DIRS.INFO The most relevant business & tech news

☆ Here's why FEMA has spent about $4 billion to help destroy flood-prone homes
▼ + stars: | 2024-04-22 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +5 min

'I have no regrets'Andrea Jones accepted a floodplain buyout for her home in the Charlotte, North Carolina, area. CNBCAndrea Jones, 59, sold her home in the Charlotte, North Carolina, area in a floodplain buyout. On average, federal buyouts can take two to five years, though 80% of the FEMA acquisitions are approved in less than two years. Jones' buyout was delayed by the pandemic, but once she started the process up again in May 2022, things moved quickly. In addition to FEMA, the U.S. Department of Housing and Urban Development and many state and local communities fund floodplain buyouts.

Persons: Siders, Andrea Jones, CNBC Andrea Jones, Jones, Andrea Jones Jones, they're, Mathew Sanders, Sanders Organizations: Federal Emergency Management Agency, FEMA, University of Delaware's, Program, CNBC, Finance, Charitable, Congressional Research Service, U.S . Department of Housing, Urban Development Locations: Charlotte , North Carolina

☆ By 2054, there will be 422,000 Americans over age 100. That poses a financial challenge
▼ + stars: | 2024-04-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a Pew Research Center analysis of U.S. Census Bureau data. What's more, the centenarian population has nearly tripled in the last three decades alone, according to Pew. Among the best ways to hedge against outliving one's savings is by working longer, according to retirement experts. That may be more necessary as employers have offloaded responsibility for retirement savings onto workers' shoulders, by shifting from pensions to 401(k)-type retirement plans. "People need to be prepared to work longer," he said.

Persons: Artur Debat, Pew . Irving Piken, Piken, Mark Rightmire, John Scott, Barry Glassman, Glassman, Pew's Scott, Scott Organizations: Pew Research, Census, Pew ., Woods Community, MediaNews, Orange, Getty, Finance, Wealth Services, Reference, Workers, Social Security, Security Locations: U.S, California

☆ What's so great about Australia's retirement plan — and what it means for America
▼ + stars: | 2024-04-16 | by ( Allie Kelly | ) www.businessinsider.com time to read: +8 min

Australia's superannuation system mandates employer-funded retirement contributions. Meanwhile, the US retirement system has become anxiety-inducing for many, as older adults struggle to make ends meet. AdvertisementAustralian retirement system puts saving responsibility on employers, not employeesAmerica's current retirement infrastructure includes two major categories: defined contribution plans and Social Security. This differs from the American system, where retirees' money is often held between a 401(k), other accounts, and outside investments. Still, Reilly cautioned that applying Australia's retirement system to the US could negatively affect employee wages.

Persons: —, Sen, Bernie Sanders, Catherine Reilly, Reilly, Larry Fink, Fink Organizations: Service, Challenger Limited, Money, TIAA Institute, Georgetown University's Center for Retirement, Social Security, BlackRock, Employers, Pew Charitable Trust Locations: Australia, America, California, Colorado

☆ Office Apocalypse, New Expenses Are Wrecking Big Cities' Budgets
▼ + stars: | 2024-04-14 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

Across the country, from Denver and Seattle to Washington, DC, and New York, cities are deciphering whether to slash their budgets. (Most states' fiscal years run from July 1 to June 30.) States and cities are facing pressure from societal issues that will weigh on tax revenue and increase costs for years to come. Aging populations mean a smaller percentage of the population that's of working age, putting downward pressure on tax revenue. But as federal funds have petered out, structural problems have resurfaced.

Persons: Justin Marlowe, Lucy Dadayan, Carol O'Cleireacain, it's, Marlowe, O'Cleireacain, Josh Goodman, Goodman, Liz Farmer, Baltimore's Francis Scott Key, Farmer, Emily Stewart Organizations: Boston, University of Chicago Harris School of Public Policy, Municipal Finance, Pew, Urban, Brookings Tax, Urban Institute, Business Locations: Denver, Seattle, Washington, New York, California , Maryland, Arizona, New York City, New York , New Jersey, Detroit, COVID, States, Maryland, United States

☆ Here's what's wrong with the ‘100 envelope’ method and TikTok’s other viral savings challenges
▼ + stars: | 2024-04-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Between "cash stuffing," the "100 envelope" method or the "no-spend" challenge, there's no shortage of suggestions to better your financial standing. How these savings challenges work'Walk before you run'"I would definitely stress walking before you run," Rossman said. Rossman advises having money regularly transferred from your paycheck to a savings account. After a series of interest rate hikes from the Federal Reserve, some top-yielding online savings account rates are now paying even more than 5%, according to Bankrate.com — well above the rate of inflation. For example, if you have $5,000 in a high-yield savings account earning 5%, you'll make roughly $250 in interest in a year.

