A Surprising Number of U.S. Couples Have Secret Financial Accounts, According to a New Survey — And Most Have Not Talked About a Key Retirement Question

A new report released on Wednesday by Ameriprise Financial found that a majority of Gen X and young Boomer couples have delayed taking action on retirement.

The financial services company surveyed 1,500 U.S. couples within 10 years of retirement, between the ages of 45 and 70. The goal was to understand how couples of a certain income bracket think about money: Nearly three out of four couples surveyed indicated that they had been together for at least 20 years and all couples had at least $100,000 in investible assets.

The study found that a quarter of couples hadn’t yet agreed on how much money they needed to save for retirement or spend on children and grandchildren both now and as part of their estates.

Meanwhile, two in five couples did not have a financial plan in place, with nearly the same amount admitting that they had yet to figure out how to make the same amount of money as their current paychecks in retirement.

The report also found that 51% of couples had not set up an estate plan, which is a collection of documents that includes a will but adds in additional protections that apply while a person is alive, like a letter of intent, healthcare power of attorney, and guardianship designations.

The advantage of an estate plan, according to Find Law, is that it establishes what the person wants to happen if they become unable to communicate their wishes on their own and require someone to take care of them.

“Our research shows couples trust one another and share the same dreams for retirement, but that doesn’t necessarily mean they’ve mutually agreed on how they’ll spend, save, and give away their money when the time comes,” said Marcy Keckler, senior vice president of financial advice strategy at Ameriprise. “Some couples avoid discussing these topics because they feel overwhelmed – especially knowing that unexpected events can happen at any time – but putting it off can lead to challenges down the road.”

Interestingly, some respondents said that they had money saved away that their partner didn’t know about. One in seven of the 3,000 people surveyed said that they had a secret account, and half of them said that the balance in that account was more than $10,000.

Nearly a quarter of respondents with secret accounts had balances of $50,000 or more.

Still, the survey found that 94% of U.S. couples say they’re honest with each other about finances, and 91% have the same retirement goals— but most have delayed taking action.

Longstanding couples, who had been together for at least 20 years and who comprised 72% of the survey respondents, said that their top three pieces of advice were to communicate openly about financial goals, find healthy ways to resolve financial disagreements, and choose a financial advisor together.

“The sage wisdom from these couples is clear: getting on the same page with your spouse or partner about money and retirement is critical,” Keckler said.

https://www.entrepreneur.com/business-news/couples-survey-secret-bank-accounts-no-retirement-planning/472857

Some Tesla Factory Workers Realized They Were Laid Off When Security Scanned Their Badges and Sent Them Back on Shuttles, Sources Say

^{This article originally appeared on Business Insider.}

Tesla told staff it was laying off more than 10% of its workforce on Sunday night, but some workers didn’t realize they were laid off until they showed up at the company’s facilities, five current or former workers told Business Insider.

The cuts impacted engineers and production associates alike. At Tesla’s factory in Sparks, Nevada, workers faced a roughly two-hour line to get into the facility on Monday morning as a result of badge checks, one worker said.

At the factory, the security team was scanning the badges of workers coming out of the shuttles that ferry people between the factory and nearby parking lots, said two current Tesla workers who requested anonymity since they weren’t authorized to speak about the matter. Typically, security guards inspect workers’ badges at the site, but they don’t usually scan them directly, the two workers said. On Monday morning, the officials picked out the workers who’d been laid off and sent them back in separate vans, the two workers said.

Three other former Tesla employees said workers at the Fremont factory were told by security that if their badges didn’t work, they were no longer employed.

Tesla employees who were terminated received notice via their personal emails on Sunday night, and their access to Tesla systems was revoked, four workers said. The companywide email that Elon Musk sent announcing the cuts was delivered shortly before midnight PT on Sunday, according to a time stamp on the memo viewed by BI.

“We have done a thorough review of the organization and made the difficult decision to reduce our headcount globally. Unfortunately as a result, your position has been eliminated by this restructuring,” read a separate email notifying impacted employees they’d been laid off, according to a copy viewed by BI.

