• Grace Ryu helped her 60-year-old dad get a job at her workplace when he retired as a business owner.
• Ryu vouched for her dad and sat with him during his Zoom job interview to translate.  
• It's the first time her dad ever received health insurance through an employer and a 401(k).

My dad owned a wide variety of businesses. We grew up in Maryland, where he ran a mini-mart in downtown Baltimore. Many Koreans owned liquor stores and mini-marts back in the 1990s, and when my dad talks about that business, he says those were the good days when he made a lot of money.

He worked every day from Sunday through Saturday and only took time off for one weekend in the summer when we went on a family trip to Ocean City. He even worked every holiday.

Because he worked a lot, I don't have too many childhood memories with him. But I do remember that every night after work, he'd go into his room, take out all the money he earned that day, and count it all before dinner time. I thought, "Wow, my dad is so rich."

My mom told me that he works hard so that he can take care of our whole family, which includes our grandparents, aunts, uncles, and cousins. Of course, I didn't understand the kind of burden that was at the time — I was only 6 years old — but I just knew whatever my dad was doing was super important.

My dad owned many businesses

My dad moved us from Baltimore to California for better business opportunities in 2001, when I was 9 years old, but it was harder out here than it was in Maryland. He owned a dry cleaning business for a few years, but that was more of a struggle than owning a mini-mart, with more work and less revenue.

He eventually moved on to owning a small deli shop with the help of his brother. He did this, alongside my mom, for 16 years. My dad worked the grill and made the hot dishes while my mom took customer orders and packed the food.

In 2021, a little after the height of the COVID-19 pandemic, their lease was coming to an end. They had two options: either renew it for another five years or sell the business and find something else to do.

My parents chose to sell because I was pregnant, and they wanted to be close to their future grandkids.

I vouched for my dad at my job

My dad told me that he still wanted to work after he sold the lease. He wasn't ready to retire — mostly for financial reasons.

He talked about working with my cousin in a dental lab or doing transportation for the elderly, but those jobs either required him to learn a whole new skill or get some type of license. He's been in the food industry for the last 16 years, and while my dad is sharp for a 60-year-old, I didn't think a big career pivot was the right move for him.

That's when I thought he could get a job working in the kitchen at the hospital where I worked. I talked to the manager of food services at my hospital and asked if they'd give my dad a job in the kitchen. I vouched for my dad and explained to the manager the different skill sets he picked up from owning all his businesses.

Whatever I said worked because my dad landed the job. He had a formal Zoom interview, which I attended to help with any translation. We were thrilled — the job came with benefits, so for the first time, my dad was receiving health insurance through an employer and signing up for a 401(k).

At first, helping my dad at work was challenging

As ecstatic as we were about him getting this job, going through the onboarding was a beast. He's lived in America for 36 years, yet his English was barely at an elementary reading level. This was mostly because my mom took on most of the administrative work when it came to the business. She was the one who talked to the customers, vendors, and inspectors while my dad hid in the back, cleaning and doing whatever else my mom needed him to do.

A big part of me was relieved I'd be close by to help him if he had any questions since I knew the hospital and how it worked. I knew helping my dad navigate through the hospital's system wouldn't be a problem, but being the middleman between him and others was difficult.

The language barrier was one thing, but the other challenge was his unfamiliarity with modern technology — he has never owned or used a computer in his life and struggles to even use his smartphone.

I had to fill out all of his onboarding paperwork since it was all online, and he couldn't be placed on some of the easier jobs, like taking orders for patients or administrative work. He was placed in the kitchen, where he plates patients' trays for mealtimes and does the dishes.

He wanted to quit after a few days

Working at the hospital was the first time my dad had a boss other than himself, and I think he might've felt looked down on because of it. Many traditional Korean men pride themselves on owning their own businesses and making a lot of money.

The first few days of work were the hardest for my dad, so hard that he wanted to quit. The language barrier, the cultural differences, and the technological illiteracy all became too much for him to handle.

I never pressured him to stay because I knew this job would be challenging for him. I told him I'd support him if he decided to quit, but my hope was that he would stay so that I could help him out with whatever problems came his way since we were in the same building.

It took him two months to feel comfortable at his job, and he absolutely loves it now. In fact, he loves work so much that he picks up extra shifts. He's learned more English so he can voice his concerns and ask questions to his supervisor, and he's always so excited to introduce me to his coworkers even though he's already introduced them to me before.

