[ad_1]
People are saving more these days. Where’s the best place to put your cash?
[ad_2]
Tag: Living/Lifestyle
-
U.S. Supreme Court preserves near-term access to abortion pill mifepristone
[ad_1]
WASHINGTON (AP) â The Supreme Court on Friday preserved womenâs access to a drug used in the most common method of abortion, rejecting lower-court restrictions while a lawsuit continues.
The justices granted emergency requests from the Biden administration and New Yorkâbased Danco Laboratories, maker of the drug, called mifepristone. They are appealing a lower-court ruling that would roll back Food and Drug Administration approval of mifepristone.
The drug has been approved for use in the U.S. since 2000 and more than 5 million people have used it. Mifepristone is used in combination with a second drug, misoprostol, in more than half of all abortions in the U.S.
The court faced a self-imposed Friday night deadline to decide whether womenâs access to a widely used abortion pill would remain unchanged or be restricted while a legal challenge to its Food and Drug Administration approval goes on.
The justices have been weighing arguments that allowing restrictions contained in lower-court rulings to take effect would severely disrupt the availability of the drug, mifepristone, which is used in the most common abortion method in the United States.
It has repeatedly been found to be safe and effective, and has been used by more than 5 million women in the U.S. since the FDA approved it in 2000.
The Supreme Court had initially said it would decide by Wednesday whether the restrictions could take effect while the case continues. A one-sentence order signed by Justice Samuel Alito on Wednesday gave the justices two additional days, without explanation.
Abortion opponents filed suit in Texas in November, asserting that FDAâs original approval of mifepristone 23 years ago and subsequent changes were flawed.
Matthew Kacsmaryk, shown listening to a question during his confirmation hearing before the Senate Judiciary Committee in 2017, is the lone federal judge in his north Texas district â a fact that led to speculation among critics that the abortion-pill case had landed in his courtroom via judge shopping.
Senate Judiciary Committee/AP
Further context (March 2023): Trump appointee in single-judge federal district in Texas could bar nationwide access to the abortifacient mifepristone
Also (April 2023): Access to abortion pill in limbo after competing rulings in Texas and Washington
They won a ruling on April 7 by U.S. District Judge Matthew Kacsmaryk, an appointee of former President Donald Trump, revoking FDA approval of mifepristone. The judge, the lone judge in his Amarillo, Texas, federal district, gave the Biden administration and Danco a week to appeal and seek to keep his ruling on hold.
Responding to a quick appeal, two more Trump appointees on the 5th U.S. Circuit Court of Appeals said the FDAâs original approval would stand for now. But Judges Andrew Oldham and Kurt Englehardt said most of the rest of Kacsmarykâs ruling could take effect while the case winds through federal courts.
MarketWatch contributed.
[ad_2]
-
Should we all be switching to the ice-cream diet? Here’s the scoop on a controversial idea.
[ad_1]
Put aside for a moment all that nutritional advice about eating fruits and vegetables, whole grains and lean proteins. Could one key to good health actually be a diet rich in ⊠ice cream?
Thatâs the tantalizing question raised by a new story in the Atlantic, which states, âStudies show a mysterious health benefit to ice cream. Scientists donât want to talk about it.â
The…
[ad_2]
-
Netflix is sending its DVD-by-mail business to the Blockbuster graveyard
[ad_1]
Netflix Inc. is ending the DVD-by-mail business that first made it a household name and took down Blockbuster Video.
Netflix
NFLX,
+0.29%
executives announced Tuesday afternoon that the company will ship its last red DVD envelopes on Sept. 29, after 25 years. The business has dwindled in the past decade from more than $900 million in revenue in 2013 to less than $150 million last year.âOur goal has always been to provide the best service for our members, but as the business continues to shrink thatâs going to become increasingly difficult,â co-Chief Executive Ted Sarandos said in a blog post titled âNetflix DVD â The Final Season.â
Netflix launched as a DVD-by-mail service in an era that relied on physical media such as the discs to watch television shows and movies at home. The DVD business at the time was dominated by Blockbuster, which relied on brick-and-mortar stores that rented movies for a few days and charged late fees if they were not returned on time.
Netflix offered a different approach, allowing consumers to have a certain number of DVDs mailed to their home and return them at their leisure, which eventually led to the demise of Blockbuster. Eventually, the company began focusing on streaming media directly to consumers, and first offered that service for free to DVD subscribers.
Co-founder and former Chief Executive Reed Hastings â who announced he was stepping down from that position three months ago â decided to pivot from the successful DVD business to focus on streaming, which wasnât an easy transition. When he announced that Netflix would sever the DVD and streaming businesses in 2011, effectively doubling the monthly price for consumers who wanted both offerings, it became one of the biggest debacles in Netflix history as consumers raged and canceled their subscriptions.
While the process was not easy â remember Qwikster? â Hastingsâ vision for streaming services won out, with Netflix collecting roughly $31.5 billion in streaming subscription revenue last year, as the DVD business racked up $146 million. Some of the biggest names in entertainment and tech â Walt Disney Inc.
DIS,
+0.63% ,
Apple Inc.
AAPL,
+0.75% ,
Warner Bros. Discoveryâs
WBD,
-1.79%
HBO, and many more â have followed Netflixâs path, and established streaming as one of the most dominant forms of media consumption.For more: Netflix has changed drastically since its IPO âand is worth thousands of times more
âThose iconic red envelopes changed the way people watched shows and movies at home â and they paved the way for the shift to streaming,â Sarandos wrote in Tuesdayâs announcement.
Netflix stock has also been a winner, despite a decline in late trading following earnings on Tuesday afternoon. Shares have increased more than 1,300% in the past decade, as the S&P 500 index
SPX,
+0.09%
has grown by about 167%.[ad_2]
-
Netflix is sending its DVD-by-mail business to the Blockbuster graveyard
[ad_1]
Netflix Inc. is ending the DVD-by-mail business that first made it a household name and took down Blockbuster Video.
