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7 Reasons Not to Move When You Retire

Chris Kissell

Sunny skies and warm breezes sound great. But in reality, you might be better off retiring closer to home.

Latest Stories

  • SAP Stock Plunges On Coronavirus Revenue Warning, Oracle Stock Falls

    SAP stock tumbled on Monday after the software maker slashed this year's revenue forecast and warned that the coronavirus emergency would hurt business in 2021. Oracle stock also fell.

  • Apple Earnings This Week: What Wall Street Is Saying

    Apple on Thursday is expected to report earnings of 71 cents a share on revenue of $64.16 billion. Here's a sample of Wall Street's commentary.

  • I Refinanced My Mortgage. Here’s What Happened to My Credit Score

    When interest rates started to drop in the spring of 2020, my husband and I took notice. We watched as the rates on both fixed-rate and adjustable-rate mortgages continued to…

  • How much switching to an electric vehicle could really save you

    Buying an EV can be daunting, but a new report shows how worthwhile the investment can be.

  • US Did Not Benefit From Trade War With China: WSJ

    President Donald Trump's trade war with China did not achieve the objective of boosting manufacturing in the U.S., the Wall Street Jornal reports.What Happened: Manufacturing activity in the U.S. has not reversed despite billions of dollars in tariffs to discourage importing Chinese manufactured goods.The trade deficit with China reduced in 2019. Still, the overall trade balance has soared to a record $84 billion in August as U.S. importers shifted to imports from Vietnam, Mexico, and other countries. Since the pandemic, China's trade deficit is back to where it was at the start of the Trump administration.The goal of reshoring factory production to the U.S. is unfulfilled as job growth in manufacturing slowed since July 2018, while the manufacturing activity peaked in December 2018.Why It Matters: Trump's trade advisers say that the tariffs of $370 billion on Chinese goods have succeeded in forcing China to agree to phase one trade deal in January and will end China's unfair practices over time. Industry analysis by the Federal Reserve shows that tariffs helped boost employment by 0.3% by protecting domestic industries exposed to cheaper Chinese imports.Those gains were more than offset by higher costs of Chinese imports due to tariffs, cutting manufacturing employment by 1.1% in the U.S. The retaliatory tariffs by China on the U.S. exports reduced domestic factory jobs by 0.7%.According to Peterson Institute for International Economics trade expert Chad Bown, President Trump is not the first to use tariffs to protect industries, but this is the biggest use of tariffs since the Great Depression.Image Courtesy: WikimediaSee more from Benzinga * Click here for options trades from Benzinga * European Markets Today: Indices Plunge On Fears Of New COVID-19 Restrictions Hurting Economy * AstraZeneca COVID-19 Vaccine Data Shows Promising Signs In Older Age Group: FT(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Covid Roundup: AstraZeneca's Positive Vaccine Data; Moderna's New Deal

    AstraZeneca posted positive interim Phase 2 testing data on its Covid-19 vaccine candidate in older adults, while Moderna inked a supply contract with Qatar, as MRNA stock, AZN stock rose.

  • BHS collapse: 'I was in charge of millions, then I had nothing'

    Four years on from BHS's collapse, has the audit industry, criticised for not spotting problems, changed?

  • It’s been years since investors have been this fearful of a stock market crash, Nobel-winning economist warns

    Robert Shiller, a Nobel Prize-winning economist and Yale University professor, urges investors to take a cautious approach to the top-heavy stock market in a recent op-ed for the New York Times.

  • Dunkin' Brands is said to be near an $8.8 billion deal to go private — why it's not a shock

    The Inspire Brands team looks to be nearing its latest big buy, Dunkin' Brands.