I love working with my dad

When I have a shift on the same day as my dad, I like to visit him in the kitchen. One day, on my way out, I looked back and saw my dad doing the dishes — and I wanted to cry. He was all wet, and seeing him do such a hard and thankless job broke my heart. The only reason I knew my dad was OK was because of how he looks as he works: he's always smiling with so much enthusiasm and joy.

In the 30 years I've seen him work, his demeanor and work ethic have never changed. Whether stocking groceries, ironing clothes in 100-degree weather, or making a big order of 100 breakfast burritos at 4 a.m., he never complains. He's taught me to do all things with joy, especially in my workplace.

I love the days I get to take breaks with my dad. We sit in the cafeteria and talk about how work is going, if there are things he needs me to do, or our family dinner plans. Ever since my dad started working with me, I've documented our time together. I always want to film myself watching him at work.

People in the hospital probably think I'm crazy for taking selfies with my dad and filming myself saying hi to him, but honestly, I don't care because I'm so insanely proud of him. He's my role model and the most hardworking and happiest person I know. I love working with my dad.

Grace Ryu is a registered nurse also studying to be a family nurse practitioner. She's a wife and new mom and loves spending time with her family in her free time.

• Jean Kang left a successful career in Big Tech to pursue entrepreneurship full-time in February.
• Kang enjoyed the perks of the industry but felt overwhelmed by the hustle culture and mental strain.
• Now she enjoys the freedom of setting her own schedule as a content creator and career coach.

This as-told-to essay is based on a conversation with Jean Kang, a 31-year-old senior programmer who's worked at Meta, Pinterest, Intuit, LinkedIn, and Figma in San Francisco. It's been edited for length and clarity.

I always wanted to work in Big Tech, and when I graduated from college, I made it happen.

From sales to account management, customer success, and program management, I pivoted more than seven times and landed dream roles at Intuit in 2014, Meta at the beginning of 2017, Pinterest at the end of 2017, and LinkedIn in 2020.

For the last two and a half years, I was a strategic program manager at Figma, earning over $300,000 a year in total compensation.

I accomplished my dream, but I decided to give it all up.

Working in Big Tech has lots of perks

I loved learning how each of these big companies operated. It was amazing to see world-class people build teams and always be on the cutting edge of technology like AI and machine learning. I was always fascinated, learning something new, and having fun.

My favorite company I worked for was Figma because I had it all — kind bosses, fun projects, amazing products, and growth opportunities.

I was spoiled with tech benefits in every role — great pay, free food, remote work, gym memberships, massages, and more. At LinkedIn, we had monthly InDay, where employees take the day to focus on themselves, the company, and the world. At Pinterest and Meta, there was free breakfast, lunch, dinner, drinks, and snacks.

I have to admit, the perks started to get to my head. I wanted more and more and never felt truly satisfied. I left companies for the next opportunity if I didn't feel aligned with my bosses or the work culture, or felt underpaid. Other times, I chose to leave to put my family first, like when I became the primary caretaker for my mother.

My mental health was impacted

I felt pressure to do things fast and navigate red tape. I often waited for approval from senior leadership, and it could take a few months to launch a project.

The hustle culture felt overwhelming at times. The pressure to beat the competition and overdeliver was stressful. I would work up to 12-hour days and on weekends. My life became my work, and accepting that I let work define me was difficult.

I realized I was just making big companies more money. It got to a point where I thought to myself, why am I working so late when I'm not curing cancer?

It felt like I was in an elusive Silicon Valley club — almost like "Mean Girls." The people around me would only talk about other tech companies and tech advancements and only hang out with other tech workers. I didn't feel like I belonged.

I knew when it was time to go

After a round of layoffs in January 2023, many of us were humbled. I realized that tech was no longer safe, I was replaceable, and I needed to invest in what truly mattered — my well-being, family, and relationships.

I'd been juggling a few side hustles in the evenings after work for over a year, and they changed my life. After getting a taste of entrepreneurship while working my 9-to-5, I couldn't help but wonder, what if I went all in on myself? If other people can do it, why can't I?

I decided to quit in February. My biggest fear was failing, but I knew I'd regret not betting on myself and could always land another job after I tried this. I did have savings, but what gave me peace was knowing I could lean on my husband for support.

