In this episode of Motley Fool Answers , the team shares some of their best tips for automating your financial life. They cover everything from insurance to retirement accounts and bills to budgeting.
Category: Personal Finance
Costly loans trigger lawsuit against RPM Mortgage
Home owners who believe they were coaxed into home mortgages at far higher interest rates than they should have paid have filed a class action lawsuit against their loan provider, RPM Mortgage, according to court records. Pictured: Rob Hirt, CEO of RPM Mortgage.
Why Single Women Are Buying Homes at Twice the Rate of Single Men
By 2007, Michelle Jackson, a 30-something writer in Denver, held a master’s degree, had traveled the world, and was enjoying her social life as a single woman. She also felt the pull to purchase her own home, a rite of passage she thought was reserved for the coupled.
BofA’s Merrill to Tell Clients How They’re Paying Their Brokers
Bank of America Corp., which has said it will stop offering commission-based retirement accounts as it prepares for new regulations, also plans to more clearly disclose fees that clients pay to the firm’s 14,000 financial advisers. The Merrill Lynch business will break out fees for asset management services and products including mutual funds, alternative investments and commodities when it mails January account statements later this week.
Deutsche Bank’s Bill for Russia Trades Reaches $629 Million
Deutsche Bank AG was fined $629 million by U.K. and U.S. authorities for compliance failures that saw the bank help wealthy Russians move about $10 billion out of the country using transactions that were likely thinly veiled attempts to cover up financial crime. The U.K. Financial Conduct Authority issued a 163 million-pound fine Tuesday, hours after New York’s Department of Financial Services fined the bank $425 million, for failures over the so-called “mirror-trades.”
2017 Tax Checklist: What to Gather Before Filing
Whether you hire a professional or do it yourself, you need certain information and documentation to file your tax return. Here’s a list of items taxpayers commonly need to complete the job.
Deutsche Bank Ends N.Y. Mirror-Trade Probe for $425 Million
Deutsche Bank AG has taken the first step to resolve allegations that it helped wealthy Russians launder billions of dollars, reaching a deal with New York’s Department of Financial Services that requires it to pay a $425 million penalty, the regulator said. The New York settlement, approved by the bank on Monday, resolves allegations that Deutsche Bank employees used a “mirror-trading scheme” to help wealthy Russians move $10 billion out of that country from 2011 through 2014.
Trump Pledges – Big Number’ on Dodd-Frank in Anti-Rule Push
President Donald Trump stepped up his criticism of financial regulations, pledging to go after the 2010 Dodd-Frank banking overhaul because he said the law has made it difficult for businesses to get loans. “We’re going to be doing a big number on Dodd-Frank,” Trump said Monday at an event with small business leaders at the White House.
Rates on US Treasury bills rise at weekly auction
Interest rates on short-term Treasury bills rose in Monday’s auction, with rates on six-month bills climbing to their highest level in four weeks. The Treasury Department auctioned $34 billion in three-month bills at a discount rate of 0.515 percent, up from 0.505 percent last week.
Portfolio Diversification in an Age of Heightened Uncertainty
Investors are smart: They believe markets don’t throw-up vagaries, but rather brutal concreteness. And they expect their investments to fall-in line.
Portfolio Diversification in an Age of Heightened Uncertainty
Investors are smart: They believe markets don’t throw-up vagaries, but rather brutal concreteness. And they expect their investments to fall-in line.
‘Can you hear me’ – scam or not?
Late this month, January 2017, news outlets across the United States have reported on a “can you hear me?” telephone scam. According to reports, the scam begins with an unsolicited phone call to potential victims.
Pending Home Sales Rise More Than Expected
Contracts to buy previously owned U.S. homes rebounded in December following a drop a month earlier, the National Association of Realtors said on Monday. The NAR said it pending home sales index, based on contracts signed last month, rose 1.6 percent to 109.0. Analysts polled by Reuters had forecast a 1.0 percent increase in December.
