Here is the age when many Americans hope to retire

Link:https://www.cnbc.com/2022/01/03/here-is-the-age-when-many-americans-hope-to-retire.html

Excerpt:

The youngest cohort, Generation Y — ages 25 to 40 — plans to retire at an average age of 59. For Generation X — now 41 to 56 — the average age is 60. Baby boomers — who range from 57 to 75 — indicated they plan to work longer, with an average expected retirement age of 68.

That’s as 83% of non-retired U.S. investors said they are confident they will be financially secure in retirement. That includes 88% of Gen Y, 82% of Gen X and 79% of baby boomers.

Author(s): Lorie Konish

Publication Date: 3 Jan 2022

Publication Site: CNBC

How the office will be different for workers when they return

Link: https://www.cnbc.com/2021/09/02/how-the-office-will-be-different-for-workers-when-they-return.html

Excerpt:

As companies allow employees to work from home and not commute into an office, the question of where they can live will likely be raised as workers potentially will seek out cheaper options as opposed to big cities.

“It’s good for employees; they’re obviously making a choice and taking advantage of lower cost of living, cheaper housing, lower taxes and shorter commutes, so they’re going to be happier,” Moody’s Analytics chief economist Mark Zandi said.

That, in turn, will make companies address several human resources issues, such as how much they should be paying workers who live in cheaper places, Zandi said.

“For example, say I worked in New York and decided now I want to work in Vero Beach, Florida,” Zandi said. “I don’t want to go back to New York, I can do my job here no problem — but if I’m living in Vero Beach, should I get New York wages or Vero Beach wages?”

Author(s): Ian Thomas

Publication Date: 2 September 2021

Publication Site: CNBC

Here’s the average net worth of Americans ages 65 to 74

Link: https://www.cnbc.com/select/average-net-worth-of-americans-ages-65-to-74/

Graphic:

Excerpt:

According to the Fed data, the median net worth for Americans in their late 60s and early 70s is $266,400. The average (or mean) net worth for this age bracket is $1,217,700, but since averages tend to skew higher due to high net worth households, the median is a much more representational amount.

While $266,400 may seem like a lot of money at first, people in their 60s usually start tapping into their net worth to cover living expenses in retirement. When planning for your non-working years, it’s important to understand how net worth works and how it relates to living on a fixed income.

Here’s a look at the average and median net worth by age in the U.S., according to the Fed. As you can see, net worth tends to peak for most American during the decade after age 65.

Author(s): Megan DeMatteo

Publication Date: 4 May 2021

Publication Site: CNBC

Key investor in $100 million NJ deli has a history of legal problems, ties to criminals

Link: https://www.cnbc.com/2021/04/19/hometown-international-nj-deli-linked-legal-problems.html

Excerpt:

A key investor in the mysterious $100 million company that owns only a tiny New Jersey deli has a history of legal woes and ties to several people who have criminal convictions or have been sanctioned by regulators.

They include a lawyer, an accounting firm and a former stockbroker who have done work related to the company, Hometown International. They are linked to shareholder Peter Coker Sr., a 78-year-old North Carolina businessman.

Coker’s Hong Kong-based son, Peter Coker Jr., is chairman of Hometown International, whose Your Hometown Deli in Paulsboro, New Jersey, had sales of only about $35,000 in the past two years combined.

Despite those meager sales, Hometown International had nearly 8 million common shares of stock outstanding. On Monday, shares of the company rose 0.15% to $13.01.

Author(s): Dan Mangan

Publication Date: 19 April 2021

Publication Site: CNBC

Lawyer linked to creation of $100 million New Jersey deli firm pleaded guilty in shell company scheme

Link: https://www.cnbc.com/2021/04/16/lawyer-hometown-international-deli-owner-stock-scams.html

Excerpt:

A now-disbarred lawyer who pleaded guilty to federal crimes related to shell company scams is listed as an attorney in early financial documents filed by a New Jersey firm whose stock valuation has risen as high as $100 million or more despite owning just a single, small delicatessen.

The former lawyer, Gregg Jaclin, was copied on communications filed by deli owner Hometown International with the Securities and Exchange Commission in 2015 and 2016, records show.

They include the very first document filed by Hometown with the SEC that is publicly available.