Persons: TikTok, Ted Rossman, Rossman, Matt Schulz, Schulz, Bankrate.com Organizations: Federal Reserve, FDIC

☆ Just over half of Americans over the age of 65 are earning under $30,000 a year, and it shows how stark the retirement crisis is
▼ + stars: | 2024-03-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Many older Americans are financially vulnerable, with over half living on incomes of $30,000 or less a year. And, as Sanders' report notes, about 10% of older Americans live in poverty, according to an analysis from the Center on Budget and Policy Priorities. Without Social Security income, around 38% of Americans 65 and older would be living below the poverty line. Even so, America's Social Security benefits lag behind many other wealthy countries; benefits amount to, on average, 51.8% of workers' earnings across the OECD. All of that comes as older Americans see their adult children leaning on them financially, as Gen Zers and millennials weather their own economic storms.

Persons: Bernie Sanders, —, Sanders, Zers, I'm, Jane, you'll Organizations: Service, Health, Education, Labor, Wall, Survey, Federal Reserve's Survey, Consumer Finance, Budget, Security, OECD, Social Security Locations: Japan

☆ Meet the 'forgotten middle' of Americans over 75 about to face a rocky retirement
▼ + stars: | 2024-02-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

The 'Forgotten Middle' group might face difficulties affording necessary housing and care. AdvertisementA crisis is ballooning for middle Americans of retirement age. ”They focused on the potentially bleak financial futures of what they term the "Forgotten Middle." AdvertisementThat “Forgotten Middle” group is only expected to get bigger and more diverse. A University of Southern California and Columbia University analysis found that homeownership rates for lower-income “Forgotten Middle” Americans have fallen by 31% from 1994 to 2018.

Persons: —, ” Sarah Rayel, they’re, ” Rayel, There’s, Sen, John Hickenlooper, won’t Organizations: Service, University of Chicago, Health, University of Michigan, Medicaid, University of Southern, Columbia University, Consumer Finances, National Council, Aging, AARP, Democrat, Savings Locations: NORC, University of Southern California, Colorado

☆ Here’s how to squeeze a little more juice out of these tax-advantaged yields
▼ + stars: | 2024-01-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Indeed, investors get paid for taking a small step down in credit quality in the muni bond space. What's even sweeter is that municipal bond income is generally exempt from federal income tax. This also means high income investors would have to scoop up a higher yielding corporate bond to get the same tax-advantaged yield a muni bond would generate. A measured amount of risk Munis offer lower yields compared to their corporate counterparts, but they also carry significantly less risk. Lower risk, however, doesn't necessarily mean risk free.

Persons: Jennifer Johnston, Franklin Templeton, Lyle Fitterer, munis, corporates, Cooper Howard, Jonathan Mondillo, Franklin Templeton's Johnston Organizations: Federal Reserve, Franklin, AAA, muni, Strategic Municipal Bond Fund, York Life Investments, Moody's Investors Service, Charitable, Schwab Center, Financial Research Locations: muni, Abrdn

☆ State-run 'auto-IRA' programs aim to close retirement savings gap
▼ + stars: | 2024-01-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

They save about $165 a month, on average, said John Scott, director of Pew's retirement savings project. It's unclear how many other companies instead opted to sponsor their own 401(k) plan or other workplace plan. Why states are stepping inThere's a common thread here: A realization that people aren't saving enough for retirement, Scott said. The typical saver age 55 to 64 has just $71,000 of 401(k) savings, according to Vanguard data. Pew estimates that state spending will rise by $334 billion from 2021 to 2040 due to insufficient retirement savings.

