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☆ BlackRock wants to make it easier to get paycheck-like income from your retirement savings
▼ + stars: | 2024-04-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

BlackRock , the largest asset manager, has launched a new product to help workers their retirement savings into a regular income stream that mimics the paycheck they receive during their working years. "We're talking about a revolution in retirement," BlackRock CEO Larry Fink wrote of LifePath Paycheck in his recent annual letter to investors. While they receive that income, the rest of their retirement savings may continue to grow. A recent BlackRock survey found 60% of employees worry they may outlive their retirement savings. For now, the LifePath product is limited to plans offered through employers.

Persons: Larry Fink, Anne Ackerley Organizations: BlackRock, Finance, Security, Transamerica Center, Retirement Locations: BlackRock, New York

☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

☆ 'Desperate Housewives' star Felicity Huffman says her 'old life died' after the college admissions scandal
▼ + stars: | 2024-02-07 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

"Desperate Housewives" star Felicity Huffman says her "old life died" after the college admissions scandal. The 61-year-old actor spoke to The Guardian about how her life has changed since the scandal. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"Desperate Housewives" star Felicity Huffman says her "old life died" after the 2019 college admissions scandal. Sort of like your old life died and you died with it," Huffman, 61, said.

Persons: Felicity Huffman, proctor, —, Huffman, It's, William Singer, Huffman hasn't, Taylor Mac's, Paige Organizations: Guardian, Service, ABC Locations: London

☆ Saving for retirement in your 50s can be 'really stress-inducing,' expert says. These tips can help
▼ + stars: | 2024-02-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The median age that workers 50 and older expect to retire is 67, according to the Transamerica Center for Retirement Studies. Brush up on Social Security, Medicare rulesIt is a great time in your 50s to look at your Social Security statement to see the retirement benefits for which you may qualify, according to Jenkin. The Social Security Administration provides free access to benefit information online. For example, it may make sense for someone to retire at age 63 and a half and then use COBRA coverage for the 18 months until they reach Medicare age, Jenkin said. If you're in your early to mid-50s, it's also a great time to explore what the Social Security claiming strategy fits your particular situation best.

Persons: Silke, Dogan, Ted Jenkin, Xers, Jenkin, they're, Brush, it's Organizations: Bank, Getty, Transamerica Center, Retirement, CNBC's, federal, Savings, Fidelity, Social Security, Social Security Administration Locations: Atlanta

☆ Gen Z wants to retire early, but an expert who has helped people with money for 20 years says 3 things could stand in their way
▼ + stars: | 2023-12-01 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +4 min

Gen Z is the youngest generation in the workforce and many members want to retire early. Gen Z is in the workforce … and they are already looking for the exits. Gen Z is starting out with less money, more expenses, and higher costs." Here are a few issues Tisdale says Gen Zers could see impact their early timeline for retirement:1. What might help Gen Z reach their goal"It's important for Gen Z, since they are just getting started, to learn business basics and educate themselves on entrepreneurship, side hustles, and investing," Tisdale told Personal Finance Insider.

Persons: —, Gen Zers, Stacey Tisdale, Gen Z, Tisdale, Zers, Gen, Robinhood, Z Organizations: Service, Transamerica Center, Retirement Studies, Finance

The head office of Dutch financial insurance company Aegon is seen in The Hague, October 28, 2008. Dutch insurer Aegon tapped into government funding on Tuesday, taking 3 billion euros ($3.7 billion) to strengthen its capital base eroded by investment losses and exposure to risky investments. REUTERS/Stringer/File Photo Acquire Licensing RightsNov 16 (Reuters) - Dutch Insurer Aegon (AEGN.AS) raised its annual capital generation forecast on Thursday after topping third-quarter expectations on the same metric, driven by a strong performance in the key U.S. market. The company expects operating capital generation from its units to be around 1.2 billion euros ($1.3 billion) this year, compared with a prior target of more than 1 billion. Aegon's Americas region, which mostly consists of its U.S. business, represented two-thirds of the group's operating capital generation in the quarter.

