The nation’s youngest adults are taking significant steps to improve their financial wellbeing with the goal of retiring at age 59 – years ahead of the generations that preceded them.
Stocks fell broadly on Wall Street Thursday following the latest signal from the Federal Reserve that interest rates will need to go higher than previously expected in order to tame inflation. Treasury yields mostly fell, reflecting increased worries on Wall Street that the economy is unlikely to avoid a recession as the Fed continues raising interest…
In November, the economy added 263,000 jobs, the Bureau of Labor Statistics said, topping economists' average forecast of 200,000, according to Dow Jones. That's the largest rise since June and above the 60,000 monthly average increase in the last six months, noted Comerica Bank chief economist Bill Adams. This trend was also noted in the Federal Reserve's Beige…
Tis' the season for giving, which means you should be on high alert for bad actors. In 2020, Kansans ages 60 and up fell victim to financial fraud to the tune of $48 million. "Families are often the first line of defense against bad actors," said Insurance Commissioner Vicki Schmidt.
–As some Americans face financial stress, holiday joy may be more difficult to come by this year, according to the recently released 2022 Aflac Holiday Health Issues Survey. "The study paints a picture of the sacrifice many households are making this holiday season, because it's difficult to pay for necessities and health care costs," said Diana Steinhoff, senior…
Marketing your practice: 7 tips for financial advisors in 2023
Forward-thinking advisors are embracing a variety of high-tech solutions even as they revisit the older, tried-and-true strategies. Here are 7 ideas advisors can use to boost their marketing plans as they search for growth in the year ahead.
QUESTION: What tips do you recommend to Medicare beneficiaries dealing with hefty medical bills? My husband recently had open-heart surgery and is recovering slowly, but the medical bills are coming in fast and furious, and they're putting us in medical debt. According to U.S. Census data, 19% of American households carry medical debt, including 10% of…
In 2022, we’ ve lived through high inflation, stock market lows, housing market frenzies and ongoing Federal Reserve rate hikes. This, coupled with housing shortages, has driven the national median price of homes above $400,000 for the first time, according to the National Association of Realtors. Homeownership may still be an attainable goal, but you might have…
A federal grand jury indicted seven Twitter users and a podcaster Wednesday on behalf of the Securities and Exchange Commission, charging the eight men with conspiracy to commit securities fraud. The alleged scheme netted the defendants $114 million, according to the Justice Department. “The defendants used social media to amass a large following of novice…
When the Securities and Exchange Commission announced charges against FTX CEO Sam Bankman-Fried this week, it ended a nearly 2- month-long drama. Bankman-Fried's unethical business setup between his hedge fund Alameda Research and crypto exchange FTX were enough of a worry for the broader cryptocurrency economy and devotees of decentralization.
DETROIT- Elon Musk sold another $3.58 billion worth of Tesla stock this week, but it wasn't clear where the proceeds were being spent. The Tesla CEO and new owner of Twitter sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission. Musk has sold nearly $23 billion worth of Tesla stock…
Inflation, financial woes weigh down American optimism for 2023
The financial outlook for many Americans does not appear to be bright, as many continue to cope with high inflation and financial worries. In fact, more Americans say their financial situation is worse than it was a year ago – and don’t expect it to improve in 2023, according to a recent study.
During a recent EBRI Retirement Summit in Washington, D.C., U.S. Senators Ben Cardin (D-MD) and Rob Portman (R-OH) received the 2021 Ray Lillywhite Award for their lifetime work in enhancing Americans’ economic and retirement security.
–One investor in The Walt Disney Company is going after the House of Mouse after the entertainment behemoth unrelentingly condemned Florida's parental rights law. In a 22- page lawsuit filed Friday, Kenneth Simeone demanded Disney turn over its internal records about its opposition to a law many on the left and in the media mischaracterized as the "Don't Say…
Medicare is an essential element of any successful retirement. Yet, it is often poorly understood. For example, those who have been getting Social Security disability benefits for 24 months can apply for Medicare.
LOS ANGELES– A San Bernardino County woman has pleaded guilty to a federal criminal charge for her involvement in an investment fraud scheme that caused more than $2.6 million in losses to investors, the Justice Department announced today. Sharief Deona McDowell, 57, of Loma Linda, pleaded guilty Tuesday afternoon to one count of wire fraud.
The Federal Reserve recently announced on Wednesday an additional increase of. 5% in their federal funds rate. The Federal Reserve's monetary policy refers to its efforts to influence the supply and demand of money to promote economic stability. Monetary policy is a set of tools used by the Federal Reserve that determines how much money is available in the…
The Federal Reserve downshifted its rapid pace of interest-rate hikes while signaling that borrowing costs, now the highest since 2007, will rise more than investors anticipate as central bankers seek to ensure inflation keeps cooling. The Federal Open Market Committee raised its benchmark rate by 50 basis points to a 4.25% to 4.5% target range.
More Americans say their financial situation is worse than a year ago and don’t expect it to improve in 2023, according to the New Year’s Resolutions Study from Allianz Life.
