MILWAUKEE, March 16, 2023 (Newswire.com) - Northwestern Mutual: Retirement is a great stage of life for any couple, with the time to rest, relax, and spend their days exploring new activities and adventures. Some couples choose to spend their retirement traveling, while others take up new hobbies, pick up part-time jobs, or spend more time with family and friends. Whatever style of retirement is involved, planning ahead often helps spouses to be more deliberate about the life they want to live. As they approach retirement, spouses should discuss these four things: 

Where they want to live

Many couples choose to relocate once they retire. Whether that means moving to a dream destination, being closer to children or other family, or picking it all up and living on the road, the post-retirement options can feel wide open. 

"Spouses often want to discuss their post-retirement living plans ahead of time to make sure they are on the same page," said Private Wealth Advisor James Erb of Continuum Wealth Partners, a Northwestern Mutual Private Client Group firm. "Making a plan will help start the process of financial planning and can give them something to look forward to as retirement age approaches." 

What lifestyle they want

Lifestyle change is the main appeal of retirement for many couples. Spouses will want to ask each other about things like whether they want to downsize or live in a retirement community. Is travel a priority? Do they envision a busy retirement filled with visits to family, hobbies, and new activities? Or do they simply want to relax and enjoy leisure activities? Knowing each other's desires can help ensure that both partners are on the same page about retirement goals.

How they plan to spend their days

Similar to discussing a lifestyle change, figuring out how to spend one's days post-retirement is an important step in preparation. Spouses might want to ask each other if they plan to have a routine or focus on hobbies, volunteer work, or ways they can stay engaged in the world. 

"A leisurely retirement is attractive to many couples, while others will choose to see the world," said Erb. "Whatever the future holds—whether it's a new creative passion, service work, travel, or just lots of golf—each one will require a different level of strategic planning." 

What all their sources of funding are

The trickiest part of retirement for some couples can be figuring out how to balance their lifestyle with their savings. Many people will have workplace retirement accounts they've been contributing to throughout their careers, while some have set up separate retirement accounts, or have investments they've been holding for retirement. Social Security often serves as a base for retirement income. Spouses will want to consider all sources of funding, such as the cash value of a permanent life insurance policy, such as whole life insurance or universal life insurance. This can provide additional cash flow during market downturns when couples don't want to withdraw as much from their retirement accounts and can help them manage taxes. 

The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy. 

About Northwestern Mutual

Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help clients plan for what's most important.  www.northwesternmutual.com

Contact Information:
Don Klein
Assistant Director - Field & National Grassroots Public Relations
[email protected]
1-800-323-7033


Original Source: 4 Questions Spouses Should Ask Each Other Before Retirement

NEW YORK, March 16, 2023 (Newswire.com) - Credello: A recent survey by credit.com found that 42% of Gen Z-ers don't know their credit scores. Does this mean a major problem for them when it comes time to borrow money, or does it signify a shift in how future generations think about credit?

Why doesn't Gen Z care about their credit scores?

Generation Z is the newest generation to enter the workforce and is taking a new perspective on how it views financial health. Previous generations saw their credit scores as a top priority for ensuring they could live comfortably.

But after watching the devastating economic fallout Millennials suffered, Gen Z has become more risk-averse to accruing debt. While their elders are searching for credit card refinancing and debt consolidation options, Gen Z'ers seem to be avoiding the idea of borrowing money altogether.

Consequently, the significance of a credit score doesn't hold as much weight, even though a low score can still affect your chances of renting a home and even entering some career fields. 

So which has to change, Gen Z's outlook on debt or the world they're entering?

Despite the interest, their credit scores are good

Interestingly, the data credit.com found in their surveys showed that their scores were surprisingly high despite Gen Z having less interest in their credit reports. 54% of those surveyed had credit scores between 799 - 850, averaging higher scores overall than Millennials and Gen X'ers. 

How the financial world is changing

It seems that the financial world is taking this priority shift from the younger generation seriously and is beginning to enact new ways to make credit reporting more relevant with the times:

• The three main credit bureaus - Equifax, Experian, and TransUnion - have all agreed to remove some instances of medical debt from credit score calculations. 
• "Buy Now, Pay Later" accounts, popular among younger consumers, will now be included in credit reports.
• "Trended data" will take a higher priority in scoring calculations, giving your report a more thorough analysis of your buying and spending than the simple "snapshot" currently used.
• Inclusion of rent, checking and savings account balances, and utility bill or streaming payments as optional data points. Currently, UltraFICO and Experian Boost are adding these as features to boost credit scores of those for whom mortgages and large personal loans are too far out of reach.
• New scoring models with updated algorithms. Both FICO and VantageScores, the main scoring algorithms used by lenders, have been recently upgraded to account for economic changes and how people spend money.
• New startup lending companies are leaning into the younger generation's financial habits by removing the significance of credit scores in their decision-making metrics and relying more on historical spending habits and the average amount of cash on hand. 