Persons: Stringer, Matt Rider, Rider, Gaelle Sheehan, Victor Goury, Milla Nissi, Christopher Cushing Organizations: Aegon, REUTERS, U.S, Metlife, World Financial, Reuters, Thomson Locations: The Hague, Eastern, U.S, Americas, Netherlands, Laffont, Gdansk

The Transamerica Pyramid building is seen as tourists ride a cable car in downtown San Francisco, California, U.S., July 7, 2023. San Francisco has been waging for years a multi-pronged war on drugs and related crime, homelessness and unaffordable housing. "They do this for the Superbowl, they do this for conferences ... but nothing ends homelessness like a home," Boden said. The city has a homelessness rate of 887 people per 100,000 residents, according to a 2023 report from the San Francisco controller's office on 16 American cities. Reporting by Peter Henderson and Anna Tong in San Francisco; Editing by Sayantani Ghosh and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Barria, Joe Biden's, Christopher Crandall, he'd, He'd, Gavin Newsom, Biden, China's Xi, Paul Boden, " Boden, Tesla, Elon Musk, Trevor Chandler, I’ve, Peter Henderson, Anna Tong, Sayantani Ghosh, Stephen Coates Organizations: REUTERS, FRANCISCO, Economic Cooperation, United Nations, Police, APEC, Western Regional Advocacy, San, Fox News, Twitter, Thomson Locations: San Francisco , California, U.S, Asia, San Francisco, California, Francisco, Oakland, Los Angeles

☆ Some HENRYs are saving too much for retirement — and it may backfire
▼ + stars: | 2023-11-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementWhile it's rare that people are saving too much for retirement, Malani said it happens among HENRYs somewhat frequently. AdvertisementAdvertisement"If you're under the age of 40 and saving more than 20% for retirement, that's more than you might need to be saving," Blanchett said. "Saving for retirement takes some level of knowing what type of lifestyle you'll want in retirement," Malani said. There's little reason for wealthier young Americans to push back buying a home or starting a family due to anxiety about retirement saving. "For individuals that are 'over-saving,' are you not doing things that you would fundamentally enjoy because of how much you're saving?

Persons: —, Priya Malani, Malani, David Blanchett, Rowe Price, Gen, Zers, Blanchett, that's, we're Organizations: Service, Transamerica Center, Retirement Studies, DC Solutions, National Institute on Retirement Security, WealthCare

☆ Fact Check: Clips of nuclear attacks are from movies, not released by Kremlin
▼ + stars: | 2023-11-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

A compilation of scenes of nuclear weapons attacks is made up of excerpts from several movies, and is not, as suggested in online posts, an animation released by the Kremlin depicting nuclear attacks on U.S. cities. Posts on social media said: “The Russian Kremlin just released this animation depicting multiple nuclear strikes on American cities. Does this worry you?” The video shows various nuclear missiles in flight followed by explosions across North American cities. The scene in timestamps 0:17-0:25 of the circulating video shows nuclear weapons launched from the sky toward a city. The social media video is a compilation of explosion scenes from several well-known movies, and there is no evidence it was released by the Kremlin.

Persons: Ethan Hunt, Tom Cruise, Arnold Schwarzenegger, ”, Nicholas Cage, Read Organizations: Russian Kremlin, Russian, Russia’s Ministry of Foreign, Facebook, Galactica, YouTube, MetLife, Empire, Kremlin, Reuters, Thomson Locations: U.S, Vancouver, British Columbia, San Francisco , California, ”, Manhattan , New York, New York City

☆ Gen Z is the most financially savvy generation
▼ + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.

Persons: Gen, Gen Zers, Gen Xers, Zers, It's, —, they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock

☆ Gen Z Is Poised to Spend More on Debt Than Others. It Could Derail Retirement.
▼ + stars: | 2023-09-27 | by ( Martha C. White | ) www.nytimes.com time to read: +2 min

Evidence suggests that more young adults are struggling financially today than in the immediate aftermath of the pandemic. Ms. Rascon said many young adults don’t understand the fundamentals of borrowing, including interest rates and the way high borrowing costs can cause a debt balance to balloon. “The shocking thing for me as a counselor is they don’t know what an A.P.R., or annual percentage rate, is. They don’t know how to track their expenses,” she said. Experts worry about the high rate at which young adults are tapping into their retirement savings.

