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The Dow's latest winning streak is bad news for stocks - and a recession might be underway, top economist David Rosenberg says 2023-07-29 - The Dow's latest winning streak is bad news for stocks - and a recession might be underway, top economist David Rosenberg says David Rosenberg. CNBC The Dow's recent winning streak is a worrying sign, David Rosenberg says. The index was up 28% at this point in 1987, but virtually erased its gains by the year's end. Rosenberg says a recession may be underway, and plunging inflation can be bad news for stocks. The stock market's breathless climb should be a red flag to investors, and a recession may already be underway, David Rosenberg warned in a note to clients this week. For the first time since January 1987, the Dow Jones Industrial Average closed in the green for 13 straight sessions before snapping its winning streak on Thursday. Stocks were up 28% at this point in 1987, Rosenberg noted. But they erased those gains over the next five months, in large part because the Dow tanked 22% on October 19 that year — a date now known as Black Monday. "The giddiness was omnipresent as is the case today and the bears were laughed at … but look at how the year ended … FLAT!" the Rosenberg Research president said. Rosenberg cautioned investors who expect stocks to soar because inflation has now slowed. The pace of price increases has plunged from 9.1% to 3% over the last 12 months, fueling hopes that the Federal Reserve will halt its interest-rate hikes and soon reverse them, enabling the US economy to avoid a recession. The former chief North American economist at Merrill Lynch emphasized that inflation typically cools because demand has dropped, and that usually translates into slimmer corporate profits and pressure on stocks. Indeed, Rosenberg pointed out that inflation fell sharply during the dot-com era, the financial crisis, and the early-1980s downturn — and the S&P 500 tanked 26%, 30%, and 8% during each of those periods. Moreover, he complained that some stocks are exorbitantly priced as a result of investors' fear of missing out. "I say that either long-only investors don't own a calculator or can't do the math on relative valuations," he said. "This is what FOMO-based rallies look like — inversely correlated to rational thought." Story continues The veteran economist also advised against ruling out an economic contraction, even though gross domestic product has proven surprisingly resilient this year. "It is very possible that the recession has started already, but nobody has noticed," he said. "The very quarters that the recessions of 1990, 2001 and 2007 began, the narrative was 'soft landing' each and every time." Rosenberg's doom-and-gloom predictions place him firmly in the minority. Many other experts have issued brighter outlooks; they see asset prices rising and minimal risk of a recession as the Fed begins loosening its grip on the US economy. Read the original article on Business Insider

What Will Happen to My 401(k) If I Die Without a Beneficiary? 2023-07-29 - SmartAsset: What Happens to Your 401(k) If You Die Without a Beneficiary? If you die without naming a beneficiary for your 401(k) account, the rules for your retirement plan will likely require that funds in the account be considered part of your estate and have to go through probate. The probate process is governed by state laws that vary significantly, but can often add considerable cost and delay to settling your estate. You can avoid this by naming beneficiaries, including both primary and secondary ones, and reviewing your selections periodically or when major life events occur. You can plan your estate with the help of a financial advisor. 401(k) Beneficiaries A 401(k) plan is a tax-advantaged way to save for retirement that many employers offer as a benefit. Plans often allow you to select how funds in the account will be invested, and all allow and encourage if not require you to name one or more beneficiaries. The beneficiary can be almost anyone you want to be able to control and benefit from the assets in your 401(k) plan after your death. A beneficiary can be a person, such as a spouse or child, as well as a nonprofit charity, religious or educational institution or even a business or other legal entity. Typically, 401(k) plans will ask you to name beneficiaries when you open these accounts. If you don’t, your plan may remind you from time to do this. It is to your benefit to do so because it enables easy and cost-free transfer of control of assets after your death. Naming a beneficiary or beneficiaries helps ensure your assets will quickly and efficiently go to provide for family members or support favorite causes. When you name a beneficiary to your 401(k), that person or entity acquires a partial right of ownership to the account. On your death, that partial right becomes full ownership. This process generally happens automatically on your death. One possible exception occurs when you name a beneficiary other than your spouse. In that case, some plans may require a letter of approval from your spouse before another beneficiary can take control of the account. Story continues A beneficiary has a strong position when it comes to taking control of assets naming that person as beneficiary. For instance, if your will directs an asset to one person while the asset account lists another person as beneficiary, the account goes to the one named on the account, not the one named in the will. You can name multiple beneficiaries, splitting assets in the accounts in any way you like. You can also name backup beneficiaries in case the person or persons named aren’t able or willing to take control of the 401(k). It’s a good idea to review the beneficiaries you have named from time to time or after major life events such as marriage, divorce or birth of a child, and possibly update them. Otherwise, you run the risk of someone such as an ex-spouse receiving assets you would rather direct elsewhere. 401(k) Without Beneficiaries SmartAsset: What Happens to Your 401(k) If You Die Without a Beneficiary? If you don’t name anyone as beneficiary to your 401(k), what happens to the assets in the account is determined by the rules on default beneficiaries set out in the documents controlling your retirement plan. These vary depending on the plan, but usually the spouse is the first default beneficiary, followed by any children and, finally, your estate. If the default beneficiary comes into play, the process is different than if you had named a beneficiary. A named beneficiary gains control of the 401(k) automatically on your death without any delay or cost. However, a default beneficiary can take ownership of the account it generally will have to go through probate. Probate is an estate-settlement process governed by state laws that vary widely. Sometimes probate can take years to complete and require paying significant fees and other costs. While this is going on, assets in your estate may be frozen so your surviving family members can’t access them. A person named as beneficiary to your 401(k) may, at their option, be able to roll over the assets in to an IRA. This can help reduce taxes, among other advantages. However, if you don’t name a beneficiary and the plan directs the assets to a default beneficiary, a rollover may not be possible. That can lead the default beneficiary to have to pay more taxes on the transfer than otherwise. Bottom Line SmartAsset: What Happens to Your 401(k) If You Die Without a Beneficiary? If you don’t name a beneficiary for your 401(k) plan, your plan’s rules will likely direct the assets to a default beneficiary, such as your spouse or children. Before a default beneficiary can gain control of the account, however, it will likely have to go through probate, adding time and cost to the process of settling your estate. You can avoid this by naming one or more beneficiaries, as well as backup beneficiaries, either when you establish the account or later on. Retirement Tips for Beginners You can get help saving for retirement from a financial advisor. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s Retirement Calculator can help you turn a few data points including your location, age, income, current savings and amount and frequency of future contributions, into a forecast of how much money you’ll have when you are ready to retire. Photo credit: ©iStock.com/JackF, ©iStock.com/William_Potter, ©iStock.com/FG Trade The post What Happens to Your 401(k) If You Die Without a Beneficiary? appeared first on SmartAsset Blog.

