Assuming a modest reduction in benefits is a prudent step to ensure retirement plans will meet future needs.
It seems like such good news- Social Security benefits are going up 8.7% next year, thanks to inflation. That's because tax rates on Social Security benefits are not changing with inflation. Taxing Social Security benefits began in 1984 as part of a sweeping reform of the system.
MARSHALL COUNTY, Ala.– A Florida couple has been arrested for financial exploitation of the elderly, as well as securities law violation. According to a release from Marshall County district attorney Clark E. Johnson, III, and Joesph Borg, director of the Alabama Securities Commission, two people have been arrested for exploiting an elderly Alabama couple in 2018.
The IRS said taxpayers who take the standard deduction instead of itemizing their taxes will no longer be able to deduct their charitable contributions. For those claiming the Earned Income Tax Credit or the Additional Child Tax Credit, the IRS said it can not issue those returns until mid-February because the law requires it to hold the entire refund in an…
However, an investigation revealed that“ although Jardine and D&A withheld employees’ federal income and FICA taxes over multiple tax periods between 2016 and 2019 and reported those withholdings to the IRS, they failed to pay over the withheld amounts, totaling approximately $868,000,” the statement said. Jardine told the IRS that the company could not pay, but…
The FBI and federal prosecutors are accusing a New Albany man of passing himself off as an expert cryptocurrency trader while defrauding investors of at least $10 million. Authorities arrested Rathnakishore Giri, 27, on Nov. 18 after a grand jury indicted him on five counts of wire fraud, according to the U.S. Department of Justice. Giri solicited investments…
A comprehensive Ernst & Young analysis of retirement savings scenarios concluded that integrating insurance products into a financial plan significantly boosts value to investors when compared with investment-only strategies.
–Callan, a leading institutional investment consulting firm, announced the results of its 10th annual ESG Survey, revealing that 35% of respondents incorporate environmental, social, and governance factors into investment decision-making. "The level of interest and debate about ESG has never been more intense in the U.S.," said Tom Shingler, senior vice…
The Federal Reserve issued its latest interest rate hike in early November. "High APRs coupled with 72- or 84- month loans result in a person paying roughly a 20% premium over MSRP over the life of the loan," said Ivan Drury, director of insights for Edmunds. On a $40,000 vehicle, with the current average APR of 6.3% and a 72- month term, this translates to $8,139 in…
–When average monthly new-car payments surpassed $700 in May and car prices reached record highs, many potential car buyers decided to sit on the sidelines until the market returned to normal. The Federal Reserve continues to raise the federal funds rate, driving auto loan interest rates to a 20- year high, and the average new-car transaction price remains…
Two recent studies found that financial firms and advisors are branching out into social media, including TikTok and Reddit, which can provide some useful information along with the latest dance moves.
The average consumer has saved $141,000 for their retirement and is likely going to live in retirement for 18 years. How will those economics cover a long-term care event?
The future is under no obligation to go along with your clients’ lack of plans and the end of 2022 brings with it some unique opportunities for your clients and for you.
First, the stock market has fallen since President Joe Biden took office. It is the worst performance of the stock market during the first two years of a presidency since Jimmy Carter's disastrous term in office over 40 years ago. There were no 401 retirement plans when Jimmy Carter was president, so relatively few working-class households were invested in the…
About 40% of workers are planning to push retirement later in life due to inflation, says a recent survey by the Nationwide Retirement Institute. For many retirees, $1 million is the magic savings number for retirement, but Americans are nowhere close to that figure, by and large. According to Vanguard's "How America Saves 2022" report, workers who were between 45 to…
The Office of Management and Budget reportedly finished reviewing the Department of Labor’s Environmental, Social and Governance investing rule, but critics are roasting the strategy as “socialism.”
The U.S. job market remains strong, consumer spending is resilient, and inflation has been slowing. Some were dipping more into savings, turning to "buy now, pay later" services that allow payment in installments, or running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy. Marcia Hallager works in West Chester, where she…
The 43% jump in U.S. home prices in the past 18 months coupled with the Federal Reserve raising interest rates to combat inflation, means the market is entering a period of intense uncertainty, with plenty of turbulence ahead. The housing market has cooled, and Americans have grown uneasy, according to a market overview by Clever Real Estate.
The FBI and federal prosecutors are accusing a New Albany man of passing himself off as an expert cryptocurrency trader while defrauding investors of at least $10 million. Authorities arrested Rathnakishore Giri, 27, on Nov. 18 after a grand jury indicted him on five counts of wire fraud, according to the U.S. Department of Justice. Giri solicited investments…
