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    Sporrer/Rupp | Image Source | Getty Images Market drops may stoke retirees' fears that they will no longer have enough assets to live on. But it turns out that may not be the biggest financial risk they should be watching for in retirement. Instead, longevity — the prospect retirees may live longer than expected and run out of money — is actually the biggest financial threat, according to recent research from the Center for Retirement Research at Boston College. The paper ranked both actual and perceived risks for retirees. Market risk ranked at the top of retirees' perceived risks, which researchers wrote "reflects retirees' exaggerated assessments of market volatility." Older adults discounted the top objective risk, longevity, due to being "pessimistic about their survival probabilities." Longevity and the market, which accounts for investment and housing conditions, are just two of five major retirement risks individuals and couples face. The other three are health, family and policy risks. More from Personal Finance:More Americans living paycheck to paycheck due to inflationConsidering a job change? How to make your resume stand out1 in...
    Cheerful female entrepreneur watching movie on laptop. Beautiful young woman is spending leisure time at home. She is sitting with legs crossed on sofa.Morsa Images | Digitalvision | Getty Images Amid the "Great Resignation," many people continue to relish the idea of being their own boss. While autonomy and flexibility can be alluring, there are also important financial considerations. This is especially important advice given that new business applications remain historically strong, albeit down 2.5% in June from the prior month, according to U.S. Census Bureau data adjusted for seasonal variation. Applications for new businesses hit a record 5.4 million in 2021, and despite recent headwinds, the number of applications through June remains well ahead of the comparable six months in 2018, 2019, and 2020, Census Bureau data show. Here are five things to contemplate before hanging out your shingle.The economics and business expenses While setting out on your own can be rewarding money-wise, it can also be a financially risky move. Consider whether you can afford to give up a regular paycheck and if you can stomach the uncertainty. "You have to be comfortable...
    A CRYPTOCURRENCY expert has revealed why retirees should not invest their savings in traditional digital currencies such as Bitcoin. Moe Vela, a former senior advisor to Joe Biden, exclusively told The Sun that he couldn’t imagine investing retirement money into something that’s so volatile.   3Moe Vela, a former advisor to Joe Biden, told The Sun that he couldn't imagine investing retirement savings into traditional cryptocurrencies such as BitcoinCredit: Moe Vela 3Digital currencies such as Bitcoin are renowned for their volatilityCredit: Reuters Vela's warning comes amid reports that Fidelity Investments has offered pension holders the opportunity to put up to 20 per cent of their 401 (k) savings and contribution into Bitcoin. A survey of 2,000 adults conducted by Talker revealed that three in five would allow employers to invest part of their pay packet into a cryptocurrency of their choosing. And, 68 per cent said they would be comfortable with digital currency forming some part of their retirement portfolio. Vela branded the volatility of traditional cryptocurrencies “overwhelming”. read more on cryptocurrencyCRASHING OUT Bitcoin's richest trader loses $100m a...
    The late Pamela Hixon of Leipsic, Ohio, was eager to retire from her job running a hospice agency. Soon after she quit, however, Hixon spiraled into depression and anxiety. She sought help from counselors and her pastor, but it wasn’t enough. Six months after retiring, she took her own life. “She lost purpose, she lost significance, she lost a sense of meaning in her life,” says her son Tony Hixon , a Findlay, Ohio-based wealth manager who wrote about the experience and how it transformed his financial planning practice in a book, “Retirement Stepping Stones: Find Meaning, Live with Purpose, and Leave a Legacy.” Overall, retirees are a contented bunch and many report being happier in retirement than they were at the end of their careers. Older adults are less likely than younger people to experience major depression, says Brent Forester, president of the American Association for Geriatric Psychiatry. Nonetheless, retirement often involves significant losses — of identity, purpose, structure and social contacts — that can trigger depression and other psychiatric illnesses, says Forester, who also heads the geriatric psychiatry...
    Virginia police officer fired after donating to Kyle Rittenhouse defense fund Facebook Busts Shadowy Hacker Groups Targeting Palestinian Politicos WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that companies setting ambitious carbon reduction targets are already helping financial institutions manage climate-related risks and helping support a transition to a low-carbon economy. © Reuters/Jonathan Ernst FILE PHOTO: Yellen holds a news conference in Washington In remarks to a Glasgow Finance Alliance for Net Zero event, Yellen such corporate commitments align with the Biden administration's policy objectives. Video: Economist discusses uncertainty about global oil demand (CNBC) Economist discusses uncertainty about global oil demand CNBC See more videos SHARE SHARE TWEET SHARE EMAIL What to watch next How you can save $1 million for retirement USA TODAY How much the most populous states pay mail carriers GOBankingRates Creepy ways your company can spy on you while you work from home Veuer Major companies suspend social media advertising over online hate speech CBS News Women and retirement planning Money Talks...
    The pandemic is still raging. Colleges are reopening in-person. What comes next? Biden to Seek Five-Year Extension of Arms Pact with Russia What Could 2021 Hold for Your Finances? Last year put a lot of our financial strategies to the test. Volatility that plagued the markets for the past few years was exacerbated by the COVID-19 pandemic, which is still raging nearly 12 months later. Many people watched as their investments and retirement savings wildly fluctuated, while others dealt with more pressing issues, such as unexpected unemployment and tapping into emergency funds just to get by. © Provided by Kiplinger SEE MORE COVID-19: A Once-in-a-Lifetime Chance to Change Our Spending Habits I think it’s safe to say that many of us are ready to leave 2020 – and the financial, mental and physical strains it brought – behind. But according to a recent Allianz Life study, while many of us would like to move on, the vast majority of Americans expect market volatility to continue this year. At the same time, they are trying to navigate the...
