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☆ There's tons of hiring activity in media ad sales right now, but there's a catch
▼ + stars: | 2024-09-09 | by ( Lucia Moses | Lara O'Reilly | ) www.businessinsider.com time to read: +8 min

While it might look like there's a flurry of advertising hiring, industry insiders say the reality is more sobering. AdvertisementLegacy media companies have sharply cut staff in recent years, including sales, and those jobs aren't coming back. Disney has said it plans to automate half its ad sales. "The number of good job opportunities are few and far between because the large media companies are not hiring as quickly. "Ad sales is no longer ad sales," said Gary Stolkin, global CEO of The Talent Business, a global executive search firm specializing in the creative industries.

Persons: —, they've, Jean, Paul Colaco, aren't, Dave Morgan, Lisa Valentino, David Lawenda, David Zaslav, David Ellison's, Christopher Vollmer, Simon Francis, Peter Naylor, Brian Lesser, Lesser, WPP's, Roku, Harry Kargman, Kargman, Krishan Bhatia, Gary Stolkin, Stolkin, who's Organizations: Service, Netflix, Business, Disney, Paramount, Warner Bros, NBA, Companies, MediaLink, TV, Media, Flock Associates, Progressive, Mobile, The Talent Locations: Teads, NBCUniversal

☆ Money market funds hit another record high — but experts warn it's time to move out of cash. Where they see opportunity
▼ + stars: | 2024-09-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Assets in money market funds hit $6.3 trillion the week that ended Wednesday, another record high, according to the Investment Company Institute . The annualized 7-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.08%. History shows that when investors do move out of money market funds, they move into fixed income over equities, he said. Institutional investors will also continue to move into money market funds as the Fed cuts rates because any cash they have in direct money market investments, such as Treasury bills, will be hit by rate cuts quicker than money market funds, explained Peter Crane, founder of Crane Data, a firm that tracks the industry. Once you have the appropriate cash needs set aside, consider moving any excess funds into fixed income, Jenkin said.

Persons: Mark Cabana, Peter Crane, Crane, Ted Jenkin, Jenkin, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Falconio Organizations: Investment Company Institute, Bank of America, Federal Reserve, Institutional, Crane, CNBC, American Express, Bread Financial, UBS, U.S . Locations: UBS Americas

☆ ETFs are on pace to break record annual inflows, but this wild card could change it all
▼ + stars: | 2024-09-07 | by ( Natalie Zhang | ) www.cnbc.com time to read: +2 min

Exchange-traded fund inflows have already topped monthly records in 2024, and managers think inflows could see an impact from the money market fund boom before year-end. "Whether it be flows into REIT ETFs or just the broader ETF market, that's going to be a real potential catalyst here to watch." Total assets in money market funds set a new high of $6.24 trillion this past week, according to the Investment Company Institute. "If that yield comes down, the return on money market funds should come down as well," said State Street Global Advisors' Matt Bartolini in the same interview. "Assuming stocks don't experience a massive pullback, I think investors will continue to allocate here, and ETF inflows can break that record," he said.

Persons: Nate Geraci, CNBC's, Matt Bartolini, Bartolini, They've, Geraci Organizations: Investment Company Institute, Assets, Federal, Global Advisors, SPDR, SPDR Americas Research Locations: SPDR Americas

☆ As the Fed gears up for rate cuts, here’s what income investors need to do
▼ + stars: | 2024-08-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

With Federal Reserve rate cuts expected to begin in September, income investors may want to make sure their portfolio is in check. Instruments like money market funds and high-yield savings accounts will react pretty quickly to rate cuts. Some $6.24 trillion is currently sitting in money market funds, as of the week ended Wednesday, according to the Investment Company Institute . Clark Bellin, chief investment officer at Bellwether Wealth in Lincoln, Nebraska, is bullish in investment-grade corporate bonds right now. He prefers individual bonds over bond funds because the investor has more control.