Tupperware might just be the latest meme stock after its shares tripled in a week 2023-07-29 - Tupperware might be the latest meme stock after more than tripling in value within a week. The troubled food storage brand is battling sliding sales and a $700 million debt mountain. But redditors on popular trading groups are bigging up the stock and boasting about their stakes. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Tupperware is in trouble. Mired in debt, fighting sliding sales, and a share price in freefall, the brand established by Earl Tupper in 1946 looks to be on its last legs. However, it seems a few investors didn't get the memo. Shares in the embattled food container maker more than tripled since July 20 to just over $3, leaving many to wonder whether it might be the latest "meme stock." According to data from Marketwatch, 27% of Tupperware shares that are available to trade have been "shorted" by investors. But some speculators who borrowed shares expecting them to fall further have now been caught out by the surge. That's forced some to buy more shares to reduce their losses, sending the price even higher. The amount of short interest in Tupperware has indeed fallen more than a quarter this year amid apparent interest from retail investors. There were rumblings last week that Tupperware might be attracting more interest from retail investors, after its stock initially began moving following a report in the Orlando Business Journal about an investment from BlackRock. On July 21, when Tupperware shares were worth 90 cents, a member of the subreddit r/pennystocks, which has 1.9 million members, argued in favor of the stock's "incredible upside potential." The user, who claimed to own 2,000 shares in Tupperware, said that in a high inflationary environment, households were likely to buy more food storage containers as a means of reducing their spending. 'Irrational sentiment' In recent years, "short squeezes" for low-value stocks have rarely been driven by the company's actual financial performance, which is usually why they're close to worthless in the first place. Indeed, Neil Saunders, managing director of retail for the GlobalData consultancy, told Insider the surge was "not based on anything rational or certain." He added that the report in the Orlando Business Journal didn't seem to be based on new information. "However, as we know from companies like Bed Bath & Beyond, share prices can sometimes be based on irrational sentiment or unfounded rumors," Saunders said. "The point remains that none of Tupperware's difficulties have disappeared and the company is still in a very challenging position." That "challenging position" would refer to an 18% fall in sales last year, and debt of more than $700 million that dwarfs even its newly inflated valuation of $137 million. Shares have sunk by 91% over the past five years. A 1980s Tupperware ad. deputay/Youtube Still, it appears some retail investors are believing the Tupperware hype. On r/pennystocks, members were boasting about their apparent stakes in the company and the potential profits they hope to bank. One user wrote: "I've made $1500 profits in one hour with this crap with only $2500 invested. Swing trade is the best option for this one!" On r/WallStreetBets, the birthplace of the meme stock craze, members were giddily comparing the stock to Bed Bath & Beyond, the now-bankrupt homeware chain that had captivated certain investors since 2021. Whether Tupperware goes the same way as Bed Bath and Beyond, which soared in value before giving up those gains very quickly, is unclear. But the playbook now appears very familiar.

Ford is recalling 870,000 F-150 trucks after customers reported their brakes activated while driving 2023-07-29 - Ford is recalling thousands of F-150 trucks over a potentially dangerous parking brake malfunction. At least 19 drivers said the parking brake activated while they were driving, the company said. The company recalled 870,000 of its 2021 to 2023 model F-150 pickups. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Ford is recalling hundreds of thousands of its iconic F-150 trucks after customers reported malfunctions with the brakes. Some said the parking brake activated while they were driving their trucks, the Associated Press reported on Friday. The company is recalling over 870,000 of its 2021 to 2023 model F-150 pickups with single exhaust systems, according to a Safety Recall Report from Ford publicized by the National Highway Traffic Safety Administration. Ford's F-series trucks have been the top-selling vehicles in the US for decades. The company said the recalled trucks have an issue with the "rear axle wiring harness bundle" rubbing against the rear axle housing, wearing on the circuit insulation, and possibly exposing wiring. "Damaged electric parking brake wiring may lead to inadvertent parking brake application while driving, potentially resulting in loss of control of the vehicle and increasing the risk of a crash," the Recall Report said. In North America, Ford cited 918 warranty claims and three field reports of wire chafing so far. "Of these reports, 299 indicated that the electric parking brake had unintended activation, of which nineteen (19) allege electric parking brake application while driving," the Recall Report said. The company said it had not received any reports of accidents or injuries as a result of the defect. Affected F-150 owners are instructed to take their vehicles to a dealer for inspection. "If the abrasion tape does not exhibit wear-through, the dealer will install a protective tie strap and tape wrap. There will be no charge for this service," the Recall Report said.

