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☆ Is it time to rethink the 4% retirement withdrawal rule? Experts weigh in
▼ + stars: | 2024-05-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

TIAA has launched a new metric to show why the 4% rule combined with an annuity can provide a higher amount of income than just using the 4% rule alone. For example, if a retiree has $1 million in total savings, the 4% rule would provide them with $40,000 in their first year of retirement. That is based on the combined income of the annuity and a 4% withdrawal on the remaining $666,667 portfolio. The first-year withdrawal of the annuity strategy — $52,667 versus $40,000 — is 32% higher and $1,056 more per month than just using the 4% rule. When withdrawal rates may be higherThe 4% rule has its blind spots when applied to today's retirees, according to recent research from Blanchett.

Persons: TIAA, Benjamin Goodman, Colin Gerrety, Goodman, Blanchett, Morningstar Organizations: Istock, Getty, Social Security, TIAA Institute, Wealth, Inflation Protection Securities, Security Locations: Corner , Virginia

☆ 29-year-old was laid off from her hotel job in 2020—now she makes $125,000 working in tech, without a bachelor’s degree
▼ + stars: | 2024-02-29 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Ayana Dunlap has been working in tech since 2020. Even though she doesn't have the job she wanted as a kid, Dunlap found a different vocation she loves: technology. Dunlap didn't consider turning her knack for computers into her career until she was laid off from her sales job in June 2020. While working there, Dunlap was tasked with helping organizations prepare to return to the office, by setting up their desktops, routers and printers on-site. Some of the skills that helped Dunlap transition into tech without a bachelor's degree included oft skills she learned while working in hotels, namely, communication and customer service.

Persons: Ayana Dunlap, Dunlap, lockdowns, doesn't, she's, Weeks, Dyanne Organizations: Bank Policy Institute, CNBC, Montgomery County Community College, Washington , D.C, Widewaters Hotel, Magna Hospitality Group, Google Locations: Washington, AskMakeIt@cnbc.com, Cheltenham , Pennsylvania, Montgomery, Blue Bell , Pennsylvania, Washington ,, D.C, Scholas, New York, Gaithersburg , Maryland, Dunlap

McLEAN, Va. (AP) — A Virginia Senate committee on Tuesday rejected legislation that would have allowed a referendum on a casino in the wealthy suburbs of the nation’s capital. The committee rejected a motion to kill the bill outright, instead opting to carry the bill over to 2025 for future consideration. A study commissioned in 2019 by the Joint Legislative Audit and Review Committee found that a northern Virginia casino could generate $155 million annually in tax revenue, more than any of the other casinos built in Virginia. Virginia voted in 2020 to allow locations in five cities, subject to referendum. Bristol, Danville, Portsmouth and Norfolk all voted for a casino; Richmond voters twice rejected a proposed casino in that city.

Persons: Sen, Louise Lucas, Lucas, ” Sen, Jennifer Boysko, David Marsden, Marsden, ” Marsden, “, Scott Surovell, Connie Hartke, ”, “ We're Organizations: Senate Finance, Assembly, Fortune, Fairfax, Audit, MGM, Reston Citizens Association, Richmond Locations: McLEAN, Va, Virginia, Fairfax County, Tysons, ”, National Harbor, Potomac, Reston, Petersburg, Bristol, Danville, Portsmouth, Norfolk, Richmond

☆ If you want to age in place in retirement, experts say these are the things you should consider
▼ + stars: | 2024-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Westend61 | Westend61 | Getty ImagesThere's no place like home — especially as you age. "People might say, 'I want to age in place as the default plan, because that's what I'm already doing,'" said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place. The costs of the upgrades necessary to age in place can vary, experts say. Chiang said she has seen the prices of bathroom upgrades vary within Florida, where her practice is based. To make sure your home upgrades are successful, experts say it's wise to keep several things in mind.