  • Jack Ma Says Ant Group's IPO To Be 'The Largest In Human History'

    Ant Group's dual initial public offering listings in Shanghai and Hong Kong will be the world's largest, Alibaba Group Holding Ltd (NYSE: BABA) founder Jack Ma said Saturday, as reported by CNBC. What Happened: The IPO was priced Friday night but Ma didn't spell out the numbers, which are due to be announced next week, according to CNBC."It's the first time that the pricing of such a big listing -- the largest in human history -- has been determined outside New York City," said Ma at the Bund Summit in Shanghai. The Chinese billionaire called the offering a "miracle," saying, "we didn't dare to think about it five years ago, or even three years ago."Ma also called for banking reforms and called for a new more inclusive universal banking system, to be based on big data, to be set up to aid small businesses and individuals.Why It Matters: The IPO of the Alibaba-backed company could generate nearly billion in proceeds, which would make it the world's biggest IPO ahead of Saudi Aramco's $29.4 billion. Aramco's Dec. 2019 offering had beaten Alibaba's to snatch the biggest IPO crown.Singapore's sovereign wealth fund, GIC Private Limited, could reportedly invest over $1 billion in the two listings. Existing Ant investor, Singapore's Temasek, has also expressed interest in the IPO, according to Reuters. Price Action: Alibaba shares closed nearly 1.2% higher at $309.92 on Friday and gained 0.11% in the after-hours session.See more from Benzinga * Click here for options trades from Benzinga * Quibi Shuts Down — The Idea Wasn't 'Strong Enough' Or 'Timing' Went Amiss, Says Leadership(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Madoff Whistleblower Flags Next Big Financial Scandals (RE-RELEASE)

    Harry Markopolos is the former derivatives professional turned independent financial fraud investigator who uncovered the $65 billion Bernie Madoff Ponzi scheme, only to be ignored by the SEC for over nine years. A vocal critic of the US regulator, Harry now has the audit world and insurance industry in his sights as the next big financial frauds yet to come to light.

  • Lee Kun-hee, who made South Korea's Samsung a global powerhouse, dies at 78

    Lee Kun-hee, who built Samsung Electronics into a global powerhouse in smartphones, semiconductors and televisions, died on Sunday after spending more than six years in hospital following a heart attack, the company said. Lee, who was 78, grew the Samsung Group into South Korea’s biggest conglomerate and became the country's richest person. "Lee is such a symbolic figure in South Korea's spectacular rise and how South Korea embraced globalisation, that his death will be remembered by so many Koreans," said Chung Sun-sup, chief executive of corporate researcher firm Chaebul.com.

  • How to shop your way to a $400,000 retirement

    IRARewards.com is being launched by BPAS, the retirement plan administration arm of Community Bank System (CBU) a regional bank valued at $3.2 billion and with $13 billion in assets, and EvoShare, a financial technology company. Set up an IRA with BPAS, download a “browser extension” from EvoShare, connect your accounts, and off you go. “Anything from yoga studios to restaurants—any brick and mortar store can opt in to this network,” says PBAS spokesman Brian Douglas.

