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The memo, shared with The Associated Press, pointed to Reynolds' surprise endorsement — a rarity for sitting Iowa governors before the caucuses — as proof that DeSantis could cut into Trump's margins. In her own memo, Haley campaign manager Betsy Ankney on Monday described the Iowa contest as a “dead heat” between DeSantis and Haley, while ignoring Trump's massive lead. He has no end game.”The new DeSantis memo points to the political infrastructure that he and an allied super PAC have established across several early voting states. In Iowa, the memo claims “there will soon be 50 dedicated paid staff" and the organizing help of Reynolds, who has her own statewide operation. But learning of Reynolds’ support for DeSantis Sunday did nothing to move her toward him, she said Monday.

Persons: Ron DeSantis ’, Donald Trump, Kim Reynolds, Nikki Haley, Haley, Reynolds, Trump, ”, James Uthmeier, David Polyansky, Ryan Tyson, “, Hawkeye, ” Reynolds, Ron DeSantis, —, Ira Roffel, hasn’t, “ I’m, John Stineman, DeSantis, Joe Biden, Betsy Ankney, ” Ankney, ’, Helen Herbold, Herbold, ” ___ Organizations: DES, —, — Florida Gov, Republican, American Opportunity Alliance, United, The Associated Press, Iowa, Trump, Des Moines, The New, ” ___ Peoples Locations: DES MOINES, Iowa, — Florida, United Nations, Wednesday's, New Hampshire, Des Moines, Fairfield , Iowa, Des, DeSantis, The, The New Hampshire, South Carolina, In Iowa, New York

Bottom line: Fidelity Investments and Charles Schwab are two of the best robo-advisors for retirement savings, goal-building, and low-cost trading. Fidelity vs. Charles Schwab: The Biggest DifferencesFidelity and Charles Schwab are featured in a number of our guides, including the best brokerages for beginners. Fidelity Investments reviewAutomated Investing With FidelityFidelity offers two different automated accounts: Fidelity Go and Fidelity Personalized Planning & Advice. Charles Schwab Brokerage Account reviewAutomated Investing With Charles SchwabLike Fidelity, Charles Schwab's automated accounts — Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium — also include an automated-only account and an automated-plus-advice option. Fidelity vs. Charles Schwab — Frequently Asked Questions (FAQs)Is Fidelity better than Charles Schwab?

Persons: Morningstar, Charles Schwab, Schwab, Charles Schwab's, It's, Fidelity's, you'll, Charles Schwab Charles Schwab, Roth, IRAs, Charles, Charles Schwab —, you've Organizations: Fidelity Investments, Fidelity, Business Daily, screeners, Fidelity Fidelity Investments, Fidelity Fidelity, Fidelity Go, Schwab, Better Business Bureau, & $ Locations: cryptocurrencies, Chevron

☆ 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

☆ SAS secures $1.2 billion from consortium led by Castlelake, Air France for restructuring
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

The tail fin of a parked Scandinavian Airlines (SAS) airplane is seen on the tarmac at Copenhagen Airport Kastrup in Copenhagen, Denmark, July 3, 2022. The winning bidder consortium which also includes Air France-KLM (AIRF.PA), Lind Invest ApS and the Danish state, increased its proposed investment by $25.26 million. The airline's credit agreement for $505.25 million with Castlelake will be used to refinance its loans, increase liquidity and support its exit from voluntary restructuring proceedings, according to the statement. SAS's chief executive, Anko van der Werff, said: "By entering into this investment agreement, SAS is taking the next step in its Chapter 11 process in the U.S."The company now seeks U.S. Court approval of the investment agreement and the new debtor-in-possession financing as soon as possible in November. Castlelake and Lind Invest did not immediately respond to a request for comment.