My side hustles led to becoming a content creator and career coach full-time.

Since leaving Big Tech, I feel like a new person

I'm so much happier now. I used to have really bad Sunday scaries, and they disappeared overnight. I no longer have anxiety — I used to think about work all the time, and now, I sleep peacefully knowing I don't have to please anyone but myself.

I love working remotely as my own boss instead of in an office for someone else. It's incredibly liberating to work wherever and whenever I want. The flexibility is now a non-negotiable for me.

Freedom is another huge perk of my new life. After leaving my job, I took two weeks off with my husband to travel to Japan and Korea, and it was the best trip ever. I felt liberated knowing I wouldn't return to work, anxiously thinking about how much work awaited me.

I now choose what projects make me happy and don't give myself too much pressure to succeed. I work 30 to 40 hours and some weekends now, but not because I have to — I want to.

The success I've had so far is encouraging to me

I thought I wanted to give myself one year to test being an entrepreneur. If I had realized this life wasn't meant for me and craved stability beyond the money, I would've considered returning to a 9-to-5 job.

Instead, I'm on track to exceed six figures by the end of 2024, I've grown my LinkedIn into a huge, supportive community, landed multiple five-figure brand deals, gained many clients, and sold out my career cohort.

I miss working with smart and kind people and having steady pay with great benefits, but the benefits of my freedom outweigh all of those perks. I'm building the life of my dreams. This is freedom.

• More and more "forever renters" are giving up on buying a home or choosing not to own one.
• Renters have more flexibility and avoid ownership costs but aren't building home equity.
• We asked four experts why the trend is on the wise — and whether it's a shrewd move.

Owning a home has been the keystone of the American dream for generations, but a growing number of people expect to rent one their entire lives.

These "forever renters" vary widely in their reasons for not pursuing home ownership.

Some have simply given up on buying a home due to affordability, as house prices have climbed to record levels, mortgage rates have surged to multi-decade highs, and saving for a down payment has become unfeasible as living costs soar. Others prefer the flexibility to move and freedom from ownership costs that renters enjoy.

Homeownership and renting have numerous pros and cons, making it hard to say whether forever renters are acting shrewdly or making a big mistake.

Business Insider asked four experts to weigh in on the trend. Here are their comments, lightly edited for length and clarity:

1. Grant Wilson, assistant professor of marketing and innovation, University of Regina

"There is a misconception that all renters can't afford to purchase a home or condo. In fact, there is a growing trend toward individuals and families choosing to rent versus buy. Some rent-versus-buy decisions reflect larger market conditions such as inflation, interest rates, and downpayment requirements, but certainly not all.

"My research finds that lifestyle renters — those that choose to rent over buy — 'perceive renting to have affordability, flexibility, location, and limited liability benefits over home ownership.'"

2. Eunjee Kwon, assistant professor of real estate, University of Cincinnati

"Home ownership is important because rent payments do not build equity, and there is always the potential for rent increases, making renting less affordable over time. Renters also face less stability due to eviction or non-renewal risks, especially in major US cities. 

"However, renting could offer several advantages over homeownership. It provides greater flexibility for relocation, which is beneficial for younger adults seeking job opportunities. Renters avoid large down payments and the varying costs of homeownership, such as mortgage payments, taxes, maintenance, and repairs. Additionally, real estate is a less liquid asset and a large portion of household assets, exposing households to market fluctuations."

3. David Brasington, Kautz chair in political economy, University of Cincinnati 

"The historical return to homeownership over the last 50 years in the US is about 4% per year, and the average return to stock ownership over the same time is 10%. On the surface, stock ownership is a no-brainer, but stock returns are more volatile, and the biggest return to home ownership is that you get your rent back when you sell the house: it's like living there rent-free.

"But then you have to calculate all the costs of owning a home, like maintenance and repair, lawn upkeep, insurance, and so forth. There's also a question of financing. To rent, you have to come up with monthly rent plus a deposit. To buy, you have to come up with a down payment of 20%. It's also cheaper to change the place you're renting than the place you're buying because of real-estate agent fees."

4. Colin Lizieri, professor of real estate finance, University of Cambridge

"In the Anglosphere, there seems an unspoken assumption that owner-occupation is the 'natural' form of housing tenure — the 'American dream' of owning a house and a car — that is reinforced in the media and reflected in public policy.