Persons: I'm, Carol Chiang, Chiang, Carolyn McClanahan, Curt Kiriu, Kiriu, there's, Thomas West Organizations: Westend61, Getty, AARP, Finance, Social Security, CNBC's FA, CK, Builders, National Association of Home Builders, Signature Estate, Investment Advisors Locations: CNBC's, Florida, Mililani, Hawaii, Oahu, Tysons Corner , Virginia

FALLS CHURCH, Va. (AP) — Legislation that would allow a referendum on a casino in the northern Virginia suburbs of the nation’s capital cleared a hurdle Wednesday when a state Senate committee voted to advance the bill. Another bill that passed the committee Wednesday would allow Petersburg to hold a referendum on a casino in place of Richmond. Marsden said allowing a casino in northern Virginia provides geographic diversity and fairness. Legislative studies have also shown that a northern Virginia casino would generate more tax revenue than anywhere else. The Northern Virginia Chamber of Commerce supports the bill.

Persons: Glenn Youngkin, Sen, David Marsden, ” Marsden, Marsden Organizations: Senate, Committee, Delegates, Virginia Gov, Fairfax, Technology, Richmond, Northern, Northern Virginia Chamber of Commerce Locations: Va, Virginia, Fairfax County, Tysons, Bristol, Danville, Portsmouth, Norfolk, Petersburg, Richmond, Maryland, Potomac, Bethesda, Northern Virginia

☆ A city famous for its beaches is helping residents age in place. What to know if you want to stay in your home
▼ + stars: | 2024-01-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

About 10,000 baby boomers are expected to turn age 65 every day until 2030. An estimated 70% of those individuals will need long-term care services at some point, according to Genworth Financial. 'Forever grateful' for communitySylvia Bradshaw, an 84-year-old Laguna Beach resident who moved to the city in 1983, describes it as "paradise." "Anything that I've needed, I've gotten help," Bradshaw said. That has included help sorting through insurance choices, legal advice, transportation assistance and classes and social events, said John Bradshaw, Sylvia's son.

Persons: Laguna Beach , California Luciano Lejtman, Jessica Lautz, Lautz, Sylvia Bradshaw, Bradshaw, it's, Redman, I've, John Bradshaw, Sylvia's, John, Carolyn McClanahan, McClanahan, Tom West Organizations: Getty, National Association of Realtors, Laguna Beach, Planning Partners, Signature Estate, Investment Advisors Locations: Laguna Beach , California, Laguna, Ireland, Laguna Beach, Jacksonville , Florida, Tysons Corner , Virginia

(AP) — Two people accused of operating a high-end brothel network with wealthy and prominent clients in Massachusetts and the Washington, D.C., suburbs will remain behind bars for now, a judge said on Wednesday. Lawyers for Han Lee and Junmyung Lee agreed to a voluntary order of detention during a brief court hearing two weeks after their arrest. Authorities have said the commercial sex ring in Massachusetts and northern Virginia catered to politicians, company executives, military officers, lawyers, professors and other well-connected clients. Political Cartoons View All 1265 ImagesProsecutors have argued Han Lee and Junmyung Lee pose a risk of flight, pointing to their financial resources and lack of ties to the community. Authorities say Han Lee recruited women and maintained the websites and brothels.

Persons: Han Lee, Junmyung Lee, David Hennessy, Josh Levy, Han Lee's, James Lee Organizations: Washington, D.C, Prosecutors, Homeland Security Investigations, Authorities Locations: WORCESTER, Massachusetts, Worcester , Massachusetts, Virginia, Watertown, Cambridge , Massachusetts, Fairfax , Virginia, California

☆ Two South Koreans accused of running US ‘high-end’ brothel ring to appear in court Monday
▼ + stars: | 2023-11-13 | by ( Holmes Lybrand | ) edition.cnn.com time to read: +6 min

He is accused of running part of the financial side of the brothels – renting out apartments in his or fake identities and operating numerous businesses to allegedly launder money through. The website advertised “models” – pictured on the sites in underwear in provocative poses – for photographers to hire, the affidavit says. Junmyung, investigators say, was born in Korea and is in the US on a student visa, which started in 2018. The confidential source, working with investigators, contacted James to set up a brothel in Connecticut, the affidavit says. He also mentioned during the call that he worked with a “Hana in Boston,” according to the affidavit.

