Katy Marquardt – The News Desk

How to Sue Someone | Explore Law Firms and Legal Advice

2Apr

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Money

How to Sue Someone | Explore Law Firms and Legal Advice

Whether it’s due to an accident, genuine misunderstanding or misconduct, at some point many people may find themselves wondering whether they should sue a wrongdoer, and if so, how they might go about it. The particulars will depend on the case and the laws in the state where a lawsuit would be filed, but there are basic steps to understand the overall process.Consult an AttorneyPotential plaintiffs should consider hiring an attorney to represent them. Litigation is a very technical field, with procedural rules on top of the substantive issues to be addressed.It can be worth it to consult an attorney, even if a plaintiff decides not to hire a lawyer for whatever reason – perhaps because they decide to file a suit in small claims court, says W. Andrew Arnold, a South Carolina litigator who...

Biden’s Crackdown on Junk Fees in Retirement Plans | Retirement

22Dec

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Money

Biden’s Crackdown on Junk Fees in Retirement Plans | Retirement

As part of its initiative to curb junk fees, the Biden administration is setting its sights on retirement plans. In October, the Department of Labor proposed a rule aimed at closing loopholes and requiring financial advisors to provide retirement advice in the best interest of clients. It would expand on the current fiduciary standard that covers advice related to purchasing securities to include types of nonsecurities, affecting recommendations for IRA rollovers and advice to retirement plan sponsors and employers.The initiative also aims to reduce junk fees in retirement products such as individual retirement accounts and 401(k)s. To understand President Joe Biden’s crackdown on junk fees, consider: How much Americans pay in junk fees. What the proposal to crack down on junk fees incl...

Why Do Jobs No Longer Offer Pensions? | Retirement

22Dec

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Money

Why Do Jobs No Longer Offer Pensions? | Retirement

For many years, companies often provided workers with a pension plan, a valuable benefit that set them up with a steady source of guaranteed income during retirement. These days, fewer employers offer a pension: Only 15% of private industry workers had access to one in 2022, according to the Bureau of Labor Statistics.Retirement plans that rely on employee contributions and the rate of returns on their investments are more prevalent today. According to the BLS, 69% of private industry workers had access to such plans in 2022.Why are pensions less common? Consider the following: How pension plans work. Understanding why employers used to offer pensions. Changing times: the shift from traditional pension plans. Contemporary factors contributing to the disappearance of pensions. Alterna...

What Is the Social Security Administration? | Social Security

21Dec

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Money

What Is the Social Security Administration? | Social Security

Almost all working Americans eventually receive Social Security benefits. These funds are collected and distributed by the Social Security Administration, a federal agency that serves to fight poverty. The SSA's programs pay benefits to almost 67 million people, including retirees, children, widows, widowers and those with disabilities. As you manage your finances and prepare for retirement, it can be helpful to understand the workings of the SSA, including the following: Introduction to the Social Security Administration. History of the Social Security Administration. Functions of the Social Security Administration. How the Social Security Administration works. Role of the Social Security Administration in the U.S. economy. Challenges of the Social Security Administration. The fut...

How Much Did 401(k)s Gain in 2023? | 401ks

18Dec

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Money

How Much Did 401(k)s Gain in 2023? | 401ks

Heading into the last weeks of 2023, the S&P 500 appears poised for a gain, which should cheer workers saving for retirement in their employer-sponsored 401(k) plans.That said, most investors’ 401(k) accounts consist of more than the S&P 500, including varied asset classes such as bonds, international stocks and small-cap stocks.So how did those 401(k) accounts do this year? Here's what to know about 2023 retirement investment performance.401(k) Account Balances in 2023That average balance was up significantly from the year-earlier quarter, however, as the market rallied in the first seven months of 2023.Additionally, Fidelity, Vanguard and Bank of America reported that a growing number of retirement savers are taking hardship withdrawals. Account owners are eligible for those wit...

15Dec

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Money

Best Wedding Loans of December 2023

What Is a Wedding Loan?A wedding loan is an unsecured personal loan for wedding expenses. Couples can use a wedding loan to manage the expense of renting a venue, catering, attire, photography, floral arrangements and more. A wedding loan could cover rings or the honeymoon, too.As a personal loan, you can use a wedding loan for any expense, even if it’s not wedding-related.“It’s just cash in your account to use however you see fit,” says Christina Roman, consumer education and advocacy manager for credit bureau Experian. But she encourages borrowers to have a clear plan for how they’ll use the funds. “Be very careful when you’re getting that lump sum in your bank account,” she says.“Weddings may come around once in a lifetime, and while you may budget and DIY as much as you can, the reali...

Volunteer Opportunities for Seniors | Retirement

7Dec

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Money

Volunteer Opportunities for Seniors | Retirement

Volunteering in retirement allows you to give back, socialize and stay active without spending much money. You may also learn new skills and build friendships while you help organizations in your community.There are many ways to volunteer in retirement, and the level of commitment can range from a few hours or days each week to longer. Some organizations may provide a stipend to help cover expenses like traveling to and from the place you're volunteering. While it can be a great use of your time, you’ll want to make sure you have balance in your life so you don’t get burned out.If you’re thinking about volunteering during retirement, consider the following: Types of volunteer opportunities for seniors. How to find the right volunteer opportunity. Preparing to volunteer: What seniors ne...

How to Turn $500K Into Passive Retirement Income | Retirement

7Dec

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Money

How to Turn $500K Into Passive Retirement Income | Retirement

You’re likely familiar with the phrase "Let your money work for you." That’s the idea behind the concept of passive income, which means earning money with little or no effort.In retirement, it’s certainly possible to generate passive income with your investment portfolio. For example, if you want to invest $500,000 to create passive income, you can go about it in several ways, but give it some thought before jumping in."Investing $500,000 to generate passive retirement income requires careful planning and consideration of various factors, such as risk tolerance, desired income and investment timeline," said Walter Russell, president of Russell and Company in New Albany, Ohio, in an email.Passive or semi-passive income options include: Fixed-income securities. Dividend-paying stocks. Re...

How to Keep Holiday Spending in Check During Retirement | Retirement

7Dec

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Money

How to Keep Holiday Spending in Check During Retirement | Retirement

Retirees living on Social Security and other fixed income streams may need to adjust their holiday spending strategy this year amid the high cost of food, retail goods and other items. But with a careful eye and a commitment to budgeting, it's still possible to have a great holiday while keeping your spending in check.To manage costs during the season of gifts and gatherings, consider the following: Recognize the challenges of holiday spending. Develop a realistic holiday budget. Follow handy money-saving tips for retirees. Implement a solid savings plan. Keep track of your spending. Manage credit wisely. Balance fun and finances in retirement. Recognize the Challenges of Holiday SpendingIt can be easy to get caught up in the spirit of the season. You might have invitations to atte...

What Millionaires Know About Retirement That You Don’t | Retirement

6Dec

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Money

What Millionaires Know About Retirement That You Don’t | Retirement

Millionaires tend to have a different view of wealth and retirement savings than other Americans do. It may seem surprising, but most millionaires don’t consider themselves wealthy, according to an Ameriprise Financial survey. In fact, 60% consider themselves upper middle class, and 31% say they are part of the middle class.The survey, which included 580 Americans ages 27 to 77 with $1 million or more in investable assets, also found that millionaires’ financial priorities differ from less affluent investors' priorities. Millionaires' priorities were: Protecting accumulated wealth. Saving for retirement. Managing market volatility. Ameriprise also surveyed those with less than $1 million in assets. Their top financial priorities were: Saving for retirement. Managing day-to-day living...