The Employee Benefit Research Institute (EBRI) reports that 79% of workers expect to keep working to supplement their retirement incomes. That's a plan for those who haven't saved enough to enjoy their golden years. But what happens if you can't work in retirement? At the Washington Post, Michelle Singletary explains what happens when retirees who expected to work more, simply can't. Yes, more seniors are staying in the workforce past 65 and happily so. But many others are finding themselves in a retirement quandary. They thought they had more time, but the reality is they are forced to … [Read more...]
Is Amazon Holding Down Retail Prices?
After years of encouragement by the Federal Reserve, inflation is finally ticking up in America. Now, if you believe your dollars ought to be worth as much when you spend them as when you earn them, this is not ideal. But that's a story for a different post. One place where inflation is not rising is in retail. I've been explaining my Bezos Law theory for a few years now. In it I say that any industry Jeff Bezos enter sees prices decline. No industry has been further consumed by Bezos than retail. Amazon.com has come to dominate e-commerce, and that is having effects in the world of brick … [Read more...]
My Take: Inflation is Here, Now What do You Do?
Originally published February 15, 2018. Surprise! When there’s too much money created by central banks, inflation is the obvious byproduct. This isn’t rocket science, although bankers have the ego to believe that it is. Pure and simple, inflation is a monetary event. Picture a car flooded by too much gasoline—it doesn’t work—and you realize the predicament investors are in thanks to the Federal Reserve. It’s why you keep your bond maturities short-term and hold on to your GNMA. Yes, rates need to be higher. And perhaps there will be a time to invest in bonds with longer maturities. … [Read more...]
Crypto Volatility Hurts
Crypto currencies are getting hammered once again in markets this week. CNBC reports: Prices of major cryptocurrencies saw a sharp downward slide Thursday, amid closer regulatory scrutiny on the space and after Google announced plans to ban advertising related to the sector. The market capitalization or value of all the world's digital coins stood at $310.4 billion early on Thursday morning, down from $372.9 billion a day before, according to Coinmarketcap.com, which tracks prices based on different exchanges. Bitcoin, the world's largest cryptocurrency by market cap, traded as low as … [Read more...]
Are Unions Even Helpful to Workers Anymore?
Employees join unions for two reasons; The first is that in many states they are forced to if they want certain jobs. The second is that they believe in some cases that union membership will benefit them financially. Perhaps it used to be the case that a union membership was a guarantee of a dependable pension and good benefits. Today though, joining a union for the big promises of a better retirement might be participating in a bout of collective hysteria. I'm not against unions, but I am against union leaders who lie to members about the reality of what union membership means. The … [Read more...]
New Michigan Law Reveals Big Trouble
A new law requiring communities to report their underfunded retirement plans is revealing some bad news in Michigan. The report shows that nearly a quarter of the state's local government units have underfunded their pensions or retirement health care plans, or both. CBS Detroit reports on the bad news: The list includes metro Detroit hubs like Southfield, Berkley, Flint, Centerline, Eastpointe, Mount Clemens, New Baltimore, Romeo, St. Clair Shores, Warren, Hazel Park, Grosse Ile, Hamtramck, Highland Park, Lincoln Park, Grosse Pointe Farms and Grosse Park Woods. The report is meant … [Read more...]
Can Blockchain Survive Crypto-Mania?
I have repeatedly said that while I'm not a big fan of bitcoin the currency, I think there is a lot of value in blockchain technologies. (See here, here, here, and here for more on that). Despite being the most inherently valuable piece of the crypto-currency craze, blockchain is also the least understood. With the power to change how business is done in real estate, shipping, material sourcing, and other industries. At The Wall Street Journal, Christopher Mims explains blockchain: What is blockchain? It’s essentially a secure database, or ledger, spread across multiple computers. … [Read more...]
Mortgage Rates Still Low Historically
If you’re old enough to collect Social Security you might laugh out loud reading this from today’s WSJ: "U.S. mortgage rates have hit their highest level since 2014, a new challenge for a housing market that has been central to the economic recovery but remains vulnerable to even modest headwinds. The rate for a 30-year fixed-rate mortgage rose to 4.46%, the highest in more than four years and the ninth consecutive week of increases, according to data Thursday from mortgage-finance giant Freddie Mac." While everyone is talking about the “sharing” economy, I have yet to speak with an … [Read more...]
Richard Russell’s Rule #1
Originally posted January 7th, 2016. You need to have some will-power to stick to your guns in this stock market. No one said it was going to be easy. But to allow the magic of compound interest to work for you, you have to be patient. Here is one of the great lessons I love to read over and over again from the late Richard Russell. Mr. Russell passed away in November at the age of 91. He wrote daily to his beloved subscribers right to the bitter end. I miss reading his daily thoughts on the market and, even more so, on life in general. RIP Mr. Russell. Rule 1: Compounding: One of the most … [Read more...]
Many Millennials Have No Savings
A new report from the National Institute on Retirement Security shows that around 66% of working age Millennials have nothing saved for retirement. That's not good, but also not terribly surprising since so many of them have had a delayed start in the work force, have massive student loans, and rents are at some of the highest levels ever. On CNNMoney, Katie Lobosco details the report, writing: About one-third are saving for retirement. Most have less than $20,000 but some have much more. The average account balance is $67,891, according to the report. If they are saving, it's likely … [Read more...]
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