The bottom line

While there's still a long way to go before Gen Z's credit scores rival those of their elders, these changes show that the world is slowly starting to take them seriously and that it might be the corporations that need to adapt instead of the new consumers.

About Credello

Credello is a financial tech company offering personal finance tools that simplify financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence.

Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com. 

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125


Original Source: The Shocking Number of Gen Z'ers That Don't Know Their Credit Score

NEW YORK, March 16, 2023 (Newswire.com) - Credello: Nobody gets into a marriage thinking they'll divorce one day. If they do, it probably means they reached an impasse with their partner. One or both individuals feel they're better off going their separate ways.

If you're considering getting divorced this year, you're probably thinking about how that might change your finances. You may feel like your divorce and credit score plummeting might coincide. That can happen in some cases.

You should know about some of the biggest hidden costs associated with this life-changing event. We'll talk about some of those right now.

1. Business Ownership Costs

Sometimes, you'll own a business with your spouse. This does not happen with every marriage, but if you co-own a company together, you must think about how you're going to split it up.

Often, one partner wants to keep the business, and they want the other spouse to no longer have anything to do with it. If that's the situation you find yourself in with your partner, you will probably have to get the company professionally valued. That way, you can figure out how much your partner should pay if they're the one who wants to keep the company.

A professional company valuation can cost anywhere from $5K to $15K. That's certainly a sizable hidden expense you might not have considered.

2. Moving Costs

You and your spouse may own a house together. You want to move out, or perhaps you'd prefer they leave instead. 

Either way, you'll need to take the moving costs into account. If you have lived with this person for many years, they might have accumulated a lot of furniture and other possessions. If they're the one moving out, they might insist that you pay the moving expenses. That can sometimes cost several thousand dollars.

If the two of you still live in an apartment, you might not have as many possessions. It will likely not cost as much to move if that's the case.

3. Retirement Savings

Maybe you and your spouse were saving for retirement together. You might share some joint retirement accounts, or perhaps you have some investments that you own jointly.

It will often cost you some administrative fees if you divvy up that money or those assets. If you move some of the cash that's in a retirement account, you might pay a hefty penalty for that.

Watch Out for These Hidden Costs

If you feel like you have no choice but to divorce your spouse this year, you will move forward with that, no matter the cost. If the two of you can't reconcile your differences, then no amount of money in the world might convince you to keep living under the same roof.

You can make sure the split happens, but there are hidden costs that will probably go along with that, and you should be aware of them before moving forward. The administrative fees, if you start dividing up your retirement savings, can take a big chunk. Moving that money around before you or your spouse hit the appropriate age can incur financial penalties.

If you two own a business together, you'll likely have to get it professionally valued. That's the only way you can figure out how much one of you owes the other if a buyout situation is happening. A professional business valuation can easily cost anywhere from $5K-$15K.

You should know about the moving costs when one of you moves out. If one of you leaves the house and takes some of the furniture, books, clothing, and other items, you must rent a truck to carry all that. 

These hidden costs are annoying, but if it gets you two away from each other, that might be what both of you most desire. You can always make more money, but for now, dissolving the marriage is probably foremost in your mind. 

About Credello

Credello is a financial tech company offering personal finance tools that simplify financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence.

Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com. 

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125


Original Source: The Biggest Hidden Costs of Divorce in 2023

NEW YORK, March 16, 2023 (Newswire.com) - Credello: Millennials are the generation of individuals born between 1981 and 1996. They're adults now, and they're asking critical questions about their finances.

Some might ask will a personal loan help build credit, while others are curious about the different ways they might invest their disposable income. More than ever, though, Millennials are trying to figure out the best ways to set aside money for a rainy day. 

There's a trend of Millennials using their credit cards for their emergency funds. We'll discuss that right now, and we'll also explain why it's a risky move.

What is an Emergency Fund?

An emergency fund is money an individual or family sets aside to use if they get hit with an unexpected expense. Such an expense might include the family car breaking down. There may also be a sudden medical bill. 

Other emergencies might involve a household repair, like the furnace malfunctioning. If you own a pet, maybe you need to take it to the vet for an unexpected surgery. 

Whatever the reason, a time might suddenly come when you need to use that emergency fund. Many financial experts feel that you should have one.

How to Stockpile Money for an Emergency Fund

Millennials, like other generations, usually understand that the best way to stockpile money for an emergency fund is to save up a little at a time from paychecks. If you have excess cash from your salary once you've paid off expenses like your rent, car payment, utility bills, and grocery bills, you can put that money into a savings account. 

That is the simplest way to create an emergency fund. If you're married or cohabitating with someone and splitting your bills with them, you may have two sources of income you can use to create an emergency fund. That makes it easier to start one than if you have just one income source.

