Wednesday's top personal finance stories.
For the third consecutive week, the weekend promises to be decisive for the banking sector, as investors fear that Silicon Valley Bank's difficulties will spread. On March 10 regulators had to shut down the bank, resulting in the second-biggest bank failure in American history, after the collapse of Washington Mutual in the financial crisis of 2008. The crisis also reached Europe, pushing the Swiss government to force UBS to urgently buy its compatriot Credit Suisse for the modest sum of $3.24 billion.
The brokerage’s stock has plunged by more than a third this year as customers yank cash from low-yielding “sweep” accounts. What’s ahead.
Roth IRAs are one of the many ways you can save for retirement. Their key benefit – you can withdraw funds in retirement without paying taxes on the distributions – has made them very popular among tax-savvy investors. Still, there … Continue reading → The post Roth IRA Withdrawal Rules and Penalties appeared first on SmartAsset Blog.
Recent turmoil = a more bullish outlook? Here's how
Total household balances in retirement accounts for those 55 to 64 years old are $413,814 on average, according to its estimates based on 2019 data, the most recent available. “For many, the expectation of retirement doesn’t match the facts of their everyday financial lives,” said Larry Raffone, chief executive of Edelman Financial Engines. Dana and Elsie Jones hoped to become snowbirds in retirement, living half the year in Florida.
The fall of 167-year-old Credit Suisse , which UBS committed to acquire on March 19, has thrown the European banking world in crisis. Shares of Stoxx Europe 600, which is made up of the 600 biggest banks in Europe, are down 4% from a month ago while German giant Deutsche Bank 's stock has been falling for three consecutive days. Over the last few years, Deutsche Bank in particular has been through a lot of tumult.
Determining when to retire can be tough. There are various factors to consider, including your financial situation, your health, and the lifestyle you wish to enjoy once you retire. While the decision of when to retire is personal to you, … Continue reading → The post When Do People Retire on Average appeared first on SmartAsset Blog.
Tesla wants to continue to dominate the automotive industry in the coming years. After seeing the rivals get closer, Elon Musk's group has unleashed an offensive in recent months to repel them. Tesla has lowered the prices of all its models, from the popular Model 3 and Model Y to the very luxurious Model X and Model S.
Market turmoil is sending nervous investors into cash, but there are several options better than parking it in a mattress.
Required minimum distributions (RMDs) are the minimum amount that you must withdraw from certain tax-advantaged retirement accounts. They begin at age 72 or 73, depending on your circumstances and continue indefinitely. There is, unfortunately, no age when RMDs stop. You … Continue reading → The post At What Age Do RMDs Stop? appeared first on SmartAsset Blog.
Cathie Wood, ARK Invest unloaded $27 million in Tesla stock Thursday to buy the dip on Coinbase as shares tumbled following a SEC warning.
Citi really fears the "knock-on impact from various media headlines on depositors psychologically," regardless of whether the initial reasoning was correct.
All deliberations are at an early stage and an expansion of the Federal Reserve's emergency lending program is one of the many considerations by officials to support the failing lender, the report said, citing people with knowledge of the situation. While any changes to the Fed's liquidity offerings would apply to all eligible users, the adjustments could be designed to ensure that First Republic benefits from the changes, Bloomberg said. Representatives for the U.S. Treasury, Federal Deposit Insurance Corporation (FDIC) and First Republic Bank declined to comment.
Tidjane Thiam says the controversial decision by Swiss authorities will mean U.S. and Asian lenders could come out of banking crisis stronger.
A big drop in demand for diesel fuel may be due to slowing economic growth in the U.S., especially in the heavy industry and construction sectors.
Patience is key in any real estate venture.
The market rally attempt rose in a volatile week, but hasn't broken out or broken down. Here's what to do. Microsoft and Tesla are near buy points.
The billionaire is upset that Twitter's San Francisco offices were a ghost town on Wednesday, despite rolling out a return-to-office mandate last November.
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If you're planning on making tax-deferred retirement accounts the last pot of money you tap after retirement, you've got a lot of company. And why not? The idea that your 401(k) or traditional IRA can keep growing and churning out … Continue reading → The post Want to Minimize Retirement Taxes? Don't Follow This Popular Strategy appeared first on SmartAsset Blog.
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