When the Securities and Exchange Commission sued developer Rishi Kapoor in December, accusing him of defrauding investors in his real estate projects, the SEC’ s lawsuit made no mention of his company’ s consulting agreement with Miami Mayor Francis Suarez. The Miami Herald has previously reported that the mayor received a $10,000 monthly retainer but has now…
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Inflation is still the top financial challenge for many Americans
Although inflation is down significantly from its four-decade high in 2022, it is still the leading financial challenge for many Americans.
One of the fastest growing sectors of the retail economy is beauty, and it's pretty hard to overstate its popularity. Just a few years back in 2018, the beauty space was valued at approximately $508 billion. Less than six years on, that figure has grown to $579 billion— a 14% uptick in growth.
The U.S. economy likely added nearly a quarter of a million new jobs last month, extending the longest streak of sub-4% unemployment since the 1960 s, as the labor market continues to defy repeated warnings of a slowdown and Federal Reserve interest rate hikes. Economists expect the Labor Department to report headline job creation of around 243,000 for the month…
Peak 65 boomers face a retirement preparedness gap
This is the year when the U.S. hits “Peak 65” – when the number of Americans reaching age 65 is at its highest level.
By the time you reach retirement age, you may have accumulated a 401, IRA and other investment accounts, along with insurance policies and physical properties. You'll use some of these assets to support your retirement, but the rest may end up in your estate- which is why an estate plan is so important. So, to leave a legacy for your family and those philanthropic…
WASHINGTON— The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’ t plan to cut interest rates until it has“ greater confidence” that price increases are slowing sustainably to its 2% target.The Fed issued its decision in a statement after its latest meeting, at which it kept its key rate at a…
The good news from the Federal Reserve's meeting on May 1 was that the central bank isn't raising rates. Fed Chairman Jerome Powell even said as much at his news conference on Wednesday: "It is unlikely the next move will be a hike." The bad news is that it is not cutting rates, at least for a while, and probably not until the fourth quarter of 2024.
Among American parents saving for their children’s college education, 95% expect to cover more than half of the cost for their children.
Global bank HSBC announced Tuesday the shock departure of chief executive Neil Quinn, who will retire after overhauling the group in an "intense" five-year tenure weathering a Covid fallout, simmering geopolitics, and shareholder pressure to spin off Asia assets. Quinn, 62, who streamlined HSBC to focus more on Asia, has decided to pursue a portfolio of business…
The Federal Reserve has promised to be "data driven" in deciding when to cut interest rates. But some of the recent economic data has the central bank driving in circles. Chicago Fed president Austan Goolsbee said recently. "
What’s new with SECURE 2.0 and workplace retirement plans?
Several provisions of SECURE 2.0 are taking effect and are changing plan sponsor behavior, a self-described “qualified plan nerd” said during a recent webinar.
Saving for college can impact your clients’ retirement
Many families find these two financial goals are in conflict. How an advisor can help.
KKR, a leading global investment firm, today released“ No Turning Back,” a new Insights piece by Henry McVey, CIO of KKR’ s Balance Sheet and Head of Global Macro and Asset Allocation. Based on a proprietary survey of nearly 50 Chief Investment Officers who collectively oversee over more than $8 trillion dollars in assets, the report examines how leading insurance…
IRS again defers minimum distribution penalty for IRA beneficiaries
For the fourth year, the the IRS has punted on the matter of required minimum distribution (RMD) penalties for IRA beneficiaries.
Former President Trump's potential plan to exert more influence over the Federal Reserve is alarming experts and investors. Even so, experts say Trump's attempts could seriously harm the U.S. and its role as the center of the financial world. "If it becomes clear that there's going to be a Fed chair that answers to the president, I would expect a dramatic reaction…
If you own a business and you offer a 401 or similar retirement plan to your employees, you'll want to stay current on the various changes affecting these types of accounts. And in 2024, you may find some interesting new developments to consider. To help address this problem, Congress included a provision in Secure 2.0 that allows employers the option to provide…
Thought the Fed would give us an interest-rate break in '24? Think again
Everybody, including the Federal Reserve, is caught in a bind. The Fed's key rate is the federal funds rate, which has been at 5.25% to 5% since July 2023. That was the lesson contained in the first-quarter Gross Domestic Product report economic report released Thursday by the Commerce Department.
A new report published from the 34th annual Retirement Confidence Survey finds workers’ and retirees’ confidence has not yet fully recovered from the significant drop seen in 2023, but majorities remain optimistic about their retirement prospects and the lifestyle they envisioned.
A strong economy and higher inflation numbers so far this year have surprised investors, leading them to push back expectations for Federal Reserve interest rate cuts. Interest-rate futures positions indicate the Fed won't act until July or September, according to the CME FedWatch tool. David Solomon, CEO of vaunted investment bank Goldman Sachs.