Netflix
NFLX,
+0.29%
executives announced Tuesday afternoon that the company will ship its last red DVD envelopes on Sept. 29, after 25 years. The business has dwindled in the past decade from more than $900 million in revenue in 2013 to less than $150 million last year.âOur goal has always been to provide the best service for our members, but as the business continues to shrink thatâs going to become increasingly difficult,â co-Chief Executive Ted Sarandos said in a blog post titled âNetflix DVD â The Final Season.â
Netflix launched as a DVD-by-mail service in an era that relied on physical media such as the discs to watch television shows and movies at home. The DVD business at the time was dominated by Blockbuster, which relied on brick-and-mortar stores that rented movies for a few days and charged late fees if they were not returned on time.
Netflix offered a different approach, allowing consumers to have a certain number of DVDs mailed to their home and return them at their leisure, which eventually led to the demise of Blockbuster. Eventually, the company began focusing on streaming media directly to consumers, and first offered that service for free to DVD subscribers.
Co-founder and former Chief Executive Reed Hastings â who announced he was stepping down from that position three months ago â decided to pivot from the successful DVD business to focus on streaming, which wasnât an easy transition. When he announced that Netflix would sever the DVD and streaming businesses in 2011, effectively doubling the monthly price for consumers who wanted both offerings, it became one of the biggest debacles in Netflix history as consumers raged and canceled their subscriptions.
While the process was not easy â remember Qwikster? â Hastingsâ vision for streaming services won out, with Netflix collecting roughly $31.5 billion in streaming subscription revenue last year, as the DVD business racked up $146 million. Some of the biggest names in entertainment and tech â Walt Disney Inc.
DIS,
+0.63% ,
Apple Inc.
AAPL,
+0.75% ,
Warner Bros. Discoveryâs
WBD,
-1.79%
HBO, and many more â have followed Netflixâs path, and established streaming as one of the most dominant forms of media consumption.For more: Netflix has changed drastically since its IPO âand is worth thousands of times more
âThose iconic red envelopes changed the way people watched shows and movies at home â and they paved the way for the shift to streaming,â Sarandos wrote in Tuesdayâs announcement.
Netflix stock has also been a winner, despite a decline in late trading following earnings on Tuesday afternoon. Shares have increased more than 1,300% in the past decade, as the S&P 500 index
SPX,
+0.09%
has grown by about 167%.[ad_2]
-
‘You don’t want to die at your desk sending an email.’ Beyond the numbers, are you ready to retire?
[ad_1]
Gauge retirement readiness: You donât want to die at your desk sending an email
[ad_2]
-
Delta stock surges after airline swings to profit, beats revenue forecasts and provides upbeat outlook
[ad_1]
Shares of Delta Air Lines Inc. surged Thursday, after the air carrier swung to a first-quarter profit as revenue rose above expectations, and said it was âconfidentâ in its full-year projections given a âstrongâ outlook for the current quarter.
The company reported a net loss that narrowed to $363 million, or 57 cents a share, from $940 million, or $1.48 a share, in the same period a year ago.
But…
[ad_2]
-
American Airlines stock dives after profit outlook raised, but disappoints Wall Street
[ad_1]
Shares of American Airlines Group Inc. were rocked Wednesday, after the air carrier raised its profit outlook, but not by enough to match Wall Street expectations.
The company said before the open that it expects first-quarter adjusted earnings per share of 1 cent to 5 cents, compared with a per-share loss of $2.32 a year ago. While thatâs better than previous guidance for an âapproximately breakevenâ quarter, the average EPS estimate of analysts surveyed by FactSet was 5 cents.
The…
[ad_2]
-
The new Steve Jobs book is free to download now â hereâs where to get itÂ
[ad_1]
Apple founder Steve Jobs has continued to inspire even after his death in 2011. Just this week, in fact, Tim Cook â Appleâs AAPL current CEO and chief operating officer for a decade-plus under Jobs â mused in a GQ interview on life lessons imparted by his predecessor.Â
And now anyone who wants to get an intimate glimpse into Jobsâs wisdom and reflections on his life, which was cut short at just 56, can download a curated collection of personal correspondence, speeches and interviews â for free.
âMake…
[ad_2]
-
With the unemployment rate now at 3.5%, is this your last chance to jump ship?
[ad_1]
Have you got itchy feet?
The U.S. economy added 236,000 jobs in March, just shy of the 238,000 forecast by economists polled by the Wall Street Journal. The unemployment rate declined to 3.5% in March from 3.6% in February.
The latest data was calculated before the collapse of Silicon Valley Bank and Signature Bank last month, an event that…
[ad_2]
-
Take MarketWatchâs 2023 Financial Literacy Quiz. Will you get 10/10?
[ad_1]
April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of âFinancial Fitnessâ articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here.
Do you know the difference between a stock and a bond, or a mutual fund and an exchange-traded fund? MarketWatch put together a meat and potatoes â although thatâs always relative â quiz for our savvy readers. Weâve stuck to some familiar topics â taxes, stocks, interest rates, savings and inflation. There are 10 questions â with one bonus question thrown in for good measure.
You donât know what you donât know until you get an incorrect answer in a financial literacy quiz. Some of the questions are tricky, but we hope they are fun and that â most importantly â readers learn something new. Financial literacy helps us to plan for the future, gives us peace of mind and brings more understanding and less fear about the complex world of investing and retirement.
Our aim is to raise awareness of Financial Literacy Month. If you get 10/10, including the bonus question, buy yourself (and a friend) a popsicle. If you didnât answer all the questions correctly, buy yourself a popsicle anyway. We, at MarketWatch, aim to democratize and demystify financial news, and make this sometimes intimidating subject as accessible as possible.
If you found it useful and/or entertaining, share it with a friend.
âQuentin Fottrell
Question 1: What is the difference between a tax deduction and a tax credit?Â
(a) A tax deduction reduces your income taxes directly. A tax credit reduces your taxable income.Â
(b) A tax deduction reduces your taxable income. A tax credit reduces your income taxes directly.
(c) Both reduce your income taxes directly.
Question 2: Which way do bond prices move when interest rates rise?Â
(a) Bond-market prices fall as interest rates rise. Bond prices rise when interest rates decline.
(b) Bond-market prices rise as interest rates rise. Bond prices fall when interest rates decline.