Manufacturing plant to close in Opelika later this year, hundreds affected 2023-07-29 - OPELIKA, Ala. (AP) — A medical device manufacturer in Alabama has announced plans to close its plant in November, a move that will impact nearly 500 workers. Baxter International Inc., which makes dialyzers for dialysis treatment at its plant in Opelika, announced the closure Thursday. “Baxter leadership emphasized that this outcome is not a reflection on the quality employees and business climate in Opelika, but was brought on by global market conditions that have impacted demand and overseas competition,” Opelika city officials said in a news release. City officials will be working with state and nationwide contacts to help identify and recruit other potential companies to create future opportunities in Opelika, officials said. Mayor Gary Fuller expressed disappointment by the announcement and concern for the affected employees. “The City and our Economic Development team will be working closely with Baxter, the Alabama Department of Commerce, the Opelika Chamber, Southern Union and our other workforce partners to assist these employees in finding other careers here in our area,” Fuller said. Economic Development Director Lori Huguley said the community will rise despite the news. “This is a big blow to our community and definitely not news we expected to hear, but we know we have great companies in our area that will welcome the chance to meet and interview those who are looking for other careers here,” Huguley said. Opelika is 60 miles (96.5 kilometers) northeast of Montgomery and has a population of 32,000.

More Trader Joe’s recalls? This soup may contain bugs and falafel may have rocks, grocer says 2023-07-29 - NEW YORK (AP) — Trader Joe’s is recalling a broccoli cheddar soup that may contain insects and cooked falafel that may contain rocks, about one week after the grocery chain recalled two cookie products over similar concerns. The soup recall impacts Trader Joe’s Unexpected Broccoli Cheddar Soup with “Use By” dates ranging from July 18 to Sept. 15, according to a Thursday announcement from the company. On Friday, the grocer announced that Trader Joe’s Fully Cooked Falafel sold in 35 states and Washington, D.C., was also under recall. On July 21, Trader Joe’s announced that it was recalling Trader Joe’s Almond Windmill Cookies and Trader Joe’s Dark Chocolate Chunk and Almond Cookies with “sell by” dates ranging from Oct. 17 to Oct. 21. Like the falafel, the cookies may also contain rocks, the company said. When asked for further information about how the insects and rocks may have gotten into these products, a Trader Joe’s spokesperson said that “there was an issue in the manufacturing processes in the facilities.” Suppliers alerted Trader Joe’s of the possible foreign material for each recall, the company said. “We pulled the product from our shelves as soon as we were made aware of the issue. Once we understood the issue we notified our customers,” the spokesperson said in a statement sent to The Associated Press Saturday. All of the recalled cookies, soup and falafel have been removed from sale or destroyed, Trader Joe’s said in its announcements. But the Monrovia, California-based company is still urging consumers to check their kitchens for the products. Trader Joe’s says customers who have the recalled products should throw them away or return them to any store for a full refund. Lot codes and further details about the products under recall, as well as customer service contact information, can be found on the company’s website. Trader Joe’s did not specify how many products were impacted with each recall or identify suppliers. But one Food and Drug Administration notice cited by NBC News says that the Unexpected Broccoli Cheddar Soup recall impacts around 10,889 cases sold in seven states. Winter Gardens Quality Foods, Inc. is identified as the recalling firm, per the notice. No formal releases about the three recalls were published on the FDA’s Recalls, Market Withdrawals, & Safety Alerts page as of Saturday. The Associated Press reached out to the FDA and Winter Gardens Quality Foods for information on Saturday. “We have a close relationship with our vendors and they alerted us of these issues. We don’t hesitate or wait for regulatory agencies to tell us what to do,” the Trader Joe’s spokesperson said. “We will never leave to chance the safety of the products we offer.”

Historically Black fraternity drops Florida for convention because of DeSantis policies 2023-07-29 - ORLANDO, Fla. (AP) — The oldest historically Black collegiate fraternity in the U.S. says it is relocating a planned convention in two years from Florida because of what it described as Gov. Ron DeSantis’ administration’s “harmful, racist and insensitive” policies towards African Americans. Alpha Phi Alpha Fraternity said this week that it would move its 2025 convention from Orlando to another location that is yet undecided. The convention draws between 4,000 and 6,000 people and has an economic impact of $4.6 million, the fraternity said. The decision comes after the NAACP and other civil rights organizations this spring issued a travel advisory for Florida, warning that recently passed laws and policies are openly hostile to African Americans, people of color and members of the LGBTQ+ community. Willis Lonzer, the fraternity’s general president, said in statement on Wednesday that the decision was motivated in part by Florida’s new education standards that require teachers to instruct middle school students that slaves developed skills that “could be applied for their personal benefit.” “Although we are moving our convention from Florida, Alpha Phi Alpha will continue to support the strong advocacy of Alpha Brothers and other advocates fighting against the continued assault on our communities in Florida by Governor Ron DeSantis,” Lonzer said. An email seeking comment on Saturday about the fraternity’s decision was sent to Jeremy Redfern, the governor’s press secretary and the governor’s office. DeSantis, who is running for the 2024 GOP presidential nomination, has come under fire this week over Florida’s new education standards. Among those criticizing the Florida governor on Friday was a rival for the Republican nomination, U.S. Sen. Tim Scott of South Carolina, the sole Black Republican in the Senate. Responding to the criticism, DeSantis said Friday that he was “defending” Florida “against false accusations and against lies. And we’re going to continue to speak the truth.” In May, the NAACP joined the League of United Latin American Citizens (LULAC), a Latino civil rights organization, and Equality Florida, a gay rights advocacy group, in issuing travel advisories for the Sunshine State, where tourism is one of the state’s largest job sectors. The groups cited recent laws that prohibited state colleges from having programs on diversity, equity and inclusion, as well as critical race theory, and the Stop WOKE Act that restricts certain race-based conversations and analysis in schools and businesses. They also cited laws that they say made life more difficult for immigrants in Florida and limited discussions on LGBTQ topics in schools. At least nine other organizations or associations have pulled the plug on hosting conventions in Orlando and Fort Lauderdale, two of the state’s most population convention cities, because of Florida’s political climate, according to local media reports. Florida is one of the most popular states in the U.S. for tourists, and tourism is one of its biggest industries. More than 137.5 million tourists visited Florida last year, marking a return to pre-pandemic levels, according to Visit Florida, the state’s tourism promotion agency. Tourism supports 1.6 million full-time and part-time jobs, and visitors spent $98.8 billion in Florida in 2019, the last year figures are available. ___ Follow Mike Schneider on Twitter at @MikeSchneiderAP