The email sent directly to laid-off staff said the cuts would be effective immediately and workers would receive information regarding their severance within 48 hours.

The same day Tesla announced layoffs, at least two executives resigned from the company. The senior vice president of powertrain and electrical engineering, Drew Baglino, and the vice president of public policy and business development, Rohan Patel, said on X they had left Tesla as of Sunday.

A spokesperson for Tesla didn’t respond to a request for comment. Ahead of the layoffs, Tesla employed more than 140,000 workers globally, including over 3,000 at its factory in Nevada.

Tesla workers aren’t the first to unceremoniously discover they’ve been terminated while trying to access their former place of work. Last year, some former Google employees told BI they learned they’d been laid off when they couldn’t badge into the office.

https://www.entrepreneur.com/business-news/tesla-workers-showed-up-to-work-didnt-know-were-laid-off/472814

These Are Best Cities in the World for Remote Workers, According to a New Ranking

Despite many employers mandating that employees come back into the office, some workers who experienced remote work during the pandemic are never going back.

Now, many of these remote workers are taking the opportunity to move to places better suited for the work-from-home life.

A new report from global HR platform Remote.com examined 100 popular remote cities across the globe, ranking them based on factors including the quality of life they provide residents, safety level, internet infrastructure, current economic factors, and more.

Only one U.S. city cracked the top 10 — Portland, Maine.

“Immigrant populations have increased diversity of a traditionally hard-to-reach region, so international visitors may feel more at home here than in the rest of Maine,” the report states. “Housing costs are on the rise in this coastal town but are still below the national average.”

The next U.S. city comes in at No. 19 (Honolulu, Hawaii, for its “legendary beaches” and welcoming remote work policy), followed by No. 20, Des Moines, Iowa, for its “reasonable housing costs” and a plethora of breweries (that close early, the report notes).

New York City came in at No. 21.

The No. 1 city worldwide for remote workers is Madrid, Spain, according to the report, which is “ever-welcoming” thanks to its low-income tax rate and “generous expat visa options” meant to attract freelance and remote workers.

The average cost of living for a single person in Madrid without rent monthly is around $804, according to the most recent data from Numeo. The city is an estimated 49.5% cheaper (without rent) than New York City.

Here are the top 10 cities for remote workers across the globe, according to the report.

10. Reykjavík, Iceland

^{Reykjavík, Iceland (Getty Images)}

9. Stockholm, Sweden

8. Taipei, Taiwan

7. Portland, Maine, USA

6. Paris, France

^{Paris, France (Getty Images)}

5. Tokyo, Japan

4. Auckland, New Zealand

3. Toronto, Canada

2. Madeira, Portugal

1. Madrid, Spain

^{Madrid, Spain (Getty Images)}

For the full report, visit here.

https://www.entrepreneur.com/business-news/these-are-the-best-cities-in-the-world-for-remote-workers/472806

The ‘Silver Tsunami’ Meets ‘Golden Handcuffs’ as Past Low Mortgage Rates Lock in Homeowners — Whether They Like It or Not

The silver tsunami, or the expected increase of homes on the market as baby boomers downsize, could be slowed by golden handcuffs.

The New York Times reported on Monday that by the end of last year, there was more than a 3% gap between rates on new home loans and the average fixed rate on existing mortgages.

About 70% of homeowners had mortgage rates of around 4%, according to The Times, which is significantly lower than the current market rate of about 7%.

The gap between the current rate and the average incentivizes homeowners to hold on to their properties, locking them in with “golden handcuffs” or a financial reason to stay.

The effect is noticeable: The Federal Housing Finance Agency found that the mortgage rate lock-in stopped 1.33 million home sales from happening from mid-2022 to the end of 2023, reducing home sales by 57%. The shortage of supply, combined with population growth outpacing construction, has led to a 7.2 million home shortage, per Realtor estimates.

Boomers, who were expected to start downsizing their living spaces as early as this year and flood the housing market with homes in a silver tsunami, are instead holding onto their larger residences.