(c) Bond-market prices fall as interest rates rise, but bond prices also fall when interest rates decline.
Question 3: What has been the average annual total return, with dividends reinvested, for the S&P 500 over the past 30 years?Â
(a) 9.7%, according to FactSet.
(b) 3%, according to FactSet.
(c) 6.5%, according to FactSet.
Question 4: What is compound interest and how does it work?Â
(a) Compound interest reflects the linear gain that comes from all the reinvested interest of your savings and investments, which allows your initial investment/deposit to gain value regardless of the amount of interest you pay.
(b) Compound interest reflects the exponential gain that comes from all the reinvested interest of your savings and investments, which allows your initial investment/deposit and the additional interest to increase in value.
(c) Compound interest reflects the amount of interest you pay every month on a loan, and the total amount of interest you have paid over the lifetime of that loan.
Question 5: What is APR and how is it different from a regular interest rate?
(a) APR is the annual interest on a loan calculated on the initial loan, including additional costs and fees, but not on the accumulated interest incurred on the loan.Â
(b) APR is the annual interest on a loan calculated on the initial loan and the accumulated interest over the first year.
(c) APR is the annual interest on a loan calculated on the initial loan, including additional costs and fees, and the accumulated interest over the lifetime of the loan loan.
Question 6: What percentage of your income should you spend on rent?
(a) Most real-estate experts say you should spend no more than 20% of your income on housing costs, which is considered to be a tipping point for becoming âcost-burdened.â
(b) Most real-estate experts say you should spend no more than 50% of your income on housing costs, which is considered to be a tipping point for becoming âcost-burdened.â
(c) Most real-estate experts say you should spend no more than 30% of your income on housing costs, which is considered to be a tipping point for becoming âcost-burdened.â
Question 7: Whatâs an ETF?Â
(a) ETFs, or Exchange-Traded Funds, are baskets of investments â stocks, bonds, or commodities â that investors can buy throughout the trading day like stocks.Â
(b) ETFs, or Exchange-Traded Funds, are baskets of investments â stocks, bonds, or commodities â that investors can only buy at the end of the trading day.Â
(c) ETFs, or Exchange-Traded Funds, are baskets of investments â stocks, bonds, or commodities â that investors can only buy during or at the end of the trading day.
Question 8: What is the difference between a stock and a bond?Â
(a) A stock is a temporary investment in a company, while a bond is issued by a company to reward shareholders.Â
(b) A stock is a share in the ownership of a company, while a bond is issued by a company to finance a loan.Â
(c) A stock is a share in the ownership of a company, while a bond is issued by a company to finance the stock.
Question 9: If you were born in 1960 or later, at what age can you receive your full Social Security in the U.S.? Bonus question: At what age can you receive your maximum Social Security benefit?
(a) Full retirement age in the U.S. is 65 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced. Your Social Security benefits max out at age 70. By delaying until 70, your benefit is 76% higher than if you had claimed at the earliest possible age (62).
(b) Full retirement age in the U.S. is 65 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced. Your Social Security benefits max out at age 67. By delaying until 67, your benefit is 76% higher than if you had claimed at the earliest possible age (62).
(c) Full retirement age in the U.S. is 67 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced by a small percentage each month until you reach 67. Your Social Security benefits max out at age 70. By delaying until 70, your benefit is 76% higher than if you had claimed at the earliest possible age (62).
Question 10: What is the Federal Reserveâs desired rate of inflation?Â
(a) 2%
(b) 3%
(c) 2.5%
Bonus question! What is considered a good credit score?
(a) 560
(b) 680
(c) 800
If you get 10/10, including the bonus question, buy yourself a popsicle.
Getty Images/iStockphoto
Answer 1:Â
(b) A tax deduction reduces your taxable income. A tax credit reduces your income taxes directly.
Answer 2:Â
(a) Bond-market prices fall as interest rates rise. Bond prices rise when interest rates decline.Â
Answer 3:Â
(a) 9.7%, according to FactSet.Â
Answer 4:Â
(b) Compound interest reflects the exponential gain that comes from all the reinvested interest of your savings and investments, which allows your initial investment/deposit and the additional interest to increase in value.
Answer 5:Â
(c) APR is the annual interest on a loan calculated on the initial loan, including additional costs and fees, and the accumulated interest over the lifetime of the loan.Â
Answer 6:Â
(c) Most real-estate experts say you should spend no more than 30% of your income on housing, which is considered to be a tipping point for becoming âcost-burdened.â
Answer 7:Â
(a) ETFs are Exchange-Traded Funds. These are baskets of investments â stocks, bonds, or commodities â that investors can buy or sell throughout the trading day. Â
Answer 8:Â
(b) A stock is a share in the ownership of a company, while a bond is issued by a company to finance a loan.Â
Answer 9:Â
(c) Full retirement age in the U.S. is 67 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced. Your Social Security benefits max out at age 70. By delaying until 70, your benefit is 76% higher than if you had claimed at the earliest possible age (62).
Answer 10:Â
(a) 2%
Answer for bonus question!Â
(b) 680. Although credit scores vary depending on the model, according to Experian, credit scores between 580 and 669 are considered âfair,â scores between 670 and 739 are regarded as âgoodâ; 740 to 799 are considered âvery goodâ; and scores of 800 and above are considered âexcellent.â
[ad_2]
-
China is not only asserting itself geopolitically but openly questioning the U.S.âs central role on the world stage
[ad_1]
Itâs been a busy few months for China â and sobering ones for the United States.
Days later, Beijing announced it had brokered a deal that will see Persian Gulf rivals Saudi Arabia and Iran normalize relations, a shocking diplomatic coup in an area long dominated by the United States. Xi was reportedly personally involved in the negotiations.
âThis landmark agreement has the potential to transform the Middle East by realigning its major powers,â the journal Foreign Affairs declared, adding that the gambit is âweaving the region into Chinaâs global ambitions. For Beijing, the announcement was a great leap forward in its rivalry with Washington.â
But the biggest news came two weeks ago, when Xi flew to Moscow and met with Vladimir Putin, just days after the International Criminal Court in the Hague issued an arrest warrant for the Russian president on charges of war crimes in Russiaâs year-old invasion of Ukraine.