Persons: Andrew Kelly, Lind, Castlelake, Anko van der Werff, Gursimran Kaur, Emelia Sithole, Philippa Fletcher, Ira Iosebashvili, Matthew Lewis Organizations: Airlines, SAS, Copenhagen, REUTERS, Scandinavian, Castlelake, Apollo Global Management, Air France, KLM, Lind Invest ApS, Air, U.S, Apollo Global, Lind Invest, Thomson Locations: Copenhagen, Denmark, Danish, Air France, U.S, United States, Bengaluru

☆ Buffett's Berkshire posts bigger loss as stocks fall; operating profit sets record
▼ + stars: | 2023-11-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

Operating profit rose 41% to $10.76 billion, even as Berkshire's net loss more than quadrupled to $12.77 billion. "Against that backdrop it's not surprising that Berkshire's consumer and housing-related subsidiaries are seeing pressure," she said. "Berkshire is disciplined," said Tom Russo, a partner at Gardner Russo & Quinn in Lancaster, Pennsylvania who has owned Berkshire stock since 1982. Berkshire's net results swing widely because accounting rules require the company to report investment gains and losses even if it buys and sells nothing. His $117.5 billion net worth ranks fifth worldwide according to Forbes magazine.

Persons: Rick Wilking, Warren Buffett's, Jim Shanahan, Edward Jones, Cathy Seifert, extol, Buffett, Tom Russo, Gardner Russo, Quinn, Cash, Berkshire's, Ian, Geico, Shanahan, PACIFICORP, Haslam, Jonathan Stempel, Ira Iosebashvili, Jason Neely, Diane Craft Organizations: Berkshire Hathaway, REUTERS, Warren Buffett's Berkshire Hathaway Inc, Apple, Treasury, BNSF, Clayton Homes ., Berkshire, Forbes, . Berkshire, Thomson Locations: Omaha, U.S, Berkshire, Omaha , Nebraska, Lancaster , Pennsylvania, California, Florida , New Jersey, New York, United States, Israel

The best money advice is usually boring and unsexy, which explains why no one wants to hear it. The best money advice is decidedly unsexy. Although the purpose of an HSA is to save money for inevitable healthcare expenses, you can just as easily use your HSA as an investing tool. Also, if you leave your HSA money in your account until age 65, you can withdraw your HSA funds for non-medical expenses at any point. The person who started investing at 25 will have roughly $162,000 in their account, while the person who started at 35 will only have $89,000.

Persons: Rachel Wooten, maxing, —, Wooten, you'll, doesn't, stashed Organizations: Service, CPA, Flint Group

☆ Wall St Week Ahead Stock investors see green light in falling Treasury yields
▼ + stars: | 2023-11-03 | by ( David Randall | ) www.reuters.com time to read: +4 min

The relationship between stocks and bonds has been a tight one in recent months, with equities falling as Treasury yields climbed to 16-year highs. Higher yields offer investment competition to stocks while also raising the cost of capital for companies and households. Meanwhile, the S&P 500 has surged nearly 6% from its October lows. Draho expects the S&P 500 to trade between 4,200 and 4,600 until investors determine whether the economy will be able to avoid a recession. The S&P 500 was recently up more than 1% on the day.

Persons: Brendan McDermid, Jason Draho, Draho, Ryan Detrick, Greg Wilensky, Janus Henderson, David Randall, Ira Iosebashvili, Louise Heavens Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Treasury, UBS Global Wealth Management, National Association of Active Investment, CFRA Research, Carson Investment Research, Fed, Apple Inc, Janus, Janus Henderson Investors, Thomson Locations: New York City, U.S, Treasuries

☆ Are you financially illiterate? Suze Orman says 'probably 95%' of Americans are
▼ + stars: | 2023-11-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

When asked by Wallace what percentage of Americans she thought were financially illiterate, she said, "Truthfully, probably 95%." So-called "traditional" accounts, including 401(k)s and individual retirement accounts, give you a tax break up front. Because you fund these accounts with money you've already paid taxes on, your contributions don't count against your taxable income. Contributions to these accounts are made with after-tax money, but investments in them grow free from federal or state tax. You can contribute to any state's plan — and each plan comes with different investing options — but you'll generally only receive tax benefits, if they're offered, by investing in your home state's plan.