Persons: Diana Rascon, Rascon, ”, —, Transamerica, Catherine Collinson, “ Organizations: Money Management, Transamerica Center, Retirement Studies, Transamerica Institute

☆ Saving $100 a week from age 25 could give you over $1 million when you retire
▼ + stars: | 2023-08-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The key to a comfortable retirement may be saving $100 a week starting at 25. The chart below shows how much you can save up by putting away $400 a month starting on your 25th birthday, assuming that historically reasonable 7% annual return. Putting this into perspective, if people saved just $100 a month starting at 25, they'd save over $250,000 by 65 because of compounding interest. This jumps to over $550,000 when saving $50 a week starting at 25, which highlights Milken's suggestion to focus on "holistic life planning." About 25% of Americans lack retirement savings, while half have no access to employer-sponsored retirement plans, The Motley Fool reported based on data from the Federal Reserve.

Persons: they'd Organizations: Service, Milken Institute, Transamerica Center, Retirement Studies, Federal Reserve, of Labor Statistics, Fidelity Locations: Wall, Silicon

☆ Longevity is challenging people to reimagine their later years. One age cohort is 'carrying the most stress and burden,' research finds
▼ + stars: | 2023-08-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Increased longevity is challenging people to rethink the traditional three-step life path of education, work and retirement. But one age group — individuals ages 40 to 59 — is more likely to struggle with this concept, according to new research from Transamerica and the Massachusetts Institute of Technology AgeLab. "That cohort based on the study really had the toughest time and was carrying the most stress and burden about managing this concept of longevity in a positive way," said Phil Eckman, president of workplace solutions at Transamerica. Moreover, half of people in midlife are struggling to get by financially, more than other age groups studied. "One of the best ways to deal with stress is to look at that notion of health and well-being and sleep and diet and exercise and the way that can reduce stress," Eckman said.

Persons: Phil Eckman, —, Eckman, servicer Organizations: Massachusetts Institute of Technology, Finance Locations: Transamerica, midlife

SAN FRANCISCO, July 8 (Reuters) - Venture capital firm Headline used to be in one of San Francisco's most eye-catching skyscrapers: the pyramidal Transamerica building that has defined the skyline for decades. Venture capital firms are increasingly joining retailers and other businesses in finding homes outside downtown San Francisco. [1/5]People enjoy the afternoon in Presidio, a former military base-turned-national park in San Francisco California, U.S., July 7, 2023. They're actually really excited," said Eurie Kim, whose venture firm Forerunner left downtown for the Presidio in early 2022. "Mayor Breed continues to implement strategic initiatives to help stabilize existing businesses and recruit new ones as part of her Roadmap to Downtown San Francisco's Future plan.

Persons: Mathias Schilling, Schilling, Rex Salisbury, Carlos Barria, They're, Eurie Kim, CBRE, Lisa Petrie, Jon Rehagen, Molly Martell, San Francisco Mayor London Breed, Breed, Colin Yasukochi, Krystal Hu, Peter Henderson, Rosalba O'Brien Organizations: FRANCISCO, Venture, Employees, Presidio, Westfield, San, Felicis Ventures, Forerunner Ventures, Letterman, Cambrian Venture, San Francisco Bay Area, REUTERS, Presidio Trust, Lucasfilm, Walt Disney Family Museum, Catalyst, Brand, San Francisco Mayor London, Downtown San, CBRE's Tech, Thomson Locations: San Francisco, Presidio, San Francisco Bay, San Francisco's, There's, Sand, Silicon Valley, South, downtown San Francisco, San Francisco California, U.S, Marin, San Francisco ., South Park, Downtown

☆ Aegon bets on Transamerica to boost cash flow and dividend in 2025
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

June 22 (Reuters) - Transamerica owner Aegon (AEGN.AS) on Thursday forecast a higher free cash flow and dividend in 2025, flagging untapped potential in the U.S and stepping up its strategy to invest in higher-return assets. The Dutch-listed insurer said it sees free cash flow of about 800 million euros ($878.96 million) in 2025, up from the 600 million it expects for 2023. It also projects a dividend per share of around 0.40 euros in 2025, from around 0.30 euros expected for 2023. It also sees untapped potential in the insurance market in the U.S, where it is present through its subsidiary Transamerica. Transamerica, Aegon's largest business, will further invest in its insurance distribution network World Financial Group (WFG), and will aim to increase earnings from its retirement business.

