U.S. Markets closed
  • It’s harder than you think to spend down your 401(k) account in retirement
    Business
    MarketWatch10 hours ago

    It’s harder than you think to spend down your 401(k) account in retirement

    At a recent conference, retirement experts concluded that the lack of an easy drawdown mechanism in 401(k) plans was the major challenge facing the 401(k) system. In 2014, the Treasury Department and the IRS issued guidance that made longevity annuities accessible to 401(k) plans and that enabled target date funds to include annuity contracts either as a default or as a regular investment option. But individual plan sponsors feel under siege by lawsuits and see little payoff to being innovative. At the same time, Congress is unlikely to mandate that annuities be a part of 401(k) arrangements. So we are at a standstill. Millions of Americans — having been told that their retirement plans are automatic

  • Another retailer joins Sears in flagging 'substantial doubt' it can stay in business
    Business
    CNBC10 hours ago

    Another retailer joins Sears in flagging 'substantial doubt' it can stay in business

    Shares of luxury fashion brand Vince (NYSE: VNCE) tumbled nearly 40 percent Friday, after the company said it has "substantial doubt" about its ability to continue as a going concern for the next 12 months. Its warning comes roughly one month after struggling department store Sears (NASDAQ: SHLD) made the same statement in its annual filing with the Securities and Exchange Commission. A change in accounting regulations that went into effect during the first quarter now requires management teams to assess whether there are "conditions or events" that raise substantial doubt about their company's ability to stay in business for the next year.

  • U.S. Steel: And the Cuts Keep Coming
    Business
    barrons.com7 hours ago

    U.S. Steel: And the Cuts Keep Coming

    U.S. Steel (X) lost a quarter of its value on Wednesday when it reported a surprise loss, and while some analysts have tried to defend the company, others have thrown in the towel. Illustration: Agence France-Presse/Getty Images Deustsche Bank, for instance, cut U.S. Steel to Hold from Buy yesterday, and today, Macquarie's Aldo Mazzaferro slashed his rating to Underperform from Neutral, a move that even I could see coming from a mile away. When U.S. Steel reported, Mazzaferro noted that he was "very disappointed," especially because he had only recently upgraded its shares to Neutral from Underperform. "We remain concerned that the company’s high-fixed costs, amplified by weak volumes and pricing,