    One sector is flourishing during the pandemic: K-12 private schools Travel recommendations, restrictions likely to extend through Christmas: Fauci Mohamed El-Erian sounds the alarm on brewing bond-market risks that could plunge the most vulnerable companies into bankruptcy © Reuters/Lucy Nicholson Reuters/Lucy Nicholson Economist Mohamed El-Erian cautioned investors about the risk of rising corporate bankruptcy rates in an interview with Bloomberg TV on Friday. While many investors are ignoring short-term market risks in the hopes that 2021 will be met with a swift vaccine deployment and economic recovery, El-Erian said the time between now and a rollout of the vaccine matters. "People have got to be very careful, especially in high-yield credit, and in emerging markets," he said. Visit Business Insider's homepage for more stories. Many investors have chosen to look past short-term market risks in the hopes that 2021 will be markedly more upbeat. Yet, Mohamed El-Erian warned investors that the interim journey to the vaccine will be a difficult time, particularly for investors in high-yield credit. He told Bloomberg TV on Friday...
    State-by-state breakdown of coronavirus travel restrictions South African police fire tear gas, rubber bullets and water cannons at anti-racism protesters in front of high school Wish IPO prospectus reveals heavy risks tied to e-retailers reliance on China Wish filed its IPO prospectus on Friday, warning of potential risks tied to a reliance on China. Most of the discount marketplace's sellers come from China. Revenue in the third quarter rose 33%, and the company said many shipments are still delayed because of supply chain disruptions related to the coronavirus pandemic. © Provided by CNBC E-commerce marketplace Wish filed its IPO prospectus Friday, and gave investors who may be concerned about an overreliance on China plenty of reasons to be skeptical. Load Error Wish, founded in 2010, is an online marketplace that features a variety of discounted goods, ranging from cheap homewares and apparel to electronics and toys. The app offers a slew of products for just a few dollars as a way to target low- to middle-income consumers with more affordable options than they can find on...
    Former White supremacist: This is how to tackle hate and bigotry (Opinion) Opinions | Trump may be headed out the door, but Saudi Arabia’s global enablers remain The Fed is set to take on a new challenge: climate change In recent days, several Fed officials have spoken regarding the importance of assessing the financial risks from climate change. The Fed's financial stability report mentioned the issue for the first time. "We think this is a very big statement from the Federal Reserve," said Steven Rothstein, managing director of the Ceres Accelerator for Sustainable Capital Markets. © Provided by CNBC Extinction Rebellion environmental activists protest around Bank Junction in the financial district on the 7th day of their ‘October Rising’ campaign on October 14, 2019 in London, England. The Federal Reserve is going green, and that could mean a substantial change for the way financial institutions have to prepare for the unexpected. Load Error In recent days, several central bank officials have spoken about the importance of taking climate change into effect when considering dangers posed to...
    US Coronavirus: More than 20 states report an uptick in new Covid-19 cases after US tops 200,000 deaths McDonalds customers are furious over the loss of All Day Breakfast, but workers and franchisees are pushing for it to disappear forever Kuwait Gets First Moody’s Downgrade Over ‘Liquidity Risks’ (Bloomberg) -- Kuwait was downgraded for the first time by Moody’s Investors Service, a decision the ratings agency said reflects the increase in the government’s “liquidity risks.” The sovereign credit rating was cut two levels to A1, the fifth-highest investment-grade level and on par with China and Saudi Arabia, according to a statement on Tuesday. Moody’s now ranks Kuwait two steps lower than Fitch Ratings and one below S&P Global Ratings, which lowered its own assessment of the country in March for the first time ever. Kuwait’s dollar bonds fell, with the yield on the $3.5 billion security due 2022 rising 14 basis points to 1.08%, the highest since June. © Bloomberg Free Fall Moody’s projects net sovereign issuance of up to 27.6 billion dinars ($90 billion) would be needed to...
    Lionel Messi and Barcelona are heading for a huge legal battle over a clause in his contract that the Argentine says allows him to leave for free A history of US military aircraft from WWI to today 5 Huge Risks in Retirement and What to Do About Them Retirement should be one of the best times in your life. But older Americans face some substantial risks -- and if you aren't prepared for them, they could turn your later years into a stressful time instead of a reward for a lifetime of hard work. © Provided by The Motley Fool 5 Huge Risks in Retirement and What to Do About Them The Center for Retirement Research has identified five specific big risk factors retirees often face and need to plan for.  © Getty Images Senior couple sitting on a bench on the beach. 1. Longevity risk Longevity risk is defined as outliving your projected lifespan. If you live longer than your savings, you could struggle to get by on Social Security alone, which would provide income that's just barely...
    Bolivias interim president has COVID-19 but ‘feels strong’ Astrologer Walter Mercado Gave Us Hope for a Better Tomorrow Stock-market risks for remainder of 2020 ‘are completely to the downside,’ says BofA analyst KEY WORDS © Getty Images It’s a bearish call from an analyst who ‘wouldn’t paint [herself] as a bear.’ Many analysts have spent the past few weeks advising investors to buy the dips and pointing to unprecedented levels of fiscal and monetary stimulus, among other things, as reasons to be bullish on stocks. Not BofA head of equity research Savita Subramanian. On a midyear outlook briefing conducted this week via webinar, Subramanian explained that her year-end target for the S&P 500 (SPX) is 2,900, implying an 8% decline from current levels. She offered one bull case for stocks — that they’ve rarely been so attractive, relative to bonds — but also noted a litany of headwinds. ‘I wouldn’t paint myself as a bear, but the risks between here and year-end are completely to the downside.’ — Savita Subramanian, BofA She added, referring to the effort to resuscitate...
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