In June 2020, Jaclin pleaded guilty to criminal charges of conspiracy and obstruction of justice. Separately, in a related case, the SEC in 2019 entered a final judgment against him “for running a fraudulent shell factory scheme through which sham companies were taken public and sold for a profit,” a press release noted that year.

The companies involved in that conduct — none of which were Hometown International — were incorporated in Nevada with the assistance of Jaclin, who was disbarred in New Jersey last October for his actions.

Author(s): Dan Mangan

Publication Date: 16 April 2021

Publication Site: CNBC

New York’s wealthiest look for exits as state readies hefty tax increase

Link: https://www.cnbc.com/2021/04/08/new-yorks-wealthiest-look-for-exits-as-state-readies-hefty-tax-increase-.html

Excerpt:

New York’s top business leaders are gearing up for a potential mass exodus as Gov. Andrew Cuomo and state lawmakers prepare to raise their taxes.

With the state budget set to increase the personal income tax on the wealthiest New Yorkers as well as hiking corporate taxes, some executives who fled the city for Florida temporarily due to coronavirus pandemic lockdowns are considering permanent relocation, according to business leaders briefed on the matter.

Wealthy business leaders who have historically resisted moving at least some of their resources to Florida or other less-taxed states explained to CNBC that they are now seriously reconsidering as working from home becomes the norm, allowing more flexibility.

Author(s): Brian Schwartz

Publication Date: 8 April 2021

Publication Site: CNBC

Wall Street wants to end Trump-era ESG fund rule for 401(k) plans

Link: https://www.cnbc.com/2021/03/04/wall-street-wants-to-end-trump-era-esg-fund-rule-for-401k-plans.html

Excerpt:

The Labor Department issued a rule in October, during the Trump administration, that experts say would curb use of ESG funds in 401(k) plans.

Money managers and other stakeholders are pushing the Biden administration to scrap the rule or agree not to enforce it, according to a report in The Wall Street Journal.

Investor demand for ESG funds has grown significantly. 401(k) plans represent a big untapped growth source.

Author(s): Greg Iacurci

Publication Date: 4 March 2021

Publication Site: CNBC

Why the GameStop frenzy may hurt retirees along with hedge funds

Link: https://www.cnbc.com/2021/02/01/why-the-gamestop-frenzy-may-hurt-retirees-along-with-hedge-funds.html

Excerpt:

KEY POINTS

Retail investors such as Reddit users have targeted stocks like GameStop that are heavily shorted by Wall Street.

Some hedge fund losses extended into the double digits.

That could spill over to pension plans. Some invest more than 20% of their assets in hedge funds.

Author: Greg Iacurci

Publication Date: 1 February 2021

Publication Site: CNBC

GameStop and AMC gyrate wildly overnight after explosive rally

Link: https://www.cnbc.com/2021/01/27/gamestop-and-amc-are-dropping-in-overnight-trading-after-explosive-rally.html?mc_cid=ea45e1fced&mc_eid=983bcf5922

Excerpt:

GameStop and AMC Entertainment tumbled in overnight trading, then rebounded sharply in the premarket Thursday following a meteoric rally amid a retail buying frenzy.

Shares of the brick-and-mortar video game retailer dropped 15.97% in extended trading, following a more-than 130% gain during regular hours. In premarket trading early Thursday, its shares bounced 30% higher.

The movie theater chain sank 26.58% in overnight trading, after shares soared 300% in extremely heavy trading. Its shares were little changed in premarket trading.

The pair have been popular targets in the “Wallstreetbets” Reddit chat room where a wave of at-home traders focus on heavily shorted stocks, pushing share higher and squeezing out short-selling hedge funds.

Author: Yun Li

Publication Date: 27 January 2021

Publication Site: CNBC

Biden has promised to reform Social Security — some changes could come as soon as this year

Link: https://www.cnbc.com/2021/01/23/president-biden-could-make-big-social-security-changes-this-year.html

Excerpt:

KEY POINTS
As President Joe Biden takes office, helping the nation through Covid-19 is a top priority.
Social Security will take a back burner for now, yet some experts say that may not be for long.
If successful, big changes to fix the program could secure his presidential legacy, one expert says.

Author: Lorie Konish

Publication Date: 23 January 2021

Publication Site: CNBC