Persons: Suze Orman doesn't, Suze, Orman, Chris Wallace, Max, Orman —, Wallace, here's, Roth, you've, Sheryl Garrett, Powers, they're Organizations: Garrett Planning Network, CNBC, Internal Revenue

☆ Insight: US solar panel manufacturing boom threatened by cheap imports
▼ + stars: | 2023-11-03 | by ( Nichola Groom | ) www.reuters.com time to read: +7 min

[1/5] Solar panels from SunPower are installed on residential buildings at a model home display in the Eureka Grove neighborhood of Granite Bay, California, U.S., October 5, 2021. But global solar panel prices have collapsed due to a wave of new Asian production capacity in recent months, leading many in the U.S. solar industry to worry many of these proposed factories may be uneconomical. U.S. officials have repeatedly warned that over-reliance on Chinese clean energy technology could pose a security risk similar to Europe's historical dependence on Russian natural gas. A White House spokesperson did not respond to questions about recent market challenges facing domestic solar manufacturers, but said Biden's policies had generated a huge wave of investment and were revitalizing American manufacturing. Mike Carr, executive director of the Solar Energy Manufacturers for America trade group, said factories could be delayed, extending U.S. dependence on China.

Persons: Nathan Frandino, Joe Biden’s, ”, Edurne Zoco, Wood Mackenzie, Mike Carr, ” Carr, Brian Lynch, Jekyll, Hyde, Lynch, Danny O'Brien, Meyer Burger, Hari Achuthan, Richard Valdmanis, David Gregorio Our Organizations: REUTERS, P, U.S . International Trade Commission, Companies, Reuters, Energy, Solar Energy Manufacturers, America, Insights, U.S . Commerce Department, Solar Energy Industries Association, Convalt Energy, Treasury Department, Commerce Department, Thomson Locations: Eureka Grove, Granite Bay , California, U.S, Europe, China, United States, Malaysia, Thailand, Cambodia, Vietnam, India, Mexico, Hanwha, Colorado, Asia, New York, Maine

☆ IRS sets higher 401(k) and IRA contribution limits for 2024
▼ + stars: | 2023-11-02 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Those same limits apply to 403(b) plans, most 457 plans and the federal government’s Thrift Savings Plan. IRA limits get a boost tooThe IRS also announced it was raising the IRA annual contribution limit to $7,000 next year, from $6,500 this year. If you contribute to a traditional IRA, you won’t owe income tax on your contributions the year you make them. Then when you start taking money from your IRA in retirement or before retirement, your withdrawals will be subject to income tax. Those cut-off limits rise to $240,000 (up from $228,000 today) if the spouse making the IRA contribution does not have access to a workplace plan but the other spouse does.

Persons: Roth, you’re, Roth IRAs Organizations: New, New York CNN, IRS, Roth IRA Locations: New York

WASHINGTON (AP) — House Republicans went after the IRS — long a GOP whipping child — when they decided that emergency aid for Israel should be coupled with cuts elsewhere in the budget. The aid bill that passed the House on Thursday — unlikely to be approved by the Democratic-controlled Senate — would cut $14 billion from the nation's tax collector in exchange for providing assistance to Israel. President Joe Biden has said he would veto the bill if it reaches his desk. The IRS cutback would cost taxpayers billions of dollars, not save money, according to independent budget analysts. In June, legislation to raise the statutory debt limit also rescinded $1.4 billion given to the federal tax collector through the IRA.

Persons: —, Joe Biden, ”, Danny Werfel, Werfel, MacGuineas Organizations: WASHINGTON, —, Republicans, IRS, Democratic, Congressional, Treasury, Federal Budget Locations: Israel

Plenty of bond investors have been burned calling a bottom in a selloff that has taken Treasuries to the cusp of an unprecedented third straight year of losses. One potential near-term pitfall is Friday’s U.S. payrolls data, which could revive expectations of Fed hawkishness if they come in stronger than expected. The rise in Treasury yields has reached far beyond the bond market. The S&P 500 is down nearly 8% from its July high, as rising bond yields offer investment competition to equities while threatening to raise the cost of capital for companies. “The market is running with the idea that the Fed is done hiking, which they may or may not be,” he said.

Persons: Jerome Powell nodded, Bonds, ”, Jack McIntyre, “, ” McIntyre, Stanley Druckenmiller, Duquesne, Bond, Josh Emanuel, Powell, We've, Greg Wilensky, Janus Henderson, ” Wilensky, Noah Wise, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: Treasury, Federal, Fed, U.S . Treasury, Brandywine, Janus, Janus Henderson Investors, Allspring Global Investments, Thomson Locations: U.S, Wilshire

401(k) contribution limits are increasing from $22,500 to $23,000 in 2024, and from $30,000 to $30,500 for those age 50 or older. IRA contribution limits are increasing from $6,500 to $7,000 in 2024, and from $7,500 or $8,000 for those 50 and older. Learn about the new 2024 contribution limits and how to make the most of these changes. 401(k) and IRA contribution limits in 2024Every year the contribution limits for individual and joint retirement savings plans increase as the cost of living in the US goes up. So if you're eligible, you can contribute an additional $7,500 to your traditional 401(k), Roth 401(k), 403(b), Thrift Savings Plan, and most 457 plans.

