All older Americans, regardless of income, are at risk of financial abuse. Various studies estimate that seniors in the U.S. are scammed out of anywhere from $3 billion to $37 billion a year. Between 2013 and 2017, those over age 70 lost an average of $41,800 to elder financial exploitation, according to an analysis by
Personal finance
My 21-year-old sister, Janna McPartland, has a lot on her mind. Graduating from college. Finding a job. Dire predictions about global warming. The other day, I asked her how she was doing. “The planet is dying,” she said. I was surprised, then, when she showed eagerness recently in starting to save for her retirement. I’d
People waited patiently to be among the first to get into the Second Presbyterian Church sale in June. Jill Cornfield | CNBC If you love yard sales as much as you love bargain travel, there’s one Midwestern metropolis that’s a perfect match for you. Indianapolis, population 820,000 or so, boasts a number of the usual
ERproductions Ltd | Getty Images Democratic presidential candidate Bernie Sanders is proposing to wipe out an estimated $81 billion in past-due medical debt. Up to 80 million Americans could be impacted. “People definitely need to have their debt either forgiven or negotiated lower, so they can afford it without a hardship,” said Craig Antico, the
Steve Shepard | Getty Images Most people consider getting in to college a numbers game. However, in the wake of last year’s college admissions scandal, which underscored how much pressure parents and students feel to be accepted into elite universities, admissions directors are quietly turning their attention to something besides test scores. Today, “almost every
Pedestrians pass in front of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images The Great Recession has officially been over for a decade. For many Americans, there’s little reason to celebrate. Many people’s finances haven’t recovered from the recession’s blows, according to a survey by personal finance website Bankrate.com. “There are
Ken Fisher Crystal Mercedes | CNBC After a rough week, billionaire money manger Ken Fisher is apologizing. Fisher, who is best known to a broad audience for his distinctive TV ads, was accused in a viral tweet (well, as viral as a tweet in the financial advisor community can go) of making sexist comments while
Hero Images | Hero Images | Getty Images Certified financial planner Ken Waltzer has an older female client who suffers from congestive heart failure. Given the high cost of her prescriptions, Waltzer recently became concerned by how much money she and her husband were spending. “I suggested that maybe I should talk to her doctor
Matt Bird | Corbis | Getty Images Where is the future of financial advice headed? The answers always seem fraught with risk and uncertainty. While the bull market in stocks has gone a long way to helping the advice industry recover from the reputational fallout of the financial crisis, technology, demographics and regulatory confusion continue
Finding the right advisor to help with your financial needs and goals can be complicated. There are so many factors to assess. Many advisors will use a high asset under management as a selling point metric when marketing themselves to potential investors. However, AUM isn’t the whole story when a potential client is determining which
Squaredpixels | Getty Images It’s official: Your Social Security checks will get a modest increase next year. The Social Security Administration announced on Thursday that the cost-of-living adjustment for 2020 will be 1.6%. That number is less than what retirees have received in recent years. In 2019, they got a 2.8% bump, while in 2018
Democratic 2020 U.S. presidential candidate and former Vice President Joe Biden reacts during a campaign Community Event at Keene State College in Keene, New Hampshire, U.S., August 24, 2019. Elizabeth Frantz | REUTERS Democratic presidential candidate Joe Biden released his higher education plan on Tuesday, proposing to make two-year community colleges and other training programs
Hero Images | Hero Images | Getty Images If you’re still working well into your 60s, odds are you’re doing so to bolster your finances. More than 6 out of 10 people polled by Provision Living said that they’re working into retirement purely for financial reasons. The company, a provider of senior living communities, surveyed
When things go sideways, as they inevitably will, you’ll need cash. That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. Some experts even recommend tucking away even more. Is that even possible? Less
President Donald Trump announced that the U.S. has issued new sanctions on Iran’s central bank at the “highest level” while speaking in the Oval Office on September 20, 2019 in Washington, DC. Win McNamee | Getty Images President Donald Trump’s personal and corporate tax returns could give the public an inside look at his finances
Hero Images | Getty Images If you’re looking to get engaged, take heart: You might not have to shell out a lot for that bling. That’s according to a recent survey from TD Ameritrade, which found that the traditional rule that an engagement ring should cost three months’ salary could be going by the wayside.
Rep. Bill Pascrell, Jr., D-N.J., speaks during a House Democrats’ news conference on Wednesday, July 30, 2014. Bill Clark | CQ-Roll Call Group | Getty Images When Rep. Bill Pascrell, Jr., D-N.J., visited a senior living center in Englewood, New Jersey, last week, he had one main focus: Social Security reform. Speaking to a room
About 100,000 ex-employees of General Electric will face a choice soon: stay in the company’s pension plan or accept a lump sum and cut ties instead. Whether you count yourself among those former GE workers or are employed by another company with a similar option on the table, advisors say the decision shouldn’t be made
Emergencies occur. So, it makes sense to start putting money aside. Yet many Americans aren’t. In fact, 28% of Americans have no emergency savings, a July survey from personal financial website Bankrate.com found. “Financial emergencies will happen, it’s only a matter of when,” said Kathy Kraninger, director of the Consumer Financial Protection Bureau. More from
When something sounds too good to be true, it probably is. At odds with this old wisdom is a flood of investment information and recommendations to put your money where it supposedly will keep you safe and make you rich. Mirko Vitali / EyeEm | Getty Images The problem is, when you’re just starting out