A year ago, she was earning $862 a month and receiving about $1,065 in monthly Social Security disability benefits when a letter arrived from the federal government. The Social Security Administration had been overpaying her, the letter said, and wanted money back. "Social Security should be to help people, not to destroy them," said Addie Arnold, Worrell's aunt and…
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Disgraced South Carolina attorney Alex Murdaugh entered guilty pleas to 22 financial fraud counts involving clients, his own law firm and others who trusted him over 10 years, totaling millions of dollars. The guilty pleas entered in federal court in Charleston, S.C., was yet another blow to the once powerful attorney from a prominent legal family who is already…
Navigating the marketing rule: Lessons from recent SEC enforcement action
The SEC’s Modernized Marketing Rule is complex. What advisors must know in order to be compliant.
As you approach your golden years, you might think, "I've got my Social Security and my 401; I'm set for retirement." But did you know relying solely on these financial streams could leave you in hot water? Let's unpack this critical issue to ensure that you're comfortable in your retirement years and leave a lasting legacy for your loved ones.
This area is home to The Third Act, a group of independent professionals who focus on those 60 and older and provide products and services that will help them successfully age in place throughout their retirement years. United Way of the Cape Fear Area and The Third Act have recently teamed up to do educational seminars together for the senior community.
Holistic approach for financial advice valued by consumers, study finds
A recent LIMRA surveyed revealed that consumers choosing to work with a financial professional value a holistic approach.
Paying for health care can be challenging– but are you taking full advantage of all the resources available to you? In fact, you can carry your HSA with you all the way until retirement, when you can use the money to pay for qualified expenses that Medicare or Medicare Supplement Insurance doesn't cover. In 2023, you can contribute up to $3,850 to an HSA, or $4,850 if…
The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States. According to the SEC's complaint, from approximately…
But there’ s good news for savers: For the sixth straight month, the top savings yield is outpacing inflation, according to Bankrate data. So, $20 left in your old winter coat in January 2019 could have bought $20 of goods back then. But now you’ d need an extra $4.40 to make up the difference in rising costs and have the same buying power.
The United States Securities and Exchange Commission today filed charges against Connecticut resident Jonathan J. Ferrie, a financial professional formerly employed at the Cigna Group, for insider trading in advance of Cigna's quarterly earnings announcement in August 2021. The SEC's complaint, filed in the U.S. District Court for the District of…
Low financial literacy may be costing consumers money
Low levels of financial literacy could be costing the average U.S. household over $5,000 every year, according to a recent study.
The people at the Federal Reserve charged with fighting inflation and, one hopes, ensuring full employment, meet this week, and that could create a whole lot of volatility. Wall Street analysts and traders get it in their heads about the Federal Open Market Committee, the Fed's rate-making body, will decide. Right now, the betting is on the Fed holding its key…
Allianz Life’s 2023 annual consumer survey of Americans’ views on retirement planning found that diverse Americans are re-engaging with professional financial advisors in 2023, rebounding from a drop reported in 2022.
According to court documents, in 2005, Roberto Gustavo Cortes Ripalda, 56, of Key Biscayne, founded financial services company Biscayne Capital. For example, Cortes and his co-conspirators told clients that their investments would finance the development of real estate projects, when in fact, Cortes and his co-conspirators used the money to pay other…
Inflation can have a significant impact on investments. Here's how inflation affects various types of investments and some strategies to mitigate its effects:. *Purchasing Power Erosion: Inflation erodes the purchasing power of money over time.
Insurance companies handle vast sums of money, known as premiums, paid by policyholders. They must invest these funds wisely to ensure they can cover claims and expenses and still make a profit. The challenge is compounded by factors such as inflation and skyrocketing expenses.
On September 6, 2023, United States District Judge Eldon E. Fallon sentenced ASHTON J. RYAN, JR., age 75, of Kenner, Louisiana, to a term of imprisonment of 170 months following RYAN's convictions for bank fraud and making false statements in bank records, announced U.S. Attorney Duane A. Evans. When the Bank's Board, external auditors, and FDIC examiners asked about…
CFP Board of Standards announced that its Board of Directors has issued proposed revised Sanction Guidelines and Fitness Standards for public comment.
Research found that as younger workers aged and accumulated larger account balances, they experienced an increased likelihood of taking a 401(k) plan loan.
Wealthy Americans don’t sit back and assume they have nothing to be concerned about financially, according to the latest findings from Northwestern Mutual’s 2023 Planning & Progress Study.Â
