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☆ 3 reasons to consider Robinhood Gold for your savings
▼ + stars: | 2023-11-29 | by ( Business Insider | ) www.businessinsider.com time to read: +5 min

Any active investor knows the name Robinhood — but do you know about Robinhood Gold? Robinhood Gold is a suite of features and tools that span both non-retirement brokerage accounts and IRAs held within Robinhood. Here are three reasons you might want to consider Robinhood Gold for your money:1. Open a Robinhood Gold account today. The cash sweep program and Robinhood Gold are offered through Robinhood Financial LLC.

Persons: IRAs, Goldman Sachs, it's, Gold Organizations: Gold, HSBC, Citibank, Bank of Baroda, US Bank , Bank of India, Truist Bank, T Bank, First Horizon Bank, EagleBank, CIBC Bank, IRA, Morningstar, Nasdaq, Robinhood, Robinhood Financial Locations: Robinhood, Wells Fargo

☆ A 'sea change' may be coming for investment advice about 401(k)-to-IRA rollovers, one expert says
▼ + stars: | 2023-11-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesWhy Labor Department wants to raise protectionsIn 2020, about 5.7 million Americans rolled a total $618 billion into IRAs, according to most recent IRS data. IRAs held about $11.5 trillion in 2022, almost double the $6.6 trillion in 401(k) plans, according to the Investment Company Institute. Here's the problem, in the eyes of the Labor Department: 401(k) investors have certain protections that don't generally extend to IRA investments or the advice to move money to IRAs. "ERISA fiduciary duties are the highest fiduciary duties under U.S. law," said Josh Lichtenstein, partner at law firm Ropes & Gray. That advice typically generates compensation like a commission for the broker or agent, and the Labor Department is concerned those incentives may bias recommendations for certain investments that pay them more but aren't in an investor's best interests.

Persons: IRAs, Josh Lichtenstein, Pew, Julie A, Su, Tom Williams, David Levine Organizations: Bloomberg, Getty, Labor Department, Investment Company Institute, ICI, Gray, Investors, Pew, Trusts, Labor, Health, Education, Washington , D.C, CQ, Inc, The Labor Department, White House Council, Economic Advisers, Groom Law Locations: rollovers, IRAs, Washington ,

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

☆ 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 ,

☆ 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

☆ 'Phantom hacker' scams that target seniors' savings are on the rise, FBI says
▼ + stars: | 2023-10-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

There has been a nationwide increase in "phantom hacker" scams, a type of fraud "significantly impacting senior citizens," who often lose their entire bank, savings, retirement or investment accounts to such crime, according to the FBI. "Phantom hacker" scams are an evolution of tech support scams, a type of cybercrime. As of August 2023, losses from tech support scams were up 40% during the same period in 2022, according to a recent FBI public service announcement. Older adults have generally amassed a larger nest egg than younger age groups, and therefore pose a more lucrative target for criminals. Older adults are also "particularly mindful of potential risks to their life savings," Gregory Nelsen, FBI Cleveland special agent in charge, said in a statement.

Persons: Gregory Nelsen, Nelsen Organizations: FBI, Finance, FTC Labor Department, FBI Cleveland

☆ Investors roll more than $600 billion a year to IRAs. Anticipated Labor Department rules could raise their protections
▼ + stars: | 2023-10-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

This is what the Labor Department will likely tweak, attorneys said. Now, the Labor Department is trying again, though its rule likely won't be as far-reaching, experts said. The OMB has 90 days to review the rule, Borzi said, after which the Labor Department would issue its proposal publicly. watch nowBased on recent legal clues, attorneys expect the Labor Department will seek to raise the bar on all rollover advice provided by the financial ecosystem. That generally means investment advice must be given solely in investors' best interests.

Persons: IRAs IRAs, Phyllis Borzi, Obama, Reish, —, Borzi, Andrew Oringer, Sen, Bill Cassidy, Virginia Foxx, There's, They're, Fred Reish, Drinker Biddle Organizations: U.S . Department of Labor, Washington , D.C, Washington Post, The Washington Post, Getty, Investment Company Institute, ICI, Labor, Pew Research Center, Labor Department, Management, Budget, OMB, Wagner Law, Critics, Rep Locations: Washington ,, IRAs

☆ Vehicle-related deaths are rising even though cars are built safer than ever. The popularity of larger vehicles may be to blame.
▼ + stars: | 2023-09-26 | by ( Associated Press | ) www.businessinsider.com time to read: +9 min

Vehicles are built to be safer than ever before, but pedestrian and cyclist deaths are rising. A rise in the popularity of larger vehicles, like vans and trucks, may be a factor in this increase. Ronald E. VanHoose/Associated PressRoadway deaths in the U.S. are mounting despite government test data showing vehicles have been getting safer. Fatal crashes also increased as a percent of total miles driven. AP Photo/Mark SchiefelbeinHart is now an advocate with the Washington chapter of Families for Safe Streets, a nonprofit working to end fatal crashes.

