Hong Kong retained its rank as the most expensive housing market among 406 major metropolitan regions in the annual Demographia International Housing Affordability Survey for the seventh year in a row. The median price of a home in Hong Kong last year was 18.1 times the median annual pretax household income, the survey showed.
Category: Personal Finance
Your 2017 Guide to Retirement Planning
Saving for retirement is a challenge many workers face, but without an amply funded nest egg, you risk running out of money as a senior. Let’s explore your options for saving for retirement so that you can get started as soon as possible.
How Steven Mnuchin Could Affect the Markets
This commentary originally appeared on Real Money Pro at 1:00 p.m. on Jan. 20. Click here to learn about this dynamic market information service for active traders. Donald Trump’s nominee for Treasury Secretary, Steven Mnuchin, had his Senate confirmation hearing yesterday.
Saving for College? Consider a Roth IRA
With college costs rising faster than inflation, more and more parents are actively saving to help cover those expenses. And while 529 plans have traditionally been promoted as the go-to college savings vehicle, there’s a lesser-known alternative it might pay to explore: the Roth IRA.
What You Don’t Know About Social Security Could Cost You
Social Security is America’s most popular “retirement plan” by far, but it’s poorly understood by millions of Americans — especially those who are yet to claim their benefit. To help you make smart Social Security decisions for you and your family, here’s a quick guide to how your Social Security retirement benefit will be calculated, how your retirement age affects your benefit, and whether or not your spouse may be entitled to a higher benefit than they think.
Why I’m Tracking Every Single Purchase I Make in 2017
I’m going to write about the “B” word today. No, not that “B” word — I’m talking about budgeting.
Worrying About Retirement and Social Security? You’re Not Alone
According to a recent survey by Transamerica, most workers think that the financial challenges they’ll face in retirement will be harder to overcome than the challenges that prior generations faced. Do you agree?Read on to find out workers’ top concerns about retirement and Social Security, and why they’re so concerned.
This Hasn’t Happened to Social Security in 36 Years
Social Security plays a vital role in the financial well-being of many of our nation’s seniors. According to national pollster Gallup, around 60% of current retirees who are taking Social Security benefits rely on those benefits in a “major” way each month.
Here Are the 4% Retirement Rule’s Major Flaws
While there’s no magic retirement savings number guaranteed to deliver financial security during your senior years, many near-retirees are advised to use the 4% rule to see if they’re on the right track. Although the 4% rule has a strong history of success, it’s far from perfect.
Personal Finance 101: Understanding the Ins and Outs of a 401
There’s no doubt about it: The employer-sponsored 401 is the most popular retirement tool for working Americans. According to data from StatisticBrain.com, as of 2015, 18% of all retirement assets were being held in 401 s, with the value of those assets totaling $4.5 trillion.
Investment advice? Or sales pitch? New rule will make that clear for investors
Saving small amounts of money can build up enough to invest. There are plenty of ways to get around the minimum investment hurdle at mutual funds.
Will 2017 Be Welltower’s Best Year Yet?
Despite the bumpy road for the stock price, Welltower’s business continues to do well and the company recently made some smart moves to set itself up for future growth. After the underperformance of 2016, can investors expect a big rebound in 2017? Welltower’s stock price was all over the place in 2016.
How to Prep (or Not) for Trump’s Proposed Tax Changes
Now that Donald Trump has been sworn in as president, changes might be on the way for the tax code. But it’s unclear what will change and how much.
AIG to Pay Berkshire $9.8 Billion in Insurance Transfer Deal
American International Group Inc. agreed to pay $9.8 billion to Warren Buffett’s Berkshire Hathaway Inc. to take on long-term risks from commercial policies written in prior years. The reinsurance deal covers 80 percent of the risks on certain U.S. policies from 2015 and earlier, representing reserves of about $34 billion as of Jan. 1, 2016, New York-based AIG said Friday in a statement.
Deutsche Bank Burden in Mortgage Settlement Eased by Fine Print
Deutsche Bank AG sought an unusual provision in its $7.2 billion mortgage-bond settlement with the U.S. government, and seems to have ended up winning it: the bank can pay down part of its penalty by lending money to fund managers. As part of the agreement, Germany’s largest bank has to provide $4.1 billion of relief for mortgage borrowers.