“We just don’t want to pay that much in interest,” finance professor Bob Wood, 66, told CNBC. Wood and his wife are in the 10th year of a 3.125% 15-year fixed mortgage on their 5,000-square-foot Alabama home.

Another couple, both over 70 years of age and empty nesters, told CNN Business that they’re “staying put” in their 3,000 square-foot, 5-bedroom California home.

A Realtor survey from last year showed that 82% of homeowners who wanted to sell their existing home and buy a new one felt locked into keeping their homes because of the difference in mortgage rates. More than half said they were waiting for rates to come down before selling.

“One positive aspect that came out of the pandemic was historically low mortgage rates – and many people took advantage of this opportunity to buy their first home, upgrade to a more expensive home, or refinance the home they were in,” said Realtor Chief Economist Danielle Hale in the report. “Unfortunately, this comes with a bit of a catch-22, as homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”

The locked-in homeowners were also less willing to relocate for work, with Bloomberg highlighting last week that manager recruits based in the Midwest were turning down jobs in the South with salaries of $250,000, in part to hold on to their low-interest mortgages.

https://www.entrepreneur.com/business-news/low-rate-mortgages-form-golden-handcuffs-around-homeowners/472717

These Are the Busiest Airports in the World, According to a New Ranking

As post-pandemic travel continues to ramp up, airports are booked and busy.

In fact, a new report by the Airports Council International released on Monday found that 2023 saw a total global passenger footprint of roughly 8.5 billion people, up 27.2% year-over-year and a recovery rate of 93.8% from pre-pandemic rankings in 2019.

The report revealed the preliminary rankings of the busiest airports in the world for 2023, and a new international hot spot has worked its way up to No. 2.

After gathering data from over 2,600 airports in over 180 countries and territories, the No. 1 busiest airport in the world is still Atlanta’s Hartsfield-Jackson International Airport. Atlanta has held down the top spot for over 20 years, thanks to high passenger volume and Delta Airlines being headquartered in the city, catering to over 104.6 million passengers this past year.

The second spot went to the Dubai Airport, which saw a 31.7% increase in passenger volume year over year, bringing through an estimated 87 million passengers in 2023. Last year, Dubai was ranked No. 5 on the list.

^{Travelers crowd a departure area in Dubai International Airport on March 06, 2024, in Dubai, United Arab Emirates.Photo by Horacio Villalobos Corbis | Getty Images}

The third spot goes to the Dallas Fort Worth International Airport, which saw 81.75 million passengers in 2023, followed by London’s Heathrow Airport (79.18 million passengers) and Tokyo’s Haneda Airport (78.72 million passengers.)

“Global air travel in 2023 was chiefly fueled by the international segment, propelled by several factors. Among these were the anticipated benefits from China’s reopening and a growing inclination towards travel despite macroeconomic conditions,” ACI World Director General Luis Felipe de Oliveira said in a company release.

Of the top 10 busiest airports internationally, five were located in the U.S., with Denver International Airport coming in at No. 6, Los Angeles International Airport at No. 8, and Chicago’s O’Hare International Airport at No. 9.

The Top 10 Business Airports in the World, According to the Airports Council International

Atlanta’s Hartsfield-Jackson International Airport
104.6 million passengers in 2023
Dubai Airport
87 million passengers in 2023
Dallas Fort Worth International Airport
81.75 million passengers in 2023
London’s Heathrow Airport
79.18 million passengers in 2023
Tokyo’s Haneda Airport
78.72 million passengers
Denver International Airport
77.84 million passengers in 2023
London Heathrow Airport
79. 18 million passengers in 2023
Los Angeles International Airport
75.05 million passengers in 2023
Chicago’s O’Hare International Airport
73.89 million passengers in 2023
New Delhi Airport (India)
72.21 million passengers in 2023

https://www.entrepreneur.com/business-news/what-is-the-busiest-airport-in-the-world-rankings-revealed/472730

Nike Responds to Criticism Over U.S. Women’s Olympic Uniforms: ‘Everything’s Showing’

Nike is responding to criticism and allegations of sexism over the company’s uniforms for Team USA’s Track and Field athletes ahead of the 2024 Olympic Games.