"But in other successful Western economies, many adults remain in rental housing for much or all of their lives: Germany or Switzerland, for example, where over half of households rent, with a much higher proportion in cities.

"If markets were efficient, then households would be able to choose freely between renting and buying, with the lower capital costs and greater mobility of the former set against any investment potential of the latter. Housing affordability is essentially about supply, not tenure."

An age-old question

Forever renters, whether they've been priced out of buying a home or they're choosing to rent for the long run, stand to lose by handing cash to their landlord each month. They could be paying down a mortgage to gradually gain ownership of a home, which they would likely be able to sell for a profit or pass on to their loved ones.

Renters often have less control and certainty over their living situation as well. But at the same time, they can more easily pick up and move; they avoid a massive downpayment and tying up a huge chunk of their net worth in a single asset; they escape ownership costs like maintenance and insurance; and they might be more able to save and invest each month and earn better returns than a homeowner.

The right option clearly depends on personal and financial circumstances and goals, and people's local rental and housing markets.

But it's worth questioning whether home ownership should hold such primacy in people's minds and propel the nation's housing policies when that isn't the case in other countries.

Government incentives can drive up housing demand far beyond the available supply, pushing up prices and exacerbating the affordability crisis. That's a concern that should live rent-free in all our minds.

A few years ago, Nathaniel Hudson-Hartman, 38, calculated that he'd need about $1.5 million in savings to retire comfortably in his sixties.

"I was making roughly $50,000 a year between my W-2 job and gig work, and I hope to enjoy retirement for about 30 years," he said.

As of March, the Portland-based gig driver had roughly $100,000 in his 401(k) from a previous job and about $12,000 across other savings and investment accounts.

In other words, he still has a ways to go.

The average millennial said they expected to need about $1.7 million in savings to retire comfortably, according to a Northwestern Mutual survey of 4,588 US adults conducted by the Harris Poll between January 3 and January 17. However, the average millennial reported roughly $63,000 in retirement savings so far.

Meanwhile, the Census Bureau's 2022 survey of consumer finances found that only about 62% of Americans between the ages of 35 and 44 had a retirement account like a 401(k), and among those who did, the median balance was $45,000.

A common rule of thumb when it comes to retirement savings is that by age 30, one should have saved up 100% of what they make in a year. So if one earns a $75,000 salary at 30, they should have $75,000 in total across their savings, retirement accounts, and other assets. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest.

Millennials are at risk of not having enough money to retire, a reality many in the boomer generation are currently experiencing. As a result, some boomers have postponed their retirements or returned to the workforce. According to 2023 Pew Research data, nearly 20% of Americans aged 65 and older are working. That number was 11% in 1987.

However, millennials have their own unique set of obstacles compared to boomers. Millennials are more saddled with student debt than prior generations and face some of the worst housing affordability levels relative to income ever seen. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings.

How to figure out how much retirement savings you need

Tiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously.

When she was 23, she said she didn't participate in her company's 401(k) plan. But after about a year of "chastising" from one of her supervisors, she said she finally gave in.

"Their harping significantly changed the course of my life over the next decade," she told Business Insider.

Over the past 10 years, Bell said she's meticulously tracked her budget and focused on saving. She now has roughly $280,000 in savings and retirement accounts.

That's way ahead of many of her peers, but it might not be enough.

Bell would like to retire around age 65 but isn't sure this will be possible. Using the NerdWallet retirement calculator, she estimated she'd need several million dollars in savings to retire comfortably. Assuming a 4% annual investment return on her $280,000 savings, she'd have about $900,000 in 30 years, her target retirement date. She'd have to invest an additional $40,000 each year to get to $3 million in savings by age 65.

Initially, she put into the calculator that she'd need 80% of her annual pre-retirement income — which is currently in the six figures — to maintain her lifestyle in retirement. But when the calculator spit out a savings goal of over $6 million — which felt impossible — she tried 40% instead. This provided a $3 million savings goal, which she said still felt out of reach, but is a more realistic goal for now.

"Ideally, I'd like to overshoot the target and actually have something to pass down to family," she said. "But it is depressing to think I might not even be able to save enough for myself."

Fidelity recommends that people plan to need between 55% and 80% of their annual pre-retirement income to fund a retirement lifestyle they're satisfied with, though it depends on one's personal circumstances.

