The Federal Reserve has been raising interest rates to combat inflation since March. Whether it's Federal Reserve Board governors or investors on Wall Street, they're all living with the same numbers. "If they stop too soon, you get more inflation," said Steve Blitz, chief U.S. economist at TS Lombard.
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The 30- year fixed-rate mortgage averaged 6.15% in the week ending January 19, down from 6.33% the week before, according to Freddie Mac. "As inflation continues to moderate, mortgage rates declined again this week," said Sam Khater, Freddie Mac's chief economist. Mortgage rates rose throughout most of 2022, spurred by the Federal Reserve's unprecedented…
Jan. 19— CONCORD— A massive fraud allegedly masterminded by cryptocurrency magnate Sam Bankman-Fried is a "call to action" for New Hampshire policymakers to update rules and laws covering the use of bitcoin and its alternatives, according to a new report. Chris Sununu spelled out 12 specific steps that legislators and state agency heads should take to make New…
Progressive online practices set example for agents, other carriers
A semi-annual Online Insurance Scorecard has consistently ranked Progressive Insurance No. 1. Progressive’s strengths could provide guidance for smaller carriers and agents to better compete against the large national insurers.
SUTTON— An investment adviser from Sutton will spend the next several years in prison after pleading guilty to stealing more than $2.8 million from six clients. James Kenneth Couture, 42, of Sutton, was sentenced to eight years and four months in prison and three years of supervised released during a hearing Wednesday, July 11 in U.S. District Court in Boston.
Following three years of record-breaking growth and expansion, AmeriLife Group announced a strategic, organizational restructuring with the creation of two…
If you want to stop a conversation cold, just ask a group of friends, "Do you ever worry that you might outlive your retirement income?" The response is likely to be nervous laughter. "If you have a net worth of over $3,000,000, you can probably afford to spend down your retirement nest egg to cover your long-term health care needs.
On Dec. 23, 2022, the House of Representatives passed a more than 4,000- page bill called the Consolidated Appropriations Act of 2023. President Biden signed the bill into law on Dec. 29. However, a few changes are worth noting, including changes to required minimum distributions, Roth SIMPLE and SEP IRAs, 529 plan transfers to Roth IRAs, and changes in catch-up…
Three letters, ESG, are central to this topic, and they could play a significant role in how companies in Worcester team up with investment advisers to give employees choices of where to invest their retirement savings. Chris Crowley and his brother, Ralph, the fourth generation of the Crowley family to own Polar Beverages in Worcester, are plan fiduciaries.
What constitutes a perfect retirement is different for everyone. Some people may imagine spending their golden years fishing their days away, while others may aspire to finally embrace their inner globetrotter. According to estimates from the United Nations Population Division, the average life expectancy in Canada for both sexes is just under 83 years,…
The Federal Reserve Bank of New York came out with a new report on inflation inequality on Wednesday showing that the high prices we've been seeing lately aren't hitting everyone the same way. Gates is African American and a single mom in Jacksonville, Florida. She makes $42,000 a year in a sales job and spends roughly $50 a week on gas.
Justin Costello, 42, of Las Vegas, admitted his guilt in defrauding investors of his two companies, GRN Holding Corp. and Hempstract Inc. As part of a plea agreement, Costello will pay $35 million in restitution and could face up to 10 years in prison. As a result, from July 2019 to May 2021, more than 7,500 investors purchased securities in GRN Holding.
Critics say SECURE 2.0 did little to help the economically insecure
A tax lawyer is the latest critic to say SECURE 2.0 did little to help those who need it most, while proponents say it opens the door wider to retirement security.
While Americans continue to experience the challenges presented by inflation and a potential recession, New York Life’s latest Wealth Watch survey found that 66% of American adults are confident in their ability to reach their financial goals.
Unpacking the IUL marketing plague
It hasn’t escaped notice for many financial planners that Indexed Universal Life (IUL) policies are making a marketing comeback, albeit one that resembles a plague of locusts.
I bonds currently being sold carry an interest rate of 6.89%, compared to 3.65% for a 30- year Treasury bond. Series I savings bonds have received a lot of hype over the past two years, and they certainly have performed well. That rate is calculated each May 1 and Nov. 1, using the consumer-price index for the past six months.
As the Federal Reserve continues to raise its benchmark interest rate to fight inflation, many consumers are looking for ways to boost their savings for a variety of reasons. While some are simply looking for ways to save money on everyday expenses, others are considering what they should do with their current savings nest egg. And because it is fixed and…
In 2018, before Elon Musk was making headlines for his role in running Twitter, he was making headlines for another Twitter- related controversy: allegedly using the platform to commit fraud. Back then, a series of tweets about a possible $72- billion Tesla buyout that never materialized got Musk, the electric vehicle maker's CEO, in trouble with the U.S….
In filings this week, both prosecutors and attorneys for Vladislav Klyushin submitted proposed questions for prospective jurors to US District Court Judge Patti Saris that would include determining whether jurors can fairly try a Russian in a time of war. The government alleges his Moscow company hacked into computers containing financial information…
