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☆ This top concern of U.S. retirees is a 'huge risk factor,' says retirement expert—here's how to plan for it
▼ + stars: | 2024-10-14 | by ( Ryan Ermey | ) www.cnbc.com time to read: +8 min

"Long-term care costs are completely outside of our health-care system. Medicaid is a needs-based health-care program, and eligibility requirements to receive long-term care under the program vary from state to state. "You might think about the average duration of long-term care along with the average costs to build a long-term care fund." Long-term care insuranceThe middle path involves buying insurance designed to help pay for long-term care. This can include long-term care insurance or whole life insurance with a long-term care rider.

Persons: Christine Benz, Morningstar, Spencer Look, CNBC's, SurveyMonkey, Yusuf Abugideiri, Yeske Buie, they'll, Gerika Espinosa, you'd Organizations: Medicare, Morningstar, Care Survey, Benz, Medicaid, Centers, Services, American, Aging, Administration for Community, American Association for, Care Insurance, CNBC Locations: U.S, Vienna , Virginia, Salt Lake City , Utah

☆ Kamala Harris' pitch to families struggling to care for both kids and aging parents: Medicare for in-home eldercare
▼ + stars: | 2024-10-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

AdvertisementVice President Kamala Harris wants to make it easier for families struggling to care for children and aging parents simultaneously. During a Tuesday interview on "The View," Harris proposed a first-ever Medicare benefit to cover in-home care needs for older adults. According to a recent survey from Genworth, a long-term care insurance company, the average cost of in-home care stood at $75,504 in 2023 — up from just over $68,000 in 2022. Along with Medicare at Home, the Harris campaign outlined a proposal to expand Medicare to include vision and hearing coverage. Still, it's unclear if Congress would approve Harris' proposal; President Joe Biden has previously proposed expanding eldercare, which ultimately did make it into his 2021 bipartisan infrastructure law.

Persons: Kamala Harris, —, Harris, it's, Donald Trump, JD Vance, Vance, Joe Biden, asheffey Organizations: Service, Bureau of Labor Statistics, Medicare, Bank of America, Home, Economic, of New Locations: Genworth, of New York

☆ The No. 1 mistake people in their 50s make with their money, according to a CFP—and how to fix it
▼ + stars: | 2024-04-15 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

You might feel like your life, retirement savings and finances are set in stone at this age. But this mindset can be one of the biggest financial mistakes you make in your 50s, says Autumn Knutson, certified financial planner and founder of Styled Wealth. Here are three smart decisions to make with your money in your 50s, according to three certified financial planners. Secure long-term care insuranceAs you inch closer to retirement, your 50s are a good time to consider long-term care insurance, says Andrew Fincher, a CFP and financial advisor at VLP Financial Advisors. Separate from health insurance and Medicare, long-term care insurance covers expenses that often arise in your later years, such as assisted living care and at-home care.

Persons: —, Andrew Fincher, Fincher, Marguerita Cheng, Cheng Organizations: Financial, Blue Ocean, Fidelity Investments

☆ 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

☆ 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

☆ Boomers Haven't Saved Enough for Retirement; Gen Z Will Have to Pay
▼ + stars: | 2024-01-10 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +11 min

According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse. AdvertisementAs boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. Not all boomers are richIt's undeniable that some boomers will enjoy a cushy retirement. The median retirement account for that age group has only $200,000 — meaning that half of 65- to 74-year-olds have even less saved up.

Persons: —, it's, Rita Choula, Stevie Kuenn, Kuenn, Choula, Caregiving, Gen Organizations: Federal, AARP, Institute, Consumer Finances, Social Security, National Council, Medicare, Pew, National Alliance, American Health Care Association, Department of Homeland Security Locations: —, Chicago, Ohio, America

☆ Not having children 'breaks' traditional financial planning, says CFP—8 money rules for childfree people
▼ + stars: | 2023-12-05 | by ( Ryan Ermey | ) www.cnbc.com time to read: +8 min

If you don't have children — and don't plan on having any — the normal rules of personal finance don't necessarily apply to you. Unless you have major financial obligations your spouse couldn't bear if you died, "it's very rare that childfree people will need life insurance," says Zigmont. Another major consideration: long-term care insurance. "[Considering long-term care insurance] something I want people to be doing by about their mid-forties. And the reason for that is that's when long-term care insurance is the most reasonable.

Persons: Jay Zigmont, Dave Ramsey, Zigmont, childfree, —, It's, Dad You've, You'll Organizations: Genworth, Medicaid

☆ Millennials, Gen Z Mistakenly Bet on Inheritance From Boomer Parents
▼ + stars: | 2023-10-18 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +14 min

When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999. Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money. Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century. But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.

Persons: Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue Organizations: Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS Locations: Northwestern, Chicago

Sisters Shelia Miller, Debbie Taylor and Daphne Taylor of the Washington, D.C., area care for their mother, Ernestine Taylor. Managing health-related and long-term care expenses is also a challenge. Still experts say taking these five steps can help prevent burnout and financial stress for many family caregivers. You may also qualify for a dependent care tax credit for a percentage of up to $3,000 in qualified care expenses for one person or $6,000 for two people. Find support from a group or care specialistEmotional stress and burnout can add to the financial strain of caregiving.