The Olympics take place in Paris this summer, beginning on July 26.

Images of the kit reveal one option for women is a high-cut, one-piece uniform. The men’s kit, however, seems to feature longer spandex shorts and a full-coverage tank top.

The outfits quickly garnered reactions from current and former athletes across the sport.

“Women’s kits should be in service to performance, mentally and physically. If this outfit was truly beneficial to physical performance, men would wear it,” former U.S. Champion runner Lauren Fleshman wrote in a lengthy Instagram post. “This is not an elite athletic kit for track and field. This is a costume born of patriarchal forces that are no longer welcome or needed to get eyes on women’s sports.”

Another former U.S. Olympian, Tara Davis-Woodhall, who is aiming to earn a spot in the 2024 games for Team USA, commented on an Instagram post by Citius Mag saying that her “hoo haa is gonna be out.

“This mannequin is standing still, and everything’s showing… imagine MID FLIGHT,” wrote US Paralympian Jaleen Roberts.

However, VP of apparel innovation at Nike, Janett Nichol, explained to CBS that the uniforms were made using technology at the Nike Sports Research Lab in Oregon to help create garments that would allow the athletes to perform at their optimum level.

“On the apparel side, why it’s a game-changer for us is because we’ve now been able to take athlete insights, along with data, and use that algorithm to create something that allows us to get to a level of specificity, fidelity, and accuracy that we’ve never been able to do before,” Nichol told the outlet.

Nike clarified via email to Reuters that female U.S. Track & Field athletes were given the option to wear the unitard in a brief or short style and that the full set for both men and women includes upwards of 50 different pieces and 12 different styles depending on the specific event being participated in.

Nike did not immediately respond to Entrepreneur‘s request for comment.

https://www.entrepreneur.com/business-news/nike-responds-to-criticism-over-2024-olympic-uniforms/472718

Elon Musk Informs Tesla Staff That Layoffs Will Affect at Least 14,000 Employees — Read the Leaked Email

Less than two weeks after Tesla announced its first year-over-year delivery drop since 2020, CEO Elon Musk sent an internal email to staff stating that the company would cut at least 10% of its global workforce.

Musk’s memo, sent at close to midnight PST on Sunday in California, explained that “there has been duplication of roles and job functions in certain areas” and that the layoffs would happen “for cost reductions and increasing productivity.”

Tesla executives, including senior vice president Drew Bagliano and policy chair Rohan Patel, also announced on Monday that they were leaving the company. Patel told TechCrunch that he chose to leave because of “[b]ig overall changes” at Tesla.

^{Elon Musk, owner of Tesla and the X (formerly Twitter) platform. Photo by Beata Zawrzel/NurPhoto via Getty Images}

Tesla employees shared rumors of layoffs as high as 20% with Electrek on Sunday.

Musk’s email confirmed that the percentage was “more than 10%” without specifically stating how many employees will be affected.

Tesla had 140,473 employees globally as of December 31, according to its 2023 annual report, meaning that at least 14,000 people will be impacted.

Bloomberg reported in February that Tesla asked managers if each of their employees’ jobs were critical to the company, sparking layoff fears. Tesla also decided not to give merit-based stock bonuses last year.

Tesla last laid off 27 employees in Buffalo, New York in February 2023.

The layoffs follow Tesla’s report in early April that deliveries declined 8.5% year-over-year because of factors like factory shutdowns. Lower-than-expected demand may have also played a role.

Earlier this month, Musk claimed that the Tesla Robotaxi, an autonomous, new offering from Tesla, will be unveiled in August.

Tesla is set to post its financial results for Q1 2024 on April 23.

Several news outlets, including Electrek, Reuters, and Business Insider, viewed the memo.

Here’s the full internal email about Tesla layoffs, obtained by Business Insider on Monday:

Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity.

As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle.

I would like to thank everyone who is departing Tesla for their hard work over the years. I’m deeply grateful for your many contributions to our mission and we wish you well in your future opportunities. It is very difficult to say goodbye.