U.S. pending home sales increased in December
More Americans signed contracts to buy homes in December. The increase possibly reflects more people scrambling to purchase homes as mortgage rates have been rising and increasing the costs of ownership.
How to schedule your day for maximum productivity when you run…
Time is a precious commodity, especially when you’re a small business owner and it feels like there are always a million things to do. “Most small business owners don’t build time into their workdays for things that are not just run, run, run for the business,” Laura Vanderkam, time-management expert and author of ” I Know How She Does It: How Successful Women Make the Most of Their Time ,” tells Business Insider.
Social Security Spousal Benefits in 2017: What You Need to Know
Social Security retirement benefits aren’t just for retired workers. In many cases — almost 2.4 million, as of the latest data — spouses of retired workers get a larger benefit than they otherwise would.
Fidelity vs. TD Ameritrade: Best IRA Companies
Individual retirement accounts can be a great way to save for the future, offering tax efficiency and more choice than employer-sponsored retirement accounts. By opening a self-directed IRA , you’ll be able to choose from thousands of mutual funds, ETFs, stocks and other investments for your portfolio.
How Writing Personal Checks Can Expose You to Fraud
As an economic-crimes detective, I’ve had many of my discussions with friends turn to the risks associated with modern payment methods. It’s not unusual for someone to proudly proclaim, “That’s why I only use checks and cash!” But they’re shocked when I tell them there are probably more dangers associated with using checks, especially when they’re written to a business or unfamiliar person, than with most digital wallets or other payment apps.
7 Tax Breaks You Might Actually Be Able to Use
You may have heard about some of the great money-saving tax deductions allowed by the IRS. The deductions for mortgage interest, charitable contributions, and medical expenses can be especially lucrative if you paid these expenses.
Here’s What it Would Take to Make Social Security Great Again
For more than 75 years the Social Security program has protected the financial well-being of our nation’s retired workforce. Today, more than 41 million retired workers are receiving monthly benefit checks from Social Security, a majority of whom need that income to meet their expenses during retirement.
Charles Schwab IRA Review: Is It Right for You?
When you’re ready to start saving for retirement, opening an IRA may be a very wise choice. IRAs are one of the most flexible retirement accounts, and they have some particularly attractive tax benefits, too.
Brokers for IRAs: E*Trade vs. Vanguard
One is known as one of the first online brokers, and the other is famous for pioneering index funds, but they both help millions of people save for retirement with IRAs. In this article, we’ll compare E*Trade’s and Vanguard’s IRA accounts , based on factors like commissions, account fees, and investment selection.
When Should You Retire?
The short answer is when you’re financially and mentally prepared to do so, but there is much more to it than that. To retire comfortably, you’ll need to know how much retirement income your savings, pensions, and Social Security can sustainably create, as well as how your basic needs will be met, such as healthcare.
Don’t Get Sucked In by These 2017 Tax Scams
It can be hard enough to hand over some of your hard-earned dollars to Uncle Sam each year in taxes, but it’s even more painful if you fall for a tax scam and end up enriching some crooks. Learn more about common tax scams so that you can recognize — and avoid! — them.
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If you’re like most Americans, you’re going to rely on a mix of income sources in retirement, such as savings, pensions, work, and Social Security. In spite of this multi-income strategy, retirement costs, such as healthcare expenses, and inadequate savings, suggests there’s a real risk out living the money you set aside during your career.
2 Terrible Stocks for Retirees
Though it might not seem like it, the wisdom of Shakespeare’s line from Hamlet “to thine own self be true” applies to investing. As we age, our investment needs change.
4 Smart Ways to Boost Your Credit Score In 2017
Did you make a New Year’s resolution to improve your credit score in 2017? If you didn’t, maybe you should. Improving your credit score can literally save you tens of thousands of dollars in interest on your next mortgage, and it can make it much easier to qualify for the best auto financing and credit card offers.
4 Smart Ways to Boost Your Credit Score In 2017
Did you make a New Year’s resolution to improve your credit score in 2017? If you didn’t, maybe you should. Improving your credit score can literally save you tens of thousands of dollars in interest on your next mortgage, and it can make it much easier to qualify for the best auto financing and credit card offers.