Persons: Jerome Powell, Rick Rieder, Lawrence, Clark Bellin, Bellin, he'll, Fidelity's Michael Plage, Treasurys, Patience, BlackRock's Rieder Organizations: Federal, Treasury, U.S, BlackRock, Investment Company Institute Locations: Jackson Hole , Wyoming, Hauppauge, Lincoln , Nebraska

☆ These income plays could do better than money market funds when the Fed cuts rates
▼ + stars: | 2024-07-31 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Cash has poured into money market funds since the Federal Reserve began its rate hiking cycle. Short-term debt has been a popular investment over the past few years, and money market funds are a top example. For perspective, there was roughly $4 trillion in total money market funds as of the fourth quarter of 2019, according to the St. Louis Fed . Money market funds hold very short-term debt, and many currently offer a yield above 5%. "Historically, you don't tend to see money market inflows stop or convert to outflows until you get below say 3% on those rates.

Persons: Cash, Louis Fed, Sam Huszczo, Huszczo, Todd Sohn, Ken Brodkowitz, weren't, Brodkowitz, Strategas, Sohn, " Sohn, Callie Cox, Cox Organizations: Federal Reserve, Investment Company Institute, SGH Wealth Management, Federal, Bond, SEC, Gries Financial Partners, Fidelity, Income, Morningstar, US Treasury, Ritholtz Wealth Management, Ritholtz Locations: Detroit , Michigan, BlackRock

☆ Yields on cash are likely to drop. Put money to work here instead, Janus Henderson says
▼ + stars: | 2024-07-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors who are camped out in cash are nabbing sweet yields, but the clock is ticking on that attractive income. Money market fund assets totaled $6.14 trillion as of the week ended July 24, according to the Investment Company Institute . The largest money market funds are offering an annualized 7-day current yield of 5.12%, per the Crane 100 Money Fund Index. "Investors must also remember that the liquid securities held in money market funds have maturities capped at slightly over a year," he said. While these short-term bonds may be an attractive alternative to hiding out in cash, investors should avoid making them the lion's share of their fixed income holdings.

Persons: Daniel Siluk, Janus Henderson, Matthew Mish, Siluk Organizations: Investment Company Institute, Federal, UBS, SEC, BBB, Treasury Bond ETF

☆ Abu Dhabi is an oil powerhouse, but it also wants to be a climate tech hub
▼ + stars: | 2024-07-25 | by ( Amy Gunia | ) edition.cnn.com time to read: +6 min

Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake. “Abu Dhabi is starting to forge ahead as a leading tech cluster for climate in the region,” she said. That Abu Dhabi has thrown its weight and oil wealth behind climate tech is a key attraction for Graphmatech. “To scale up climate tech you need financial support,” Dr Mamoun Taher, its founder and CEO, told CNN. His company has engaged in discussions with key stakeholders in Abu Dhabi, including oil and gas companies.

Persons: Abu, ” Ahmad Ali Alwan, Abu Dhabi, Abu Dhabi’s, Patricia Keating, Karim Sahib, Dr Mamoun Taher, “, “ Abu Dhabi, Taher, ” Organizations: CNN, Mubadala Investment Company, United, Organization of, Petroleum, OPEC, P, PwC, Companies, Sweden’s Uppsala University, Getty, UAE, Emirates Steel, Adnoc, Siemens Energy, Abu, Abu Dhabi National Energy Company Locations: Abu Dhabi, wean, UAE, United Arab Emirates, Dubai, Abu, AFP, “ Abu, United States, Australia, Masdar

☆ Here are some money moves to make before the Fed starts cutting interest rates
▼ + stars: | 2024-07-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Meanwhile, many investors are sitting on hefty cash allocations, including trillions in money market funds, which are generally still paying above 5%. How to tellAfter a series of rate hikes, investors piled into money market funds, which typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills. Total U.S. money market funds hovered near a record of $6.15 trillion as of July 17, with $2.48 trillion in funds for retail investors, according to Investment Company Institute data. However, money market fund yields will likely fall if the Fed starts cutting rates in September, explained Ken Tumin, founder and editor of DepositAccounts. "Most [money market funds] seem to closely follow the federal funds rate," he said.