For those remaining, I would like to thank you in advance for the difficult job that remains ahead. We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence. As we prepare the company for the next phase of growth, your resolve will make a huge difference in getting us there.

Thanks,

Elon

https://www.entrepreneur.com/business-news/elon-musk-leaked-email-confirms-tesla-layoffs-as-execs-exit/472711

Here’s One Thing Americans Would Take a Pay Cut For — Besides Remote Work

A new survey from Empower, the second largest retirement provider in the U.S., found that of 1,000 Americans surveyed, nearly two-thirds think the current economy will impact their ability to retire — and nearly half of respondents (46%) were willing to take a pay cut or give up a raise for more retirement benefits.

In comparison, 50% of respondents said they would do the same for remote work options, and 37% said they would for more paid time off.

Rising inflation and correspondingly higher prices for everyday goods and services have the majority of Americans (70%) feeling uncertain financially, according to the report.

Most are choosing to save anyway, with 80% planning on investing more. Over a third (37%) of respondents told Empower that they specifically wanted to put more money into employer-sponsored retirement plans.

Other popular investments included high-yield savings accounts (34%) and stocks (44%).

A slightly higher percentage of respondents said they would increase their 401(k) contributions (26%), compared to the 24% of respondents who said they would decrease them.

More than 1 in 5 Gen Z respondents indicated in the Empower survey they were counting on luck, like a lottery win or an unexpected inheritance, for some financial relief.

Side Hustles Are Soaring

Empower’s survey responses on side hustles aligned with payroll company Gusto’s recent survey, which was released this week and found that 44% of new businesses in the U.S. in 2023 started as side hustles.

Empower also saw a high number of respondents who intended to work side hustles or second jobs (25%), and greater interest in Gen Z (33%).

Gen Z also expressed the most concern about job security and were the most risk-averse. More than a quarter of Gen Z respondents (26%) said they would withdraw their investments for cash and 22% said they would job switch this year to make more money.

https://www.entrepreneur.com/business-news/americans-would-take-a-pay-cut-for-more-retirement-benefits/472643

This Fan-Favorite Masters 2024 Item Is Still $1.50 as Tournament Menu Appears Unscathed by Inflation

The Masters is arguably the most-anticipated of golf’s four Majors, and tens of thousands are expected to fill the crowds this week at Augusta National in Georgia to take in the experience and revel in the tournament’s atmosphere.

The tournament’s food is also famous, and prices have remained the same for decades — shocking, considering the sky-high concession prices at other sports venues.

And though talks of inflation had many nervous about potential price increases, it looks like inflation has yet to hit the tournament.

This year, attendees of the Masters 2024 have been happy to find that the beloved Pimento Cheese sandwich is still priced at $1.50 and beers only increased a dollar to $6 a pop, according to Golf Week.

^{A look at the 2024 Masters Tournament menu (Warren Little/Getty Images)}

“The pimento cheese and egg salad sandwiches have become an iconic food staple of the Masters Tournament,” The Masters official website reads. “The experience of enjoying the tasty fare and thirst-quenching drinks at the Masters Tournament is as much a part of the visit as azaleas, Magnolia Lane, Amen Corner, and the Green Jacket.”

It’s noted that for around $70, you could buy one of everything on the concessions menu, while $5 could get you a sandwich, a bag of chips, and a soft drink.

Other favorite cheap eats include the Georgia Peach Ice Cream Sandwich for $2.50, which caused quite a stir at the 2023 tournament when supply chain issues related to the pandemic caused the fan-favorite dessert to be temporarily removed from menus.

This year, there will be seven open-air concession stands for fans to dine at.

The Masters prides itself on being called “A Tradition Unlike Any Other,” and with these prices, it looks like that remains true.

https://www.entrepreneur.com/business-news/how-much-does-food-cost-at-the-masters-menu-prices-drinks/472642

The Masters Merch Scene Is a Feeding Frenzy Unlike Anything I’ve Ever Seen Before

^{This article originally appeared on Business Insider.}

When the Masters golf tournament started this Thursday, those watching on TV were treated to the usual assortment of visuals: lush green grass, immaculate flower beds, and the world’s greatest players putting on a show.