Persons: —, It's, there's, Roth, you'll, Robinhood Organizations: IRS, Service, Savings, IRA Locations: That's

After my dad stressed the importance of saving, I decided to focus on different financial goals. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . If you want to know how you find yourself living paycheck to paycheck, ignoring this advice is it. A bit of truth here: The thought of living paycheck to paycheck really scares me.

Persons: — Organizations: Service, Financial

The Biden Administration proposes a crackdown on "junk fees" in retirement savings plans. However, high expense ratios in your account may be cutting into your future retirement savings. But there are still some preventive steps you can take to minimize any potential "junk fees" in your retirement savings plan. 4 ways to lower 'junk fees' in your retirement planThe Biden Administration wants to crack down on "junk fees" in 401(k)s and other investment accounts. Until then, here are four steps you can take to lower fees in your retirement savings plan.

Persons: Biden, —, Charles Schwab, Robinhood, Judy Diamond's, Roth, it's, Teresa Bailey, Chloe Wohlforth Organizations: Service, US Department of Labor, Biden Administration, Employers, Mutual, Roth IRA, Waddell & Associates, Robinhood, Department of Labor, CFP, Angeles Wealth Management

☆ Here Are the 401(k) and IRA Contribution Limits for 2024
▼ + stars: | 2023-11-01 | by ( Aly J. Yale | ) www.wsj.com time to read: +2 min

401(k) contribution limits 2024For employer sponsored plans including 401(k), 403(b) and 457 retirement plans—as well as Thrift Savings Plans, a type of account for federal employees and military members only—the 2024 contribution limits will jump to $23,000. 401(k) contribution limits 2023 & 2024 2023 limit 2024 limit Maximum employee contribution $22,500 $23,000 Catch-up contribution (for those 50 and older) $7,500 $7,500 IRSIRA contribution limits 2024For individual retirement accounts, or IRAs—both Roth and traditional types—2024 contributions will max out at $7,000, up from $6,500 in 2023. IRA contribution limits 2023 & 2024 2023 limit 2024 limit Maximum contribution $6,500 $7,000 Catch-up contribution (for those 50 and older) $1,000 $1,000 IRSThe income levels used to determine eligibility for IRA contribution deductions and for making contributions to Roth IRAs are also changing. For IRA contributions limits depend on whether you or a spouse have access to a workplace retirement savings account. Finally, for individuals with SIMPLE retirement accounts—a type of IRA sometimes used by small businesses—the 2024 contribution limits will jump from $15,000 to $16,000.

Persons: Aly J, —, Roth Organizations: Yale, Internal, IRS

A nonpartisan business group that advocates for clean energy estimates that 403,000 jobs will be created by the 210 major energy projects announced since the Inflation Reduction Act took effect in mid-2022. Battery storage is expected to support 48,000 jobs, and solar is expected to support 35,000, both annually for five years. “As community colleges develop a rhythm for training the type of workers these companies need, that’s going to enhance the appeal of our workforce and state as a business location to more and more these clean energy companies," he said. Although investments in clean energy are “on hyperdrive,” other factors were supporting the clean energy labor transition before the IRA, said Joseph Kane, a researcher at the Brookings Institution nonprofit research organization. Labor shortages in the clean energy sector, particularly in construction, manufacturing, and electrical work are notable, said Thomas Kwan, director of sustainability research at Schneider Electric, an energy management and industrial automation company.