Persons: —, Alyssa Milligan, Alyssa, Ronald E, Jessica Cicchino, they're, Cicchino, Todd Hill, Transportation's Volpe, Billy Richling, Jessica Hart, Allie, Allie Hart, Mark Schiefelbein, Hart, didn't, Mark Schiefelbein John Capp, we're, Mark Schiefelbein Hart, I've Organizations: Service, Nashville —, Associated, National Association of City Transportation, Insurance Institute for Highway, Subaru, Consumer, U.S . Department, Transportation's, Transportation's Volpe Center, Volpe Center, Silverado, U.S, Traffic Safety Administration, NHTSA, National Association of City Transportation Officials, D.C, AP, Ford Transit, General Motors, GM Locations: Tennessee, Nashville, U.S, Washington

Roadway deaths in the U.S. are mounting despite government test data showing vehicles have been getting safer. Subaru, which has performed well in IIHS pedestrian crash avoidance tests, considers visibility its first line of safety, according to spokesperson Todd Hill. Thanks to vehicle improvements, seatbelt laws and other changes, fatal crashes in the U.S. trended downward for decades, hitting a low of 29,867 in 2011. Government estimates of fatal crashes in 2022 show a 43% increase to 42,795 — partially thanks to increases in speeding and drunk driving and decreases in seatbelt use. Fatal crashes also increased as a percent of total miles driven.

Persons: — Alyssa Milligan, Alyssa, ”, Jessica Cicchino, they’re, ” Cicchino, Todd Hill, Transportation’s Volpe, Billy Richling, Jessica Hart, Allie, ” Hart, “, didn’t, ” John Capp, we’re, I’ve, — Organizations: Nashville —, National Association of City Transportation, Insurance Institute for Highway Safety, Insurance Institute for Highway, Subaru, Consumer, U.S . Department, Transportation’s, Transportation’s Volpe Center, Volpe Center, Silverado, U.S, Traffic Safety Administration, NHTSA, National Association of City Transportation Officials, D.C, Ford Transit, General Motors, GM Locations: Tenn, Tennessee, Nashville, U.S, Washington

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. BEIJING'S DILEMMALocal government debt reached 92 trillion yuan ($12.8 trillion), or 76% of economic output in 2022, up from 62.2% in 2019. To avoid that risk, the adviser suggested all stakeholders bear some of the burden: financial institutions, local governments, Beijing and society at large. From 2015 to 2018, local governments issued some 12 trillion yuan of bonds to swap for off-balance sheet debt. For the local debt problem to stop re-occuring policymakers need to implement profound changes to how the economy works.

Persons: Florence Lo, China's, Guo Tianyong, Logan Wright, ”, Tao Wang, Guo, Rhodium's Wright, Marius Zaharia Organizations: REUTERS, Beijing, Communist Party, Central University of Finance, Economics, Monetary Fund, Reuters, Local, UBS, BBVA, Thomson Locations: Beijing, BEIJING, “, China, Lincoln

Islamabad was racing against time to unlock $1.1 billion under the IMF's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019. The Pakistan government was expecting around $2.5 billion from the IMF, Reuters has reported. PROCESSESPakistan earlier cleared eight of the 11 listed programme reviews, with the ninth review pending since November last year. HOLE IN FINANCESThe government has earmarked $2.5 billion in external receipts from the IMF in its federal budget for FY24. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24.

Persons: Shehbaz Sharif, Ariba Shahid, Raju Gopalakrishnan Organizations: Monetary Fund, IMF, IMF’s, Reuters, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, PAKISTAN, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Karachi

It is not the end of our relationship with the IMF though, as the SBA is a short-term bridging operation. GARETH LEATHER, SENIOR ASIA ECONOMIST AT CAPITAL ECONOMICS, LONDON"The agreement of a loan deal between Pakistan and the IMF should put the economy back on a more secure footing and limit the biggest downside risks. There is a strong risk that Pakistan reneges on the deal once the immediate crisis has passed. Our target shall be that the next IMF programme should be the last one and it would be a great opportunity to correct our fiscal account once and for all." "Things would have been much better if successive governments would have invested in completing the IMF programme.

