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☆ Social Security's trust funds are running dry. Here are 4 things to know
▼ + stars: | 2023-09-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The vast majority of older Americans get Social Security benefits, which either partially or even fully fund their income in retirement. Social Security is 'America's pension safety net'Virtually every retiree receives some sort of guaranteed income stream — and Social Security is "by far" the most prominent of these income sources, Blanchett said. About 97% of Americans age 60 and older either receive or will collect Social Security benefits, according to Social Security Administration data. Workers would continue to pay Social Security payroll taxes, and those collected funds would still be payable to retirees. There will be 'losers'Congress will almost surely tweak Social Security to fix the solvency problem.

Persons: MoMo, David Blanchett, Blanchett, Doug Boneparth, Lorie Konish Organizations: CNBC's, Finance, Security, U.S, Social Security, Prudential Financial, CNBC, Social Security Administration, Insurance, Workers, Social, SSA Locations: PGIM, New York

☆ Here are ways to adjust your portfolio as some experts predict a soft landing for the economy
▼ + stars: | 2023-08-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesSome experts have reversed recession predictions and embraced a soft landing for the economy as the Federal Reserve continues to fight inflation. Increase bond allocations before interest rate cutsAs the Federal Reserve weighs an end to its rate-hiking cycle, some advisors are adjusting their clients' bond allocations. With expectations of future interest rate cuts, Atlanta-based CFP Ted Jenkin, founder of oXYGen Financial, has started shifting more money into bonds. watch nowTypically, market interest rates and bond values move in opposite directions. Consider extending bond durationWhen building a bond portfolio, advisors also consider so-called duration, which measures a bond's sensitivity to interest rate changes.

Persons: Barry Glassman, Glassman, Ted Jenkin, Jenkin, Douglas Boneparth Organizations: Federal Reserve, Wealth, CNBC's, CNBC's FA, Bone Locations: McLean , Virginia, Atlanta, CNBC's, New York

☆ Soft landing vs. mild recession: What advisors are telling their clients about the economy
▼ + stars: | 2023-08-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

These shifts have sparked conversations among financial advisors and their clients, who may have varying levels of optimism about the country's economic outlook. Of course, with recessions notoriously difficult to predict, even for economists, advisors have warned clients about making fear-based investing decisions. Recession 'highly unlikely' in the next 12 monthsOne definition of a U.S. recession is two consecutive quarters of negative gross domestic product, or GDP, which happened during the first two quarters of 2022. 'We constantly educate our clients'Whether the economy is heading for a mild recession or soft landing, experts emphasize the need for ongoing client education. "We constantly educate our clients and make them prepared for whatever the world's going to throw their way," she added.

Persons: buzzword, Douglas Boneparth, Boneparth, Ted Jenkin, Jenkin, Carolyn McClanahan Organizations: Federal Reserve, Bone, CNBC's, U.S . Bureau of Labor Statistics, U.S . Labor Department, National Bureau of Economic Research, CNBC's FA, Planning Partners Locations: U.S, New York, Atlanta, CNBC's, Jacksonville , Florida

☆ ChatGPT probably won’t help you beat the stock market—but it can assist investors in other ways, says CFP
▼ + stars: | 2023-06-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

But letting AI build your portfolio probably isn't the best investment strategy anyway. Boneparth himself put ChatGPT's financial acumen to the test and says the results weren't great. After informing ChatGPT of this, it tried to correct the error but didn't necessarily pull the right information, he says. However, Boneparth says he was impressed by how close ChatGPT came to achieving what he asked. People who use AI tools like ChatGPT for financial advice may misunderstand the current capabilities and limitations of these tools.

Persons: Gen Zers, Douglas Boneparth, Boneparth, ChatGPT, hasn't Organizations: CNBC

☆ What to know about crypto investing as regulators weigh the first spot bitcoin exchange-traded funds
▼ + stars: | 2023-06-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Bitcoin has rallied amid news about possible spot bitcoin exchange-traded funds and other big names entering the digital currency space — and financial experts have tips for investors who want a piece of the action. The price of bitcoin topped $30,000 on Wednesday as traders grew bullish about spot bitcoin ETF applications from companies like BlackRock, WisdomTree and Valkyrie. U.S. investors currently have access to bitcoin futures ETFs, which invest in bitcoin futures contracts, or agreements to buy or sell the asset later for an agreed-upon price. The long-awaited bitcoin spot ETF, however, would invest in the digital currency directly. "It's a very serious statement to see BlackRock submit that application," he said, and many crypto advocates believe it's the beeline for a bitcoin spot ETF product.

Persons: Bitcoin, WisdomTree, Douglas Boneparth Organizations: Federal Reserve, Silvergate, Finance, Amazon, Bone, CNBC's, BlackRock Locations: BlackRock, New York

☆ 3 steps to take before you start investing, according to a financial advisor
▼ + stars: | 2023-06-07 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Yet some people put their money into stocks before they're ready, warns certified financial planner Douglas Boneparth. To achieve the benefits of long-term investing, Boneparth said, you should take these three steps first. "When you have time on your side, you can take more risk," Boneparth said. "It's usually not worth the risk of losing that money you're going to need pretty soon," he said. Of course, identifying why you're investing will also help you know how much you need to put away.