Deutsche Bank Burden in Mortgage Settlement Eased by Fine Print
Deutsche Bank AG sought an unusual provision in its $7.2 billion mortgage-bond settlement with the U.S. government, and seems to have ended up winning it: the bank can pay down part of its penalty by lending money to fund managers. As part of the agreement, Germany’s largest bank has to provide $4.1 billion of relief for mortgage borrowers.
May Insists Banks of – Huge Value’ as They Step Up Plans to Exit
Theresa May offered her strongest support yet for London’s financial district, insisting that banks are of “huge value” to the U.K. economy as executives signaled they were accelerating plans to move staff abroad after Brexit. “I value financial services in the City of London, and I want to ensure that we can keep financial services in the City of London,” the prime minister said in an interview with Bloomberg editor-in-chief John Micklethwait at the World Economic Forum in Davos, Switzerland, on Thursday.
How to Tackle the High Costs Of Long-Term Credit Card Debt
It takes 13 years to pay off a $5,000 credit card bill, if one pays the minimum monthly amount. How can cardholders cut that timetable down to size? That’s the sentiment from a study by CreditCards.com, which shows the states with the highest credit card burdens are: Buried in the report data is something even more revealing about credit card holders wrestling with high card debt, especially in the Sunshine State.
5 Facts About Stocks Every Retiree Should Know
Many retirees think that they should pull away from the stock market, mistakenly believing that the risks involved with stocks makes them unsuitable investments for a retiree’s portfolio. Yet the fact is that with retirees living longer than ever, having stocks in your investment portfolio is almost a necessity if you want your retirement nest egg to provide enough growth to meet your financial needs for the rest of your life.
Is Your Broker a Trusted Adviser or Just Another Salesperson? Finance Industry Wants it Both Ways
In a report Tuesday, two consumer groups said the same financial companies portraying themselves as trusted advisers to customers are arguing in court papers that they’re nothing more than salespeople. Want to drive your brokerage or insurance firm nuts? Send a letter telling them to put the stuff they say in their marketing and advertising in writing to you — or risk losing your business.
Lloyds Said to Pick Frankfurt for EU Subsidiary Following Brexit
Lloyds Banking Group Plc, Britain’s largest mortgage lender, is set to pick Frankfurt as its base to maintain access to the European Union’s single market following Brexit, according to a person with knowledge of the matter. The U.K. bank will choose to convert its German branch into a subsidiary and plans to apply for an extension to its banking license, said the person, who asked not to be identified because the details aren’t public.
Hedge Fund Shift From Reviled 2-and-20 Fees Spreads to Asia
The hedge fund industry’s shift away from the much-maligned 2-and-20 fee model is gathering steam in Asia. As investors worldwide are balking at hefty fees, Hong Kong hedge funds Myriad Asset Management and Ortus Capital Management are crafting alternatives that mark a radical departure from the industry practice of charging 2 percent of assets in management fees and 20 percent of profits.
Hedge Funds? Shift From Reviled 2-and-20 Fees Spreads to Asia
The hedge fund industry’s shift away from the much-maligned 2-and-20 fee model is gathering steam in Asia. As investors worldwide are balking at hefty fees, Hong Kong hedge funds Myriad Asset Management and Ortus Capital Management are crafting alternatives that mark a radical departure from the industry practice of charging 2 percent of assets in management fees and 20 percent of profits.
Canadian Pacific accelerates CEO’s retirement
Canadian Pacific Railway Ltd. is accelerating the retirement of CEO Hunter Harrison by about six months after he inquired about the possibility of working with other major freight railroads. The Calgary, Alberta, railroad said Wednesday that Harrison will forfeit roughly 118 million Canadian dollars in stock options and pension benefits as part of a separation agreement.
Women in New Mexico See Smaller Wage Gap but May Fall Short on…
There’s some good news for women living in New Mexico: On average, women there face one of the smallest differences in wages between the genders of any state in the country. But they still need to put away $1.18 for every $1 a man saves to accumulate an equivalent nest egg in retirement.
Women in New Mexico See Smaller Wage Gap but May Fall Short on…
There’s some good news for women living in New Mexico: On average, women there face one of the smallest differences in wages between the genders of any state in the country. But they still need to put away $1.18 for every $1 a man saves to accumulate an equivalent nest egg in retirement.
