The buying power of Social Security benefits has fallen 34% since 2000, while retiree expenses have increased 96.3%, a Senior Citizens League report says.
Although the Labor Department's fiduciary rule is gone, many experts believe the awareness it produced of several important issues is likely to guide the retirement industry for many years to come, notes Scott Gehman, a retirement plan consultant with Conrad Siegel. "Much like the ancient Greek philosophers, perhaps its greatest legacy is in the questions it dared to ask and the conversations it sparked, even if it didn't have all the answers," he writes.
People in their early 50s who haven't started saving for retirement still have time to save enough to make a difference. Here are three tips for making the best of the situation.
Indiana-based Old National Bancorp has agreed to a $433.8 million acquisition of Minnesota-based Klein Financial, which owns KleinBank. The purchase is expected to close near year-end.
A federal judge in New York has ruled the single-director structure of the Consumer Financial Protection Bureau is unconstitutional. The ruling is further proof "one person should not have the sole authority over the financial lives of every American consumer," CBA President and CEO Richard Hunt says.
The amount to charge is a detail still being worked out as banks move toward real-time corporate payments. Banks are also still deciding whether they can set deadlines for same-day transactions, a survey by Aite Group finds.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, is retiring this year, and his replacement depends largely on the outcome of November's midterm elections. Sen. Sherrod Brown, D-Ohio, could take over the Senate banking committee if Democrats become the majority in that chamber.
Filler words such as "um," "ah," "so" and "like" distract audience members because they end up focusing on that in your speech, communication coach Katy Temple says. She suggests becoming aware of how often you use these words by recording yourself, and presentation-skills coach Michael Souveroff says to reduce the frequency of filler words by emphasizing keywords.
Federal Reserve Chairman Jerome Powell says interest rate hikes should continue, as the low unemployment and higher inflation numbers are supporting the case. Bond yields spiked after Powell's comments, as he stated the current tight labor market would not lead to a 1970s-like inflation surge.
The federal estate tax exemption has been doubled with recent tax law changes and is now over $11 million per person, which means older trusts and wills may need to be updated. Using old estate tax exemption formulas can have unintended consequence, Eleanor Laise writes.
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