage pressure, and margin compression," Thompson said. "This move is reactionary to a tightening and competitive market." Newsweek reached out to Applebee's for comment via email. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Applebee's, as well as the broader industry, is hoping customers view these offerings as a deal, something worth showing up for on a date night or a casual evening out. However, the landscape is getting tougher." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "The latest additions to Applebee's menu are yet another attempt by major restaurant chains to draw in customers who have been favoring eating at home more recently due to increasing prices. Marketing an '2 for $25' deal could certainly garner interest, but the chain is hoping by introducing new items like Chicken Parmesan Fettuccine Pasta and a bigger burger that novelty items combined with cheaper prices will lure patrons back. It certainly could, but so far, we've seen mixed results from other chains that have tried similar offers." What Happens Next Both new entrées are available nationwide as part of the 2 for $25 menu, which includes two full-size entrées and either an appetizer or two side salads. The deal is perfect for date nights, group outings, or takeout, offering both value and a taste of summer's freshest flavors. "Ultimately, new deals may not go far with customers if they're still uncertain about other aspects of the economy, and that uncertainty is keeping them at home," Beene said.
Newsweek
6 days ago
- Business
- Newsweek
These Are the Cities Where Retirees Need the Most Cash on Top of Social Security
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Retirees rely on Social Security across the country to help pay for basic living expenses, but the amount of money they need on top of their monthly benefits varies drastically based on where they live. In a new LendingTree report, cities were ranked on where Social Security goes the furthest for seniors as well as the states that required the most amount of money on top of the benefits to meet their basic needs. Why It Matters Social Security lifts more than 22 million people out of poverty each year, according to Justice in Aging. And half of older adults rely on Social Security for the majority of their income. However, with the average retirement benefit check at $2,002 in 2025, many seniors aren't able to make this money stretch for their full monthly needs. Cost of living, housing prices and inflation within their specific location can significantly impact their overall quality of life as well if mostly relying on their Social Security check. Pedestrians walk past the Social Security Administration office in downtown Los Angeles, on October 1, 2013. Pedestrians walk past the Social Security Administration office in downtown Los Angeles, on October 1, 2013. FREDERIC J. BROWN/AFP via Getty Images What To Know On average, Social Security covers roughly 30 percent of retirees' spending, LendingTree found. Across the 100 largest U.S. metros, retirees needed about $71,407 to survive, while the average Social Security income is $21,500. However, your specific city and state could play a major role in how far your payment stretches. In a place like McAllen, Texas, Social Security covers more than one-third of retirement spending, which is estimated at $61,821. Other cities that were ranked best for Social Security beneficiaries included Buffalo, New York; El Paso, Texas; Syracuse, New York; and Scranton, Pennsylvania. "You often hear that the cost of living in New York is burdensome, but what many forget is that New York is more than just Manhattan and the five boroughs," Kevin Thompson, the CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek. "Cities like Buffalo and Syracuse frequently rank among the most affordable places to live, even though they're part of a state known for its high costs." However, some cities left retirees scrambling for cash, even with the average Social Security check mailed out monthly. The worst cities for Social Security beneficiaries to make their payment stretch far enough were: San Francisco, California; Los Angeles, California; Washington, D.C.; Oxnard, California; and San Jose, California. "It shouldn't be surprising to see that Social Security doesn't go very far in the biggest, most expensive cities in America," Matt Schulz, LendingTree chief consumer finance analyst, told Newsweek. "However, the fact that Social Security doesn't cover more than about a third of spending costs in any big city in America is pretty sobering. It means no matter where you live, you better have a pension or some significant money set aside or retirement could be a major struggle financially." California, known for its high cost of living, saw an implied pretax need as high as $85,364 for retirees in San Francisco. Meanwhile, in Los Angeles, residents would still need $83,414 in retirement. "Very few people can comfortably say they'll have plenty of money to retire on regardless of what happens to Social Security," Schulz said in the report. "Knowing that, the more you can put into retirement savings and the longer you can do it, the better off you'll be." What People Are Saying Matt Schulz, LendingTree chief consumer finance analyst, in the report: "Most aren't fortunate enough to have a seven-figure nest egg or a pension to lean on. Most people have tight budgets, limited expendable income and low retirement account balances. It's all going to add up to a challenging situation for retirees and their loved ones in the next 15 to 20 years." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "States like Texas and Oklahoma ranking highest on locations where social security covers the highest amount of retirees' spending, should come as no surprise, as expenses in retirement in these areas tend to be less when compared to the national average. "Meanwhile, California ranks as a smaller percentage, in part because many retirees there have greater expenses and have larger nest eggs at retirement. It's good fuel for thought as many baby boomers enter retirement and pick locations where their savings will stretch further." What Happens Next As the cost of living rises, many retirees may be forced to move out of states like California, experts said. "As retirees evaluate where to live, many may be forced to decide between the California lifestyle and more cost-effective alternatives," Thompson said. "I've traveled to California several times recently and completely understand the appeal—the weather, the natural beauty, the air quality and overall lifestyle are unmatched. But for many retirees, that lifestyle comes with a price tag that simply isn't sustainable. For some, the cost of living may become a barrier they can no longer afford to ignore."