Persons: Ken Tumin Organizations: Federal Reserve, Finance, Social, Total U.S, Investment Company Institute

Understanding the Federal Reserve's role in mortgage ratesThe Federal Reserve's actions are a big influencer in where mortgage rates head. In the time since the Fed began raising rates, mortgage rates have climbed steadily. The Fed's impact on mortgage rates FAQsHow does the Federal Reserve affect mortgage rates? The Federal Reserve influences mortgage rates by setting the federal funds rate, which impacts borrowing costs, investor activity, and market conditions. When the Fed raises interest rates, mortgage rates often increase as well, making borrowing more expensive.

Persons: Michael Gifford, Fannie Mae's Organizations: Federal, Federal Reserve, Fed, Treasury, it's, Mortgage Bankers Association, Reserve, Chevron Locations: lockstep

☆ Prospect of Trump tariffs: China will wait and see before reacting, Abrdn says
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProspect of Trump tariffs: China will wait and see before reacting, Abrdn saysRay Sharma-Ong, head of multi-asset investment solutions for Southeast Asia at investment company, says China's response "has always been a bit more measured, tit-for-tat" rather than "all out" in nature.

Persons: Abrdn, Ray Sharma, Ong Locations: Trump, China, Southeast Asia

☆ The presidential election shouldn't influence how you invest, financial experts say
▼ + stars: | 2024-07-10 | by ( Genna Contino | ) www.cnbc.com time to read: +4 min

Financial experts, however, don't encourage making investment decisions for political reasons as markets tend to react to economic factors that politicians have no control over . Presidential election outcomes don't significantly affect market performance, but many investors still feel nervous about what this year's presidential matchup between President Joe Biden and former President Donald Trump could mean for their money. "We've got a very stable market," Curtis said. That could make your next trip pricierStill, clients visiting Curtis have expressed concerns about the idea of Trump winning the election. Dating back to 1928, the S&P 500 has returned an average 7.5% in presidential election years, compared to an average 8% in nonelection years, according to an analysis in March from J.P. Morgan Private Bank.

Persons: Joe Biden, Donald Trump, Cathy Curtis, Curtis, We've, Biden, Zers, pricier, Trump, Dan Egan, Egan Organizations: Republican, Democrat, Curtis Financial, Financial, CNBC, Nasdaq, Dow Jones, Finance, Trump, Morgan Private Bank, Federal Reserve Locations: Atlanta , Georgia, Oakland , California, J.P

☆ Goldman says investors should start shifting out of cash. Here's where it sees opportunity
▼ + stars: | 2024-07-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Investors enjoying juicy yields on their cash should start preparing to shift their strategy, according to Goldman Sachs. People piled into cash instruments like Treasury bills and money market funds as the short end of the yield curve rose alongside Federal Reserve interest rate increases starting in early 2022. Now some $6.15 trillion is sitting in money market funds, as of July 2, according to the Investment Company Institute . There's a "real probability" that could start in September, said Lindsay Rosner, head of multi-sector investing at Goldman Sachs Asset and Wealth Management. While the average spread is around 800 basis points over Treasurys, the bonds are either trading around 300 basis points — too tight for junk bond ratings — or 1,000 basis points or more.

Persons: Goldman Sachs, Lindsay Rosner, —, Rosner, " Rosner Organizations: Federal, Investment Company Institute, Goldman, Wealth Management, Fed, riskier Locations: Goldman Sachs, Treasurys

☆ Singapore state investor Temasek to focus on early adopters of AI in the U.S.; cautious on China
▼ + stars: | 2024-07-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Singapore's Temasek said Tuesday most of its investment capital will keep going into the U.S. with the state investment company focusing on the early adopters of AI among traditional industries in the country. Temasek, which did not give an exact breakdown of its exposure to U.S. assets, said Americas region constituted 22% of its portfolio. The firm, whose portfolio value rose by nearly 2% to $389 billion Singapore dollars ($288 billion) in its financial year ended March, added that it was cautious on the Chinese market. Overall, Temasek will maintain a cautious approach and will continue to monitor government policies in the world's second largest economy, the state investor said. Chinese assets made up 19% of Temasek's portfolio, down from 22% in the 2023 financial year.