Persons: Douglas Boneparth, Boneparth Organizations: Bone Locations: New York

☆ Mastering this skill is the ‘hardest part’ of personal finance, advisors say
▼ + stars: | 2023-05-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The following is an excerpt from "This week, your wallet," a weekly audio show on Twitter produced by CNBC's Personal Finance team. Being a "master of cash flow" is a key element of household finance — and also one of the most challenging, said certified financial planner Douglas Boneparth. "Balancing these two things [is] arguably the hardest part of all of personal finance," he said. While investing for long-term goals is important due to the power of compounding, "what good is investing if you can't stay invested?" Without discipline around cash flow, an unforeseen life event may arise that causes you to dip into those investments that you'd hoped not to touch for years, he added.

☆ My younger sister asked me for money advice. Here are 5 answers I gave to improve her financial life
▼ + stars: | 2023-04-02 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

This cash should be in a high-yield savings account, offer higher-than-average returns, experts say. You can find an online savings account offering an interest rate of 3% or more, for example, while the typical savings account rate is around 0.4%. Make sure the savings account you choose is insured by the Federal Deposit Insurance Corp., which means up to $250,000 of your deposit is protected from loss. Where should I invest money? To get a better understanding of your spending, experts recommend looking back at your purchases over the past couple of months.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

☆ 'Staying the course is the play,' advisor says. 4 tips to help weather market volatility
▼ + stars: | 2023-03-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

"In the months ahead, volatility may come and go," Vanguard global chief economist Joe Davis said last week. "And for all of us, I think it's important to remember to focus on what we can control," he said. By staying invested in the markets, investors have a better chance of success when it comes to achieving their long-term goals, Davis said. There are a few things to keep in mind that can help you stick through market turbulence, advisors say. "It's important to remember that by staying invested, you're playing the game of compounding your returns," Boneparth said.

☆ Social media can be a 'messy place,' says advisor. Here's how to vet online financial advice
▼ + stars: | 2023-03-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

watch nowIn the era of social media influencers, some investors are turning to platforms like YouTube, TikTok and Instagram for answers to their most pressing financial concerns. Boneparth, who is president of Bone Fide Wealth and a member of CNBC's Financial Advisor Council, said when sifting through social media advice, it can be difficult to know who to trust and whether the information is accurate. Why 'due diligence' matters with social mediaWhen it comes to financial advice on social media, Boneparth urges caution. When weighing social media advice, you need to check the source and whether the information has been verified, Boneparth said. By balancing it with other sources of information, you may avoid making the wrong decision or taking financial advice that "actually might do more harm than good," he said.

☆ Financial advisors share their advice for DIY investors
▼ + stars: | 2023-03-17 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial advisors share their advice for DIY investorsCNBC FA Council members Stacy Francis and Douglas Boneparth share their advice for those investing without hiring financial advisors.

☆ Financial advisor on the danger of letting social media influence your investing habits
▼ + stars: | 2023-03-17 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial advisor on the danger of letting social media influence your investing habitsCNBC FA Council member Douglas Boneparth joins CNBC to talk about the common mistake of letting social media influence your investing habits.

☆ Despite market volatility, advisor says he's 'bullish' on crypto education. Here's why
▼ + stars: | 2023-03-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

watch nowBoneparth, who is president of Bone Fide Wealth and a member of CNBC's Financial Advisor Council, said the recent events and crypto market volatility have made him even more "bullish" on learning about the technology. "Clearly, the decentralized financial world is interconnected to the traditional financial world more so now than ever before," he said. "I've learned a lot in my journey without having to take an exorbitant amount of risk," Boneparth said. Douglas Boneparth President of Bone Fide Wealth"That's powerful stuff," Boneparth said. "It's not always putting your money into the latest craze of crypto; it's learning what it's all about."

☆ After SVB and Signature failures, what small businesses should look for when choosing a bank
▼ + stars: | 2023-03-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. The same holds true for customers of Signature Bank, which was shut down by regulators Sunday. Yet they now need to find another place to keep their money — and they and other small firms may fear a similar calamity elsewhere. For starters, the message is that when a bank fails, customer deposits will be covered for an unlimited amount, Boneparth said. FDIC coverage may be enough for some firmsAdditionally, for some small businesses, the FDIC coverage at their bank should be sufficient.

☆ CNBC FA Council members share their strategies for a volatile market
▼ + stars: | 2023-03-08 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC FA Council members share their strategies for a volatile marketCertified Financial Planners and CNBC FA Council members Douglas Boneparth and Stacy Francis share their outlooks and strategies for an unpredictable 2023 market.

☆ 35% of millionaires say retirement is 'going to take a miracle,' report finds
▼ + stars: | 2023-02-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

It suggests that retirees can safely withdraw 4% of their investments (adjusted for inflation) each year in retirement. Given current market expectations, the 4% rule "may no longer be feasible," researchers at Morningstar wrote in a recent paper. "Maybe you have that $1 million but you've taken a 20% hit on it," Goodsell said. "Or meet with a financial advisor who can hopefully put you at ease or provide you with a plan to get you feeling better." "You can remove the guesswork," said Boneparth, who is also a member of the CNBC Financial Advisors Council.