But an even fiercer competition will be raging behind the scenes: the battle for authentic Masters merch.

Sure, seeing superstars like Tiger Woods and Scottie Scheffler in person is cool. But so is loading up on gear emblazoned with the Masters’ famous yellow logo, which has become a cultlike beacon of status.

I had the good fortune of attending a Monday practice round for the Masters and could see the merch fervor up close and personal.

When I showed up at Augusta National Golf Club with my family (shout-out to my dad, who secured the tickets after a decade-plus of lottery attempts), I quickly noticed the number of people already heading for the exit. They each had six to eight bags stuffed with shirts, hats, and towels, and many had the most highly sought-after item of them all: the Masters garden gnome.

^{A close-up of the highly sought-after garden gnome. Christian Petersen via BI}

The tournament allows for one reentry a day, so it’s possible those people were going to drop their merch off in their car. But it wasn’t lost on me that they might be part of a legion of resellers who make thousands marking up and flipping authentic items. To get an idea of how lucrative that can be, check out this 2023 Masters gnome listed for $1,200 on eBay. (Original price: $50.)

Once we made our way further up the entry path, we saw the start of the line. It stretched back 50 feet from the actual entrance, which was followed by a series of winding metal gates reminiscent of a TSA checkpoint. Directly in front of the entrance, there was a sea of people standing shoulder to shoulder, trudging along, trying to make their way to the actual course. It reminded me of going between stages at a music festival. I would’ve snapped a picture of the hubbub, but the Masters’ no-phone rule made it difficult to document the journey.

Being in the main line feels a lot like waiting for a ride at Disney. Once you enter the building, there’s a huge room and corridor with gates snaking around. The line seems to extend at every turn. What’s another 20 minutes when that sweet merch is within grasp?

After roughly 45 minutes, we made it to the actual shop. The final step is to wait for about five minutes in an entryway before they let in a new flood of shoppers.

Once you’re inside, the mania is overwhelming. There are separate alcoved sections for men, women, and kids. A giant houseware display sits in the center of the store. Countless shirts and hats are displayed on the wall and busy workers rush to fetch items from bins stacked high with various sizes.

There are several checkout lines, each with at least five registers on either side. The cashiers crank through piles of merch, run credit cards, then move on to the next. It’s an impressive assembly line of capitalism.

I ended up purchasing a polo shirt, a T-shirt, a hat, and a cup. Compared to almost everyone else around me, it felt like a meager haul, and I wound up toting around just a single bag for the rest of the day.

^{A sea of people near the entrance of the Masters golf shop on Tuesday. Ben Jared via BI}

The whole experience left me feeling like the Masters has become a retail juggernaut that just so happens to put on a golf tournament. And the numbers bear that out: The 2022 tournament raked in $69 million in revenue from merch, per Forbes, which was far more than it made from tickets and concessions.

Attendance figures aren’t made public, but the consensus is that about 40,000 people attend the tournament each day, which works out to each visitor spending an average of $246 at the merch store.

But that assumes endless supply. A guy I met at my hotel said that last year, the store had to stop selling merchandise by Friday because of depleted inventory. It’s also possible people are less merch-obsessed from Thursday to Sunday when the actual golf tournament is going on, so the Monday-through-Wednesday practice-round crowd could be driving up that average.

It seems more likely that the typical patron is ponying up even more than $246 — the people carrying six bags were surely toting five figures worth of swag.

So in the end, what’s it all for? The answer is pretty straightforward: street cred and status. Golf is already an expensive sport largely played by the affluent. For one to stand out in that already elite crowd, extreme measures must be taken. Lines must be waited in, and hundreds (thousands?) must be shelled out.

Now if you’ll excuse me, I need to head to the store wearing my new Masters hat.

https://www.entrepreneur.com/business-news/masters-2024-merchandise-is-reselling-for-thousands/472641