While saving for retirement can be a challenge, developing retirement savings goals — and figuring out if they're realistic — is a crucial yet complicated part of the process.

For example, the suggestion that people should have saved 100% of their salary by age 30, has many issues, experts say. One of them is that people don't always start working at the same point in their 20s, said Chris Chen, a certified financial planner and cofounder of financial advisory firm Insight Financial Strategists.

"A lot of the time, when kids graduate from college, not very long thereafter, there might be graduate school, and that's going to put a dent in their style," Chen told Business Insider. "And for these people, getting to the level of one-times earnings can be very difficult."

Meanwhile, he said, salaries for those who don't go to graduate school often won't be as high as those who do.

Another problem with the rule is that the cost of living varies greatly depending on where one lives, says Judi Leahy, senior wealth advisor for Citi Personal Wealth Management. In big cities, costs are going to be much higher, but this is where job opportunities for some industries are concentrated.

"If you're living in New York, it's going to be harder to save money than if you're in Montana," Leahy said.

While financial advisors say you should have savings that equal your salary at 30, they recommend that people have three times their annual salary saved by 40.

While still difficult, this one should be easier to achieve, in part because of the law of compound interest on previous savings, Chen said. When one is invested in securities like a bond or dividend-paying stock, they can choose to reinvest the yields they earn. Doing this repeatedly then snowballs the total return for the investor.

In addition to speaking with a financial advisor, some free online retirement tools — like those from Vanguard, Bankrate, and NerdWallet — may be able to help people develop more personalized retirement goals, experts told BI.

But these tools aren't without their limitations. Bell — who used one of those calculators — said her future is too uncertain to accurately assess her retirement needs. For instance, Bell doesn't know where she'll be living when she retires and if that home will be paid off. What's more, she can't anticipate what health needs she'll have when she stops working.

"I have no idea where I'll be at that point in my life," she said. "To me, it seems almost impossible to guess what is really needed."

To be sure, many millennials may feel similar to Bell: It can seem impossible to predict how much you'll need for possibly 20 or 30 years of your life without an annual salary. Even if someone saves what they think is enough, there's no telling exactly how much they'll need for any family emergencies or health crises that arise. If it turns out they haven't saved enough, the lack of a social safety net in the US means they may be forced to work well past their desired retirement age.

How millennials can get their retirement savings back on track

While some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.

A Vanguard report released in October found that early millennials — people between the ages of 37 and 41 — were better positioned for retirement than older generations. Vanguard attributed this in part to the passage of the Pension Protection Act in 2006, which it found made it easier for Americans to join their workplace retirement plans and increase their savings rates over time.

In a Fidelity survey conducted last December — in partnership with consumer research firm Big Village — of more than 2,000 US adults with an investment account, 75% of millennials surveyed said they were confident they'd be able to retire when and how they want. The survey found that millennials started saving for retirement earlier than both Gen X and boomers. What's more, Fidelity research published last year found that, since 2020, millennials have seen a larger increase in median income than any other generation.

But experts told Business Insider that for the other millennials who are behind on their retirement savings, there are a few tricks that can make up for lost time.

First, start saving whatever you can, when you can. Nilay Gandhi, CFP senior wealth advisor at Vanguard, told Business Insider that he recommends people put between 10% and 15% of their annual pre-tax income toward retirement savings.

Second, make sure you are putting money into a retirement account like a 401(k) or a Roth IRA — which offers diversified investments and tax advantages — and getting any deposit matches that your company might offer. Many firms match deposits up to a certain percentage of an employee's salary. The maximum one can contribute to a Roth IRA, which is funded by post-tax deposits, is $7,000 in 2024. For a 401(k), which is for pre-tax deposits, the maximum this year is $23,000.

"They should religiously put their money in there, whether it is the Roth version or the traditional version, and at the very least pick up the match," Chen said.

Third, if you have an investment portfolio, make sure it has the right mix of stocks, bonds, and cash.

Leahy said that those in their 30s may want to think about leaning more heavily into stocks given their longer investing timeline and higher risk tolerance. Older investors may want to consider higher allocations to safer options like fixed-income assets, she said.

"If you're trying to play catch up at 45 or 55 and you think you want to go all in on equities, it might not be your best bet," she said.

The concern for some millennials isn't that they don't have the money to put toward retirement savings, it's that they're investing it too conservatively, Rita Assaf, vice president, retirement savings at Fidelity Investments, told Business Insider.