Persons: Han Lee, Junmyung Lee, James Lee, Zachary Mitlitsky, Han, Junmyung, James, –, James laundered, Massachusetts Joshua Levy, ” Levy Organizations: CNN, Homeland Security, TSA, Hana Locations: Boston, Washington, Worchester , Massachusetts, California, Las Vegas and Virginia, Eastern Virginia, Virginia, Cambridge , Massachusetts, Korea, Tysons , Virginia, Connecticut, Massachusetts

☆ 3 Charged With Running Prostitution Service Used by Politicians and Others
▼ + stars: | 2023-11-08 | by ( Aishvarya Kavi | More About Aishvarya Kavi | ) www.nytimes.com time to read: +1 min

They are accused of using “coercive tactics” to draw the women into providing sexual services, for which clients were charged about $350 to $600 per hour. Some of the properties were leased in Mr. Han’s and Mr. Junmyung’s names, according to the affidavit from the homeland security agent. He added that the women were often flown across state lines to engage in prostitution. The women were showcased on the websites according to their height, weight and bust size along with seminude photos, according to the affidavit. The clients would then receive a “menu” of services and women.

Persons: Han’s, Zachary Mitlitsky, Junmyung Locations: Washington, Boston, Fairfax, Virginia, Cambridge, Watertown, Massachusetts

☆ High-end brothels serviced elected officials, tech and pharma execs, military brass: Feds
▼ + stars: | 2023-11-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A network of "sophisticated" high-end brothels in greater Boston and eastern Virginia provided sex for pay to "elected officials, high tech and pharmaceutical executives, doctors, military officers, government contractors that possess security clearances, professors," and others, federal prosecutors said Wednesday. Three people were arrested in connection with operating the pricey sex shops, which required "interested sex buyers" to provide employer information and references before booking sessions with prostitutes, authorities said. "The investigation into the involvement of sex buyers is active and ongoing," the office said. In addition to politicians and military brass, business executives and government contractors, customers included "lawyers, scientists and accountants." About 20 "sex buyers" were interviewed by the investigators as part of a multi-year probe of the network, according to a criminal complaint.

Organizations: Attorney's, Massachusetts, Washington , D.C, Department of Homeland Security Locations: Boston, Virginia, Cambridge, Watertown , Massachusetts, Fairfax, Tysons , Virginia, The Virginia, Washington ,, U.S

Courthouse in Boston, Massachusetts, U.S., November 28, 2018. The U.S. government meanwhile seized the domains for two websites tied to the prostitution ring, authorities said. Defense lawyers for the trio either did not respond to requests for comment or could not be immediately identified. Customers were charged $350 to $600, depending on the services and included politicians, pharmaceutical and technology executives, doctors, military officers, professors, lawyers, business executives, scientists and accountants, prosecutors said. Reporting by Nate Raymond in Boston, Editing by Alexia Garamfalvi; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: John Jospeh Moakley, Katherine Taylor, Josh Levy, Han Lee, Junmyung Lee, James Lee, Levy, We're, Nate Raymond, Alexia Garamfalvi, David Gregorio Our Organizations: Courthouse, REUTERS, Rights BOSTON, U.S, Thomson Locations: John Jospeh Moakley U.S, Boston , Massachusetts, U.S, Boston, Virginia, Massachusetts, California, Massachusetts , Virginia, Cambridge, Watertown , Massachusetts, Fairfax, Tysons , Virginia

☆ Express CEO Tim Baxter resigns, replaced by former Tysons Foods exec Stewart Glendinning
▼ + stars: | 2023-09-09 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, replacing Timothy Baxter, effective September 15, the company announced. “He is a highly accomplished executive who will bring fresh thinking to the Company and our strategies for profitable growth. Baxter’s resignation was announced one day after Express released its second-quarter results, with net sales of its Express brand and its lifestyle line UpWest decreasing 15% compared to last year. Express affirmed Baxter’s departure was not related to the company’s financial position. Baxter, who spent more than 11 years with Macy’s, joined Express in June 2019.