Persons: John Scott, Scott, Pew, Washington —, Roth, they've Organizations: Auto, Workers, Trusts, Center for Retirement, Companies, Vanguard, Social Security Locations: Delaware, Hawaii , Maine, Minnesota , Nevada , New Jersey , New York, Vermont, Massachusetts , Missouri, New Mexico, Washington, U.S

☆ Giant seamount discovered in Guatemala is nearly twice the height of the world’s tallest building
▼ + stars: | 2023-12-01 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +6 min

At 1,600 meters (5,249 feet) tall, it’s nearly twice the height of Dubai’s Burj Khalifa, the tallest building in the world, according to a news release from Schmidt Ocean Institute, a nonprofit organization that advances oceanographic research. The ship is designed to map the seafloor by using a multibeam echosounder, which sends out sound waves to the ocean floor in a fan-shaped pattern, then measures the time it takes for the sound to reach the ocean floor and return. Schmidt Ocean InstituteThe seamount was discovered 84 nautical miles outside the Guatemalan Exclusive Economic Zone. Watling was not involved with the discovery but was part of a Schmidt Ocean Institute exploration in 2019. The recently discovered seamount may be taller than the world’s tallest building, but some have been found to have a height of 4,000 meters (13,123 feet) or more, Watling said.

Persons: it’s, Tomer, Ketter, ”, Jyotika Virmani, Les Watling, Watling, ” Watling, —, Tony Koslow, Koslow, “, ” Koslow Organizations: CNN, NOAA, Exploration, National Oceanic, Atmospheric Administration, Schmidt Ocean Institute, Israeli National Institute for Oceanography, Ocean Institute, Schmidt Ocean, University of Hawaii, Scripps Institution of Oceanography, University of California, Pew Locations: Guatemala, Burj, Guatemalan, Manoa, Mauna Kea, Hawaii, San Diego

☆ A 'sea change' may be coming for investment advice about 401(k)-to-IRA rollovers, one expert says
▼ + stars: | 2023-11-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesWhy Labor Department wants to raise protectionsIn 2020, about 5.7 million Americans rolled a total $618 billion into IRAs, according to most recent IRS data. IRAs held about $11.5 trillion in 2022, almost double the $6.6 trillion in 401(k) plans, according to the Investment Company Institute. Here's the problem, in the eyes of the Labor Department: 401(k) investors have certain protections that don't generally extend to IRA investments or the advice to move money to IRAs. "ERISA fiduciary duties are the highest fiduciary duties under U.S. law," said Josh Lichtenstein, partner at law firm Ropes & Gray. That advice typically generates compensation like a commission for the broker or agent, and the Labor Department is concerned those incentives may bias recommendations for certain investments that pay them more but aren't in an investor's best interests.

Persons: IRAs, Josh Lichtenstein, Pew, Julie A, Su, Tom Williams, David Levine Organizations: Bloomberg, Getty, Labor Department, Investment Company Institute, ICI, Gray, Investors, Pew, Trusts, Labor, Health, Education, Washington , D.C, CQ, Inc, The Labor Department, White House Council, Economic Advisers, Groom Law Locations: rollovers, IRAs, Washington ,

☆ Crime spree? Retailers are actually overstating the extent of theft, report says
▼ + stars: | 2023-10-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

But some retail analysts and researchers, bolstered by local crime statistics, say stores may be over-stating the extent and impact of theft. Mentions of “organized retail crime” on companies’ earnings calls increased 43% from January through August from a year ago, the Chamber of Commerce found. Cities and states are passing new laws with harsher punishments for organized retail crime offenses and shoplifting. A Target spokesperson said that organized retail crime increased 50% in its stores since 2021. According to the Chamber of Commerce, 12 states have created new statutes, revised existing statutes, or created enhanced penalties for organized retail crime.