Pay Gap Closing but Women May Face Retirement Shortfall
Many Americans struggle to save for retirement, but the gender wage gap makes the prospects for women even more dire: The average woman must save $1.25 for every $1 a man invests to build an equivalent nest egg, a new study shows. For every $1 men earned in 2015, women, on average, made 80 cents, up from 77.5 cents in 2007, according to an analysis of the latest data available from the U.S. Census Bureau.
Pay Gap Closing but Women May Face Retirement Shortfall
Many Americans struggle to save for retirement, but the gender wage gap makes the prospects for women even more dire: The average woman must save $1.25 for every $1 a man invests to build an equivalent nest egg, a new study shows. For every $1 men earned in 2015, women, on average, made 80 cents, up from 77.5 cents in 2007, according to an analysis of the latest data available from the U.S. Census Bureau.
NY Women’s Wage Gap Smallest but Retirement Shortfall May Loom
Good news, women of New York: On average, you face the smallest difference in wages between the genders of any state in the country. The bad news: You still need to sock away $1.13 for every $1 a man in your state saves to enjoy the same size retirement nest egg.
CMHC to hike mortgage insurance premiums by an average of $5 a month
CMHC is ratcheting up its mortgage insurance premiums starting in March for new applications. Existing policies will see no change.
Polish Banks Gain as New Buffer Said Not to Raise Requirements
Poland’s new capital requirements, recommended by the country’s financial watchdog, won’t create an additional burden on lenders, a person with knowledge of the plans said. Bank stocks rebounded.
The One Thing Millennials Need to Know About Investing
The oldest millennials are now starting to enter their formative years in the workforce and the youngest of the group will soon graduate from high school. Millions of millennials are going to be making decisions about what to do with their finances and how much to spend or save for the future.
2 Stocks That Pay You Each Month
Investors seeking a monthly dividend payout are generally motivated by one of two factors: the slight advantage that monthly compounding offers over quarterly compounding, or the need for unearned income to be disbursed frequently throughout the year. In this article, we’ll cover two attractive companies issuing monthly checks to shareholders: EPR Properties EPR Properties is a real estate investment trust that invests primarily in properties related to the entertainment, education, and recreation industries in the U.S. and Canada.
Liz Weston: Retirement advice from retired financial experts
So I asked money experts who have quit the 9-to-5 for their best advice on how to prepare for retirement. They still faced curveballs when it was their turn.
Judges win claim over pension scheme changes
The government has lost a legal case over the way it changed the pension scheme for the UK’s judges in 2015. The central London Employment Tribunal has upheld a claim by 210 judges that they suffered age, race or sex discrimination during the change.
Escalation clauses can make the difference when bidding wars arise
Even though much of the District is in what we would consider a fairly normal market, with moderate price increases and a climate that favors neither buyers nor sellers, there are some pockets that remain hot sellers’ markets. Whether it’s the most sought-after neighborhood or a hard-to-find price point, the end result is often the same – a bidding war breaks out.
Crackdown on Aussie Banks Boosted Mortgage Standards, APRA Says
Australian banks have “appreciably improved” their mortgage-lending standards, the nation’s regulator said, as it left the amount of additional capital banks are required to hold as a buffer against the build-up of credit risk at zero. The pace of lending to property investors is currently at around half of the regulator’s recommended levels, and higher-risk mortgages — such as those with loan-to-value ratios of over 90 percent — had fallen, the Australian Prudential and Regulatory Authority said in its annual report on the operation of the counter-cyclical capital buffer.
Most Americans Are Dead Wrong About IRAs
There’s no such thing as a one-size-fits-all retirement plan. Because we all have specific, individual needs, what might work for one person might cause another to come up short financially when they’re older.
How a Roth IRA Can Help You Make the Most of Social Security
If you’re earning income by working, and also collecting Social Security, you might be missing out on a valuable strategy that can increase the likelihood of maintaining financial security in retirement. Are you making the most of your Social Security income? If you’re not contributing to a Roth IRA, the answer may be no.
Which Is Better: Lump Sum Payment vs. Defined Benefit Pension?
Here, they ponder two alternatives: take a lump sum payment now or the long-term annuity that pays out at a later date. To get to the bottom of this question, they also have to break down the health of the pension plan.