Social Security recipients are likely already aware that their payments will be 8.7% higher starting in January. On average, this translates into a $140 monthly increase. Retirees had become used to miniscule Social Security cost of living increases which were often largely offset by increases in their Medicare Part B premiums.
Advisor News
Kansas City- based James B. Nutter& Co., one of the nation’ s largest private mortgage lenders that since its founding in 1951 helped hundreds of thousands of Americans buy their first homes, has announced that it is going out of the home loan business. The alleged misconduct occurred from 2008 to 2010, the suit said, and resulted in the Federal Housing…
The Federal Reserve of St. Louis has released a paper on pandemic unemployment benefits, focusing on effects by age group. In many states, including Nevada, governors ordered certain businesses to close. The Federal Pandemic Unemployment Compensation program boosted jobless checks by $600 a week.
Benefits make up more than 30% of the typical job’ s compensation, according to the U.S. Bureau of Labor Statistics. But figuring out what your benefits are worth isn’ t always easy. You may need to do a little digging to find how much your employer contributes toward health insurance, retirement plans and other perks.
80% of employees surveyed say debt level is a problem
The overwhelming majority of employees interviewed describe their level of debt as a problem, according to the 2022 Workplace Wellness Survey published by the EBRI and Greenwald Research.
Oct. 28— A former Sullivan County pastor serving 54 years in prison on securities fraud after leading a massive Ponzi scheme is seeking to have his conviction and prison sentence set aside. On Thursday, his petition was heard in Sullivan County before Greene County Superior Court Judge Dena Martin, who is serving as special judge in the case.
Buzz: Mortgage rates just passed 7%, a first since April 2002, as the Federal Reserve continues to wage war on sky-high inflation. Source: The average 30- year fixed-rate mortgage comes from a weekly survey of lenders by Freddie Mac. Let's jog your memory back to April 2002….
A year of skyrocketing inflation and growing recession fears have taken their toll on American consumers, reinforcing a need for personalized financial advice rather than supposedly universal rules on household spending.
Further rises in interest rates and inflation are the biggest concerns U.S. pension funds and other U.S. institutional investors have about the fixed income market.
Although the Social Security and Medicare changes for 2023 are the exception rather than the rule, they are a welcome opportunity for financial professionals to engage with clients around the long-term trajectory of these expenses and add value by developing savings plans that ensure this critical need is met.
Does the 4% rule hold up amid today’s retirement planning challenges?
Inflation is at a 40-year high and workers must plan for a retirement that could last more than 30 years. That leads to the question: Does the 4% rule for retirement spending still work in today’s environment?
Four tips to effective network as a financial planner
My biggest early-career mistake was not intentionally networking. Intentionally is a critical word in that sentence: effective networking requires deliberate action rather than hoping to meet people in passing.
The impact of 40-year high inflation is hitting savings accounts as a majority of Americans say they are stopping or reducing retirement savings because of inflation.
New York and New Jersey rank 49th and 50th, and the District of Columbia tied with California for 48th. Gavin Newsom likes to boast California is a better place to live and work than Texas and Florida. The business tax climate rankings put Florida fourth and Texas 13th.
Middle District of North Carolina. GREENSBORO– The former chief financial officer of a company in High Point, North Carolina, was sentenced today in federal court in Greensboro for wire fraud, announced United States Attorney Sandra J. Hairston of the Middle District of North Carolina. SAMUEL ALLEN MOUZON, age 62, of Lexington, North Carolina, was sentenced to a…
COLUMBUS, Ohio– After years of waiting, millions of Americans will soon be seeing their payouts following a class-action lawsuit against Equifax. The exposed information included names, Social Security numbers, birthdays, driver's license numbers, and 200,000 credit card numbers. The settlement offered either a $125 payout or 10 years of free credit…
Roughly 70 million Americans receive benefits from Social Security, the majority of which are seniors who will see a boost to their monthly benefits starting in January 2023. With the average Social Security benefit at $1,657, this means that social security beneficiaries will see an increase of $144 per month and in some cases, even more.
While most people expect changes to the Social Security program, the reality is that Social Security was always only meant to replace a portion of your retirement income. For most, Social Security only accounts for 33% of retirement income, which is why it is important to save for retirement. Still, investors want to know, what role should Social Security play in…
The Federal Reserve responded as it has all year with another interest rate hike. To bring inflation back to Earth, the Federal Reserve has been steadily raising rates— five times so far in 2022, with the latest hike on Sept. 22. As of July, average monthly mortgage payments were up 50 percent year-over-year— from $1,240 to $1,861, according to the latest National…