â âChina has seen a space where it is hard for the West to really block off â heading into issues [that the Western powers] feel are too intractable or too toxic to touch and trying to demonstrate that there might be a different way to mediate or involve yourself in these problems.â â
âThere are changes coming that havenât happened in 100 years,â Xi told Putin as the self-described âdear friendsâ concluded their talks. âWhen we are together, we are driving these changes.â
Chinaâs assertiveness comes after three years of COVID restrictions that saw the country close off from the world in an attempt to tame the virus, a policy that was suddenly scrapped in December.
âIt has sunk in that China needs friends. It has ended up too isolated, and that has cut across the narrative of the Xi third term, which was due to be somewhat more sunny,â Kerry Brown, director of the Lau China Institute at Kingâs College London, told MarketWatch.
Others agreed. âChina certainly is exiting a period of diplomatic isolation during the height of COVID,â said Victor Shih, the Ho Miu Lam chair in China and Pacific relations at the University of California, San Diego, and an expert on Chinese elite politics.
That exit has been swift, with Beijing taking concrete steps toward a belief that previously had been mostly rhetoric â that the U.S.-led global system is not the only path.
âChina has seen a space where it is hard for the West to really block off â heading into issues [that the Western powers] feel are too intractable or too toxic to touch and trying to demonstrate that there might be a different way to mediate or involve yourself in these problems,â Brown said.
Those sentiments are increasingly pervasive across China, particularly in government, academia and media.
âThe U.S., which is accustomed to enjoying the spotlight, is now puzzled for it never thought that one day China would be more popular than it,â state tabloid Global Times said in a front-page story last Thursday.
Wang Yong, director of the Center for International Political Economy and the Center for American Studies at Peking University, told MarketWatch, âThe rise of China as a great power is facing an increasingly complicated situation, mainly because U.S. elites judge China as the foremost strategic and systemic threat, and attack Chinaâs development.â
Wang highlighted concerns over Washingtonâs policy toward self-ruled Taiwan, which Beijing claims as a renegade province.
In fact, Taiwanese President Tsai Ing-wen is stopping over in the U.S. this week after visits to the islandâs few remaining allies in Central America. Beijing has threatened for weeks against her being welcomed by any high-level American officials.
Those threats turned to ire on Monday, when Republican House Speaker Kevin McCarthy said he would meet with Tsai on Wednesday in California. China said this could lead to âserious confrontationâ and that Beijing would âresolutely fight backâ â without giving specifics.
â âWhy is it assumed we live in a U.S. world?â â
âGradually deviating from the past promise of âone China,â promoting Taiwan independence and using Taiwan to contain Chinaâs development â these could trigger a China-U.S. war,â Peking Universityâs Wang said from Beijing.
See: U.S. tells China not to âoverreactâ to Taiwan leaderâs stopover
Average citizens including younger people expressed frustration with U.S. policy.
Taiwanâs president, Tsai Ing-wen, arrives on Thursday at her hotel in New York.
AP/John Minchillo
âWhy isnât it Chinaâs time to lead? Why is it assumed we live in a U.S. world?â asked 27-year-old Alan Ma, a graduate student in politics at Beijingâs Tsinghua University.
Other areas are reaching heightened levels of tension. Chinaâs military said last month it drove out an American destroyer ship that had âillegallyâ entered the South China Sea. And the CEO of Chinese-owned video sensation TikTok appeared before U.S. lawmakers in hopes of preventing an American ban on the app over national-security concerns.
Context: Biden White House and bipartisan group of 12 senators back TikTok ban
Also: TikTok is the next Chinese product the U.S. could shoot down
But Chinaâs rise, however rapid, must be put in a realistic context, experts said.
âI donât think that we can say China has entered a new period as a global power until it has deployed large troop contingents overseas on its own,â said UC San Diegoâs Shih.
Tanner Brown covers China for MarketWatch and Barronâs.
[ad_2]
-
SEC charges Tron founder Justin Sun with fraud, Lindsay Lohan with illegally touting crypto securities
[ad_1]
The nationâs top security regulator announced charges against Justin Sun, founder of the crypto platform Tron, alleging that he sold unregistered crypto securities and fraudulently manipulated the secondary market for Tronix
TRXUSD,
+4.54% ,
the platformâs native token.The Securities and Exchange Commission unveiled the charges against Sun and eight celebrities whom it alleges illegally touted Tronix and another token BitTorrent, including actress Lindsay Lohan, social media personality Jake Paul, porn star Kendra Lust, and musicians Lil Yachty, Austin Mahone, Soulja Boy, Ne-Yo and Akon.
With the exception of Soulja Boy and Mahone, the six other celebrities settled with the SEC, agreeing to pay a total of $400,000 in disgorgement, interest and penalties, without admitting or denying the regulatorâs findings.
The SECâs complaint alleges Sun orchestrated a plan to sell Tronix tokens and another crypto security BitTorrent
BTTUSD,
without registering with the SEC and directing his companyâs employees to conduct wash trades in these securities to âcreate the artificial appearance of legitimate investor interest and keep TRXâs price afloat.ââThis case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,â said SEC Chairman Gary Gensler, in a statement, adding that Sun âgenerated millions in illegal proceeds at the expense of investors.â
Sun, a Chinese national who received a graduate degree from the University of Pennsylvania and, according to the SEC, is believed to be living in Singapore or Hong Kong. He currently serves as the Permanent Representative of Grenada to the World Trade Organization.
The SEC alleges that he misrepresented the truth about about the celebrity touting campaign, saying that celebrities that promote TRON were required to disclose that fact, their social media posts did not in fact disclose these payments.
Sun began promoting the Tron ecosystem in 2017, with the publication of a white paper that advertised the purported advantages of Tron relative to the bitcoin
BTCUSD,
+1.26%
and ethereum
ETHUSD,
+1.15%
blockchains.In 2018, Sun acquired BitTorrent Inc., a peer-to-peer file sharing protocol and incorporated it into the Tron blockchain ecosystem, with the goal of building a decentralized content distribution platform.