Colombia proposes 502.6 trillion pesos 2024 budget 2023-07-29 - BOGOTA, July 29 (Reuters) - Colombia's government on Saturday presented a budget proposal worth 502.6 trillion pesos ($127.8 billion) for 2024 to Congress, 19% greater than this year, the Finance Ministry said, an amount that would be the country's highest if approved. Congress must greenlight the government's budget by Oct. 20. The proposal includes spending 94.52 trillion pesos for servicing debt, and 97.75 trillion pesos for investment. "The 2024 budget is realistic," the finance ministry said in a statement. Government ministers worked through Thursday night to finish the proposal, President Gustavo Petro said on Friday in a post on social media platform X, formerly known as Twitter. The proposed budget earmarks 70.5 trillion pesos for education, health, drinking water and other general purposes, and some 57.4 trillion pesos would fund the state pension system. Petro, Colombia's first leftist president, has pledged a raft of social and economic reforms, including for sectors such as health and labor in a bid to fight poverty and inequality. The labor reform was initially rejected by Congress but the government plans to reintroduce the bill. The expert Autonomous Fiscal Rule Committee (CARF) has warned that if approved the reforms could impact the country's finances by leading to more costs, risking compliance with the fiscal rule, a mechanism designed to stop deterioration of public finances. ($1 = 3,932.04 Colombian pesos) Reporting by Nelson Bocanegra and Julia Cobb Symmes; Writing by Oliver Griffin; Editing by Sandra Maler Our Standards: The Thomson Reuters Trust Principles.

Novo Nordisk weight-loss drug Wegovy launched in Germany, first big EU market 2023-07-29 - FRANKFURT, July 29 (Reuters) - Novo Nordisk has launched blockbuster weight-loss drug Wegovy in Germany, its first big European market, hoping Germans will pay hundreds of euros out of pocket for a drug that public health insurance plans are so far barred from covering. The drug, shown to help patients reduce body weight by around 15% when used along with exercise and lifestyle changes, is already available in the United States, but in Europe is so far on sale only in small markets Norway and Denmark. "The first patients have redeemed prescriptions in Germany," a spokesperson for Novo confirmed on Saturday to Reuters, in line with previously announced plans to launch the drug there at the end of July. The Danish drugmaker's share price has more than doubled in the two years since the drug debuted, turning Novo (NOVOb.CO) into Europe's second-most-valuable listed company after LVMH. Doctors and patients in Germany have told Reuters they anticipate high demand for the weekly injections, with many patients prepared to take on the cost, starting at 170 euros ($190) a month and rising to more than 300 euros as treatment requires the dosage to increase. Public health insurance plans, which cover about 90% of Germans, will not foot the bill, under a decades old law that bars them from covering weight-loss drugs. For the 10% of Germans with private health insurance, coverage will vary. Among major providers, Allianz (ALVG.DE) says it will pay if a physician diagnoses a medical need, while Debeka said its plans exclude weight-loss treatments. Patient advocates and physicians have welcomed the arrival of Wegovy in Germany, where 18.5% of adults are obese, above the European Union average of 16%. The Robert Koch Institute, Germany's state public health agency, says diseases linked to excess body weight pose a considerable burden on health and social security systems. Novo is ramping up production to meet soaring demand in the United States, where the drug sells for as much as $1,350 a month. It says it will closely monitor prescriptions in Germany to ensure access for people with obesity, but it cannot not rule out supply delays. In Germany, Wegovy will be administered with the same injection pen used in Norway and Denmark, different from the one used in the United States, to avoid hitting supplies there. Wegovy's introduction in Germany will stir debate in a nation where the health care system has often treated obesity as a lifestyle choice rather than a chronic disease. Doctors say many Germans seeking to lose weight have already used Ozempic, a diabetes drug also made by Novo that is a lower dose version of the same ingredient as Wegovy. Physicians have worried that supplies would be strained by non-obese people seeking "vanity" prescriptions - a concern reflected in a Novo statement in mid-July saying physicians should "prescribe responsibly". ($1 = 0.8984 euros) Reporting by Ludwig Burger in Frankfurt and Maggie Fick in London Our Standards: The Thomson Reuters Trust Principles.

Listing of Ant Group is unlikely in the short term, state media report 2023-07-29 - BEIJING, July 29 (Reuters) - A listing of Jack Ma-backed Ant Group (688688.SS) is unlikely in the short term, state media reported on Saturday, citing people close to regulation. Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO. Reporting by Beijing newsroom Editing by Mark Potter Our Standards: The Thomson Reuters Trust Principles.

