Many people make financial New Year's resolutions, such as reducing their debts or contributing more to their retirement accounts— both of which are certainly worthy goals. But among those who planned to make a financial resolution for 2023, the primary reason was the desire to build an emergency savings fund, according to a December 2022 study by research…
News, trends and helpful peer advice for financial advisors.
Before you turn 65, you'll want to become familiar with Medicare's rules and features. For someone who' s married and files taxes jointly, and whose MAGI for 2021 was $194,000 or less, the Part B premium for 2023 will be $164.90 per month, and the Part D premium will be whatever amount is charged by their Medicare plan. But if their 2021 MAGI was between $194,000 and…
Genworth, an insurance company, reports these median annual costs:. Over $100,000 for a private room in a nursing home. In fact, someone turning 65 today has an almost 70 percent chance of needing some type of long-term care services in their remaining years, according to the U.S. Department of Health& Human Services.
Katja Rivera, 64, is a massage therapist and theater director in Berkeley, California, who says she’ s never earned more than about $30,000 a year. When Rivera retires in a few years, she expects to receive a Social Security check based on her ex’ s greater earnings. Many divorced people don’ t realize they can get Social Security benefits derived from their ex-spouse’ s…
Despite a rough economy, setting financial goals a game-changer for some consumers
Though facing challenging economic times in 2022, many consumers who had specific financial goals last year were two to three times more likely to say that various aspects of their personal finances improved, according to a recent study.
How investing in your community can enhance business
By identifying key collaborative client and advisor traits, being active in your community, and constantly looking for new prospects, you’ll be able to regularly and authentically grow your business while making a positive impact.
COLUMBUS, Ohio— A 51- year-old man is facing nearly 25 years in prison after manipulating Ohio investors and withholding more than $50,000 from employee retirement funds. Robert W. Walton, 51, pleaded guilty on Thursday to one count of wire fraud and one count of theft from an employee benefit plan, according to Kenneth Parker, U.S. Attorney for the Southern…
SECURE 2.0 helping solve ‘serious demographic problem’
As the U.S. population ages, the country faces “a serious demographic problem,” said Tyler Brown, director of government affairs for North American Co. He said SECURE 2.0 is a step toward addressing that problem as the act makes annuities more widely available to workers enrolled in employer-based retirement plans “and that’s in everyone’s interest.”
Western District of New York. BUFFALO, N.Y.- U.S. Attorney Trini E. Ross announced today that Jennifer Campbell, 48, of Niagara Falls, NY, who was convicted of wire fraud, was sentenced to serve 36 months in prison and pay restitution totaling $371,332.11 by U.S. Assistant U.S. Attorney Douglas A. C. Penrose, who handled the case, stated that Campbell was employed as the…
GOP-sponsored ethical investment rule rollback may draw first Biden veto
A government rule to simply encourage insurance companies, retirement plans, and other financial institutions to consider ethical investments has become a focal point on the GOP’s war on “woke” capitalism and may lead to the first presidential veto of the Biden administration.
—After sweeping through battles in statehouses across the country, the war against ESG investing is heating up in Congress. House Republicans voted late Tuesday to overturn a rule by the Department of Labor that allows retirement plans to consider environmental, social and governance factors when making investment decisions. The matter goes to the Senate…
The Insured Retirement Institute released its 2023 Federal Retirement Security Blueprint detailing the association’s federal legislative and regulatory public policy agenda.
Less than half (49%) of U.S. workers are aware of a tax credit that may help them save for retirement and lower their tax bill.
The headwinds for U.S. equities are set to increase even further in March, with stocks coming under pressure from faltering earnings and high valuations, according to Morgan Stanley strategists. The S&P 500 has dropped for three straight weeks amid concerns that sticky U.S. inflation increases the prospect of more Federal Reserve rate hikes.
5 key factors that help retain new financial professionals
Research from LIMRA and the Finseca Foundation has identified some solutions to help address the challenge of retaining financial professionals.
A tool that can be part of an effective business exit strategy
How a Nevada incomplete gift non-grantor trust can help those who want to sell their business maximize value in a tax-efficient manner.
An Alabama insurance agent was taken into custody Monday and charged with fraud and other offenses that resulted in $600,000 in losses for his elderly victims, the state Insurance Department announced Tuesday. Bret Chappell, a 43- year-old licensed insurance agent who previously worked for ALFA, was booked into the Blount County jail without bond Monday…
5 financial wellness behaviors that help build wealth
U.S. households that adopt five financial wellness behaviors build more wealth than other households, according to a research report by Hearts & Wallets, which has been tracking these behaviors.
A report by temp and staffing agency Randstad USA shows that 70% of workers are rethinking their retirement plans as they feel their present financial situation is delaying their plans to retire earlier. "There are people that are pushing the retirement age out," Jennifer Brock, president of Cobb County- based human resource consulting company, Human Resources…
Mike Braun, Indiana Republican, told The Washington Times.“ Pushing ideology through retirement and hard-earned investment funds does not make sense to me.”. Mr. Braun is leading an effort by all 49 Republican senators and Democrat Joe Manchin III of West Virginia to scuttle new Labor Department rules that allow 401 fund managers to engage in ESG investing.