☆ Investors can boost income with this strategy, but should be aware of the risks
▼ + stars: | 2023-01-18 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

A foray into the world of options trading could give some investors a way to make money without deploying tons of cash in securities – but they should make sure they understand the risks first. A few important caveats While the strategy may sound simple – basically, it's betting on a stock going up – the process is a bit more complicated. First, such contracts require investors to promise to purchase 100 shares of a stock or ETF. While you get to keep the $500 premium, you've spent $9,000 on a stock that's fallen in value. Boneparth added that for most investors, options trading might not be a great idea because it might not add value and could instead be a distraction.

☆ Paid biweekly? Here are your 2 three-paycheck months in 2023 — and how to plan for them
▼ + stars: | 2023-01-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

An extra paycheck could help. If you are a W-2 employee and get paid biweekly, there are two months out of the year when you will receive three paychecks instead of the usual two. If your first paycheck in 2023 is Friday, Jan. 13, your three-paycheck months will be June and December. After that, consider stashing an extra paycheck in long-term savings, such as a Roth individual retirement account, Sun said. Further, companies often offer an employer match, which is essentially free money toward your retirement savings goals.

☆ It's never too soon to save for retirement. Here are 3 ways Gen Z workers can start now
▼ + stars: | 2022-12-07 | by ( Taiya Jarrett | ) www.cnbc.com time to read: +1 min

If you're just out of college, you may be wondering when the right time is to get started with a retirement savings plan. To that point, 55% of Americans already working think they are behind on saving for retirement, according to a recent Bankrate survey. But even some younger workers are concerned: Almost one-third, 30%, of Gen Z think they are behind. Plus, the most common regret among older employees and retirees is that they didn't start planning or saving for retirement early enough. "Not only will it reward you, it's necessary to successfully navigate your life," he said.

☆ Kohl's pulls full-year outlook, citing retail volatility and economic headwinds
▼ + stars: | 2022-11-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The Kohl's logo is displayed on the exterior of a Kohl's store on January 24, 2022 in San Rafael, California. Kohl's on Thursday withdrew its full-year outlook, pointing to volatility in the retail environment and significant macroeconomic headwinds, on top of its "unexpected CEO transition." Kohl's also reported third quarter earnings on Thursday, with revenue dropping 7% to $4.28 billion. The company warned investors of this drop in revenue earlier this month when it provided preliminary results for the quarter. Kohl's has been under pressure from activist investors as its sales have declined and its stock has slumped.

☆ Shoppers are pulling back at Macy’s and Kohl’s
▼ + stars: | 2022-11-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

That’s squeezing Macy’s, Kohl’s, Target and other chains. Macy’s (M) sales dropped 3.1% last quarter from a year ago, while Kohl’s (KSS) tanked 6.9%. “Consumers are showing increasing signs of stress and pulling back from discretionary purchases,” Target CEO Brian Cornell said on an earnings call. Although Macy’s own store sales fell 4.4% last quarter, Bloomingdale’s sales grew 5.3% and Bluemercury’s increased 14%. Macy’s stock gained 12% Thursday as the results exceeded analysts’ forecasts.

☆ Here are the pros and cons of owning cryptocurrency in your 401(k) plan
▼ + stars: | 2022-11-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Cryptocurrency is starting to pop up as an alternative asset class in some 401(k) plans. "Making it this easy and accessible has both pros and cons [for investors]," said Douglas Boneparth, a certified financial planner and founder of Bone Fide Wealth in New York. Fidelity Investments and ForUsAll, which administer workplace retirement plans, began offering cryptocurrency such as bitcoin to 401(k) investors within the past few months. However, that doesn't mean all 401(k) plans will offer crypto. "As volatile as it is, it has the potential for huge upswings," said Ivory Johnson, a CFP and founder of Delancey Wealth Management in Washington, referring to cryptocurrency.

And the stock market isn't the only aspect of the economy that's hurting soon-to-be retirees. Saving for retirement 101Most people have three primary sources of income in retirement: personal retirement accounts (401(k)s and IRAs), pensions and Social Security. In retirement, the individual would withdraw no more than 4% of their retirement portfolio annually, while adjusting for inflation. If you've been maintaining a diversified retirement portfolio with 60% allocated towards stocks and 40% towards bonds, you've probably noticed both asset classes taking big hits. But of course, if the market hasn't bottomed yet, you're taking a risk.

☆ Retailer Kohl's faces fresh call for board rejig from activist group Macellum
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Macellum owns about 5% of the retailer and wants its candidates to replace some of the long-tenured directors, including chairman Peter Boneparth and other members of the executive committee. This is not the first attempt by Macellum, which is led by veteran retail investor Jonathan Duskin, to change the board. Shareholder pressure for Kohl's returned again last month when Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year, sought the removal of chief executive and board chairman. In its letter to investors, Macellum also said it had recently approached the board to work together on a refresh, but that was rebuffed by the chairman. Kohl's said the interactions with Macellum over the past two years have been "unproductive and a distraction from running the business".

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