Sun made headlines in 2019 when he bid $4.5 million at a charity auction to have lunch with billionaire cryptocurrency skeptic Warren Buffett, which he then postponed. The dinner ultimately took place in January of 2020, with the proceeds going to benefit the San-Francisco based Glide Foundation.
[ad_2]
-
âWe don’t ask for spring break in our cityâ: Miami Beach officials impose curfew after two fatal shootings amid nightly chaos
[ad_1]
MIAMI BEACH, Fla. (AP) â Miami Beach officials imposed a curfew beginning Sunday night during spring break after two fatal shootings and rowdy, chaotic crowds that police have had difficulty controlling.
The city said in a news release the curfew would be from 11:59 p.m. Sunday until 6 a.m. Monday, with an additional curfew likely to be put in place Thursday through next Monday, March 27. The curfew mainly affects South Beach, the most popular party location for spring breakers.
The release said the two separate shootings Friday night and early Sunday that left two people dead and âexcessively large and unruly crowdsâ led to the decision. The city commission plans a meeting Monday to discuss potential further restrictions next week.
Miami Beach Mayor Dan Gelber said in a video message posted Sunday that the crowds and presence of numerous firearms has âcreated a peril that cannot go uncheckedâ despite massive police presence and many city-sponsored activities meant to keep people busy.
âWe donât ask for spring break in our city. We donât want spring break in our city. Itâs too rowdy, itâs too much disorder, and itâs too difficult to police,â Gelber said.
The latest shooting happened about 3:30 a.m. Sunday on Ocean Drive in South Beach, according to Miami Beach police. A male was shot and died later at a hospital, and officers chased down a suspect on foot, police said on Twitter. Their identities were not released, nor were any possible charges.
In the Friday night shooting, one male victim was killed and another seriously injured, sending crowds scrambling in fear from restaurants and clubs into the streets as gunshots rang out. Police detained one person at the scene and found four firearms, but no other details have been made available.
Under the curfew, people must leave businesses before midnight, although hotels can operate later only in service to their guests. The city release said restaurants can stay open only for delivery and the curfew wonât apply to residents, people going to and from work, emergency services and hotel guests. Some roads will be closed off and arriving hotel guests may have to show proof of their reservations.
Last year, the city imposed a midnight curfew following two shootings, also on Ocean Drive. The year before that, there were about 1,000 arrests and dozens of guns confiscated during a rowdy spring break that led Miami Beach officials to take steps aimed at calming the situation.
[ad_2]
-
The government may stop issuing Social Security payments after the debt limit is hit — here’s why
[ad_1]
Thereâs a very real possibility the government will stop issuing Social Security payments after the debt limit is hit.
Scary as that prospect is, however, the alternative might be even worse: A little-known provision of a 1996 law could be interpreted to allow the Social Security trust fund to be used not only to pay Social Securityâs monthly checks but also to circumvent the debt limit and pay all the governmentâs otherwise overdue bills.
If that happens, any short-term relief to Social Security recipients would come with a potentially huge long-term price tag: The Social Security trust fund could be exhausted much sooner than currently projectedâin just a couple of years, in fact.
These dire possibilities emerge from an analysis conducted by Steve Robinson, the chief economist for The Concord Coalition, a group that describes itself as âa nonpartisan organization dedicated to educating the public and finding common sense solutions to our nationâs fiscal policy challenges.â
An issue brief he wrote, entitled âSocial Securityâs Debt Limit Escape Clause,â is available on the groupâs website.
Let me hasten to add that Robinson is not advocating that the Social Security trust fund be used in this way. In an interview, he instead stressed that he wrote his issue brief because we need to be aware not only that this âescape clauseâ exists but that its use could have unintended consequences. Though hardly anyone outside Washington knows that it even exists, and relatively few on Capitol Hill, the Treasury Department and the Social Security Administration are very much aware of it.
Read: ChatGPT is about to make the business of retirement planning and financial advice profoundly human
Before reviewing the details of this escape clause, itâs worth focusing on the political dynamics that surround it. Because the escape clause lessens the pressure on Congress and the president to come up with a solution to the debt crisis, neither side has an incentive to publicize its existence. But if the government is otherwise pushed to the edge of the fiscal cliff, and itâs facing the potentially huge consequences of an outright default (including the nonpayment of monthly Social Security checks), the political pressure to use the escape clause could be intense.
The 1996 law that creates the escape clause was passed in the wake of the government hitting its debt limit in 1995 and 1996. Ironically, the intent of that law was to prevent the Social Security trust fund from being used for anything other than paying Social Security benefits. But, Robinson explains, thatâs unworkable in the real world. Thatâs because Social Security checks are sent out by the Treasuryâs general account, and if that account is in default the checks would bounce.
Read: These 3 things will bring you happiness in retirement â and life
If and when the debt limit is hit, therefore, the only wayâin practiceâfor Social Security checks to continue being issued and cleared through the banking system would be for the Social Security trust fund to âlendâ the Treasury sufficient funds that it could pay all the governmentâs unmet obligations. (I put âlendâ in quotes because thatâs not exactly how it works; the key is that the âloanâ can be structured in ways that donât count against the debt limit. If youâre interested in reading more about the complex logistics involved, you should read Robinsonâs issue brief.)
Therefore, if the debt limit is hit, which it is projected to do perhaps as early as June, Congress and the president will be on the horns of a huge dilemma:
- Do they allow Social Security checks to continue getting paid, risking the political fallout of being accused of âraidingâ the Social Security trust fund?
- Or do they stop issuing Social Security payments, risking the political fallout of not issuing Social Security payments, on whom the very livelihoods of many elderly currently depend?
You can appreciate why Congress and the president donât want us to know that this escape clause exists. Once we are aware of it, they are put in a no-win situation.
So fasten your seat belts for a wild ride in coming months as both parties play political brinkmanship over the debt limit and, by extension, Social Security. With both sides by the day hardening their stances, thereâs a very real possibility that the debt limit will be hit.
If that happens, weâll be hearing a lot more about the little-known provision of a nearly 30-year-old law.