Persons: Rohit Sipahimalani, Chia, Hwee Organizations: Singapore's Temasek, CNBC, Temasek, Singapore, Companies Locations: U.S, Americas, China

☆ I was scammed out of nearly $300,000 and was forced to abandon my retirement dreams
▼ + stars: | 2024-07-08 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Last year, I started looking for ways to make more money from my retirement savings. The so-called investment company asked me to take out a line of credit. AdvertisementI trusted the big bank that the scammers usedStill, the so-called investment company called me, asking for more money. I never would have transferred money to a small bank or international establishment, but if you can't trust them, who can you trust? We need to be able to trust the government and major institutions like Bank of America to stop this fraud.

Persons: Leonid Shteyn, I'd, Scammers, I've, I'm Organizations: Business, Bank of America Locations: bitcoin, Bulgaria, Czech Republic, New York, Texas

☆ Here’s where money managers are seeking income at mid-year as rates stay high
▼ + stars: | 2024-07-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

The prospect of "higher for longer" rates has also made short-term fixed income assets especially attractive. "We had a lot of investors who were in, if not cash, then sub-2-year duration fixed income at the start of the year." Takeaways for investors It doesn't hurt for retail investors to review their fixed income allocation now that the year is halfway over. A combination of fixed income assets may be what it takes to benefit from today's higher rates, lock in yields and capture rising prices once the Fed cuts. "We don't buy that there's one fixed income asset class that you should tilt toward," said Calcagni.

Persons: –, Don Calcagni, it's, Shannon Saccocia, Neuberger Berman, Michael Rosen, Rosen, Janus Henderson, Vishal Khanduja, Eaton Vance, Khanduja, Callie Cox Organizations: Federal Reserve, FedWatch, Investment Company Institute, Money, Mercer Advisors, Investors, Municipal, Angeles Investment Advisors, AAA CLOs, Janus Henderson AAA CLO, SEC, Morgan Stanley Investment Management, Bond, Ritholtz Wealth Management, Stay Locations: Santa Monica, Calif

☆ This sector is loved by Wall Street for its attractive yields and relative value
▼ + stars: | 2024-06-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

High interest rates have been a boon to Americans holding cash, but many on Wall Street are cautioning investors to start thinking ahead. People have been piling into cash vehicles like money market funds and certificates of deposit since the Federal Reserve started hiking interest rates. Interest rates appear to be staying higher for longer, with the Federal Reserve on Wednesday projecting only one rate cut this year. Agency MBS have a duration of about six years, per the Bloomberg US MBS Index as of June 3, Jones noted. Right now, the residential mortgage-backed securities sector looks attractive because of its relative value compared to investment-grade corporate bonds, he said.

Persons: Jones, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Wells Fargo, Luis Alvarado, Alvarado, Falconio Organizations: Federal Reserve, Investment Company Institute, Schwab Center, Financial Research, Agency MBS, Bloomberg, MBS, UBS, Wells, Wells Fargo Investment Institute, Investors, corporates, UBS America's, AAA Locations: UBS Americas, Wells, Wells Fargo

☆ US bus company Coach files for bankruptcy to sell its business
▼ + stars: | 2024-06-12 | by ( ) edition.cnn.com time to read: +2 min

Coach USA, the operator of Megabus and other commuter bus lines in the US and Canada, filed for bankruptcy protection in Delaware late Tuesday, seeking to sell its assets and shed debt incurred in an ill-timed 2019 private equity buyout. Coach, the largest privately owned bus company in the US, was acquired by private equity firm Variant Equity Advisors for $270 million, mostly using debt that is still on the company’s books. Coach CEO Derrick Waters said that buses will continue to run as normal during the company’s bankruptcy. The company operates several other bus brands in addition to Coach, including Megabus, Dillon’s Bus Company, and Go Van Galder. Renco Group, a private investment company, would acquire the majority of Coach’s assets in exchange for taking on $130 million of company debt and certain union contracts.

