Susan Tompor Detroit Free Press Published 7:00 AM EDT Sep 11, 2019 No one has been getting rich stuffing their money into a savings account and it's bound to get even tougher, as the Federal Reserve shifts further into a rate cutting mode. The Federal Reserve is expected to announce another rate cut soon near the end of its next two-day policy meeting. "I expect the Fed to lower the fed funds rate range by 25 basis points on Wednesday, Sept. 18," said Robert A. Dye, chief economist at Comerica Bank. If so, that would put the federal funds rate in the 1.75% to 2% target range, down from the 2% to 2.25% range. The Fed launched its latest round of rate cuts back in late July with a quarter-point cut. July's move was the first rate cut since December 2008. "Global economic indicators are looking cooler and I believe that the Fed will continue with its 'risk management' approach through next year," Dye said. So further rate cuts could be ahead, … [Read more...] about How to get $200 in interest on savings, instead of $10
John Ewoldt Star Tribune Published 12:04 AM EDT Apr 1, 2019 Since 2013, consumers have been squeezed with savings rates hovering near zero percent. Many banks still aren’t paying much more than 0.05 percent even today on savings, despite several recent interest rate hikes by the Fed. No banks are yet paying the 5 percent rates seen in early 2000s to the recession on money market or savings accounts. Consumers may not realize is that it’s relatively easy to get a 2 percent return or even 2.4 percent Annual Percentage Yield (APY) without a $25,000, $10,000 or even $500 balance. How do you do it? Usually, you have to go online or through the personal savings arm of major credit cards such as American Express, Citi or Discover. If you move $500 in an account making 2 percent interest a year, you’d make $10 in interest the first year instead of the quarter. Yes, you only make a whole quarter at 0.05 percent in a year. If you have $5,000 in savings, you’re … [Read more...] about How to make 40 times more on your savings account
Precision isn't always possible when it comes to retirement planning. That doesn't mean you have to wing it and hope your savings don't expire before you do. Looking at the income, living expenses and life spans of today's retirees can help you make the right financial moves so your golden years aren't tarnished by an unexpected shortfall. WHAT'S AN "AVERAGE" RETIREMENT COST? Government and Gallup data reveal a lot about what retirement is like for Americans today. It starts at age 61, even though many tell Gallup they planned to work longer. And based on some morbid math — the average remaining life expectancy of someone who's made it to their early 60s (23.3 years), according to the Centers for Disease Control and Prevention — you should plan to be retired for at least a few decades. Your mileage may vary based on things such as your work (accountant versus rodeo clown, for example), diet, family health history and participation in extreme sports leagues. The average … [Read more...] about Could you live on your retirement savings for 23 years?
Carl Lamb, managing director of Almary Green Archant Our reader this week wants to know the best way to invest some savings in the short term - and avoid paying too much tax. Carl Lamb of Almary Green explains. I’ve been given some money – £20,000 – by my parents as part of their plan to reduce any inheritance tax that might need to be paid on their death. I’d like to invest it for a couple of years or so until I need it to buy a bigger house (I’m hoping to start a family soon). I’ve already used my ISA allowance this year so can you suggest please where I should invest my money and not pay too much tax on it?Response from Carl Lamb of Almary GreenFor this type of relatively short-term investment where you need to be able to guarantee the value of your money at the point when you need it, a cash investment account of some type is likely to be most suitable.If you invested in stocks and shares, for example, there would be a danger that markets … [Read more...] about Ask the Expert: How can I invest my savings without paying too much tax?
Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE Nov. 9, 2018 / 9:02 PM GMT By Dartunorro Clark Rep.-elect Alexandria Ocasio-Cortez, D-N.Y., ripped Fox News on Friday for mocking "working-class people" after the news channel did a segment on her struggle to rent an apartment in Washington, D.C. "As I mentioned, we’ve been preparing and will be fine. However, it's been very revealing to see how gleefully Fox News hosts crack jokes about working-class people. It reveals what they actually think about us," she tweeted. Ocasio-Cortez, 29, became the youngest woman ever elected to the House on Tuesday when she won her race in New York's 14th congressional district of Queens and the Bronx. She was thrust into the national spotlight after she beat longtime Democratic Rep. Joe Crowley in an unexpected primary upset earlier this year. She revealed to The New York Times on Thursday that she … [Read more...] about Ocasio-Cortez rips Fox News for mocking her personal finances, working-class people