Persons: William Blair, Dylan Carden, Phillip Blee, James Kehoe, Kehoe, Alex Vitale, ”, Donald Trump, Judd Legum, Blair, “, Pew Organizations: New, New York CNN — Retailers, Retailers, “, National Retail Federation, Walgreens, Brooklyn College, Commerce, U.S . Chamber of Commerce, Republican, Costco, Chamber of Commerce, Pew Locations: New York, U.S, San Francisco, Oakland, Seattle, Portland

☆ Denver experimented with giving people $1,000 a month. It reduced homelessness and increased full-time employment, a study found.
▼ + stars: | 2023-10-05 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +6 min

Direct cash assistance reduced homelessness and increased employment in Denver, a study found. "Many participants reported that they have used the money to pay off debt, repair their car, secure housing, and enroll in a course," he said. Six months in, most who received money from the project were better off — significantly so, according to researchers at the University of Denver's Center for Housing and Homelessness Research. And the study also relied on participants self-reporting their situations in exchange for payments of up to $30. Smaller cities, such as Santa Fe, have also experimented with cash payments, as have rural areas, including upstate New York.

Persons: —, Mark Donovan, Donovan, Zhao Organizations: Denver, Service, Income, Wooden, Pew Charitable Trust, University of Denver's Center for Housing, Homelessness Research, University of British, Guardian Locations: Denver, Tesla, Sacramento, Jacksonville, San Francisco, Santa Fe, New York, Philadelphia, United States, Vancouver, Canada, University of British Columbia

☆ An Iowa nonprofit suffered nearly $1 million in flood damages. The woman who runs it shares the long road to recovery.
▼ + stars: | 2023-09-21 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Worst of all for her, the ruinous flooding meant Operation Threshold, which helps thousands of low-income individuals and families across three Iowa counties become self-sufficient, couldn't operate. Operation Threshold"So many of the families that flooded were people that we normally serve," Grant, executive director of Operation Threshold, said. The Operation Threshold office building was inundated. In the aftermath of the flooding, Grant said the plethora of paper documents in the office wouldn't dry enough to shred. The organization also received a loan from a local credit union and pocketed roughly $12,000 by selling its secondary office building.

Persons: Barb Grant, Grant, she'd, —, Kim Reynolds, it's, Miriam Alarcón Avila Organizations: Pew Charitable, Federal Emergency Management Agency, FEMA Locations: Iowa, Waterloo , Iowa, Vermont, Waterloo, Mississippi, Waterloo —

Decade to decade, costly extreme weather events are increasing in both frequency and intensity as greenhouse gases build up in our atmosphere. The true cost of extreme heatLois Nigrin grew up on a farm and loved getting outdoors. Her ordeal points to the rising cost of extreme heat, the leading weather-related killer in the US. The true cost of floodingBarb Grant has built her life's work around helping others. The true cost of inactionThere is more to this story than a set of ruinous tragedies.

Persons: Lois Nigrin, —, Yoon, Nigrin, Read, Dale Murden, who's, He's, he's, Murden, Jason Garza, Barb Grant, Grant, Miriam Alarcón Avila, She's Organizations: Center for American, Atlantic Council, The Texas Tribune, Administration, Texas, Citrus Committee, M, Pew Charitable Locations: heatstroke, Texas, Arizona, Nebraska, Harlingen , Texas, Mexico, Southeast Texas, Iowa

☆ Retailers are shaping a wave of laws to crack down on organized theft — here's how they do it
▼ + stars: | 2023-08-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

Since 2022, at least nine states – six so far this year – have passed laws to impose harsher penalties for organized retail crime offenses. The new and proposed laws aim to deter brazen retail crime and go after the so-called kingpins who lead organized theft groups. But critics say the measures may not actually reduce organized retail crime, and could disproportionately harm marginalized groups. Plus, dozens of states already have organized theft laws on the books and the crime is still increasing, according to trade associations. Retailers and lawmakers say the misdemeanor charges have emboldened theft groups and allowed organized retail crime to spread.