Persons: “, Bob Keefe, Mateo Jaramillo, ” Jaramillo, Christopher Chung, ”, Chung, Joseph Kane, Kane, Thomas Kwan, Kwan Organizations: Environmental Entrepreneurs, EV, Economic Development, of, Brookings Institution, Labor, Schneider Electric, AP Locations: U.S, Weirton , West Virginia, West Virginia, of North Carolina, North Carolina

☆ You can save more than ever for retirement in 2024—here are the new contribution limits
▼ + stars: | 2023-11-01 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

If you're looking to max out your retirement savings, the contribution limits have been bumped up by $500 for most retirement savings plans in 2024, the Internal Revenue Service announced Wednesday. Contribution maximums will increase from $22,500 to $23,000 for 401(k), 403(b) and most 457 plans, as well as the federal government's Thrift Savings Plan, the IRS says. For those that don't rely on an employer-sponsored plan, the contribution limit on individual retirement accounts will also increase by $500 in 2024, from $6,500 to $7,000. More people will be able to make contributions to Roth IRA accounts, too. Qualifying income ranges have also increased for the retirement savings contributions credit and the amount of tax deductions you can claim for IRA contributions.

Persons: Roth Organizations: Internal Revenue Service, IRS

☆ IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs
▼ + stars: | 2023-11-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: 1 min

Andresr | E+ | Getty ImagesThe IRS has announced new 2024 investor contribution limits for 401(k) plans, individual retirement accounts and other retirement accounts. The employee contribution limit for 401(k) plans is increasing to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans. The agency also boosted contribution limits for IRAs, allowing investors to save $7,000 in 2024, up from $6,500 in 2023. Catch-up contributions will remain unchanged at $1,000.

Persons: Roth Organizations: IRS

☆ Wavering ‘Magnificent Seven’ draw bargain-hunters amid U.S. stock sell-off
▼ + stars: | 2023-11-01 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Surging bond yields and mixed earnings reports have weighed on the so-called Magnificent Seven stocks, which are collectively down an average of about 15% from their 52-week highs, though they all still sit on hefty gains for the year. The stocks now trade at an average forward price-to-earnings ratio of about 30 times compared with 45 times in mid-June. I actually think the Magnificent Seven will hold up better,” said King Lip, chief strategist at Baker Avenue Wealth Management. Because the Magnificent Seven have a combined weighting of 28% in the S&P 500, their performance holds a large sway over the broader index. Lip said his firm owns shares of all seven companies and has recently added to its holdings in some of them.

Persons: Brendan McDermid, Meta, ”, Lip, Jay Hatfield, Kim Forrest, ” Forrest, Apple’s, Hatfield, Thomas Ognar, Ognar, ” Ognar, Lewis Krauskopf, Ira Iosebashvili, Jonathan Oatis Organizations: NVIDIA Corp, New York Stock Exchange, REUTERS, Apple, Microsoft, Wealth Management, Tech, BofA Global Research, Vanda Research, Federal, Treasury, U.S, Google, Facebook, Bokeh Capital Partners, Nvidia, Allspring, Thomson Locations: New York City, U.S

☆ Biden administration wants to kill ‘junk’ fees in retirement investments and advice
▼ + stars: | 2023-10-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The DOL’s proposed rule seeks to ensure “all retirement investors receive the same quality of investment advice regardless of product or services,” said DOL Acting Secretary Julie Su in a call with reporters. Across all retirement products, “requiring advisers to make recommendations in the savers’ best interest can increase retirement savers’ returns by between 0.2% and 1.20% per year. Industry pushback expectedThe new proposed rule follows earlier attempts by the Labor Department to broaden and standardize the circumstances in which financial advisers must act in retirement savers’ best interests. It is not clear yet whether the changes called for in the latest proposed rule will be sufficient to quell the opposition earlier versions faced. But industry pushback is expected, including from the Insured Retirement Institute, a trade association for the insured retirement industry.

Persons: Biden, “, ”, Julie Su, —, ’, DOL Organizations: New, New York CNN, Department of Labor, Securities and Exchange Commission, White, Industry, Labor Department, IRI, CNN, — Locations: New York, DOL

☆ Cryptoverse: As good as gold? Spot bitcoin ETFs aim to whip up US demand
▼ + stars: | 2023-10-31 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +5 min

Mainstream investment giants such as BlackRock (BLK.N) and Fidelity, as well as crypto-focused firms like Grayscale, have filed applications for spot bitcoin ETFs. U.S. crypto firm NYDIG estimates demand for a spot bitcoin ETF at around $30 billion. Their calculation compares the sizes of the gold and bitcoin ETFs - $210 billion versus $28.8 billion, respectively - and adjusts them for their relative volatility. BlackRock declined to comment on its pending spot bitcoin ETF, other than to confirm that it is still awaiting final SEC approval. His forecast is based on how demand evolved in smaller markets where spot bitcoin ETFs already exist, such as Canada.