Persons: MURTAZA SYED, GARETH, Shehbaz Sharif, ABDUL ALEEM, SHERANI, SHAHBAZ ASHRAF, MAHA RAHMAN, ZAFAR MASUD, MUSTAFA PASHA, SHAHID HABIB, ARIF HABIB, ZULQARNAIN, MOHAMMED SOHAIL, AHFAZ MUSTAFA, ISMAIL IQBAL, SAJID AMIN JAVED, Ariba Shahid, Shilpa Jamkhandikar, Raju Gopalakrishnan Organizations: Monetary Fund, South, IMF, BANK OF PAKISTAN, SBA, State Bank, EFF, Capital, UL HAQ, OF PUNJAB, Pakistan, ARIF, Thomson Locations: Pakistan, ASIA, KARACHI, ISLAMABAD, LAHORE, PAKISTAN

☆ Factbox: What Pakistan needs to do under the IMF programme
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

KARACHI, Pakistan, June 30 (Reuters) - The International Monetary Fund and Pakistan have struck a staff-level agreement for the provision on $3 billion in bailout funds under a stand-by arrangement (SBA). The deal comes under an SBA instead of Pakistan's Extended Fund Facility (EFF) programme that the country entered in 2019 and which was set to expire on Friday. MORE FUNDING- Despite the larger than expected IMF bailout, the agreement stressed that Pakistan will have to continue to mobilise multilateral and bilateral financial support. Over $9 billion in climate-related pledges were made to help Pakistan recover from devastating floods in 2022. - Pakistan needs $22 billion to fund its external payment obligations, including international debt servicing, in the financial year 2024, that starts on Saturday, July 1, and ends on June 30, 2024.

Persons: Gibran Peshimam, Raju Gopalakrishnan Organizations: Monetary Fund, SBA, IMF, EFF, United Arab Emirates, Thomson Locations: KARACHI, Pakistan, Saudi Arabia, China

Islamabad is racing against time to unlock $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed in 2019. -The ninth review is to release a tranche of $1.1 billion, leaving about $1.4 billion on the table in unlocked funds. It is unclear if an IMF agreement would release the entire amount. -National elections are due by November this year and the government has said the decision to enter a new IMF programme will be a decision for the incoming administration. -Hopes of a last-minute bailout rose following meetings between Sharif and IMF Managing Director Kristalina Georgieva in Paris this month, followed by marathon meetings between IMF staff and finance ministry officials.

Persons: Shehbaz Sharif, Kristalina Georgieva, Ariba Shahid, Conor Humphries Organizations: Pakistani, International Monetary Fund, IMF, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Sharif, Paris, Karachi

The average pawn shop loan in the US is about $150, according to the National Pawnbrokers Association. Due to the nature of pawn loans, it's common for borrowers to roll over their pawn shop loan or take out a new one. For example, Castle Jewelry and Pawn of Richmond, Kentucky states that they charge 20% interest on their pawn shop loans. In a situation where you require immediate cash but don't fit the qualifications for a traditional short-term loan, a pawn shop loan might be appropriate. Pawn shop loan FAQsCan I get a pawn shop loan with bad credit?

Persons: —, you'll, You'd, They're, you've, you'd, Bernstein, Jorey Bernstein Organizations: Service, U.S . Department of, National Pawnbrokers Association, Consumer Financial Protection Bureau, Chevron, Bernstein Investment Consultants Locations: Virginia Beach , Virginia, Richmond , Kentucky

☆ ‘Hey, I Am a Human.’ In Sales, the People Are Battling the Chatbots.
▼ + stars: | 2023-04-14 | by ( Callum Borchers | ) www.wsj.com time to read: 1 min

The Nanit baby monitor uses a high-tech camera and software to track an infant’s sleep habits. It is like a $249 AI parent who stays up all night logging rollovers and breathing patterns, and doesn’t need coffee the next morning. So imagine shoppers’ surprise when they type a question into the Nanit website and get a response from a real person instead of a chatbot.

REUTERS/Thomas Suen/File PhotoJOHANNESBURG, March 28 (Reuters) - China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt & Road" infrastructure, according to a study published Tuesday. People's Bank of China (PBOC) swap lines accounted for $170 billion of the rescue financing, including in Suriname, Sri Lanka and Egypt. China's rescue lending is "opaque and uncoordinated," said Brad Parks, one of the report's authors, and director of AidData, a research lab at William & Mary College in the United States. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ Investing isn't free. But here's why 20% of investors think it is
▼ + stars: | 2023-03-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Investment fees may be a worthy addition to that list in the modern era — though not all investors are aware of this near-universal fact. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. watch now"And that makes you much less sensitive to the fees you're paying — in amount and whether you're paying fees at all." Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

☆ Here's how after-tax 401(k) contributions can help with those big retirement savings goals for 2023
▼ + stars: | 2023-02-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesThe difference between after-tax and Roth accountsAfter-tax 401(k) contributions are different than Roth 401(k) savings. For 2023, if you're under 50, you can defer up to $22,500 of your salary into your plan's regular pretax or Roth 401(k) account. The percentage of plans offering a Roth 401(k) saving option has surged over the past decade. watch nowHowever, some plans offer additional after-tax contributions to your traditional 401(k), which allows you to save more than the $22,500 cap. In 2021, roughly 21% of company plans offered after-tax 401(k) contributions, compared to about 20% of plans in 2020, the survey found.