Assaf said Fidelity's research found that millennials have seen the largest drop in "age-appropriate asset allocation," meaning they're holding too much of their savings in cash and bonds than she would typically recommend.

"These indicators point toward a trend of millennials taking a more conservative approach to investing, which likely stems from the fact they have multiple other savings priorities of their own," she said. "The concern is that millennials may not end up with the appropriate mix of assets to help them adequately achieve their retirement goals."

While a solid investment strategy is important, allocating more money toward saving is the most important step.

"If an individual is not saving enough, even the best investment strategy is unlikely to help them reach their goal," Gandhi said.

Savings outside a retirement account are also important, Chen said, and one should start by building up at least six months of expenses for an emergency fund. One way to do this is to have money deposited directly from their paycheck into a separate account. And with certificates of deposit paying annualized rates around 5% at the moment, Leahy said savers are even more incentivized to hold onto their money.

Both Leahy and Chen also agreed that credit card use should be avoided for those who are not highly confident that they can pay off their balance every month.

"Do not maintain a credit card balance. That's a great way to erode capital because the card is charging you anywhere from 12% to 22%," Leahy said. "So that item that you bought that was on sale that you really didn't need wasn't worth it."

But for some millennials, following most of this advice might not be enough for them to reach their retirement goals. It could force them to join the millions of Americans working well into their sixties and later.

Bell, for example, has started coming to terms with the possibility that she might have to work later in life than she initially hoped.

"I'm fortunate to be in an industry that allows you to work well past retirement age because it's not very physically intensive," she said.

Similarly, Hudson-Hartman said he takes comfort from the fact he enjoys working — and has an income stream he can count on well past age 70 if necessary.

"I always planned to do gig work part-time in my later years," he said. "I plan to just dial it back and work during busy times and keep my mornings and afternoons free."

Are you a millennial willing to talk about your retirement savings journey? Contact these reporters at jzinkula@businessinsider.com and wedwards@businessinsider.com.

• US firms need to be vigilant with their exports, says Deputy National Security Advisor Daleep Singh.
• Singh said an "unacceptably high" number of US components have been found in Russia's weapons.
• Companies shouldn't become "unwitting cogs in Russia's arsenal of autocracy," Singh said on Tuesday.

An "unacceptably high" number of US arms components are landing in Russian hands, a US official said on Tuesday.

"The percentage of Russian battlefield weaponry with US or allied branded components is alarmingly and unacceptably high," said Daleep Singh, US deputy national security advisor for international economics.

Singh was speaking at an event hosted by Washington think tank Brookings Institution on May 28 when he urged US tech companies to be more vigilant with their exports, per Bloomberg.

"I want to issue an urgent call for corporate responsibility," Singh said.

"Put your creativity and resources to work, know your customers, know their customers, and know the end users," he added. "Ensure that American firms are not unwitting cogs in Russia's arsenal of autocracy."

The 48-year-old Harvard and MIT graduate is widely seen as the architect of the Biden administration's economic sanctions on Russia when it first invaded Ukraine in February 2022.

Singh left the White House for the private sector in February 2022 and was named PGIM Fixed Income's chief global economist in June 2022. He rejoined the Biden administration in February this year.

Singh's remarks on Tuesday spotlighted the difficulties the US faces in limiting the flow of its goods to Russia.

According to an investigation conducted by Nikkei Asia last year, Russia still managed to acquire hundreds of millions of dollars worth of US-made chips in spite of prevailing sanctions. The outlet said most of the goods were routed into Russia through Hong Kong and China.

"It took decades to build the financial sanctions architecture after 9/11. We've got to do that at warp speed for technology and goods companies," Singh said on Tuesday.

Representatives for the State Department did not immediately respond to a request for comment from BI sent outside regular business hours.

• Silver prices have soared 35% this year, hitting 12-year highs at around $32 an ounce.
• Silver's rise is driven by industrial demand, especially for solar panels amid green energy shifts.
• China's strong silver demand boosts imports, with domestic prices higher than international rates.

Record high gold prices are in the spotlight — but it's really the yellow metal's poorer cousin, silver, that's outperforming in the price rally.

Spot silver prices have gained 35% this year-to-date to 12-year-highs. They're now around $32 an ounce.

In comparison, spot gold prices are at around $2,350 per ounce, but have just gained 14% so far this year.