Persons: Scott Olson, Doug McMillon, shoplifters aren't, Adrian Hemond, It's, they're, Chuck Grassley, Catherine Cortez Masto, CORCA, Cortez Masto, Cortez, Grassley, Sen, Anna Moneymaker, David Johnston, Jake Horowitz, Horowitz, criminologists, JC Hendrickson, Hendrickson, it's, cleaver, Manhattan, Manhattan DA Alvin Bragg, Barry Williams Organizations: CNBC, National Retail Federation, Walmart, U.S . Senate, Grassroots, eBay, Target, Coordination Center, Nevada Democrats, Cheyenne High School, Pew Charitable Trust, Justice Action Network, Walgreens, Manhattan DA, New York Daily, Getty Locations: Chicago , Illinois, U.S, Iowa, North Las Vegas , Nevada, Florida, Manhattan , New York, New

☆ Why it's so hard to build homes in your neighborhood
▼ + stars: | 2023-08-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

Single-family homes in Arlington, Massachusetts. Around 75% of residential land in the United States is zoned for single-family homes only. This has had the effect of encouraging ever-larger single-family homes and limiting housing options, like smaller houses. “You can’t just do it all with zoning reform,” Walla Walla City Manager Elizabeth Chamberlain told CNN. The second wave of single-family zoning laws spread during the 1970s, historians say, and the policies became more restrictive.

Persons: Suzanne Kreiter, ”, Jenny Schuetz, “, —, Ben McCanna, Joe Biden’s, Richard Kahlenberg, Kathy Hochul’s, Elizabeth Chamberlain, “ It’s, Nancy Kaye, William Fischel, Fischel, Carlos Avila Gonzalez, Yonah Freemark, we’re, ” Freemark Organizations: New, New York CNN, Boston Globe, Brookings Metro, Republicans, Portland Press Herald, Getty Images, ”, CNN, Homes, “, Dartmouth University, Homeowners, San Francisco Chronicle, AP, Pew Charitable Locations: New York, Arlington , Massachusetts, United States, “, Maine, Getty Images Minneapolis, Arlington , Gainesville, Charlotte, Walla Walla , Washington, Oregon , California, Washington , Montana, Connecticut , Arizona, ” Walla Walla City, Cities, Louisville , Kentucky, Flushing , Queens, America, San Francisco, Los Angeles , New York City, Seattle, Chicago , Philadelphia, Portland, Washington, Walnut Creek , California, Minneapolis, Portland , New Rochelle , New York, , Virginia, Towns, Walla, Walla Walla

☆ What is flood insurance, and why do you need it?
▼ + stars: | 2023-07-12 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +7 min

But only four property owners in the entire town have active flood insurance policies. In the United States, FEMA has traditionally provided all flood insurance plans through the National Flood Insurance Program (NFIP). According to the Insurance Information Institute, an industry trade group, Florida, Louisiana and Texas account for 40% of all flood insurance policies nationwide. The origin of this exclusion can be traced to the 1968 National Flood Insurance Act, which established the NFIP. For example, in Miami, flood insurance can sometimes rival the amount that people pay for homeowners insurance, according to the Insurance Information Institute.

Persons: Kathy Hochul, ”, David Maurstad, it’s, Laura Lightbody, John Minchillo, Michael Barry, Barry, ’ ”, Lightbody, ” Lightbody, it’ll Organizations: CNN, Gov, Federal Emergency Management Agency, FEMA, National Flood Insurance, Flood, Insurance Information Institute, Pew, Trusts, Insurance, Institute’s, Flood Insurance Locations: Highlands , New York, ”, West, United States, America, Miami, Florida , Louisiana, Texas, Highland Falls, N.Y, New, Hudson

☆ Australia to triple size of Macquarie Island Marine Park to protected area larger than Germany
▼ + stars: | 2023-06-05 | by ( Helen Regan | ) edition.cnn.com time to read: +3 min

CNN —Australia plans to triple the size of an ecologically important marine park and close off an area larger than Germany to fishing and mining, the government announced Monday, protecting millions of vulnerable seabirds and animals. The remote Macquarie Island Marine Park, located off Australia’s southeastern coast between Tasmania and Antarctica in the Southern Ocean, is set to expand to 475,465 square kilometers (about 184,000 square miles). The wind-swept World Heritage-listed Macquarie Island and its surrounding waters is a site of outstanding geological and natural significance. The plan to expand the marine park was released in February and Monday’s announcement comes after two months of public consultations with more than 14,700 submissions that were 99% in support, according to the government. Darren Kindleysides, chief executive of the Australian Marine Conservation Society, said sanctuaries are vital for marine wildlife, healthy ocean ecosystems and sustainable commercial fisheries.