Mark Hulbert is a regular contributor to MarketWatch. His Hulbert Ratings tracks investment newsletters that pay a flat fee to be audited. He can be reached at mark@hulbertratings.com.
[ad_2]
-
Iâm 66, we have more than $2 million, I just want to golf â can I retire?
[ad_1]
Iâm 66 years and 4 months old.
My Social Security payments start next month at $3,300 a month. Iâm currently working part-time, three days per week, as a professional engineer for $95/hour for my long-time regular full-time employer of 28 years. (I want to leave this position ASAP or sooner.)Â
I currently have about $1.6 million in retirement accounts. My wife (60 years old) has about $600,000 in various regular and retirement accounts. We have a 16-year-old daughter at home attending high school and college in a dual enrollment program. If she stays with the program sheâll have her bachelors at 19. While in high school she takes college classes and we pay no tuition while sheâs in high school.Â
Our monthly expenses are about $9,000-10,000 per month including health insurance for my wife and daughter. We own our modest single-family home with no mortgage. Taxes and insurance are currently about $6,000 per year. We currently have no debt, aside from an American Express and Visa that we pay off every month.
Iâm on Medicare. I get walloped for a double premium for part âBâ because Iâm considered a high-wage earner. The two of us are in reasonable/normal health for a couple of old farts.
I want to throw in the towel on May 5 and play more golf. Can we do it?
See: Weâre in our 60s and have lost $250,000 in our 401(k) plans â can we still retire? Â
Dear reader,Â
Congratulations on saving so much for your retirement. Thatâs a wonderful accomplishment alone!
Because I donât have all of your financials in front of me, nor am I a financial planner building a comprehensive plan for your retirement, I canât say for certain if you can retire. However, it does obviously sound like youâre doing well and that youâve been planning. Instead of telling you to go for it or not, Iâm going to offer a few things to consider before you pick up your mid irons.Â
More than $2 million (you and your wifeâs savings combined) is a lot of money â Iâm not suggesting otherwise â but when it comes to retirement, it doesnât mean youâre automatically good to go once you hit the million-dollar mark. There are so many factors, some of which you mentioned like healthcare and debt, as well as saving and spending.Â
I harp on spending analysis a lot but to me, itâs so crucial when deciding if and how to retire. Why? Because this is something that, for the most part, you can control. Thatâs a pretty powerful feeling.Â
So my first suggestion: Review those AMEX and Visa statements, as well as money that comes out of any checking accounts, and make sure that youâre spending the way you want and need to spend. When you retire, you wonât have that part-time income anymore, and while you may be itching to get on the green, youâll also be stressing out if you donât have enough green in a decade or two. Youâve told me what your Social Security benefits will be and what your average monthly spending is, but I would suggest really poring over your spending and assessing how comfortable youâll be if you continue to spend that way when you retire.Â
Check out MarketWatchâs column âRetirement Hacksâ for actionable pieces of advice for your own retirement savings journeyÂ
Thereâs a second part to that analysis, which is how much money you intend to withdraw from your retirement accounts. Iâm not sure if your wife is still working, but regardless, the more money you take out of those accounts every month, the less there is available to grow over time. Taxes also play a part here, depending on if youâre withdrawing from a traditional or Roth-style account. Those taxes could take a larger chunk out of your spending money, as well as potentially give you a heftier tax bill come tax time.Â
Think about this when your daughter goes off to college, too. She may not be there long if she continues with her hybrid high school and college courses (which is wonderful, by the way), but do you plan to pay for her tuition, and if so, where is that money coming from? Advisers tell me all the time: you can take a loan for college, but you canât take one for retirement. It might be beneficial to have a separate savings account earmarked for education, if you donât already have one of those or some sort of college savings account like a 529 plan, so that youâre not draining your retirement account for a tuition bill.Â
One last bit about that â plan for the unexpected. What will you do if a major expense arises? Will that money also come from a retirement account, or do you have an emergency account set aside to cover it? Saving a lot of money for retirement is amazing, but itâs not the only task individuals need to manage⊠coming up with a Plan B, and maybe even a Plan C and Plan D, is necessary too.Â
Also see: Are you planning for retirement all wrong?Â
Next, before retiring, check the way your money is invested. Whatâs your asset allocation like, and does it need to change? Donât make alterations just to make them â and definitely donât make them just because you read the markets werenât doing so hot that day â but keep in mind this money does need to grow for decades to support you and your wife, so you will need to strike that balance. Reaching out to a qualified financial professional, such as a certified financial planner, can help you make sense of what the best investment mix is, but at the least, log in to your account or call up the firm where your accounts are located and check that asset allocation.Â
Also, you mentioned youâre already on Medicare. I would suggest taking the time now â well before open enrollment â to review your current and expected future health expenses, and then assess how helpful your current coverage is for you. I know you mentioned you and your wife are in reasonable health, but if there are any operations or services you think you may need next year, itâs better to start reviewing what plans provide you the best coverage for your situation so that youâre not paying more out of pocket than necessary. This is an exercise you donât need to do immediately, but it will certainly help you feel more prepared come the end of the year when itâs time to keep your current plan or switch for something else.Â
As an aside, youâll eventually pay less in Medicare Part B premiums when your modified adjusted gross income declines. Those premiums are based on your tax returns from two years prior.Â
You sound like you are on the right track, which is wonderful. I would just caution you to tie up a few loose ends before resigning so that you can tee up without worrying.Â
Readers: Do you have suggestions for this reader? Add them in the comments below.
Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com
[ad_2]
-
At 55 years old, I will have worked for 30 years â what are the pros and cons of retiring at that age?Â
[ad_1]
Dear MarketWatch,Â
I currently own one home, no mortgage with rental income. I own another home that will be paid off the year I turn 55. Both valued at $750,000. I have a 401(k) and other stocks and investments totaling another $750,000. My debt will be all paid by the year I turn 55. Â
I have been on my job for 27 years. It will be 30 years when Iâm 55. What are the disadvantages and advantages of not working after 55 years of age?