  • Apollo Investor Revolt Swells Over Black’s Epstein Ties

    (Bloomberg) -- It keeps getting worse for Leon Black.Over the past week, Black’s giant investment firm, Apollo Global Management Inc., has confronted one question after another about his decades-long relationship with convicted sex offender Jeffrey Epstein.First, his own board ordered an external review prompted by Black himself. Then a Pennsylvania pension fund paused new investments -- and the state of Connecticut has done the same. One major consultant -- a gatekeeper to $160 billion of investor commitments -- has urged clients to hold off, and another is considering taking similar action.Clients who for years enjoyed some of the best returns on Wall Street are reconsidering their ties to Apollo amid renewed scrutiny over Epstein, spurred by a New York Times report earlier this month and given fresh attention from an unsealed deposition of Epstein associate Ghislaine Maxwell.Investors distancing themselves from the firm show how serious the issue has become for Black and his general partners. Some clients aren’t convinced that the review, which will be handled by law firm Dechert LLP, will be enough to clear Black’s name, according to people familiar with the matter.A freeze in new money could hurt Apollo at a time when it’s trying to raise $20 billion for several new funds. The pandemic-spurred turmoil in the credit markets is a prime investing opportunity for the firm, which is known for buying struggling businesses. Apollo is seeking to take advantage of market dislocations as well as invest in private debt, people with knowledge of the matter said in April.Black’s growing troubles reflect the changing politics of the investing world, where major funds have become more sensitive to environmental, social and governance matters. The new focus means that even the prospect of lucrative returns may not be enough of a lure in the midst of a scandal.“While performance is always going to be an important factor, increasingly it’s not the only factor,” said Gerald O’Hara, an analyst at Jefferies Financial Group Inc. “In some respects, there’s some willingness to sacrifice performance for a company that’s run with good governance, good ethics.”Investment adviser Aksia told clients not to give new money to Apollo, Bloomberg reported Friday, while Connecticut said it is halting new investments with the firm. Earlier in the week, the Pennsylvania Public School Employees’ Retirement System said it would stop making additional investments in Apollo for now, and consultant Cambridge Associates is considering not recommending the firm to its pension and endowment clients.While Black faced pressure in the immediate aftermath of Epstein’s arrest last year, investor angst was rekindled by a New York Times report that he had wired at least $50 million to Epstein after his 2008 conviction for soliciting prostitution from a teenage girl. The article didn’t accuse Black of breaking the law. Apollo shares have fallen about 12% since the story was published on Oct. 12.“We are firmly committed to transparency,” Apollo said Friday in a statement, noting that Black has been communicating regularly with investors. “Although Apollo never did business with Jeffrey Epstein, Leon has requested an independent, outside review regarding his previous professional relationship with Mr. Epstein.”In a letter to Apollo’s limited partners this month, Black said he deeply regretted having had any involvement with Epstein. Black said he had turned to him for matters such as taxes, estate planning and philanthropy, and that nothing in the Times’ report was inconsistent with an earlier description of their ties.Read more: Leon Black’s Epstein Links Threaten Apollo’s FundraisingIt will be tough for investors to cut ties completely with Apollo as private equity funds typically lock up capital for years -- a trade-off many are willing to make with the promise of high-flying returns. And unless the inquiry unearths something more damning, clients may ultimately decide to look the other way, said three investors who asked not to be identified.It’s particularly unappealing for clients to pull away given the firm’s stellar returns. Apollo’s flagship private equity fund, which opened to investors in 2001, has delivered annual gains of 44%, Bloomberg reported in January.But even yield-starved investors looking to pump more money into private equity may choose to go elsewhere in future, as rivals flood the market with new offerings.“It’s a very competitive race for capital and one thing that we continue to see in fundraising is it is in many ways more similar to a political process than a capital-raising process,” said Sarah Sandstrom, partner at Campbell Lutyens, which helps private equity firms raise money. “You are telling your story, creating relationships with investors.”(Adds previous comment from Black in 12th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Morning Bell With Jim Cramer: AMD, Nvidia Are Carving Intel Up

    Dow futures stocks slump as coronavirus infection rates hit new records in Europe and the United States. In the last episode of Mad Money, Jim Cramer told viewers they need to proceed with caution in what will likely be a volatile week for stocks. TheStreet's Katherine Ross and Cramer are on Street Lightning discussed AMD and Nvidia, writing off GAP, and buying Mattel.

  • U.S Mortgage Rates Fall to Yet another All-time Low

    Mortgage rates dipped to another all-time low in the week ending 22nd October. Expect COVID-19 and U.S politics to continue to influence in the week.

  • Amazon, Apple and Other Tech Companies Report Earnings This Week. What to Expect.

    The raft of earnings comes as large technology platform companies have come under increased scrutiny from regulators and politicians.

  • Hyundai Motor swings to quarterly loss as engine issues batter earnings

    South Korea's Hyundai Motor Co said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings. Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia Motors Corp, reported a net loss of 336 billion won ($297.72 million). The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls.