☆ Egypt's Sisi seeks to tamp down media clash with Saudi Arabia
▼ + stars: | 2023-02-09 | by ( Hatem Maher | ) www.reuters.com time to read: +2 min

Saudi Arabia along with other energy-rich Gulf states has long provided crucial funding to Egypt, upping support after Sisi took power nearly a decade ago, and as an acute financial crisis took hold last year. "The mean, the scoundrels and the nouveau-riche have no right to insult their masters," he wrote, drawing on derogatory stereotypes and claims of historical superiority. Another well-known Saudi commentator, Ali Shihabi, later tweeted: "Egypt is a black hole that will never close unless the govt is able to make material structural reforms." Tawfik's article has been removed from Al Gomhuria's website and replaced by an editorial lauding Egyptian-Saudi relations as "historic and eternal". Additional reporting by Nadine Awadalla and Aziz El Yaakoubi, Writing by Aidan LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Rollovers from a 401(k) plan to an IRA: Weigh these 7 factors first
▼ + stars: | 2023-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Investment funds in 401(k) plans are generally less costly than their IRA counterparts. That's largely because IRA investors are "retail" investors while 401(k) savers often get access to more favorable "institutional" pricing. watch nowOf course, not all 401(k) plans are created equal. For example, more than 30% of 401(k) plans disallow periodic or partial withdrawals by retirees, and about 36% disallow installment payments, according to the Plan Sponsor Council of America, a trade group. Company stockWorkers who own company stock in their 401(k) can get a tax benefit for keeping those holdings in-plan rather than rolling them to an IRA, Jenkin said.

☆ Column: Where to park the 401(k) when you switch jobs or retire
▼ + stars: | 2023-02-09 | by ( Mark Miller | ) www.reuters.com time to read: +5 min

When you change jobs or retire, you have three basic choices: leave your retirement account where it is, roll it over to a new employer or move it to a standalone individual retirement account (IRA). When does it make sense to leave a 401(k) plan behind? A rollover can make sense if you are in a 401(k) plan with poor investment choices or high fees. FOCUS ON THE FEESPew analyzed the difference between average institutional and retail share class expense ratios across all mutual funds that offered at least one institutional share class and one retail share class in 2019. There is also a case to be made for staying in your 401(k) plan - especially if you work for a large employer.

☆ China's cities are struggling to pay their bills from three years of Covid and a real estate crash
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Rolling lockdowns seriously dented household incomes, leading many to reduce spending, which in turn resulted in less tax revenue for local governments. “China’s runaway local debt poses a serious threat to the country’s overall economic health and will weigh heavily on China’s still-nascent recovery,” said Singleton. Debt that is backed by local governments but which doesn’t show up on their balance sheets could be much bigger. That’s more than 20% higher than the estimate of 53 trillion yuan made by Goldman Sachs in 2021. Their debt squeeze could pose a serious threat to China’s financial system, particularly to small regional banks.

To combat the issue of employees forgetting their old 401(k) accounts, Capitalize finds your old account(s) and coordinates the IRA rollover for you. If you indicate that you don't already have an IRA, Capitalize will walk you through opening one. While Capitalize can help you roll your old 401(k)s into a new IRA or an existing IRA, the platform can't help you roll your old account into your current employer's 401(k) account. Bottom lineOverall, Capitalize provides an accessible way for finding old 401(k) accounts and rolling them into an IRA. The platform's features account for some common hang-ups when it comes to 401(k) management, such as not knowing who holds their old 401(k) account or not having an IRA account to serve as a destination for the old 401(k) account's funds.

Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available Check mark icon A check mark. Competitive mobile and online offerings for digital investors and traders Check mark icon A check mark. Access to Certified Financial Planners at no additional charge Check mark icon A check mark. Low-cost, hands-off investment account that combines automated features with management from a team of human investment professionals Check mark icon A check mark. We compared nearly two dozen brokerages, placing heavy weighting on their advisory and trading fees, investment philosophy, investment options, and types of accounts available.

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