When Credit Cards Act as Emergency Funds

Millennials have a substantial amount of debt. That amount grew quite a bit, collectively, during the pandemic. That's not surprising since many households with Millennials struggled to pay their bills during that time.

These families and individuals might not have an emergency fund, at least not in the traditional sense. Instead of accumulating money in a savings account, if an emergency arises, these households may turn to a credit card to pay for an urgent bill.

The reason this is potentially problematic is that these households might not necessarily make enough money through their jobs to pay off that entire credit card bill at the end of the lending cycle. This means that, instead of liquidating their emergency fund in the bank to pay for the emergency, they will end up owing money and paying interest on it following an unforeseen expense.

What Can Be Done About This?

The most obvious solution is for Millennials to get in the habit of putting any money from their paychecks into an emergency fund in the bank as quickly as possible. Now is the ideal time to do it since the FED has raised interest rates, and Millennials can earn more money for every dollar they set aside.

If you're a member of this generation who feels that you don't need a traditional emergency fund because you have a credit card that you haven't maxed out yet, you should probably reconsider that strategy. If a sudden bill appears, you can pay for it with cash from your savings account. You won't have to pay with a credit card, thereby accumulating interest if you can't pay back the total amount you borrowed immediately.

Creating a traditional emergency fund can help tremendously if you get blindsided by a sudden bill.  

About Credello

Credello is a financial tech company offering personal finance tools that simplify financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence.

Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com.

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125


Original Source: Millennials Are Using Credit Cards for Their Emergency Funds, Which is Not Great

• Sustainalytics ESG rating places INNIO in top 1 percentile of all industry peers and in top 2 percentile of companies rated by Sustainalytics on a global level. • INNIO receives Sustainalytics' ESG risk score of 9.8, improving by 11% compared to 2022. • INNIO also receives Sustainalytics' 2023 "ESG Industry Top rated" and "ESG Regional Top Rated" badges.

JENBACH, Austria, March 16, 2023 (Newswire.com) - INNIO today announced that Sustainalytics has upgraded INNIO Group's ESG risk score to 9.8, an improvement of 1.2 points year-over-year, and has upgraded the company's risk rating from low to negligible. The rating from Sustainalytics, a global leader in ESG research, ratings, and data, reinforces INNIO's number 1 position compared to peers across both Machinery and Industrial Machinery worldwide.

"Improving our Sustainalytics rating is not only a reflection of our dedication to environmental, social and governance responsibility, it is also a testament to the hard work and collaboration of our talented team," said Dr. Olaf Berlien, president and CEO of INNIO. "We will continue to prioritize sustainable practices and innovation for the benefit of our business, our stakeholders, and our planet."

The Sustainalytics risk rating improvement is a vital recognition for INNIO and an indicator of the company's commitment to sustainable policies and programs. The risk rating focus includes health and safety, environment and carbon management, human capital, procurement practices and circularity. The rating upgrade signals that INNIO's initiatives and actions to reduce its environmental impact, promote social equity, and ensure good governance are demonstrating positive results. It also underlines INNIO's commitment to transparency and accountability, which are important factors in building trust and credibility with stakeholders, including customers, suppliers, investors, and employees. 

Learn more about the ESG Risk Ratings.

                                                                                                             ###

About Sustainalytics

Sustainalytics is a global leader in ESG research, ratings, and data, serving the world's leading institutional investors and corporations. Sustainalytics works with hundreds of the world's leading asset managers and pension funds who incorporate ESG and corporate governance information and assessments into their investment processes. For more information regarding Sustainalytics ESG rating, please visit https://www.sustainalytics.com/esg-ratings. 

About INNIO 

INNIO is a leading energy solution and service provider that empowers industries and communities to make sustainable energy work today. With our product brands Jenbacher and Waukesha and our digital platform myPlant, INNIO offers innovative solutions for the power generation and compression segments that help industries and communities generate and manage energy sustainably while navigating the fast-changing landscape of traditional and green energy sources. We are individual in scope, but global in scale. With our flexible, scalable, and resilient energy solutions and services, we are enabling our customers to manage the energy transition along the energy value chain wherever they are in their transition journey. 

INNIO is headquartered in Jenbach (Austria), with other primary operations in Waukesha (Wisconsin, U.S.) and Welland (Ontario, Canada). A team of more than 4,000 experts provides life-cycle support to the more than 55,000 delivered engines globally through a service network in more than 100 countries. 

INNIO's improved ESG Risk Rating again secures the number one position across more than 500 companies globally in the machinery industry assessed by Sustainalytics.

For more information, visit INNIO's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.

Contact Information:
Susanne Reichelt
INNIO Media Relations
[email protected]
+43 664 80833 2382


Original Source: Sustainalytics Upgrades INNIO Group's ESG Risk Rating From Low to Negligible Risk, Ranking INNIO Number 1 Worldwide Among Industry Peers