Persons: Derrick Waters, ” Waters, Van Galder Organizations: USA, Equity, Coronavirus, Economic Security, Dillon’s Bus Company, Renco, Avalon Transportation, ABC Buses Locations: Canada, Delaware, Wilmington , Delaware, Atlanta , Georgia

☆ French IT firm Atos falls 12%, faces major share dilution after selecting rescue deal
▼ + stars: | 2024-06-11 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

This photograph taken on April 26, 2024 shows the headquarters of the French multinational information technology company ATOS in Bezons, near Paris. Atos said it would go ahead with a proposal by major shareholder David Layani, whose IT firm Onepoint held around 11% of Atos' share capital and voting rights as of December 2023 according to its website. The deal will nevertheless lead to a "massive dilution" of existing shareholders, who are set to hold less than 0.1% of share capital once it is completed, Atos said. Atos said Layani's deal included a stronger capital structure and provided the firm with enough financial liquidity to stay in business. Layani's deal is fronted by Onepoint, as well as investment company Butler Industries, IT company Econocom and some of Atos' financial creditors.

Persons: Ludovic MARIN, LUDOVIC MARIN, Atos, David Layani, Onepoint, Daniel Kretinsky Organizations: Getty, Butler Industries, Paris Locations: Bezons, Paris, AFP, French, London, Czech

☆ Cathie Wood's ARK Invest missed out on more than $1 billion in returns by selling Nvidia stock too early
▼ + stars: | 2024-06-01 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Cathie Wood's decision to sell more than 1 million shares of Nvidia came as the stock rocketed to astronomical highs. Ark Invest has missed out on more than $1 billion in returns by selling Nvidia stock too early. Ark Invest sold 859,000 Nvidia shares in the fourth quarter of 2022, when the stock was trading below $150 per share. In the first quarter of 2024, ARK Invest continued to pare down its Nvidia stake, selling 81,239 shares. ARK Invest has redeployed its proceeds from selling Nvidia stock into other potential AI companies, though few of those investments have panned out.

Persons: Cathie, —, ChatGPT, Wood, pare, it's Organizations: Nvidia, Invest, Ark Invest, Service, Securities and Exchange Commission, CNBC, ARK Invest, Wall Street

☆ UBS expects a comeback for the 60/40 portfolio — and warns investors to limit cash
▼ + stars: | 2024-05-31 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

The 60/40 portfolio isn't dead — in fact, it tends to outperform over the long term, according to UBS. The strategy revolves around a simple balanced portfolio, allocating 60% to stocks and 40% to fixed income. That theory was tested when both equities and fixed income slumped in 2022. Crafting a balanced portfolio Falconio expects the new 60/40 construction to look a little different with the rise in popularity of alternative assets. When it comes to traditional fixed income assets, UBS suggests holding strategic, diversified exposure throughout fixed income.

Persons: Cash, Mark Haefele, Leslie Falconio, Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Darla Mercado Organizations: UBS, Investment Company Institute, Federal Reserve, U.S . Locations: UBS Americas, —

☆ Attorney General looking into attempted foreclosure of Elvis Presley’s Graceland home
▼ + stars: | 2024-05-23 | by ( Isabel Rosales | Chris Youd | ) edition.cnn.com time to read: +3 min

CNN —Tennessee Attorney General Jonathan Skrmetti is looking into the attempted foreclosure auction of Elvis Presley’s iconic Memphis home, known as Graceland, by an alleged private investment company. On Wednesday, Naussany Investments and Private Lending LLC dropped its foreclosure efforts against Graceland. Danielle Riley Keough, Presley’s granddaughter and heir, filed a lawsuit earlier this month to halt the foreclosure sale claiming Naussany Investment’s paperwork was bogus and an attempt to defraud the family. Naussany Investments produced paperwork that Lisa Marie Presley defaulted on a $3.8 million loan, prior to her 2023 passing, and used Graceland as collateral, according to court documents. Even the notary public whose name appeared on the disputed document, told the court in an affidavit that they had never notarized Lisa Marie Presley’s signature.