Dear reader,Â
It is completely understandable that you would want to retire after working for 30 years, especially when you have rental income, but I would caution you to take this decision very seriously and find a few backup plans.Â
One big pro of waiting until 55 is the fact that you get to withdraw from your current 401(k) at that age. Itâs called the Rule of 55, and not everyone knows about it. Usually, savers have to wait until theyâre 59 Âœ years old in order to take distributions from their retirement accounts, such as 401(k) plans and IRAs. An early distribution incurs a 10% penalty, plus taxes.Â
The Rule of 55 gives workers a break if they want to tap into their 401(k) and have separated from their current job for any reason.Â
But you probably donât want to tap into that 401(k) â or at least, you shouldnât want to do that. Â
If you stop working at 55, youâre halting a major source of income. Rental property is great, and having no mortgage over your head is a huge plus, but will it be enough to cover your everyday expenses and the unexpected for decades to come? Retirement isnât what it used to be â people are living longer, which means every dollar you have for retirement needs to last until you die. If you retire at 55, you could potentially be in retirement for 30 years â or more. Do you think your nest egg and any other sources of income, like Social Security and rental income, could cover you for that long?Â
Some people would say $750,000 in a retirement account is more than enough, but others would argue it is not. Of course, it also depends on what your annual expenses are, what future spending could look like if you were to fall ill or need to change something from your current lifestyle. And do you have any other money set aside for various circumstances, like repairs on either of your homes?Â
You could look to see what other sources of income may look like (for example, what can you expect from Social Security?) but you should still find a few backup plans for income so that youâre not sweating it out later in life. Not to be a Debbie Downer, but rental income may not be enough to make ends meet or keep you from distributing too much from your retirement accounts. Also, do you have money set aside to offset your costs if your property is vacant for a little while?
Check out MarketWatchâs column âRetirement Hacksâ for actionable pieces of advice for your own retirement savings journeyÂ
Also, donât forget about healthcare. If youâre not married to a spouse who has health insurance through an employer, what would you do? Medicare eligibility starts at age 65, which means you would need your own health insurance for an entire decade, and that can be quite expensive.Â
Instead of retiring fully, is there another job you may be happier working? Or some type of part-time gig you could take on? A huge bonus would be if this job comes with health benefits, as well as another retirement account you could keep putting money into until youâre ready to fully retire.Â
I know this may not have been the answer you wanted to hear, but itâs absolutely worth considering every possible good and bad thing that could come out of retiring early. But as with everything else in life, you need to strike a balance â finding work you can do that brings in an income, while also enjoying your life now. Itâs not easy, but itâs worth it to plan this out a bit more before you celebrate the big 55.Â
Readers: Do you have suggestions for this reader? Add them in the comments below.
Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com
[ad_2]
-
Iâm a single dad maxing out my retirement accounts and earning $100,000 â how do I make the most of my retirement dollars?
[ad_1]
Dear MarketWatch,Â
I make over $100,000 a year, and expect to for the foreseeable future. As of now, I am contributing 8% of my income to my 403(b) with a 3% 401(a) match; all Roth. It would be more, but I am maxing out a Roth IRA and an HSA as well each year. I am a single father with a 9-year-old daughter, and do not have plans to marry, so Iâm planning everything as single. I expect house to be paid off when I (plan to anyway) retire at age 65. I plan to collect Social Security at 67.
My question is, should I move my 403(b) & 401(a) income to pretax dollars, since I expect to be in a lower tax bracket echelon once I retire? Or leave it at Roth. Iâm hoping for some advice on what would generally be the most prudent option to maximize retirement dollars.Â
Dear reader,Â
First, congratulations on maxing out your Roth IRA and HSA and contributing to your other retirement accounts â managing that while being a single dad and paying off a home is no simple task.Â
Youâve asked the age-old retirement planning question: should I be investing in a traditional account, or a Roth? For readers unaware, traditional accounts are invested with pretax dollars, and the money is taxed at withdrawal in retirement. Roth accounts are invested with after-tax dollars upon deposit, and then withdrawn tax-free (if investors follow the rules as far as how and when to take the money, such as after the account has been opened for five years and the investor is 59 Âœ years old or older).
As you know, the rule of thumb for choosing between a Roth and a traditional account comes down to taxes. If youâre in a lower tax bracket, advisers will typically suggest opting for a Roth as youâll be paying taxes at a lower rate now versus a potentially higher one later. For a traditional, you may be better off if youâre in your peak earning years and expect to drop a tax bracket or more at the time of withdrawal.Â
One of the greatest challenges, however, is knowing future tax brackets. You may think youâll be in a lower one now, but you canât be sure. We also donât know what tax rates might even look like when you get to retirement. The current tax rates are expected to increase in 2026, when the brackets from the Tax Cuts and Jobs Act are set to expire. Congress may do something before that, or after of course.
Check out MarketWatchâs column âRetirement Hacksâ for actionable advice for your own retirement savings journeyÂ
That being said, if you believe youâll be in a lower tax bracket in retirement, it doesnât hurt to have some of your money go in a traditional account. Having tax diversification can really work in your favor, too. It allows you more control and freedom when retirement does come, as youâll be able to choose which accounts you withdraw from and how to save the most on taxes. The more options, the better.Â
You should do your best to crunch the numbers now, and then make a plan to do it every year or so until you get to retirement. Hereâs one calculator that can help.Â
Make estimates where you have to, and factor in inflation â Iâm sure weâve all seen how inflation can impact personal finances in the last year alone. There are a few other things you can do to make these calculations. For example, get a sense of what your Social Security income may be by creating an account with the Social Security Administration, which will show you what you could expect to receive in benefits at various claiming ages. Also add in any other income you may get, like a pension.
