2022 OCT 24– By a News Reporter-Staff News Editor at CDC& FDA Daily– Seventy-six percent of workers say their life priorities changed as a result of the pandemic, and 56 percent cite saving for retirement as a financial priority, according to Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement, a survey report released by nonprofit…
Advisor News
IRS increases 401(k) limits, allowing savings lift in face of inflation
The IRS announced the largest ever increase in contribution limits to 401(k) plans and other federal savings programs, raising the amount individuals can contribute to 401(k) plans to $22,500 in 2023, from $20,500 in 2022.
The bank will pay 123 million euros in fines and 115 million in damages and interest to France, whose investigators will close an inquiry launched in 2016 on possible charges of aggravated tax fraud laundering and illegal soliciting, French prosecutor Jean-François Bohnert said in a statement. It comes just a week after Credit Suisse agreed to pay $495…
The third quarter was marked by a rise in interest rates across the entire yield curve, particularly on the short end, as the Federal Reserve continued to raise short-term rates in their battle to slow inflation. The end of the quarter saw Hurricane Ian, a ferocious Category 4 storm bordering on Category 5, deal a lethal blow to Southwest Florida in general and the…
Clients are looking for stability through their financial plans.
A recent Agency Forward survey from Nationwide reveals that few see relief in the near term and are taking alarming measures to protect their business as they anticipate a recession in the coming months.
Study examines Gen Z financial priorities, challenges and barriers
As a follow-up to its Better Money Habits’ Gen Z 2021 research, Bank of America took a deeper dive into that generation’s distinct approach to money, financial priorities, behaviors and challenges.
Lowell Money Manager Pleads Guilty to Defrauding Clients of Millions of Dollars. U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for Feb. 23, 2023. In total, Xigoros defrauded his clients of more than $3.5 million, including the entire life savings of one elderly couple, who entrusted $1.3 million to him to make investments on their behalf.
Experts weigh in on how homeowners should react to softening home values
We asked real estate agents and other experts to weigh in on how homeowners should react to softening home values in the face of rising interest rates and inflation.
One thing we know about the financial markets is that they are, by definition, volatile. Ironically, it is this volatility that is a necessary element for the higher returns historically provided by stocks. The quantifiable elements include things like assessments of the economy, interest rates, government and Federal Reserve policy, corporate profits, and…
One of the rewards for working over several decades is the ability to contribute to tax-advantaged retirement accounts, which can help provide needed income for you when you do retire. As the years went by, you may well have accumulated several retirement accounts, such as IRAs and 401 s or similar employer-sponsored plans. But you might find it advantageous to…
As we shared in Retirement Planning Part 1- Taking Control of Your Finances, retirement planning is the process of determining your retirement income along with the actions and decisions necessary to achieve them. After you have the basic knowledge of understanding, controlling and maximizing your finances, it is time to take a look at the specifics, from…
Data from a recent Redfin report shows record levels of price cuts in the U.S. real estate market as the Federal Reserve continues to hike its policy interest rate to stymie persistent red-hot inflation. Markets like Oakland, and San Francisco have seen prices drop by 2% and 3% and New Orleans has seen a 2% price drop in some cases. "Even in Atlanta, or Orlando, we're…
The economy shrank 1.6% in the first quarter and 0.6% in the second. And inflation hit 8.2% for the latest 12 months. Many top economists, such as Harvard's Larry Summers, say the economy is likely to enter a recession this year or next, thanks to the large interest-rate increases from the Federal Reserve.
The president and a top officer of the Secaucus- based real estate investment company National Realty Investment Advisors LLC have been charged for their roles in a scheme to defraud more than 2,000 investors in a $650 million Ponzi scheme, and with conspiring to evade $26 million in tax liabilities, U.S. Attorney Philip R. Sellinger has announced.
Amid high inflation, survey finds retirees spending more than they can afford
With inflation at an all-time high, retirees are finding it difficult to make ends meet and many are spending more in 2022 than they can afford, a recent survey finds.
Beyond building your nest egg, understanding your “paycheck” when you retire is key.
Fewer minority consumers receiving advice, but more are open to it
BIPOC populations are more open to working with a financial professional even though fewer BIPOC Americans are getting that professional advice.
The 2023 numbers from Social Security and Medicare provide an opportunity for clients and advisors to discuss retirement plans, the role of Social Security, Medicare premiums, and other healthcare costs that need to planned for in retirement.
