Some people are feeling tapped out, with nearly one third of Americans (32%) saying they have a savings shortfall and need to tap into support from family and friends to make ends meet (41% Gen Z, Millennials). 

For a quarter of people, the financial help flows in at $390 per month (or $4,680 annually), according to Empower research.

When it comes to topping up retirement savings, a new rule will allow older workers to put away more money than ever into their 401(k)s. Starting in 2025, those aged 60-63 can make a turbo-charged contribution of $11,250, a 14% boost that brings the annual limit to $34,750 — the biggest increase in two decades.

— The Editors 

💸 Tax-bracket boost: The IRS has unveiled new tax brackets for 2025, raising standard deductions to $15,000 for an individual or $30,000 for a married couple. Read more about the tax bracket changes here.

🥤 Beverage blast: With a deal to acquire Ghost for more than $1 billion,* Keurig Dr Pepper is catapulting into the energy drink market. Ghost’s energy drinks, which come in flavors such as Sour Patch Kids and Warheads, are available at 7-Eleven and Kroger. Sales in Keurig’s soft drink category grew 3.3% to $2.4 billion* in the second quarter of 2024, outperforming its coffee segment.

🌉 Bridging the banking gap: The Treasury Department is leading the charge to increase access for the roughly 6 million* U.S. households who are “unbanked.” The Treasury’s national strategy provides a roadmap for more Americans to have bank accounts, affordable credit, increased retirement and savings opportunities, and other tools to help build financial security. An Empower study shows that when selecting a savings account, Americans are prioritizing low or no fees (72%), interest rate (62%), and ease of online/mobile access (56%). 

🏡 Luxury retirement surge: Imagine a retirement filled with resort-style amenities, gourmet dining, and even the occasional opera performance. That’s the reality for residents of luxury “life plan” communities, a growing trend catering to those seeking a lavish lifestyle in their golden years — with a starting price tag around $1.17 million.* For 36% of Americans, “leaving a legacy” means paying for their own end-of-life expenses so that they don't leave any financial burdens to their family, according to Empower data.  

There’s a “dupe” for that

Today, it’s cool to make the switch to the “dupe” version of your favorite product, from Big Macs to hair products. Sometimes price, sometimes a reinvention of viral trends, dupe culture is the new it thing. Costco recently got attention for the sale of one such dupe, offering a $150* alternative to a must-have viral mirror that cost about $1,200 — and all of social media was sharing the find.

Nearly half (49%) of consumers make regular purchases based on recommendations from influencers, and many content creators now recommend more affordable products to their followers.

That’s the essence of dupe culture — finding hidden gems that give the same satisfaction without breaking the bank. Nearly 1 in 3 (31%) adults (and 49% of Gen Zers and 44% of Millennials) say they’ve intentionally shopped for a dupe of a luxury item. For 67% of dupe shoppers, saving money is a key reason for doing so.

Detour destinations on the rise

The $66.2 billion* cruise industry offers a tempting escape from sky-high resort prices, with costs since 2019 up by 24%* for U.S. resorts and 54% for Caribbean hotels. About 31.7 million* people took cruises in 2023, and 34.7 million are expected to set sail by the end of this year.

Whether vacationing by land, air, or sea, travel tastes are shifting, too: According to Empower findings, Americans prioritize relaxation (57%), family time (51%), adventure (47%), nature/wildlife (36%), and culinary experiences (30%) when planning trips.

A new kind of explorer is taking the road less traveled, with 63%* of people saying they’ll likely visit a lesser known place next: These “detour” destinations can be less expensive, more relaxing, and satisfy the desire for authentic experiences.

About 2 in 3 (67%) want to visit less crowded places, and some wanderlusters are traveling to the ends of the earth to do it: Visitors to Antarctica surpassed 122,000* this year, compared to 44,000 tourists in 2017.

New Prime perk

With the holiday travel season on the horizon, Amazon Prime is giving members (who pay $14.99* monthly or $139 annually) something to get pumped up about: A 10-cent-per-gallon gas discount at some 7,000 Amoco, AM/PM, and BP fuel stations nationwide. Members can get the savings by activating and using BP’s loyalty program, Earnify.

Empower Personal Dashboard^TM data shows people spent about 14% less on gas in October 2024 compared to a year ago ($190 vs. $220).

The back-to-school boom

Enthusiasm for MBA programs is soaring, with applications up 12%* in 2024, and surging 32% for full-time, in-person programs, the highest in a decade.

The net cost of in-state attendance at a public college (including tuition, room and board, and other expenses) has declined in the last decade, from $23,050* in 2014 to $20,780 in 2024, after factoring in grants and inflation. Empower data shows that more than 1 in 5 (21%) have received financial help for education from their personal network. Though nearly a third say that due to their career choices, they need to financially rely on others (27% overall, 38% Gen Z, Millennials).

This investment in education could be driven by a desire to increase earning potential. And as more people look to upskill with an MBA, consider that where you live can significantly influence your salary. Comparing the average salaries by state reveals how location can be one way to maximize the return on an MBA investment.