What Is the FICA Tax, and Why Do I Have to Pay It?
If you’ve ever received a paycheck from your employer, you’ve probably felt a sense of accomplishment and disappointment all at once. The accomplishment comes in the form of the cash that’ll be flowing into your bank account, whereas the disappointment comes from the realization that you may owe quite a bit of tax on the wages you’ve earned.
Ready for Medicare? Not Until You Read This
Accordingto Fidelity Investments, a 65-year-old couple retiring this year will spend, on average, about $260,000 out of pocket on healthcare in retirement. One way to keep your healthcare costs in check is to be smart about Medicare and make savvy decisions.
81 Years of Social Security’s Maximum Taxable Earnings in 1 Chart
Social Security income is vital to the financial well-being of a majority of seniors during retirement. Data from the Social Security Administration shows that better than three in five retired workers rely on their Social Security benefits for at least half of their monthly income during retirement.
3 Facts About Baby Boomers’ Finances
Every year, the folks at the Transamerica Institute poll American workers to glean insight into baby boomers’ preparedness for retirement. The most recent survey offers up some interesting facts that anyone in their 50s ought to know.
Will 2017 Be Realty Income Corporation’s Worst Year Yet?
For the last five months of the year, the stock plunged by 20%. To put this into perspective, if this rate of decline were to continue throughout 2017, the stock would lose nearly half of its value in 2017, making it the worst year in the company’s NYSE-listed history.
Vanguard vs. TD Ameritrade: Opening an IRA to Save for Retirement
When you’re ready to start saving for retirement, opening an IRA account with a brokerage would be a logical first step. Many brokerage IRAs offer a vast assortment of investment opportunities in stocks, bonds, options, mutual funds, and ETFs, and make it possible to trade from the comfort of your own home.
3 Dumb Mortgage Moves
Interest rates have been inching up, with the 30-year fixed mortgage rate recently approaching4%. According to the Federal Reserve and general expectations, they’ll continue rising in the coming years.
RBS to Take $3.8 Billion Charge Tied to U.S. Mortgage Probe
Royal Bank of Scotland Group Plc said it will take a 3.1 billion-pound charge in its fourth-quarter results as it moves closer to resolving a U.S. probe into sales of mortgage securities before the financial crisis. The lender is continuing to cooperate with the U.S. Department of Justice on its investigation, though timing of a settlement remains uncertain, the Edinburgh-based bank said Thursday in a statement.
China Said to Require Banks to Curb New Loans in First Quarter
China’s central bank has ordered the nation’s lenders to strictly control new loans in the first quarter of the year, people familiar with the matter said, in another move to curb excess leverage in the financial system. The instructions from the People’s Bank of China included a request for banks to keep any increase in new mortgage lending in the first quarter below the increase seen in the fourth quarter of last year, the people said, asking not to be identified as the discussions are private.
Better Buy: Target Corporation vs. Home Depot Inc.
But the similarities don’t end there: They are also both big-box retailers that many retirees consider investing in given their dividend payments and lengthy operating histories. But which stock is the better buy today? There’s no way to answer that question with 100% certainty, but there are three different approaches you can take, and each will help you make a more informed decision for your own retirement portfolio.
Beware the Hedge-Fund Wipeout in Treasuries as Bearish Bets Soar
The “fast money,” made up of hedge funds and other speculators, upped its bearish bets like never before this month, based on futures data for five-year notes. At the same time, “real-money” accounts, composed of institutional buyers like mutual funds and insurers, did the opposite and built up their bullish positions in much the same way.
Beware the Hedge-Fund Wipeout in Treasuries as Bearish Bets Soar
The “fast money,” made up of hedge funds and other speculators, upped its bearish bets like never before this month, based on futures data for five-year notes. At the same time, “real-money” accounts, composed of institutional buyers like mutual funds and insurers, did the opposite and built up their bullish positions in much the same way.