The figures were higher even in 2008, when some retirement funds had to sell at inopportune times to make payments; one economist told the Daily Caller News Foundation this could threaten Americans' pensions in the event of a financial crisis, which could force funds to sell off assets at low prices in order to continue payments, resulting in a massive loss in…
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What tips do you recommend to Medicare beneficiaries dealing with hefty medical bills? My husband recently had open heart surgery and is recovering slowly, but the medical bills are coming in fast and furious and they're putting us in medical debt. According to U.S. Census data 19 percent of Americans households carry medical debt, including 10 percent of…
WASHINGTON- A section of the $1.7 trillion spending bill passed last week has been billed as a dramatic step toward shoring up retirement accounts of millions of U.S. workers. "Some of these provisions are good and we want to help people who want to save- but this is a huge boon to the financial services industry," says Monique Morrissey an economist at the liberal…
The decline in financial markets this year has impacted the portfolios of millions of Americans, and perhaps dampened plans for retirement. Below is a brief recap of the optimism with which 2022 began, followed by current conditions and ideas to consider to navigate to and through retirement in turbulent times. Bitcoin had a market cap of around $1 trillion.
Consider what Twitter' s owner Elon Musk has been revealing about how the people who ran old Twitter did business. As the documents he's been uncovering have revealed, Twitter leaders lied repeatedly and shamelessly about how they systematically concealed politically inconvenient information, from leading epidemiologists' arguments against lockdowns…
A year ago, Wall Street consensus was for 2022 to be a pretty decent year of stock gains. Inflation fears, recession worries and a war in Europe have led to the worst year since 2008 when the Great Recession gripped the economy. According to FactSet's John Butters, 13%.
WASHINGTON- A section of the $1.7 trillion spending bill passed Friday has been billed as a dramatic step toward shoring up retirement accounts of millions of U.S. workers. "Some of these provisions are good and we want to help people who want to save— but this is a huge boon to the financial services industry," says Monique Morrissey an economist at the liberal…
As the year winds down, your thoughts might drift to the future. And, as part of that future, you may be thinking of where your financial assets will end up. You've worked hard to accumulate them, and you'll certainly need some of them to support your retirement, but what about the rest?
Retire boom makes advice for golden years a top 2022 theme for advisors
With a record 700,000 boomers hitting retirement age in 2022 and another huge segment approaching the milestone, it shouldn’t come…
Investors found few, if any, places to safely put their money in 2022, as central banks in the U.S. and around the globe raised interest rates for the first time in years to fight surging inflation, stoking fear of a global recession. Uncertainty about how far the Federal Reserve and other central banks would go in the fight against inflation sparked a return of…
To find out, Guideline compiled statistics to show the financial health of retirees, using data from the Federal Reserve and Social Security Administration. A little more than 1 in 4 adults in the U.S. considered themselves retired in 2021, according to the Fed. As of 2022, 47.9 million retired workers receive Social Security benefits.
Once the Federal Reserve began to aggressively boost its benchmark Federal Funds rate throughout 2022, sky-high credit card rates were sure to follow. According to a new Bankrate study, the current credit card average interest rate of 19.42% is the "highest on record." "This year's increase is all about the Federal Reserve and its series of interest-rate hikes…
DEAR SAVVY SENIOR: What tips do you recommend to Medicare beneficiaries dealing with hefty medical bills? My husband recently had open heart surgery and is recovering slowly, but the medical bills are coming in fast and furious and they're putting us in medical debt. According to U.S. Census Bureau data, 19% of Americans households carry medical debt, including…
NEW YORK- December 20, 2022-. iQuanti: Throughout 2022, the Federal Reserve has been hiking interest rates at an unprecedented rate. While this is intended to curb inflation, many economists expect that it will eventually have a negative impact on business and cause the economy to slow and unemployment to rise.
Mohamed El-Erian— president of Queen's College, Cambridge, and chief economic adviser at Allianz— was an early critic of the Federal Reserve's hesitancy to raise interest rates in 2021. Now, with seven interest rate hikes and the Fed's "transitory" inflation framing firmly in the rearview mirror, El-Erian spoke with "Marketplace" host Kai Ryssdal about the…
Two biotech chief executive officers have been indicted for their roles in defrauding investors in CytoDyn, a company developing an investigational drug to treat human immunodeficiency virus, or HIV, according to a federal grand jury in the District of Maryland. The court documents, unsealed on Tuesday, show Nader Pourhassen, of Lake Oswego, Ore., and Kazem…
Research commissioned by Equitable examined attitudes toward retirement in light of increased inflation and the impact of the COVID-19 pandemic.
—Alex Murdaugh, the disgraced attorney accused of killing his wife and son, was indicted Friday by a grand jury in South Carolina on nine counts of tax evasion, adding to the slew of charges he faces in the aftermath of their deaths more than a year ago. Prosecutors said Murdaugh, 54, made nearly $14 million as a lawyer over nine years, but also stole nearly $7 million…
Elizabeth Warren thinks the more modest approach the Federal Reserve took with its latest increase is still pushing the envelope "too far, too fast." The Federal Reserve on Wednesday bumped up its benchmark interest rate by half a percentage point, pushing the target range for the federal funds rate to between 4.25% and 4.5%. Federal Reserve officials signaled…
The nation’s youngest adults are taking significant steps to improve their financial wellbeing with the goal of retiring at age 59 – years ahead of the generations that preceded them.