‘I’m 61, just got laid off, and have $550,000 in savings and no mortgage: Can I retire yet?’ 2023-07-29 - A man in Massachusetts writes to ask if he can quit the rat race yet. “[I] just turned 61 and of course got laid off…so I’m thinking it’s time to hang up my hat in the job ring,” he says. He and his wife have $350,000 in individual retirement accounts, and another $200,000 in Certificates of Deposit and an emergency fund. They have paid off the mortgage, have no car payments, and no other fixed costs beyond utilities, tax and insurance costs. On Social Security, “I’ll get $2,035 before taxes if I go at 62 and our monthly expenses are roughly $2,700 or so. We’re pretty frugal…that’s including health insurance.” His wife’s Social Security, he says, is “way less.” “Think I can hang it up comfortably?” he asks the Reddit community. My take: Here’s to you, Massachusetts Guy! You’ve held off the forces of ageism until you were 61. You’ve saved your money, lived frugally, paid off your house, and saved up $550,000. You aren’t even stuck with car payments, like so many people. You have a budget and you and your wife estimated your monthly expenses at $2,700, meaning $32,400 a year. Read: Worried about your job? How to plan for a layoff The smart move now is to talk to a financial planner to make sure you can cover all the bases. Preferably one that gets paid a straight fee for giving you advice, not commissions for selling you financial “products.” But at this point, if you want to hang it up, you’ve got so many options it’s hard to know where to start. That’s because you are sitting on three big retirement assets: Your savings, your Social Security account, and your home. Your savings: $550,000. Value of your home? You don’t say, but the median value of a home in Massachusetts is about $600,000. And the value of Social Security? You say you’re in line to get $2,035 a month if you start claiming at 62. To buy that sort of guaranteed income for a couple in the private annuities market would cost you about $560,000. Total worth: About $1.7 million, not counting Medicare, or the value of the social safety net in Massachusetts (which is pretty good). (Your home’s main value is rent-free living, but of course in an absolute emergency you can always tap the equity, either through a loan, or a sale, or conceivably a reverse mortgage.) What are your options? If you start taking Social Security next year, when you turn 62, you’ll collect $24,400 in your first year. It will rise each year in line with inflation. If you spend down your savings using the so-called 4% rule that would generate another $22,000 in income in the first year. Total income: $46,000 a year in your first year, and rising with inflation after that. Well above your budget. (The 4% rule, coined by financial planner Bill Bengen, argues that you can safely make your investments last your lifetime by withdrawing no more than 4% in your first year, and then raising the amount in inflation thereafter. This depends on some assumptions about how you invest.) On the other hand, if you delay claiming Social Security till you turn 70 your benefits will jump by nearly 80%, to an estimated $43,000 a year. (In today’s dollars—adjusted for inflation.) That alone will more than cover your estimated budget. Without even starting in on your savings. But that would leave you living on your savings, your wife’s Social Security, plus any wages or other income, for the next nine years. Would that be a challenge? Not if financial history, theory and current market rates have any say. Inflation-protected U.S. Treasury bonds, with very low risk, currently yield nearly 2% a year above inflation. Global stocks, based on history going back over a century, should be expected to generate returns of about 5% a year above inflation over time—although, as we all know, those returns vary a lot from year to year. So for example a portfolio of 50% global stocks and 50% TIPS—Vanguard Total World Stock VTWAX, +1.02% and Vanguard Inflation-Protected Securities VAIPX, +0.39% , say—should be expected to generate average annual returns of 3.4% plus inflation. If we figure inflation averages about 3% over the next decade that means a $550,000 portfolio should be able to generate average returns of nearly $20,000 a year and rising. And that’s without even touching the principal. Oh, and it’s not either-or. Each of us can choose to start Social Security at any point between 62 and 70, and each month we delay the amount we get goes up. As usual, it’s not simply a matter of whether we have saved enough to retire yet—but also what sort of retirement we can afford with the amount we’ve saved. Massachusetts Guy seems in good shape.

