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…
Advisor News
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…
7 steps advisors can take for a strong finish to the 2022
Well into the 4th quarter of 2022, advisors are left with little time to achieve the professional goals they set…
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…
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.