Persons: WFG, Olivier Sorgho, Clarence Fernandez, Sharon Singleton Organizations: Aegon, ING, Financial, Aegon's, Thomson Locations: U.S, United States, Aegon's

☆ India's TCS signs $1.1 bln contract with UK's Nest
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 21 (Reuters) - India's top IT services provider Tata Consultancy Services (TCS.NS) said on Wednesday that it has signed a new contract worth 840 million pounds ($1.1 billion) with British pension scheme Nest for an initial tenure of 10 years. The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement. The deal comes at a time when Indian IT services companies are facing demand challenges in their key markets, the United States and Europe, where clients have cut spends amid worries about recession. TCS and Nest have been working together since 2011. Last week, TCS mutually terminated a $2 billion contract with insurance provider Transamerica, citing reasons that include a challenging macro environment.

Persons: Shailesh Organizations: Tata Consultancy Services, TCS, Indian, Investors, Sethuraman NR, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

☆ India's TCS, Transamerica end $2 bln contract due to macro environment
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 16 (Reuters) - Indian information technology (IT) company Tata Consultancy Services (TCS.NS) said on Friday it has mutually agreed with insurance provider Transamerica to end a $2 billion contract, citing reasons including a challenging macro environment. The 10-year contract, signed in early 2018, involved TCS working with U.S.-based Transameria to enable the digitization of more than 10 million policies into a single integrated platform. Administration of those policies, including life insurance and retirement and investment solutions, will be moved to a new servicing model, which will take about 30 months, TCS said. "It's more of a sentimental negative rather than a big impact on the financials of TCS," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services. "We don't see a big impact because of this.

Persons: Siddhartha Khemka, Khemka, Navamya Ganesh, Rashmi Aich, Sonia Cheema Organizations: Tata Consultancy Services, U.S, Administration, TCS, Motilal Oswal Financial Services, Indian, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

☆ A New Hiroshi Sugimoto Sculpture in San Francisco Reaches for Infinity
▼ + stars: | 2023-06-09 | by ( Jori Finkel | ) www.nytimes.com time to read: +1 min

The San Francisco skyline has radically changed over the past two decades because of all the real estate development. The Japanese artist Hiroshi Sugimoto, famous for his slyly deceptive photography, has just planted a slender, 69-foot-tall stainless steel sculpture on a hilltop in Yerba Buena Island, meant to serve as an anchor — or beacon, given its height — for the area’s new public art program. From some viewpoints it looks like the tip of a sewing needle poking out above the trees and cellular towers of this island in the San Francisco Bay. Because of its particular curved geometry, which tapers from a concrete base of 23 feet to a top that is less than one inch in diameter, the sculpture looks as if it’s growing infinitely smaller and taller as it reaches for Earth’s outer atmosphere. The artist paradoxically calls his skyscraper “Point of Infinity,” and, even more than the beautiful sliver of mirror-finished stainless steel itself, he hopes to showcase that Zen koan-like notion.

Persons: Hiroshi Sugimoto, ”, Sugimoto, “ Organizations: San Locations: San Francisco, Yerba Buena, San Francisco Bay

☆ No office tower is safe from the roiling market — not even a trophy building housing Google and Visa deemed one of the best
▼ + stars: | 2023-05-10 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

Potential problems at One Market Plaza show how far San Francisco's office market may fall. One Market Plaza has long been considered the pinnacle of San Francisco's office market. Autodesk plans to downsize by about 73,000 square feet to 211,000 square feet, a spokeswoman told Insider. Google did not respond to a request for comment on its plans for One Market Plaza. One Market Plaza could indicate how far San Francisco's office woes reachTurbulence at One Market Plaza indicates the extent of the problems facing San Francisco's office market.