‘When I ran it past the missus, she went ballistic’: I want to buy a $40,000 car, but my wife said no. Then things really got weird. 2023-07-29 - My wife and I enjoy two week-long vacations a year to the local seashore, and we generally live well within our means. I’m convinced we can afford a new-car payment, but my wife is convinced it will break us, and that’s a problem. I’m 45 and my wife is 43. My wife and I make a combined income of around $220,000 per year as professionals, which puts us comfortably in the middle class where we live. We’re very lucky to experience virtually no financial strain, even with the odd unexpected expense. Our cash flow is, in my opinion, pretty good. We typically have between $10,000 and $14,000 in a checking account at all times, and a modest amount put aside for retirement. We’re still building that, and we plan to start 529s for our two young children and envision state university for them, if anything. “‘By mutual agreement, I get about $400 a month in a separate “mad money” checking account that’s all mine.’” We have less than $10,000 in debt with no problem paying it down, although we keep separate revolving credit accounts. Most of our paychecks go into the joint account. From there we pay our $1,400 monthly mortgage, our sizable family grocery bill, our car and insurance payments, other bills, etc. By mutual agreement, I get about $400 a month in a separate “mad-money” checking account that’s all mine. This is money I can spend as I see fit on my many hobbies, R&R, the odd concert or night out with the fellas, anything. This goes a long way toward ensuring domestic tranquility. I’m not sure if my wife keeps such an account, but I certainly wouldn’t begrudge her that. I trust her implicitly. Larger purchases from the joint account are openly and regularly discussed and, when significant, must be agreed upon. So, while life’s not perfect by any means, it ain’t half bad. We’ve worked hard to build a comfortable, relatively secure life for our family. If we’re not far ahead of the curve, we are outrunning it by a nose and, despite macroeconomic clouds on the horizon, our long-term prospects look bright. Domestic tranquility I currently drive a bit of a clunker, for which I pay about $130 a month, and I’ve lately entered the market for a new car. This has shaken our domestic tranquility. I’ve fallen head over heels for a small performance sedan. It’s eminently practical — there are no real luxuries included, there’s plenty of trunk space for groceries and a roomy back seat for the kids. It just happens to go blisteringly fast when you put the pedal all the way down. After a decade-plus of driving the automotive equivalent of a plateful of boiled spinach, the new car has captured my imagination. Reports suggest the car is reliable and no more or less expensive to service than our current rides. To boot, I have an insurance quote in hand that’s a little less than what our household pays now. “ ‘The car will ultimately cost — including interest, fees, etc. — about $40,000, though I may do a little better.’” The car will ultimately cost — including interest, fees, etc. — about $40,000, though I may do a little better. Monthly payments would be in the neighborhood of $500. I’m also open to the idea of leasing and then buying the depreciated car at the end of the term, if that would mean a lower monthly payment. When I ran this past the missus, she went ballistic. She said there was no way we could afford it and all but put her foot down. Then things got weird. She pointed to the fact that her parents still give us money and implied we wouldn’t be able to make it without those handouts. The truth of the matter is we did need them, years ago, as we were getting established in our careers. They have given us cash gifts lately, and we’ve certainly put the money to good use, but they’re doting on us, spending down their nest egg for some arcane tax purposes. It’s a lovely gesture, but my wife seems to feel it’s some critical lifeline without which we’d be skint. You could always be richer or more secure, but a look at our accounts and cash flow tells me we are plenty liquid. I’ve consulted various calculators, run minimum/maximum scenarios in my head and considered conventional car-buying wisdom, and it all suggests we could afford a car payment of more than $1,000 per month on my salary alone (not even considering her $90,000 yearly salary) without being irresponsible. I’m looking to spend, at the end of the day, a low single-digit percentage of our monthly income on an essential — an essential that I happen to really want. Offers and counteroffers My wife seemed to arbitrarily pick $400 as a hard-and-fast monthly limit for a car payment, after a down payment of $1,500 plus my trade-in — which would be about $6,500, all told. That is very likely to come up short where this car is concerned. I’m preparing to come back to her with what I think is a heck of a good counteroffer, literally the best I can do. I can abide by the $6,500 down payment, and I will offer to put my entire $400 monthly mad-money stake toward the regular payments. After all, it’s money I use for pure enjoyment. That would leave the common household purse on the hook for a little less than the $130 we currently pay for the clunker. I’m not optimistic my counteroffer will be well received. She has suggested my $400 monthly perquisite was “our money, too,” although we’ve never, ever treated it that way. I feel as though she has some anxiety that isn’t borne out by the financial realities of our situation, at least as far as I can tell. When I try to probe a little deeper into the anxiety, I get “we just can’t afford it.” In fact it’s almost as though we’re living in two separate realities. “‘It’s not as though I’m eyeing up a Bugatti — it’s a Hyundai! I’m really afraid I’ll grow to resent her if I end up missing out on this car.’” How can two married people look at the same accounts and draw such dramatically different conclusions? Could I get a cheaper car? Absolutely. Do I want to? Hard no. I’ve tried to make my position clear about how much I really, really want this car. I also feel as though offering to sit down and go through every line in the household debt/credit ledger will end up being extremely unpleasant and perhaps start another fight. It’s almost as though she doesn’t want to be questioned on this issue, yet she has failed to prove to me that a $500 car payment would be the end of us. Is it up to me to prove it wouldn’t crush us? I’m not a person who always has to get their way. If I can tell it means more to the other person to get the longer end of the wishbone, no problem. I’ve never been one to walk away from compromise, but in this case I suppose I feel I shouldn’t have to compromise. That said, if I thought for a second that this car payment would put us in tough straits, I’d drop the idea. In fact, it never would have occurred to me. It’s not as though I’m eyeing up a Bugatti — it’s a Hyundai! I’m really afraid I’ll grow to resent her if I end up missing out on this car. Am I the one being unreasonable? Wouldn’t anyone feel bitter to have to give up something they dearly wanted that, in all likelihood, they could have easily obtained but for their partner’s intransigence and ill-defined, unfounded anxiety? While I know material things can’t bring ultimate satisfaction, I’ve been around the block enough times to know that enjoying yourself in this life, once you’ve taken care of your responsibilities, counts for an awful lot. In Love, Over a Barrel and Out of a Car Dear In, Over & Out, I like boiled spinach. It’s healthy, it’s cheap and it has nutrients that get me where I want to go. Material things don’t bring happiness — you’re right about that. But they can bring a lot of trouble and strife to your marriage. I agree that you can probably afford the car, but I’m on the fence as to whether this is the best moment to insist on buying it, and whether the car is worth the price you will pay for pushing this purchase through against your wife’s wishes. You say your wife is displaying intransigence and an ill-defined, unfounded anxiety. But there are two of you in the driver’s seat here. You too are displaying signs of intransigence and an ill-defined, unfounded persistence. It’s a car. It’s a nice car. It would give you a nice feeling to rev up the engine in the morning, tool around town and go for long country drives. But this is not about the car. The car has become a symbol of your different communication skills — or perhaps they are too similar in their “it’s my way or the highway” stance. You earn $130,000 a year. Your wife earns $90,000. The car also represents your approaches to money: Your wife is more cautious, you are more gung-ho. “‘The car has become the perfect symbol of your different communication skills. It also represents your approaches to money.’” There’s a big gap in your salaries and outlooks, which naturally result in you having different concerns when it comes to saving for retirement, investing, preparing for your children’s education with 529 plans and having enough money set aside so you can enjoy life. That $400 mad money is a red herring. What will you do if you buy the car? Never go to another concert again? It’s not up to you to prove that $500 a month in car payments won’t crush you financially. You — both of you — are treating this like you are in a court of law. It’s not like your freedom depends on you being right. But I wonder what other things depend on you or your wife being right. Some suggestions: pride, willfulness and the feeling that if you lose this battle, you lose the war. So put the car aside. Let it go for now. There will be other cars, better cars, cheaper cars, more expensive cars, fancier cars, faster cars, bigger cars, more beautiful cars, shinier cars. There are always other cars. But you only have one wife. And she only has one husband. So I implore you both to stop hanging on so tightly, exhale and talk about what’s going on under the hood. “‘There will be other cars, cheaper cars, more expensive cars, fancier cars, faster cars, bigger cars, more beautiful cars, shinier cars.’” Allow me to be a remote mediator here by suggesting that showing humility and being the first to say, “OK, let’s park this for now,” is a show of strength. It will let all the air out of the argument — that’s the last car reference, I promise — release the tension and allow you to talk about your concerns. They may be both financial and emotional. About the former: The money you have received from your in-laws, whether or not you need it anymore, was to given you on a sound financial footing, and your wife may, rightly or wrongly, perceive this $40,000 expenditure as an insensitive move given that previous financial support. What’s more, $40,000 is nearly half of your wife’s annual salary. It’s a bigger sum of money for her. You have stated that this particular car is an “essential.” That’s not necessarily the case. There are many compromises you could make, if you felt the need — for instance, you could step up from your current car of boiled spinach to some secondhand arugula. You say it’s a “hard no” for a cheaper car. I gently urge you to be more realistic about how you define this purchase and about “hard no’s” in general. The U.S. Federal Reserve raised interest rates for the 10th consecutive time earlier in May, so even with a good credit score, it’s arguably not the best time time to take out an automobile loan. If you bought this $40,000 Hyundai with a 10% ($4,000) downpayment and 4% sales tax, and you paid a 6.2% interest rate, you would be saddled with approximately $670 in monthly payments, not including any other fees. That would increase if you did not have an excellent credit score. You also have $10,000 in credit-card debt. Americans appear to be having trouble paying off their credit cards these days. Credit-card debt in the U.S. is nearing $1 trillion, and for the first time since 2000-2001, in the aftermath of the dotcom crash, credit-card debt did not fall between the fourth and first quarters. That could be a sign of an impending economic downturn. Pay off your debt first. A higher car payment today may not put you in financial straits, but it may put your relationship in dire straits. There’s a lot of pride on both sides here and a sense that if you lose this one, it will set a bad precedent. Is it an underlying test of who controls the purse strings, or who is the most intellectually agile, or who is the financial whiz who will get their own way? You write that you will grow to resent your wife if you miss out on this car. A new Hyundai vs. the state of your marriage? Close your eyes and go back to a simpler, happier time: your wedding day. Think of the disproportionate weight that your statement carries. You are “convinced” that this car is a good idea, and your wife is “convinced” it is not. That’s two too many people being convinced that they are right. This car debate has become bigger than both of you. I’d rather you park this sedan than have your ability to listen and communicate effectively in this marriage end up as roadkill. Follow Quentin Fottrell on Twitter. “You say your wife is displaying intransigence and an ill-defined, unfounded anxiety. But there are two of you in the driver’s seat here.” MarketWatch illustration Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write to me with all sorts of dilemmas. By emailing your questions, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties. The Moneyist regrets he cannot reply to questions individually. More from Quentin Fottrell: ‘Tipping culture is out of control. I was asked to tip 15% for a charitable donation’: When will it end? I received $225,000 from the 9/11 Compensation Fund after being diagnosed with lung cancer. How would you invest this windfall? My wife wants us to spend $5,000 to attend her cousin’s destination wedding. I don’t want to go. Am I being selfish?