  • GE stock has been on a tear ahead of earnings, as analysts tout it as a COVID-19 vaccine play

    Shares of General Electric Co. surged to the highest price seen in four months before pulling back, as Wall Street has gotten a little more optimistic on the outlook ahead of the industrial conglomerate’s earnings report.

  • SAP Shares Collapse After Lockdowns Force Cuts to Revenue

    (Bloomberg) -- SAP SE shares dropped as much as 21%, the biggest intraday fall since 1999, after the software company cut its revenue forecast for the full year and said it expects a fresh wave of lockdowns to hurt demand through the first half of 2021.In a test for Christian Klein, who became sole chief executive officer in April, the pandemic will delay SAP’s goals for cloud revenue, overall sales and operating profit by one or two years, especially in hard-hit industries such as business travel, the Walldorf, Germany-based company said in a statement on Sunday. The drop in shares on Monday wiped 28 billion euros ($33.1 billion) off SAP’s market value.The drop-off in SAP’s cloud revenue is a sign that companies are putting off making major decisions about updating their software, as the pandemic continues to limit any global economic recovery.SAP said it expects limited growth and margin improvement over the next two years, and moved expectations to meet its 2023 strategy plan out to 2025. Klein said on a call Monday he expects a conservative recovery into the first half of next year.The previous outlook “assumed economies would reopen and population lockdowns would ease, leading to a gradually improving demand environment in the third and fourth quarters,” SAP said in the statement. “Lockdowns have been recently re-introduced in some regions and demand recovery has been more muted than expected.”The pessimistic short-term outlook from SAP risked a knock-on effect on the European software industry, warned analysts at Citi. Europe’s Stoxx Technology index fell as much as 6.3%, its biggest one-day loss since March.SAP now expects adjusted revenue of 27.2 billion euros to 27.8 billion euros ($32.2 billion to $32.9 billion) at constant currencies in 2020, lower than the earlier guidance of 27.8 billion euros to 28.5 billion euros. SAP also said it no longer sees a boost from business-travel related revenue this year in its Concur business.It’s difficult to find positive news in the results, Nicholas David, an analyst at Oddo BHF said Monday. “The warning on the mid-term ambitions was expected/feared by the market but the new ambitions are lower than the most pessimistic expectations,” he said in a note.Qualtrics IPOSAP said it is in the advanced stages of a listing for its Qualtrics software unit. It announced the decision in July to list the U.S. unit less than two years after buying the company for a record sum, a surprise u-turn signaling a strategic shift under Klein.“We are well advanced in the preparations of the Qualtrics IPO”, Chief Financial Officer Luka Mucic said on a call Monday. “Qualtrics has had a strong quarter which will set it up for further growth into next year.”New OutlookAdjusted cloud revenue is expected to be 8 billion euros to 8.2 billion euros in 2020, down from a previous estimate of 8.3 billion euros to 8.7 billion euros.Operating profit will be 8.1 billion euros to 8.5 billion euros this year, down from expectations of as much as 8.7 billion euros.SAP updated its mid-term ambition for total revenue to more than 36 billion euros in 2025 compared to its previous estimate of 35 billion euros in 2023.The company sees more than 22 billion euros in cloud revenue and over 11.5 billion euros in operating profit by 2025.Third QuarterThird quarter non-IFRS operating profit decreased by 12% year over year to 2.07 billion euros. That compared to the 2.15 billion-euro average estimate from analysts in a Bloomberg survey.Revenue in the period declined 4% to 6.54 billion euros compared to analysts’ average 6.89 billion euro estimate.Get MoreRead the full statement here.After Losing Co-Pilot, SAP CEO Plots Solo Path Through PandemicU.K.’s CMA to Start Antitrust Probe on Sinch, SAP Unit DealSAP Is Said to Tap Morgan Stanley, JPMorgan for Qualtrics IPO(Updates with context from paragraph three.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.