What Couples Miss When Going Down to One Income

Learn how to budget for dropping to one income with a baby on the way. Plus: what's really happening to the 50+ workforce? What's driving the labor force participation rate to a 50-year low — and what does it mean for the more than one million Americans aged 54 and up who are still looking for work? Sean Pyles, CFP®, and Elizabeth Ayoola are joined by news colleague Rick VanderKnyff and Gary A. Officer, president and CEO of CWI Works, to dig into the real challenges facing older workers today. They cover why age discrimination costs the U.S. economy an estimated $850 billion a year, how AI anxiety is hitting older workers in physically demanding jobs hardest, why the barriers to re-entering the workforce after retirement are steeper than most people realize, and what a 27% long-term unemployment rate among older Americans says about who the job market is actually built for. When you're expecting your first baby and planning to leave the workforce, how do you know your finances are truly ready for the shift to one income? Sean and Elizabeth sit down with listener Paige, who has over a year of expenses saved and around $100,000 in retirement funds but is still anxious about the jump. They tackle the specific decisions she's wrestling with: what to do about retirement contributions when one partner stops working, which expenses could be safely cut before baby arrives, whether her current life insurance coverage is adequate for a growing family, and how to build a realistic picture of what her budget could look like once the paycheck disappears this fall. Use NerdWallet's 50/30/20 budget calculator to see how your needs, wants, and savings stack up: https://www.nerdwallet.com/finance/learn/nerdwallet-budget-calculator Estimate how much life insurance your family could need with NerdWallet's calculator: https://www.nerdwallet.com/insurance/life/learn/how-much-life-insurance-do-i-need Subscribe to our podcast’s free email newsletter for bonus content and more from our hosts at https://smartmoney-nerdwallet.beehiiv.com/ Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header Smart Money’s YouTube Channel: https://youtube.com/@nerdwalletsmartmoney To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend. *The show notes were created with the assistance of AI. They have been reviewed by our editorial team for accuracy and quality. Learn more about your ad choices. Visit megaphone.fm/adchoices