Author: Reporter

New retirees frequently rhapsodize about the joys of tossing their alarm clocks into the trash and filling their days with whatever activities they find gratifying. But if they are honest, most new retirees find the financial aspect of the retirement transition to be a little jarring. While retirees are often counseled to estimate that they will spend 75% to 80% of their working incomes in retirement, a paper by David Blanchett, formerly of Morningstar and now at PGIM, found that higher-income, higher-saving households may need just 60%, or even less, of their preretirement income during retirement, while lower-earning, lower-saving...

Connor Tomasko grew up wary of credit cards. As she taught herself more about managing money, she realized that many people also have bad habits when it comes to payment apps. Tomasko, 31, a freelance software consultant in Chicago, understands why people appreciate the ease of the apps, which typically only require you to know someone’s username in order to send money. But she realized that keeping money in the apps could be risky and means losing out on the interest from a high-yield savings account. She now immediately transfers any payments out of the apps and encourages friends...

Donald Trump, a convicted felon and President, has just started his second term, his final one permitted under the U.S. Constitution. But he has already started making quips about serving a third one. “Am I allowed to run again?” Trump joked during the House Republican retreat in Florida in January. Whether teasing or taunting, it seems to be part of a pattern. Just a week after he won election last fall, Trump suggested in a meeting with House Republicans that he might want to stick around after his second term was over. “I suspect I won’t be running again...

President Donald Trump’s administration is using federal prisons to detain some people arrested in its immigration crackdown, the federal Bureau of Prisons said on February 7, returning to a strategy that drew allegations of mistreatment during his first term. In a statement, the prison agency said it is assisting U.S. Immigration and Customs Enforcement “by housing detainees and will continue to support our law enforcement partners to fulfill the administration’s policy objectives.” The Bureau of Prisons declined to say how many immigration detainees it is taking in, or which prison facilities are being used. “For privacy, safety, and security...