If you start saving and investing early on, becoming a millionaire might not be as hard as you think. If you're putting away $415 a month starting in your 20s, $651 a month starting in your 30s or $1,300 starting in your 40s, and getting a 6 percent return on your investment, you're on the right track to hit that milestone by 67. If you're starting from scratch with zero savings, you need to save $2,200 a month to become a millionaire by March 2037.
Sears will now pay $100 million in July, instead of the full amount. Sears' situation grew even more dire this month as the company revealed that some suppliers are trying to cancel contracts and cut back on orders amid fears that the retailer could soon go bankrupt. Sears says the new financing deals will help it reach its goal of reducing outstanding debt and pension obligations by $1.5 billion for fiscal 2017.
President Trump’s fiscal 2018 budget seeks a major reduction of retirement benefits for the nation’s federal workforce. If the Republican president gets his way, federal retirement benefits will be cut by more than $4 billion in the coming year and by nearly $63 billion over the coming decade. It’s not all bad news for the federal workforce: The 2.2 million civilian federal workers are in line to receive a 1.9 percent pay raise next year, slightly more than previous pay hikes, and Trump has proposed a six-week paid parental leave program that would be available to federal workers, as well as others.