While gold's bull run has been driven by central banks' desire to diversify their assets and a consumer flight to safety amid macroeconomic uncertainties — particularly in China — silver's dazzling performance this year is underpinned by industrial demand.

To be sure, there are industrial uses for gold too, but as Morgan Stanley explained, half of all silver is used in heavy industry and technology.

"The fact that silver has been outshining gold in recent weeks is due mostly to its application in manufacturing," wrote Daniela Hathorn, a senior market analyst at online trading platform Capital.com, on Tuesday.

"Whilst it also attracts safe haven demand — even though not as much as its yellow counterpart — its industrial demand has been driving the moves higher given the resilience in manufacturing activity in the US," added Hathorn.

Silver is used in solar panels and also in general industry

In particular, silver is a key raw material for solar panels. They're in demand amid the world's transition to sustainable energy, and China has raced to manufacture them.

China's silver imports hit a three-year high of 390 tons in December before falling back to over 340 tons in April — well above the monthly five-year average of 310 tons, according to Bloomberg on Wednesday.

China's demand for silver is so strong that domestic prices of the precious metal are higher than international prices, which is likely to send more imports to the East Asian nation in the coming weeks, per Bloomberg.

Global demand is also set to outstrip supply for the fourth straight year in 2024, according to the Silver Institute, an industry association.

Other than solar panels, silver is also used in electronics, as catalysts in industrial processes, and in car parts.

China is overproducing solar panels

Solar panels are a sore spot between the West and China.

The US, Europe, and their allies accuse China of unfair trade practices, including making and exporting so many solar panels — among other goods — that it's impacting their economies.

Beijing has pushed back on the West's claims of overcapacity, saying they are aimed at containing China's economic growth.

To be sure, there isn't overcapacity and overproduction in all sectors of China's industry, as a Bloomberg analysis in April found. The problem is mainly in areas where China already had the upper hand over the West, such as lower-tech goods and building materials.

China's production of solar panels and batteries also exceeds the demand for them. But the competition doesn't extend to a key emerging area of contention: electric vehicles.

The West's hawkish moves toward China now follow the East Asian giant's breakneck industrialization to its position as the factory of the world over the past four decades. That quick ascendance wiped out jobs and decimated communities elsewhere — a phenomenon three researchers termed "China shock."

• A new F-35B crashed in Albuquerque, New Mexico, on Tuesday, leaving its pilot injured.
• The jet was a new model being transferred from a Lockheed Martin facility to the US military, per reports.
• F-35s have been reported to cost up to $135 million each, but it's unclear how much this one was worth.

An F-35B Lightning II fighter jet crashed near the Albuquerque International Sunport in New Mexico on Tuesday, and its pilot has been seriously injured, local authorities said.

Fire rescue teams responded to the crash just before 2 p.m., and the pilot was sent to hospital while conscious, said Albuquerque Fire Rescue spokesperson Lt. Jason Fejer.

Two other civilians on the scene were assessed for injuries and released.

CBS News reported, citing two unnamed US officials, that the F-35 was a new developmental model being delivered to the US military from Lockheed Martin.

The jet was being transferred from a Lockheed Martin facility at Naval Air Reserve Station in Fort Worth, Texas, to the Edwards Air Force Base in southern California, per the outlet.

ABC News reported, citing one unnamed US official, that the jet crashed just after refueling in Albuquerque and was being flown by a pilot for a defense contract agency. The outlet also reported that the F-35 was new.

"Flight operations have resumed, but check with your airline for flight status," airport officials wrote about three hours after the crash.

Fejer told NBC affiliate KOB that local fire crews needed assistance from Kirkland Air Force Base.

"We carry 500 gallons of water on our apparatus and small foam tanks, but it's no match for a jet fuel fire of that scope," said Fejer, per KOB.

The Albuquerque-based outlet published footage of firefighters spraying water on the smoldering wreckage of the F-35 with a main road in view.

Lockheed Martin and Kirkland Air Force Base did not immediately respond to requests for comment sent outside regular business hours by Business Insider.

The last report of an F-35 crash was in September when a pilot ejected during training over South Carolina. The stealth fighter then went missing, flying about 80 miles before crashing.

F-35Bs have been reported to cost up to $135 million per fighter, but it's unclear how much the jet that crashed on Tuesday was worth.