Persons: Tanya Plibersek, ”, Fiona Maxwell, “, Darren Kindleysides Organizations: CNN, Pew, Albanese Government, UNESCO, Heritage, Australian Marine Conservation Society Locations: Australia, Germany, Macquarie, Tasmania, Antarctica

☆ A retirement-savings gap may cost the economy $1.3 trillion by 2040. How state-run programs can fix it
▼ + stars: | 2023-05-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Many Americans aren't saving enough for retirement — and the shortfall could pressure state and federal budgets in the decades ahead. But research shows that state-run programs could help people save for retirement while reducing that strain. Without changes, the retirement-savings gap could create a $1.3 trillion economic burden through 2040, with increased public assistance costs, lower tax revenue and more, according to a study released Thursday by the Pew Charitable Trusts. If the current trends continue, 61% of elderly households are expected to have an annual income below $75,000 in 2040, and the yearly income shortfall is projected to be $7,050 by the same year. Roughly half of working households may struggle to maintain their pre-retirement standard of living in their golden years, the Center for Retirement Research at Boston College reported this week.

☆ The High Seas Treaty, Explained
▼ + stars: | 2023-03-30 | by ( Haphazard Authority On Ocean Resources | ) www.reuters.com time to read: +12 min

Global News Changing Tides The first international agreement to protect the world's oceans aims to create “international parks” in the high seas. The high seas represent 95% of the world’s total habitat by volume, but the nautical world remains largely unexplored. “A sentiment we often encountered was that there’s not much in terms of biodiversity out there in the high seas,” he said. MPAs that already exist mostly occupy exclusive economic zones and only make up about 3% of the high seas. A 2016 Pew study on mapping governance in the high seas showed 19 governing bodies with a high seas mandate.

☆ Investing isn't free. But here's why 20% of investors think it is
▼ + stars: | 2023-03-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Investment fees may be a worthy addition to that list in the modern era — though not all investors are aware of this near-universal fact. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. watch now"And that makes you much less sensitive to the fees you're paying — in amount and whether you're paying fees at all." Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

☆ Nations reach accord to protect marine life on high seas
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +5 min

The U.N. Convention on the Law of the Sea came into force in 1994, before marine biodiversity was a well-established concept. The treaty will create a new body to manage the conservation of ocean life and establish marine protected areas in the high seas. "For the first time, we are getting a binding agreement for the high seas, which until now have hardly been protected," Lemke said. Several marine species — including dolphins, whales, sea turtles and many fish — make long annual migrations, crossing national borders and the high seas. The high seas have long suffered exploitation due to commercial fishing and mining, as well as pollution from chemicals and plastics.

☆ Falling behind on federal student loans can lead to other major financial problems
▼ + stars: | 2023-02-22 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Falling behind on federal student loans is likely to trigger other major financial consequences for borrowers, according to new research by The Pew Charitable Trusts. More than 80% of borrowers who experienced default stated that they'd faced at least one additional consequence as a result. The most common impact was a drop in their credit score (62%) followed by being subject to collection fees (47%) and losing eligibility for future federal financial aid (37%). Other consequences that followed from a default on federal student loans included wage garnishment, the suspension of professional licenses and having Social Security or tax refunds offset. Most recently, U.S. Department of Education Undersecretary James Kvaal said that if the government isn't allowed to carry out its sweeping student loan forgiveness plan, there could be a "historically large increase in the amount of federal student loan delinquency and defaults as a result of the Covid-19 pandemic."

☆ Column: Where to park the 401(k) when you switch jobs or retire
▼ + stars: | 2023-02-09 | by ( Mark Miller | ) www.reuters.com time to read: +5 min

When you change jobs or retire, you have three basic choices: leave your retirement account where it is, roll it over to a new employer or move it to a standalone individual retirement account (IRA). When does it make sense to leave a 401(k) plan behind? A rollover can make sense if you are in a 401(k) plan with poor investment choices or high fees. FOCUS ON THE FEESPew analyzed the difference between average institutional and retail share class expense ratios across all mutual funds that offered at least one institutional share class and one retail share class in 2019. There is also a case to be made for staying in your 401(k) plan - especially if you work for a large employer.

Search resuls for: "Pew Charitable"

25 mentions found