Financial Planning

NASCAR legend Kyle Busch sues insurance company over $8.5M alleged retirement scheme

Financial Planning, Retirement

Kyle and Samantha Busch say Pacific Life and an insurance agent pushed them into a misleading insurance scheme.

LINCOLN COUNTY, N.C. — Two-time NASCAR Cup Series champion Kyle Busch and Samantha, his wife, have filed a lawsuit alleging they lost more than $8.5 million after being misled into purchasing complex life insurance policies marketed as safe retirement plans.

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The Quiet Expansion of the USA’s Bitcoin Balance Sheet

Financial Planning, Industry, Markets

It’s not every day the U.S. government quietly adds $15 billion in Bitcoin to its balance sheet – without authorizing a single purchase.

Last week, the Department of Justice announced the largest crypto forfeiture in U.S. history: roughly 127,000 BTC linked to an international fraud network led by Cambodian billionaire Chen Zhi. The Bitcoin was recovered from unhosted wallets and is now in federal custody.

At first glance, it’s a simple enforcement story. But look a little closer, and it’s something more consequential – a real-world example of how Washington’s Strategic Bitcoin Reserve (SBR) may begin to take shape in practice.

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How the One Big Beautiful Bill Act (OBBBA) Affects Investors | Zacks Investment Management Blog

Financial Planning, Retirement, Social Security, Taxes

Digging into the One Big Beautiful Bill Act

The One Big Beautiful Bill Act (OBBBA) has been signed into law, which makes now a good time to review how the law financially affects individuals, families, and businesses. Depending on where you look, you can find sweeping praise or stern criticism of the law’s provisions. I’ll offer no such viewpoint here.

My goal instead is to give readers straightforward, objective commentary on how the bill impacts household and corporate finances, which by extension can provide clues regarding potential investment implications.

I’d like to start with what has not changed. Despite some speculation during the legislative process,

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Avoid Sudden Moves In This Market | Zacks Investment Management Blog

Financial Planning, Markets

No Sudden Moves in an Event-Driven Market

In last week’s Mitch on the Markets column, I offered readers a central takeaway:“

Selling out of the market today [April 5] substantially increases the chances of being whipsawed when a rally takes hold, which again, no one can know the precise timing of.

In the current environment, the setup is that any modicum of good news on trade will factor as a positive surprise for markets going forward, which will almost certainly trigger strong moves higher. Long-term investors simply cannot afford to miss these upswings.”What a difference a day can make.

Read the entire article: Avoid Sudden Moves In This Market | Zacks Investment Management Blog

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What Is a Trust in Estate Planning? | Trust & Will

Financial Planning

When someone hears the word “Trust,” there are usually certain images that come to mind. Things like “wealthy trust fund babies” and elderly individuals with high net worths, to name a few. The truth is, however, more people benefit from having a Trust than you probably think.

If you’re looking for the best, most comprehensive way to protect your family after

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Good News About RMDs in 2023 | Morningstar

Financial Planning, Retirement

Not so long ago, the age for required minimum distributions was 70.5. It moved out to 72, and now 73 is the starting age for RMDs. That age is set to go all the way to 75 eventually, so people may be able to push off that date at which they need to take those distributions.Before Secure 2.0, people would need to roll their assets into a Roth IRA to skirt RMDs.

Read the entire article: Good News About RMDs in 2023 | Morningstar

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Congress Adds New Option To Move Assets From IRA Tax-Free | Seeking Alpha

Financial Planning, Retirement

New option called Legacy IRA QCD allows for up to $50,000 in charitable donations in one tax year.

This option has its own unique rules and must be coordinated with regular QCDs.

Donor must be at least age 70½, and funds can be used to create a Charitable Gift Annuity or Charitable Remainder Trust.

Other options to meet IRA withdrawal requirements or reduce future RMDs include QLACs, QHFDs, and CGAs.

Read the entire article: Congress Adds New Option To Move Assets From IRA Tax-Free | Seeking Alpha

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The Algebra of Wealth | No Mercy / No Malice

Behavioral Finance, Financial Planning, Markets

The news of the (second) impeachment seems strangely pedestrian after the blowtorch intensity of Reddit vs. The Hedge Funds.

The good news is that the hedge funds didn’t conspire with market makers and trading apps to suppress a (warranted) generational revolution.

The inevitable Netflix/Hulu/Starz versions will not be so romantic; Reddit mainly inspired a transfer of wealth from one hedge fund to others. It was a pump and dump masquerading as a movement … with many retail investors left holding the bag.

Read the entire article: The Algebra of Wealth | No Mercy / No Malice

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Personal Finance: Should I Leave My Kids an Inheritance? – Bloomberg

Financial Planning, Lifestyle, Retirement

Bold retirees sport the bumper sticker “I am spending my children’s inheritance.” The sentiment might seem selfish, but it’s good financial planning.

Trying to leave a bequest could put older people in a tight spot. Finance author Chris Farrell once told me about a panicked 83-year-old woman with four kids who was on track to run out of money in three years because she was trying to save for her kids’ inheritance. She is not atypical.

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1 Big Reason You May Regret Claiming Social Security at 62 | Personal Finance | mooresvilletribune.com

Financial Planning, Retirement, Social Security

As you’re preparing for retirement, one important decision you’ll need to make is what age you’ll begin claiming Social Security benefits.

The earliest you can file for benefits is age 62. This is also the most popular age to claim, with 48% of women and 42% of men filing for Social Security at this age, according to a report from the Center for Retirement Research at Boston College.

While there are advantages to claiming early, there’s also one significant risk you face that could potentially derail your retirement plans.

Read the entire article: 1 Big Reason You May Regret Claiming Social Security at 62 | Personal Finance | mooresvilletribune.com

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4 tips to navigate a 30-year retirement | Fox Business

Financial Planning, Retirement

Americans are living longer, which is a great thing, especially if you have the money to afford a nice, long retirement.

A new study released by Wells Fargo and the Stanford University Center on Longevity called “Planning for the 30+ Year Retirement,” finds that the average age in retirement has gone up from 13 years in 1960 to 18 years in 1990 to 20 years in 2020.

Read the entire article: 4 tips to navigate a 30-year retirement | Fox Business

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Thinking of Changing Your Portfolio Because of the Election? Think Again.

Financial Planning, Markets

Are you tempted to change your investment strategy because of the 2020 Presidential Election? You’re not alone. In a recent survey, 45% of investors said they plan to make changes to their investments because of the election.

If history is any guide, this may not be a wise decision. For the past 12 presidential elections, the S&P 500 Index has generally been positive 90 days before and after Election Day.

Read the entire article: Thinking of Changing Your Portfolio Because of the Election? Think Again.

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6 Unexpected Sources of Retirement Income | Business | kenoshanews.com

Financial Planning, Lifestyle, Retirement, Social Security

Retirement should be your time to relax and enjoy life, without alarm clocks and meetings. Unfortunately, saying goodbye to your boss also involves saying goodbye to your paycheck.

If you haven’t already saved ample funds to a 401(k), IRA, Health Savings Account, or a regular old savings account, you may be nervous about making ends meet. Social Security certainly isn’t going to cover your lifestyle

Read the entire article: 6 Unexpected Sources of Retirement Income | Business | kenoshanews.com

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