Persons: Dado, Dave Mazza, George Gagliardi, cryptocurrencies, bitcoin, Todd Sohn, Steven McClurg, Crypto, Matthew Sigel, Matthew Hougan, Steve Sosnick, Suzanne McGee, Ira Iosebashvili, Michelle Price Organizations: REUTERS, Roundhill Investments, Fidelity, U.S . Securities, Exchange, Coromandel Wealth Management, Strategas Securities, Boston Consulting, BlackRock, SEC, Bitwise Investments, Interactive, Thomson, Reuters Locations: U.S, BlackRock, Lexington , Massachusetts, Canada

☆ New Biden target in junk fee crackdown: retirement advisers
▼ + stars: | 2023-10-31 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

The proposed Labor Department rules require retirement plan providers to only sell commodities and insurance products, such as annuities, to clients when doing so is in the customer's best interest. "Financial advisors should put savers best interest first, and not sell them lower returning products in order to maximize their own fees," Lael Brainard, director of the White House National Economic Council, said. "When a retirement saver pays for trusted advice that is actually not in their best interest and comes at a hidden cost to their lifetime savings, that's a junk fee," Brainard said. Taking on "junk fees" gives Biden and his allies fodder to show they are helping people tackle costs as many Americans are dissatisfied with his economic stewardship. The proposed rule would ensure that retirement advisers must provide advice in the saver’s best interest, regardless of whether they are recommending a security or insurance product and where they are giving advice, senior administration officials said.

Persons: Joe Biden, Leah Millis, Biden, Lael Brainard, Brainard, doesn't, Jarrett Renshaw, Michael Perry Organizations: Artificial Intelligence, White, REUTERS, Labor Department, National Economic Council, Securities, Exchange Commission, Thomson Locations: Washington , U.S, IRAs

☆ Biden administration to crack down on ‘junk fees’ in retirement plans
▼ + stars: | 2023-10-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesThe Biden administration is cracking down on so-called "junk fees" in retirement accounts. The "hidden costs" of financial conflicts in retirement plans amount to "junk fees," Lael Brainard, director of the White House National Economic Council, said during a press call Monday evening. watch now"It's time to get junk fees out of the retirement savings market," said Julie Su, acting secretary of the Labor Department, during the call. However, the Labor Department can regulate them if sold in a retirement account, according to a Biden administration official speaking on background. It's time to get junk fees out of the retirement savings market.

Persons: Julie A, Su, Tom Williams, Biden, There's, Lael Brainard, Julie Su, Sen, Bill Cassidy, Virginia Foxx, Anna Moneymaker, Obama Organizations: Labor, Health, Education, Washington , D.C, CQ, Inc, Getty, U.S . Department of Labor, Finance, Securities and Exchange Commission, Congressional Research Service, White, National Economic Council, Labor Department, Rep, Economic, SEC, Biden, Department of Labor Locations: Washington ,

☆ Investors on edge as Middle East conflict intensifies
▼ + stars: | 2023-10-28 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +3 min

Investors have grown more worried about a widening conflict in recent days after the U.S. dispatched more military assets to the Middle East while Israel attacked targets in Gaza and Hamas supporters in Lebanon and Syria. Some investors also expect a widening conflict could prompt safe-haven buying of Treasuries. "However, an escalation of the conflict would likely shift attention away from monetary policy concerns and boost safe-haven demand for Treasuries." The Cboe Volatility index (.VIX) has climbed in the wake of the conflict and rose on Friday, approaching seven-month highs. The Federal Reserve is set to give its latest monetary policy statement on Wednesday, while Apple's quarterly results highlights another busy week of corporate reports.

Persons: Dado Ruvic, ”, Randy Frederick, Charles Schwab, Brent, Peter Cardillo, Lewis Krauskopf, David Randall, Ira Iosebashvili, David Gregorio Our Organizations: REUTERS, Federal, Hamas, Investors, U.S, Capital Economics, Spartan Capital Securities, UBS Global Wealth Management, Thomson Locations: Gaza, East, Israel, Lebanon, Syria, Treasuries, U.S

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