Persons: Stewart Glendinning, Timothy Baxter, ” Mylle Mangum, Stewart, Glendinning, Baxter’s, Neil Saunders, Baxter, Macy’s Organizations: CNN, Tyson Foods, Express, Express Board, Company, New York Stock, ” Express, “ Express, WHP, NYSE, “, VF Corporation Locations: womenswear

☆ 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

☆ Meet the billionaire family behind Tyson Foods, the beef, pork, and chicken juggernaut whose heir apparent has battled legal troubles
▼ + stars: | 2023-05-10 | by ( Dominick Reuter | Katie Warren | ) www.businessinsider.com time to read: +1 min

Tyson Foods owns brands including Jimmy Dean and Hillshire Farm, producing roughly 20% of America's beef, chicken, and pork. The Arkansas-based company made $53.6 billion in sales last year and has been family-run for generations. Chairman John H. Tyson and his family are worth $2.3 billion, making the Tysons one of the country's wealthiest families. The company has been family-run ever since it was founded in 1931, with chairman John H. Tyson — grandson of founder John W. Tyson — and his relatives controlling a majority of the company's stock. Here's a look at the massive beef, pork, and poultry company and the billionaire family behind it.

☆ Events software provider Cvent accepts Blackstone's $4.6 bln deal
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

A rout in tech stocks last year shrank company valuations, making them enticing targets for private equity suitors. Cvent was valued at $5.3 billion in 2021 when Vista, which had acquired it for $1.65 billion a few years ago, took it public in a merger with a blank-check acquisition company. Blackstone's offer price of $8.50 per share, gives Cvent an equity value of $4.15 billion and represents a premium of about 29% from Jan. 30, a day before media reports of a potential deal surfaced. Cvent on Tuesday posted a loss of $100.3 million in 2022, wider than $86.1 million it reported a year earlier. Blackstone said it has received a $1 billion credit facility as part of the financing for the deal.

☆ Exclusive: Events software vendor Cvent rebuffs $3.9 bln Blackstone bid-sources
▼ + stars: | 2023-02-24 | by ( Milana Vinn | ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Cvent Holding Corp (CVT.O), a U.S. software provider that facilitates in-person and virtual meetings, has rejected a $3.9 billion acquisition offer from buyout firm Blackstone Inc (BX.N), people familiar with the matter said on Friday. Blackstone is taking a break from the negotiations after Cvent rejected its $8-per-share offer as too low, the sources said. Shares of Cvent, which is controlled by private equity firm Vista Equity Partners Management LLC, had ended trading on Thursday at $7.64. Cvent, Blackstone and Vista Equity declined to comment. Cvent shares have since dropped due to concerns that an economic slowdown, brought about by the U.S. Federal Reserve's higher interest rates to fight inflation, will lower demand for conferences and events that drive the company's business.

☆ FASB Settles on Fair-Value Accounting for Measuring Crypto Assets
▼ + stars: | 2022-10-12 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

The Financial Accounting Standards Board on Wednesday said companies should use fair-value accounting for measuring bitcoin and other crypto assets, moving a step closer to a standard that could clear up uncertainty over reporting how much such holdings are worth. Companies and accountants want the FASB to adopt fair-value accounting instead, which would allow them to recognize losses and gains immediately and treat digital assets as financial assets. The FASB on Wednesday said fair-value accounting best captures the economics of crypto assets and determined the method would be a requirement rather than an option for companies. PREVIEWCompanies and investors have asked the FASB for years for rules on how to account for and disclose crypto assets. “Without these standards for the accounting and valuation of crypto assets, companies are reluctant to hold them,” she said.

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