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Every day, 11,000 people turn 65 in the U.S., bringing to the forefront questions about what they’ll need to retire comfortably. In this episode of The Financial States of America podcast, Christian Mitchell and Bryan Falchuk tackle questions surrounding one of the biggest mountains people need to climb in their financial lives: retirement.
Northwestern Mutual’s 2024 Planning & Progress Study found that U.S. adults believe they will need $1.46 million to retire comfortably – a 15% increase from the previous year. But that may not be the whole story.
Joining the conversation is Teresa Ghilarducci, a labor economist from the New School of Social Research and author of several books, including “How to Retire with Enough Money and How to Know What Enough is.” She says there's always been a difference between when people think they’ll retire and when their retirement comes, and shares useful tips for people of all ages looking to save for their retirement goals.
So how can you be ready for your financial future? Hear from Northwestern Mutual financial advisors Nikki Macdonald, Matt Carothers and Brad Ledbetter, who have these conversations daily with clients. There’s no one-size-fits-all approach to retirement planning, but there are strategies that anyone can put into practice to work toward financial security. It’s never too late or too early to start building better financial habits that allow you to prepare for the future while enjoying life along the way. -
Debt is not something to fear, nor is it something to take lightly. In this episode of The Financial States of America podcast, Christian Mitchell and Bryan Falchuk examine the role of debt in financial planning. Drawing from Northwestern Mutual’s 2024 Planning & Progress Study, they discuss how different generations approach borrowing and saving and explore the differences between “bad” debt and “good” debt.
Debt is an important tool in the financial planning toolbox that – when used responsibly – can help you reach financial goals, such as paying for higher education. Two in ten American adults are currently saving for college, either for themselves or a family member. Among those saving for college, the average amount they expect it to cost is about $77K and the average age they expect to pay it off is 45.
No matter how you view debt, it’s vital to form healthy financial habits to achieve your long-term financial goals. Joining the conversation is Jesse Mecham, CEO and founder of You Need a Budget (YNAB) who shares his insights on managing debt and college savings within a broader financial plan. He emphasizes the importance of ensuring financial decisions align with personal priorities.
Listen to learn how to think about balancing past, present and future financial needs in order to set yourself up for greater financial security in the long run. -
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In the Season 2 kickoff of The Financial States of America podcast, Christian Mitchell and Bryan Falchuk revisit a hot topic that continues to be a gamechanger for how we work and live: artificial intelligence (AI).
Joining the conversation is Lareina Yee, Senior Partner at McKinsey, who calls generative AI a superpower that can lift productivity and quality. The technology is being deployed more widely than we may realize, but how can businesses make the most of it? And what does it mean for our day-to-day lives?
While GenAI continues to expand its capabilities to handle increasingly complex tasks, it’s people who sit at the heart of digital transformation. The discussion highlights recent findings from Northwestern Mutual's Planning & Progress Study that explores how Americans feel about integrating AI into their financial lives, revealing an interesting generational divide on how comfortable people are with the applications of AI.
Learn how organizations and individuals can approach this watershed moment for AI with greater financial confidence. -
We all have different wants and needs, and our attitudes toward money change as we move through different phases of life. In this episode of “The Financial States of America,” Christian Mitchell and Bryan Falchuk discuss how different generations view their personal finances.
While America’s youngest adults (Gen Z) and Millennials are optimistic about their prospects for their financial futures, Gen Xers and Baby Boomers have more uncertainty as retirement comes into view.
Tanya Van Court, founder and CEO of Goalsetter, an award-winning, goal-based savings, investing and smart family finance spending platform, joins the conversation to discuss how people can make smart decisions about their finances through every stage of life.
Building healthy financial habits today can help set you on the path to long-term financial security. Learn how you can approach your financial goals in the timeframe that makes most sense for you.
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In the third episode of “The Financial States of America,” Christian Mitchell and Bryan Falchuk delve into the rapidly progressing world of artificial intelligence to explore its transformative potential in financial services and its vast implications for financial decision-making going forward.
Vasant Dhar, professor at the Stern School of Business and the Center for Data Science at New York University and host of the Brave New World podcast, joins the conversation to discuss the forward-looking implications of AI, the question of trust around its applications and how to balance its risks and benefits. Learn how financial services companies are working to keep humanity at the heart of innovation while enhancing productivity and financial security through technology.
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Uncertain economic times can have a big impact on financial habits and behaviors. In this episode of “The Financial States of America,” Christian Mitchell and Bryan Falchuk discuss ways to manage decision-making during periods of financial uncertainty.
Joining the conversation is Peter Hooper, vice-chair of research for Deutsche Bank Securities, who draws on his experience in the Federal Reserve to examine factors contributing to market volatility and how people can prepare for periods of uncertainty. Learn how to make the most of your money throughout changing market conditions.
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In the inaugural episode of “The Financial States of America,” Christian Mitchell and Bryan Falchuk explore the process of building good financial habits and discuss the parallels to learning a new skill – whether it’s playing the guitar or running a marathon. In most situations, getting started is the hardest part.
Kristy Archuleta, professor in the Financial Planning program at the University of Georgia and author of “Financial Therapy: Theory, Research, and Practice”, joins the conversation to explain the important role psychology plays in financial behavior and overcoming hurdles. It's never too late to make progress on the things we care about, and this episode offers tips on developing an action plan.
Useful resources:
Journal of Financial Therapy
Financial Therapy Association
“Mind over Money: Overcoming the Money Disorders That Threaten Our Financial Health,” by Brad Klontz and Ted Klontz
“Money Mammoth: Harness The Power of Financial Psychology to Evolve Your Money Mindset, Avoid Extinction, and Crush Your Financial Goals” by Brad Klontz, Edward Horwitz and Ted Klontz
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The Financial States of America – a podcast produced by Reuters Plus for Northwestern Mutual – explores where people are in their financial journeys, the many routes that can be taken and the lessons learned along the way.
Hosted by Christian Mitchell, chief customer officer at Northwestern Mutual, and Bryan Falchuk, author, speaker and a veteran of the financial services industry, this podcast series features wide-ranging conversations with leading experts in the fields of finance and technology exploring the biggest trends and research shaping Americans’ attitudes toward money and practical tips to achieving financial security.