Persons: Daphne Taylor, Debbie Taylor, Shelia Miller, Miller, Daphne, Ernestine Taylor, Debbie, There's, Barry Glassman, Glassman, there's, —, Anne Sansevero, they've, Sansevero Organizations: AARP, D.C, Finance, CNBC FA, Wealth, Medicaid, American Council, U.S . Department of Veteran Affairs, Resource Center, Caregiving, Life Care, Istock, Getty Locations: Alexandria , Virginia, Washington ,, Washington, Vienna , Virginia, North Bethesda , Maryland, U.S, medicaidplanningassistance.org

☆ Victims of Cyberattack on File-Transfer Tool Pile Up
▼ + stars: | 2023-07-19 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

The list of companies hit by a cyberattack on a widely used software tool continues to expand and several victims have filed lawsuits alleging mishandling of data. The continued disclosure of new victims affected by hackers exploiting a vulnerability in MoveIt, a common file-transfer tool from Progress Software, underscores how cyberattacks can ripple through supply chains. Some companies have been drawn into data breaches without having used MoveIt because their business partners use it. The Cl0p ransomware group has taken responsibility for the cyberattacks and posted data from some victims on its underground website. A 2021 cyberattack on a tool similar to MoveIt—Accellion’s File Transfer Appliance—had similar ripple effects.

Persons: ”, Brett Callow, cyberattacks, Callow, Genworth, PBI, “, Shell, Rob Carr, Suzie Squier, Johns, Johns Hopkins, Emsisoft’s Callow, Catherine Stupp Organizations: Progress Software, . Progress, Progress, Shell, BBC, Energy Department, Genworth Financial, Social, PBI Research Services, U.S . Department of Health, Human Services, Colorado State University, BG Group, Johns Hopkins University, Getty Locations: British, MoveIt, Kaseya, Johns Hopkins

☆ Siemens and UCLA say data compromised in MOVEit data breach
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

The hackers behind the wide-ranging breach, Cl0p, had earlier boasted about stealing data from UCLA and Siemens on their website. Cl0p also claimed to have stolen data from biopharmaceutical company Abbvie Inc (ABBV.N) and French industrial group Schneider Electric (SCHN.PA). Siemens and UCLA provided few additional details about the scope or consequences of the breach. Siemens said none of its critical data had been compromised and its operations remained unaffected. UCLA said its campus systems were unaffected and that "all of those who have been impacted have been notified".

Persons: Cl0p, Christoph Steitz, Raphael Satter, Matthias Williams, Mark Potter Organizations: Siemens Energy, University of California, UCLA, Siemens, Abbvie Inc, Schneider, FBI, Genworth, Thomson Locations: FRANKFURT, Los Angeles, UCLA

☆ MOVEit hack claims Calpers and Genworth as millions more victims impacted
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

News reports said information from more than 700,000 Calpers members and retirees was taken. The MOVEit software is widely-used by organisations around the world to share sensitive data. Genworth Financial was harder hit, saying personal information of nearly 2.5 million to 2.7 million of its customers was breached. "The personal information of a significant number of insurance policyholders or other customers of its life insurance businesses was unlawfully accessed," Genworth said. The MOVEit hack has hit several state and federal agencies.

Persons: PBI, Calpers, Genworth, Niket, Chris Sanders, Maju Samuel, Daniel Wallis Organizations: Genworth, PBI Research Services, U.S . Department of Energy, Washington DC, Thomson Locations: Calpers, Burlington , Massachusetts, Russia, Bengaluru, Washington

☆ Earnings and Fed Chair Powell will again drive markets in the week ahead
▼ + stars: | 2023-02-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

With few economic releases and the earnings season starting to wind down, an appearance by Federal Reserve Chairman Jerome Powell Tuesday could be among the newsiest events for markets in the week ahead. The Fed chair is speaking at the Economic Club of Washington D.C. at midday Tuesday. If he wanted to walk back anything, he could have done it then," said Art Hogan, chief market strategist at B. Riley. Economists said Friday's surprisingly strong jobs report should encourage the Fed to push forward with planned rate hikes. Earnings, earnings, earnings But there continues to be earnings news.

☆ The Fed could lay the groundwork for a year end rally in the week ahead
▼ + stars: | 2022-10-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

The coming week is also the busiest of the corporate earnings season, with about a third of the S & P 500 companies releasing results. "Historically, the market waits for the last Fed rate hike to be introduced and then the market climbs higher. The S & P 500 was up more than 8.8% for the month. The Dow was up 5.7% on the week, the S & P 500 was up 5.7% and the Nasdaq was up 2.2%. The 50-day moving average is 3,841 for the S & P 500, and it was well above it Friday afternoon for the second time in the past week.

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