Investors found few, if any, places to safely put their money in 2022, as central banks in the U.S. and around the globe raised interest rates for the first time in years to fight surging inflation, stoking fear of a global recession. Uncertainty about how far the Federal Reserve and other central banks would go in the fight against inflation sparked a return of…

To find out, Guideline compiled statistics to show the financial health of retirees, using data from the Federal Reserve and Social Security Administration. A little more than 1 in 4 adults in the U.S. considered themselves retired in 2021, according to the Fed. As of 2022, 47.9 million retired workers receive Social Security benefits.

Once the Federal Reserve began to aggressively boost its benchmark Federal Funds rate throughout 2022, sky-high credit card rates were sure to follow. According to a new Bankrate study, the current credit card average interest rate of 19.42% is the "highest on record." "This year's increase is all about the Federal Reserve and its series of interest-rate hikes…

DEAR SAVVY SENIOR: 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 Bureau data, 19% of Americans households carry medical debt, including…

NEW YORK- December 20, 2022-. iQuanti: Throughout 2022, the Federal Reserve has been hiking interest rates at an unprecedented rate. While this is intended to curb inflation, many economists expect that it will eventually have a negative impact on business and cause the economy to slow and unemployment to rise.

Mohamed El-Erian— president of Queen's College, Cambridge, and chief economic adviser at Allianz— was an early critic of the Federal Reserve's hesitancy to raise interest rates in 2021. Now, with seven interest rate hikes and the Fed's "transitory" inflation framing firmly in the rearview mirror, El-Erian spoke with "Marketplace" host Kai Ryssdal about the…

Two biotech chief executive officers have been indicted for their roles in defrauding investors in CytoDyn, a company developing an investigational drug to treat human immunodeficiency virus, or HIV, according to a federal grand jury in the District of Maryland. The court documents, unsealed on Tuesday, show Nader Pourhassen, of Lake Oswego, Ore., and Kazem…

Research commissioned by Equitable examined attitudes toward retirement in light of increased inflation and the impact of the COVID-19 pandemic.

—Alex Murdaugh, the disgraced attorney accused of killing his wife and son, was indicted Friday by a grand jury in South Carolina on nine counts of tax evasion, adding to the slew of charges he faces in the aftermath of their deaths more than a year ago. Prosecutors said Murdaugh, 54, made nearly $14 million as a lawyer over nine years, but also stole nearly $7 million…

Elizabeth Warren thinks the more modest approach the Federal Reserve took with its latest increase is still pushing the envelope "too far, too fast." The Federal Reserve on Wednesday bumped up its benchmark interest rate by half a percentage point, pushing the target range for the federal funds rate to between 4.25% and 4.5%. Federal Reserve officials signaled…

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…

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…