Secret Service Gives Back Elderly Woman’s Stolen $950,000 Life Savings
Cybercrime Victim Gets Life Back on Track An elderly man, a victim of cybercrime, can finally breathe a little easier after investigators transformed his circumstances. Janet Voss, 71, from Bennington, Vermont, shared that she became overly concerned about her finances when a cyber scammer took away $950,000 of her life savings nearly four years ago. […]
Older adults alerted that savings accounts may be shut down due to inactivity, even with interest.
Many Americans think their money is safe in trusted banks or credit unions, and they often assume it’s a simple, set-it-and-forget-it situation. But this mindset might actually put their funds at risk. Just last week, my cousin reached out to me in a panic. She’s a retiree who had invested her life savings—over six figures—into […]
90-year-old man in Los Angeles loses over $800K in life savings to a scam
A 90-year-old man in Los Angeles, Irving Rosenberg, recently found himself in a tough situation after scammers managed to steal $814,000 from his bank account. Rosenberg, who struggles with hearing, walking, and occasionally memory issues, discovered fraudulent withdrawals from his account starting last April. The losses rapidly depleted most of his life savings, as reported […]
U.S. Treasury Department holds Trump Accounts Summit to launch national savings initiative
Trump Account Summit Highlights New Savings Initiative This week, a much-anticipated event, the Trump Account Summit, took place in Washington, DC. It was organized by the U.S. Department of the Treasury with the aim of launching a new savings initiative that has been garnering a lot of attention. The initiative focuses on creating tax-advantaged savings […]
Previous revenue commissioner violated state law in managing Alaska’s savings, review concludes.
Investigation Uncovers Breaches in Alaska Investment Decisions Last summer, an investigation prompted by Governor Mike Dunleavy found that former Alaska Revenue Commissioner Adam Crum strayed from established national guidelines. The inquiry revealed he skipped crucial due diligence when allocating millions from state savings into private equity funds. WilmerHale, a law firm based in Washington, D.C., […]
Hotel bathrooms have had doors taken off for savings, and travelers are unhappy.
Trendy Hotel Bathrooms: A Shift Towards Openness Hotel room designs are changing, and it’s catching a lot of travelers off guard. Instead of the traditional hinged bathroom doors, many hotels are opting for sliding panels, frosted glass, curtains, or, in some cases, completely open spaces combining the bathroom and sleeping area. According to reports, rising […]
Liz Weston: Selling off too much of your savings may leave you without enough for retirement
Dear Liz: We intended to keep saving for retirement until our mid to late 80s. Now, unexpected home repairs are coming up that could cost us tens of thousands. I’m wondering if I should take money out of my retirement savings and deal with the 22% tax hit, or maybe consider a home equity loan, […]
Retirees Discover That a $1 Million Savings at 62 Only Provides $29,630 in Actual Spending Power
Understanding Retirement Savings and Inflation Pressures The iShares Treasury ETF (TLT) has dropped by 31% in the last decade, while the S&P 500 (SPY) has seen an impressive rise of nearly 194%. This decline in TLT coincides with the increase in the 10-year Treasury yield, which surged from 2% to 4.30%. It’s becoming increasingly difficult […]
Ways for New Retirees to Increase Spending Without Endangering Their Savings
If you’ve recently retired or are about to do so, it’s definitely time to consider how best to use your savings. Why it matters: Researchers at Morningstar are providing insights for new retirees on where to begin. According to their latest State of Retirement Income report, the safe withdrawal rate for those retiring in 2026 […]
I run a pool business in Phoenix and contribute the maximum to my IRA annually. I believe a SEP could be a better option for retirement savings, but my CPA disagreed. Who is correct?
Question from a Small Business Owner A small business owner running a pool service in Phoenix, Arizona, inquires about their eligibility for a SEP IRA despite their CPA’s suggestion that they do not qualify. They mention contributing to an IRA up to the maximum amount annually and seek advice on this matter, having researched the […]