☆ Women aren't investing at the same rate as men. Here's why it matters—and how the gap can be closed
▼ + stars: | 2023-03-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

BNY Mellon also interviewed 100 global asset managers with $60 trillion in assets under management. One is that the investment industry isn't engaging women to the same degree as men, BNY Mellon's research found. Then there is the high hurdle of the disposable income women think they need to have before they invest. On average, women around the world believe they need $4,092 a month before they would consider investing any of it, BNY Mellon found. "Once you control for income, many of those differences between men and women and investing behaviors kind of disappear.

☆ New San Francisco clubhouse represents a milestone moment for executive women in tech
▼ + stars: | 2022-11-26 | by ( Jennifer Elias | ) www.cnbc.com time to read: +6 min

Executive women platform Chief opened a new clubhouse in San Francisco this week. ‘Sense that this is a first'On the opposite coast, a counterpart executive clubhouse just opened in San Francisco and it holds great meaning beyond its four walls. Chief's San Francisco clubhouse includes a full-service bar. A month after the San Francisco Chief club's opening, women say they already see it as a milestone moment that represents more than just a new building. “It’s interesting coming full-circle and it feels long overdue.”Executive women platform Chief opened a new clubhouse in San Francisco this week.

☆ Layoffs mount, and Main Street still can't find any workers to hire for open jobs
▼ + stars: | 2022-11-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

"Inflation, supply chain disruptions, and labor shortages continue to limit the ability of many small businesses to meet the demand for their products and services." Meanwhile, the National Federation of Independent Business, the main small business trade group, reported last week the tenth-consecutive month of a confidence decline on Main Street, though little change in the need to hire more workers. When it comes to salary, small business owners generally don't play in the same league as larger companies. For example, don't just offer yoga or meditation apps or gym benefits; offer multiple ways employees can recharge, Lebovits said. Finally, small businesses need to understand what attracts job-seekers in the first place and play up these advantages in all of their communications with candidates.

☆ Aegon sells Dutch operations to ASR in $4.9 bln deal
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 27 (Reuters) - Aegon NV (AEGN.AS) said on Thursday smaller rival ASR (ASRNL.AS) would buy its Dutch insurance operations in a cash and shares deal worth around 4.9 billion euros ($4.93 billion) that would see ASR replace it as the country's second-largest insurer. Aegon will receive 2.5 billion euros ($2.52 billion) and a 29.99% stake in ASR, worth 2.4 billion euros at Wednesday's closing price, the companies said in a joint statement. "This is going to be a powerhouse company" on the Dutch market, Aegon Chief Executive Officer Lard Friese told reporters in a video call. "We looked at that very carefully, and it's up to (the Dutch market regulator) to decide ... but we do not expect problems," he said. It said that of the cash proceeds, it would return 1.5 billion euros to shareholders and use 700 million euros to reduce leverage.

☆ Gen X amid the Pandemic: How Their Finances, Shopping Behavior, and Digital Usage Look
▼ + stars: | 2022-10-18 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

In the Gen X amid the Pandemic Report, Insider Intelligence assesses US Gen Xers' finances and how they've been affected by the pandemic. Many Gen Xers have yet to recover from the Great Recession, and the pandemic didn't help the unstable financial health of this cohort. Gen X remote workWith no sign of retirement in sight, Gen X has had to adapt to a completely digital, remote-work atmosphere. Gen X spending habitsXers became more digital in their shopping during the pandemic. In this report, we assess US Gen Xers' financial standings and how they've been affected by the pandemic.

☆ Emergency savings account startup SecureSave has partnered with the likes of the San Antonio Spurs and Truist. See the fintech's 20-slide seed fundraising deck.
▼ + stars: | 2022-09-27 | by ( Carter Johnson | ) www.businessinsider.com time to read: +4 min

SecureSave, a fintech launched in 2020, works with employers to offer emergency savings accounts. The origins of SecureSave — a Kirkland, Washington-based fintech that works with companies to offer emergency savings accounts, or ESAs, to employees — began with a single email to a Seattle-based venture studio and investor. In some ways, emergency savings accounts resemble health savings accounts, through which workers can set aside pre-tax earnings to save for medical care. In the US, health savings accounts have grown over time into a nearly $100 billion industry, by assets under management, according to the HSA industry group Devenir. But according to Miller, employers are recognizing that ESAs can pay for themselves — through employee retention and as a competitive advantage when hiring.

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