Depression diagnosed in early or mid-adulthood linked to dementia: study 2023-07-29 - Depression, whether diagnosed during early or mid-adulthood, more than doubles your chances of getting dementia later in life, according to a study in JAMA Neurology. In the study of more than 1.4 million adult Danish citizens evaluated from 1977 to 2018, those with depression were 2.4 times more likely to have dementia later in life compared to those without depression. The risk of dementia was higher for men than women. “The persistent association between dementia and depression diagnosed in early and middle life suggests that depression may increase dementia risk,” the study said. Dementia is not a specific disease but rather an umbrella term for the impaired ability to remember, think, or make decisions that interferes with doing everyday activities, according to the Centers for Disease Control and Prevention. The study also looked at those treated with an antidepressant and found no difference between the treated and untreated groups. Previously, diagnoses of depression later in life were seen as an early symptom or response to the preclinical stage of dementia. However, this study looked at whether depression diagnoses in early and middle-life was linked to dementia findings. This study asserted there is a link between depression at any stage of adulthood and dementia. It does not explain the reasons why. “In our analyses, the risk of dementia was more than doubled in both men and women diagnosed with depression, although the hazard of dementia was greater in men. One possible explanation for this finding is that men are less likely to seek health care than women,” the study said. As a result, men’s cases may be more severe when finally diagnosed. The CDC said that about 5.8 million people in the United States have Alzheimer’s disease and related dementias. By 2060, the number of Alzheimer’s disease cases is predicted to rise to an estimated 14 million people, with minority populations being affected the most.

