By Sahil Kapur; Bloomberg ~ Jun 01, 2016
President Barack Obama on Wednesday proposed expanding Social Security benefits in a politically charged speech to Indiana, completing a dramatic policy reversal five years after he sought a bipartisan deal that would have cut the program.
By Andrew Ackerman & Leslie Scism; The Wall Street Journal ~ May 31, 2016
WASHINGTON—Big business and financial industry trade groups are taking to the courts to block a controversial Obama administration rule shaking up the way Americans receive retirement investment advice, having failed in their long-running fight to stop the regulations in the bureaucracy, or in Congress.
The U.S. Chamber of Commerce, along with the Securities Industry and Financial Markets Association, are preparing to file a lawsuit as early as Wednesday, according to people familiar with the matter.
From Elizabeth Harris; Forbes ~ May 30, 2016
It seems like nearly every month, there’s more bad news about the finances of women. A host of new research shows just how behind men we are when it comes to money.
We still don’t earn as much as they do, even right out of college, earning $4 less an hour even at the start of our careers. Our retirement savings aren’t what they should be.
By Peter Dunn, USA Today – May 28, 2016
While you are driving toward income independence, your money is driving in reverse.
Inflation is why.
As if you don’t have enough to worry about for retirement, the buying power of your money is likely to be significantly less than it is now, due to inflation. Consider the buying power of $2,500 through the lens of 1991. In 1991, $2,500 would buy you $2,500 worth of stuff. Today, you’d need $4,371 to buy the same stuff. You need nearly 75% more money to buy the exact same stuff.
From Fidelity Voice; Forbes ~ May 27, 2016
Retirement should be a time of freedom—from deadlines and piles of to-dos. But you likely won’t be free of taxes. Although you won’t incur payroll taxes if you’ve stopped working, you will likely continue to owe other taxes on some of the withdrawals you take from retirement accounts, and on other retirement benefits.
By John F. Wasik; The New York Times ~ May 27, 2016
A COLLEGE education — even at an highly rated private institution — was once regarded as a relatively affordable route to lifelong prosperity, but in recent years it has become a hobbling financial burden for many families.
As a result, older generations are often stepping up to help their families with college funding. According to a Fidelity Investments survey of its investors — a more affluent group than the average
By Ronnie Cohen; Reuters ~ May 27, 2016
(Reuters Health) – When cigarette smokers quit, societal healthcare costs immediately plunge, a new study shows.
If 10 percent of American smokers gave up cigarettes and the rest cut back by 10 percent, the U.S. could shave $63 billion off medical costs the next year, the analysis found.
By Sy Mukherjee; Fortune ~ May 25, 2016
They light up and send push notifications to your phone.
A new medication delivery service launched in California on Wednesday is using “smart” pill bottles in a bid to remind users to take their medications.
The program, called Round Refill, is the brainchild of Silicon Valley health tech startup Circadian Design. It integrates pharmaceutical delivery, a smartphone app, and most importantly, a novel new bottle that lights up and sends push notifications to the app when you’re supposed to take your pills (and keeps track of how closely you’re hewing to a drug regimen).
By Martin Crutsinger; The Associated Press ~ May 25, 2016
WASHINGTON (AP) — Most American households say their finances have strengthened slightly, but nearly half report that they would struggle to meet $400 in expenses from an unexpected emergency, according to the Federal Reserve’s annual survey on economic well-being.
The latest Fed survey, conducted in October and November, found that 69 percent of those responding reported that they were either “living comfortably” or “doing ok.” That’s up from 65 percent in the 2014 survey and 62 percent in 2013.
By Chris Metinko; Main St ~ May 25, 2016
While most Americans already have enough difficulty saving for retirement, there may be another obstacle not all have planned for — the rising cost of living.
“I think it is safe to say that inflation should be the primary concern for retirees and soon-to-be-retires,” said Matt Hylland, investment advisor for Hylland Capital Management. “Just ask the countless who are earning 0.1% in their savings accounts, or earning less than 1% on a CD who are seeing their purchasing power eroded every day.”