After you calculate what you expect to spend in retirement, you can figure out what your withdrawal needs will be â and how that will impact your taxable income depending on if the money comes from a traditional or Roth account. Remember: Withdrawals from Roths do not increase your taxable income, whereas traditional account investments do when taken out. Â
Keep in mind, Roth IRAs have one really great advantage over traditional accounts â they are not subject to required minimum distributions, which is when investors must withdraw money from the account if they havenât yet done so by the mandatory age. Traditional employer-sponsored plans, like 401(k) and 403(b) plans, are subjected to an RMD. Roth employer-sponsored plans have also had an RMD, though the Secure Act 2.0, which Congress passed at the end of 2022, eliminates the RMD for Roth workplace plans beginning in 2024. (The Secure Act 2.0 also pushed the age up for RMDs to 73 this year, and age 75 in 2033.)Â
Traditional versus Roth accounts are just one piece of the puzzle in retirement planning, though. There are many other questions you need to ask yourself, and a financial planner if youâre interested and able to work with one. For example, what rates of return are you anticipating on your investments, and how are your investments allocated? What state do you live in now and will that change in retirement (that will affect your taxes). Are you concerned about leaving behind an inheritance, and have you considered life insurance? And even before you get to retirement, as a single dad, do you have a will, healthcare proxy and disability insurance in the event something unfortunate happens?Â
I know this may feel overwhelming, especially when youâre taking into account calculations and estimates for years and years from now, but it will all be worth it. Consider working with a qualified financial planner, or talking to someone at the firm that houses your investments, and donât feel obligated to stick with whatever you choose until you retire. As with many things in life, retirement plans tend to change and adapt as you do.Â
Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com
Readers: Do you have suggestions for this reader? Add them in the comments below.
[ad_2]
-
My fiancĂ© and I are 60. His adult daughter is opposed to our marriage â and insists on inheriting her fatherâs $3.2 million estate. How should we handle her?
[ad_1]
What advice would you give to a widow and widower considering marriage on how to manage finances â and deal with adult children?
We are both 60 years old and plan to work a few more years, mostly for health insurance. We both have about $1.5 million in retirement savings accounts. Our spousesâ 401(k)s and IRAs rolled into our accounts.
I have another $500,000 in a brokerage and he has almost another $1 million. We both own homes with $300,000 mortgages. Mine is worth $500,000, Paulâs (not his real name) home is worth $1 million. We have no other debt.
We both have one married, and one unmarried child that we help. We both have two grandchildren.
We should be set up very well. Hereâs the concern: His married, well-off daughter is very aggressive about inheritance. She wants the family home retitled in a trust. She wants all life insurance and brokerage beneficiaries in her name. Her brother has had drug-addiction problems, so sheâs cutting him out even though it seems heâs the one who will need help.
ââShe wants the family home retitled in a trust. She wants all life insurance and brokerage beneficiaries in her name.ââ
The daughter isnât thrilled about our relationship and suggests we just live together. For religious reasons, I would never do this. Grandma shacking up? What example would I set for my grandchildren?
As a widowed couple, we are realistic enough to plan for the time one of us is left alone. Paul has diabetes, high blood pressure and already sees a cardiologist. What if he has a heart attack? Stroke? Or if he dies?
Whatâs a fair way to mingle finances and allow security for me should he predecease me while allowing Paulâs daughter to ultimately inherit?
By the way, my children have never raised money as an issue. After we both cared for spouses through cancer, they know life is short and just want us to be happy.
Happy to Have Found Love Again
Dear Happy,
She is overstepping the line, and overplaying her hand.
The first rule of inheritance is that itâs not yours until the decedentâs money is sitting in your bank account. Your fiancĂ©âs daughter can make all the demands she likes, but the only thing your fiancĂ© has to do is say, âYou donât need to be concerned. My affairs are all in order. Iâve always taken care of my own affairs, and I am not changing now.â
How your fiancĂ© decides to split his estate is entirely up to him, and can be done in consultation with a financial adviser and attorney, taking into account each of his childrenâs individual needs. For instance, if you move in together, he could give you a life estate, allowing you to live in the home for the rest of your life, and dividing the property between his two children thereafter.Â
Given that you have your own home, however, you may decide to rent it out, and move back there in the event that he predeceases you. There are so many ways to split an inheritance. You could look at the intestate laws of your state, and follow them. In New York, the spouse inherits the first $50,000 of intestate property, plus half of the balance, and the kids inherit the rest.
âPaulâ may decide to set up a trust for his son, so he can provide an income for him over the course of his life. If he has or had issues with addiction, this will help him while not putting temptation in his way with a lump sum of money. The best kind of trust is the one that deals with any recurring issues directly, and takes into account the personâs circumstances.
Martin Hagan, a Pennsylvania-based estate-planning attorney who has practiced for four decades, writes: âFirst, it would authorize distributions only if the beneficiary is actively pursuing treatment and recovery. Second, it would limit distributions to paying only for the expenses incurred in carrying out the treatment plan that will have been developed for the beneficiary.â
You have $2 million collectively in a retirement and brokerage account and $200,000 equity in his home, and you can use these next seven years or so to pay off your mortgage, while your fiancĂ© has $2.5 million and $700,000 in equity on his home. You are both well set up for retirement, and letâs hope you have many years to spend together.
The financial services industry has many opinions. You should, advisers say, have 10 times your salary saved by the time youâre 65 years old. You donât mention your salary, but I would be surprised if many people in America had that much money saved, especially given all of the unexpected events â divorce, illness, job loss â that can occur in the intervening years.
You also have other priorities than dealing with an aggressive daughter/daughter-in-law. AARP suggests that most people should look into long-term care insurance between the ages of 60 and 65, around the time most people are eligible to qualify for Medicare. If you do it earlier, it can serve as a savings account in the event that you never need long-term care, AARP says.
As retirement columnist Richard Quinn recently wrote on MarketWatch, everybodyâs circumstances are different. âLiving in retirement isnât about averages. It isnât about what other people do or the opinions of experts, especially online instant experts who donât know anything about you and have yet to experience many years of retirement themselves.â
Donât give too much oxygen or power to your future daughter-in-law. Her father should give her a stock answer, and be firm. If she persists, he can say, âThe subject is closed. I need you to respect the decisions I make about my own life, respect my privacy on these matters, and it would be nice if you would be happy for us, and support us in our marriage together.â
You canât change people. But you can change wills. Â
You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.
Check out the Moneyist private Facebook group, where we look for answers to lifeâs thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.
The Moneyist regrets he cannot reply to questions individually.
More from Quentin Fottrell:
[ad_2]
