According to the Federal Bureau of Investigation, in 2021 there were 92,371 older victims of fraud resulting in $1.7 billion in losses. Government imposter scams: These are fraudulent telephone calls from people claiming to be from the Internal Revenue Service, Social Security Administration or Medicare. Or they may say your Social Security or Medicare…
Advisor News
On Nov. 7, a Powerball ticket sold in California finally matched all six numbers drawn by the lottery after 41 days without a winner. Many people on social media also asked if California would get the tax money from the Powerball winnings. Do states get tax money from Powerball winnings?
Study finds passing on wealth planned, but not discussed
About 8 in 10 respondents to a recent study said they are taking steps to pass on wealth to their heirs, but are not discussing their plans with heirs – in some cases, in order to avoid any conflict such plans may evoke.
By Emma Cramm Daily, financial planners answer their clients’ heart-wrenching question: “Am I on track?” The answer requires quantitative data…
As inflation continues to pose challenges for American adults’ financial strategies, New York Life’s latest Wealth Watch survey has found that people are coping by adjusting debt management and investment strategies, although the financial guidance informing these strategy adjustments varies by generational cohort.
If you receive Social Security, you've probably already heard that your checks in 2023 will be bigger– considerably bigger, in fact. Here's what's happening: For 2023, there's an 8.7% cost-of-living adjustment for Social Security benefits, the largest increase in 40 years. Also, the monthly Medicare Part B premiums are declining next year, to $164.90/ month from…
Rice University issued the following news release:. State-sponsored retirement plans could help workers save more and help retirees rely less on social services– as long as the cost-effectiveness of such plans aren't bogged down by fees– according to a new report from Rice University's Baker Institute for Public Policy. A Federal Reserve study last year…
A few investors always become fearful of an economic Armageddon if what they view as the "wrong" presidential candidate wins or the "wrong" party takes control of Congress. Some believed if the Republicans flipped the Senate and House, that would cause the economy and stock markets to crater. Others believed if the Democrats retained control of Congress, that…
It's generally accepted among economists and investors that the Federal Reserve has an impossible task of getting inflation under control without broad and lasting damage to the economy. It's time for a reality check. The Fed doesn't have any direct control over rents, and what indirect control it does have tends to push rents in the wrong direction.
With the Federal Reserve's recent hikes of its federal funds rate, borrowers with small-business loans may think that they've missed their opportunity to refinance to a lower interest rate. A lower interest rate may still be within reach, because the rate you pay on your business loan is influenced by more than the Federal Reserve. "If someone is looking to get a…
Consumer prices jumped 8.2% in the 12 months through September, and the Federal Reserve is raising interest rates. Famed investor Cathie Wood, chief executive of Ark Investment Management, reiterated her view Nov. 8 that deflation is the big economic concern, not inflation. Companies in the innovation technology areas that Ark focuses on now have a market…
BMO Financial Group must pay the bankruptcy trustees of Tom Petters $563.7 million in damages for the role a predecessor bank played in the multibillion-dollar fraud by the Minnesota businessman, a federal jury in St. Paul ruled Tuesday. The judgment is believed to be the largest financial penalty ever handed out by a jury in a Minnesota courtroom, attorneys…
District Judge Edward Davila is the latest setback for Holmes, a former Silicon Valley star who once boasted an estimated net worth of $4.5 billion but is now facing up to 20 years prison that would separate her from her 1- year-old son. In the latest twist in a Silicon Valley soap opera, Holmes appeared to be pregnant when she showed up for an Oct. 17 hearing about her…
The seizure occurred during a previously undisclosed raid on a Georgia residence in connection with a 2012 wire fraud scheme conducted via the infamous, now-shuttered dark web blackmarket, Silk Road. The DOJ' s raid remains its second-largest cryptocurrency seizure ever after this year's recovery of $3.6 billion in Bitcoin from Ilya Lichtenstein and…
Survey: Americans fear recession, seek personalized financial advice
Many Americans fear the country may slide into recession, according to a new MDRT study, which also found that people would prefer personalized financial advice rather than relying on digital platforms or “universal rules.”
DENVER— Many of us are dreaming a Powerball dream, now that the jackpot is approaching $2 billion. "You do not want to lose that ticket so make sure you have it in a safe spot where you know you can get to at any time," said Thomas Reilly with Strategic Wealth Designers. Wally Darling, owner of Lakewood Hills Investments, agrees.
Life insurance gap persists for Black Americans
With a life insurance gap still present among Black Americans, an MDRT member shares some critical insights agents should keep top-of-mind as they pursue the African- American market.
Federal Reserve officials are battling the fastest inflation in four decades, and as they do they are parsing a wide variety of data sources to see what might happen next. If they check in on how executives are describing their companies' latest financial results, they might have reasons to worry. "While we are seeing signs of economic slowing, consumers and…
J. Mitchell Lowe, previous CEO of the movie ticket subscription service, and Theodore Farnsworth, former leader of the company's now-defunct parent firm Helios& Matheson Analytics Inc, allegedly schemed to defraud MoviePass investors by producing "materially false and misleading representations" of business activities to boost stock prices and attract…