Persons: Jonathan Skrmetti, Elvis Presley’s, Danielle Riley Keough, Presley’s, ”, Lisa Marie Presley, “ Lisa Marie Presley, Lisa Marie Presley’s, Presley, Elvis, Alicia Owens Organizations: CNN, Tennessee, Naussany Investments, State of, Graceland, Tennessee Department, Financial, Investments, Private, Department Locations: Memphis, Graceland, Shelby County , Tennessee, State, State of Tennessee, Tennessee, Kimberling City , Missouri

☆ This global private equity stock invested in Shein, Figma, Databricks, Discord, and ByteDance could rise by 40%, analysts say
▼ + stars: | 2024-05-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

HarbourVest Global Private Equity , a diversified listed private equity investment company, could see its share price rise by more than 40%, according to analysts at investment banks Peel Hunt and Jefferies. Richard Hickman, the managing director of HVPE, describes it as the "most diversified, listed private equity investment company in London." "We're a global fully diversified portfolio covering buyout funds, the more established businesses from small cap through medium to large cap." NAV represents the value of an investment fund's assets per share. They estimate that share buybacks at the current discount could result in a 1.4% uplift in net asset value per share.

Persons: Peel Hunt, Jefferies, Richard Hickman, HVPE, Hickman, Alan Brierley, Ben Newell, Warren, Buffett Organizations: HarbourVest Global, Equity, Peel, London Stock Exchange, CNBC, NAV, Jefferies, Investec Locations: London

☆ A key ether ETF deadline arrives, but SEC's Gensler won't tip his hand on approval or denial
▼ + stars: | 2024-05-23 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Circuit ruled against the SEC's denial of spot bitcoin ETFs, the regulatory agency "pivoted" and approved those funds in January. The bill sets up a regulatory framework for crypto assets. Gensler said crypto assets — and exchanges in particular exchanges — do not meet this test: "This field is not decentralized. He said crypto exchanges are "operating in ways that are conflicted in ways that traditional exchanges [are not]. Gensler says he is not against financial innovation The SEC chairman pushed back against the claim he was against financial innovation.

Persons: Gary Gensler, Eric Pan, Gensler, Joe Biden's, Pan, We'd Organizations: SEC, U.S . Securities, Exchange Commission, Investment Company, ICI Leadership Summit, U.S ., Appeals, Representatives, Innovation, Technology, Century, Futures

☆ UBS says it's time to move out of cash. Here's where it sees opportunity
▼ + stars: | 2024-05-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The era of hiding out in cash is coming to an end, according to UBS. While investors have been earning yields of more than 5% on instruments like money market funds and certificates of deposit, those rates aren't expected to stick around much longer. "We believe investors should limit their overall cash balances as falling interest rates this year and beyond will diminish returns on cash," Solita Marcelli, chief investment officer Americas for UBS Global Wealth Management, wrote in a note Monday. Investors flooded into money market funds as the Federal Reserve began raising interest rates in 2022. UBS also moved out on the curve on TIPS earlier this month after initially buying 5-year inflation-protected securities in August.

Persons: Marcelli, Leslie Falconio, Falconio Organizations: UBS, UBS Global Wealth Management, Investors, Federal Reserve, Investment Company Institute, AAA, AAA CMBS Locations: UBS Americas

☆ Financial companies are getting creative about annuities
▼ + stars: | 2024-05-18 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

It’s fueling a huge rollout of new retirement products — but they’re not all golden tickets. “We didn’t really save much of anything.”However, jobs offering pension plans are harder to come by compared to previous decades. Over the past 40 years, defined contribution plans, also known as 401(k) plans, have taken their place. Americans currently hold over $7 trillion in 401(k) plans, according to data from the Investment Company Institute, a trade association. These types of retirement plans put the job of saving and investing on the employee.

Persons: CNN —, Jennifer Messina, “ I’m, ” Messina, ” Teresa Ghilarducci, ” Eric Stevenson, Roth, Ghilarducci, you’re, ”, There’s, she’s, we’ll, Messina Organizations: CNN, Alliance for Lifetime, Investment Company Institute, Social Security, Social Security Administration, Federal, The New School for Social Research, BlackRock, Nationwide, Messina Locations: Nutley , New Jersey, BlackRock, New Jersey, South Carolina, North Dakota

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