How higher Fed rates for longer could squeeze ability of big companies to pay interest on debt 2023-07-29 - The ability of big U.S. companies to pay interest on their debt could sink to the lowest level in two decades, if the Federal Reserve opts to keep interest rates higher for longer, according to BofA Global. Major corporations, like homeowners, embarked on a borrowing blitz during the pandemic when the Fed cut its policy rate to almost zero in a bid to thwart an economic calamity from unfolding. That helped insulated many large corporations and households from the brunt of the Fed’s rate hikes since March 2022, mainly because it put a fixed, lower cost on their existing debt. But if the central bank keeps its policy rate high for years to come as part of its inflation fight, it risks sinking the ability of many corporations to pay interest on their debts to some of the lowest levels since 2003 (see chart), according to BofA Global strategists. Interest coverage could sink to some of the lowest levels since 2003 if the Fed keeps rates high over the next two years. BofA Global Research, ICE Data Specifically, the BofA team looked at estimated interest coverage ratios for corporations with investment-grade credit ratings should the Fed keep its policy rate elevated through the end of 2025. Higher coverage ratios imply companies will have an easier time paying interest on their outstanding debt. The analysis assumes rolling maturing debt at the current 5.5% yields of the ICE US Corporate Index, which would bring the coverage ratio to 8.7x by the end of 2025, down from 11.9x as of the first quarter of this year. It also assumes no change in debt or earnings. “Of course, the impact on the coverage ratio will depend on how long rates remain high,” the BofA team led by Yuri Seliger wrote, in a Tuesday client note. It’s also worth noting that debt defaults by investment-grade companies have been fairly rare, although getting their credit-rating downgraded to speculative, or “junk,” territory hasn’t been uncommon. See: Ford moves closer to investment grade after Moody’s upgrade, as its bonds see net buying The Fed is widely expected to raise interest rates another 25 basis points to a range of 5.25%-5.5% on Wednesday. The 10-year Treasury yield TMUBMUSD10Y, 3.953% , a benchmark for corporate borrowing, was at 3.89% on Wednesday, down from a high of nearly 4.1% in March, according to Dow Jones Market Data. Stocks were mostly lower ahead of the Fed’s rate decision, with the Dow Jones Industrial Average DJIA, +0.50% struggling to extend its win streak to a 13th straight day and the S&P 500 index SPX, +0.99% and Nasdaq Composite Index COMP, +1.90% trading lower.

Biden is reportedly using shorter stairs to sidestep ageism. Millions of other Americans face the same workplace problems. 2023-07-29 - President Biden is using shorter stairs these days, likely in an effort to reduce the risk of a viral moment critics can use against him and his age, an NBC News analysis found. Since falling during an Air Force Academy graduation, the president has used shorter stairs 84% of the times he’s gotten on and off of his plane, versus the 37% of the times before, the report found. Sometimes, he’ll use a longer staircase one way and a shorter one the other. Biden has also missed a few social dinners during foreign trips and has been using note cards, the report noted. The president’s age has been a topic of debate as he ramps up his re-election campaign, just as it was when he ran in 2020. Senate Minority Leader Mitch McConnell, 81, also caused concern on Wednesday, when during a press conference he froze mid-sentence for almost 20 seconds. Colleagues, including Wyoming Republican Sen. John Barrasso, who serves as the Republican Conference Committee Chairman and is a doctor, checked on him, asking if he was OK. McConnell, a Republican from Kentucky who was hospitalized earlier this year after a fall, was escorted out of the room, but returned moments later and said he was fine. They’re not the only ones aging while on the job, though. Workers 55 and older will make up a quarter of the U.S. workforce by 2031, according to a Bain & Co. analysis. Similar shifts can be seen in other countries as well, including Italy and Japan. Globally, about 150 million jobs will go to this demographic. See: Biden’s age is figuring ‘prominently’ in the 2024 White House race — but here’s what the pundits could be getting wrong Older workers bring decades of experience to the job, but they still face discrimination — while working, or during the hiring process. Almost two-thirds of adults 50 and older said they believe age discrimination happens in the workplace, according to an AARP survey. Many have seen it in the form of negative comments about their age, or when passed over for a promotion, the survey found. Ageism is keeping away some retirees looking to re-enter the labor force, an American Staffing Association survey found. More than four in 10 retirees said their age would be a problem for them when looking to get hired. During a news conference at the White House, Biden, who is already the oldest president the U.S. has ever had, said he respects voters “taking a hard look” at his age during his re-election campaign. “I’d take a hard look at it as well,” Biden added. “I took a hard look at it before I decided to run. And I feel good. I feel excited about the prospects.”

‘It broke me’: Everyone says you need power of attorney, but nobody tells you how hard it is to use 2023-07-29 - When I went to the bank to execute my mother’s durable power of attorney during her recent hospital stay, the manager peered at me through the glass partition at the front desk and shook his head no. He didn’t even look at the sheaf of properly signed and notarized papers I held up pleadingly. He just said, “Sorry, if your mother isn’t able to come in herself to take care of things, you’ll need a court order.” Luckily, I was armed with knowledge from estate-planning experts and people who had been through this before. I stood my ground. A power-of-attorney document is an absolutely essential piece of estate planning that allows you to designate a trusted person to handle your financial matters if you should become incapacitated. If you don’t have one, the people in your life will have all sorts of trouble handling your affairs, and you may end up with bills in collection and your mortgage payments past due. “I’ve seen foreclosures that could have been avoided if somebody had power of attorney,” says Eric J. Einhart, an officer on the board of directors of the National Academy of Elder Law Attorneys, who practices in New York. Most advice you’ll see about power-of-attorney documents is aimed at the person filling one out (known as the principal) rather than the person who has to actually use it (known as the agent). But the agent is the one who really needs the help, because that person is the one who has to fax or email or hand the documents in person to any bank, credit-card company, medical biller, insurance company, loan servicer or government agency involved, and deal with whatever hoops need to be jumped through. Just a note here about forgery. When time is of the essence — and when is it not? — you might be tempted to take shortcuts. If a bank won’t accept the power of attorney and caregivers need to be paid, for one example, you might think it easier to just sign the principal’s name on a check. You have permission after all, right? The catch is that it’s simply not legal. Even accessing a person’s online account and putting a payment through is iffy. Given the prevalence of elder financial abuse, the strict rules make sense, even if they gum up the works for people who are just trying to help. “I’m sure it’s a thing that’s done — it’s just human nature. But I would not suggest that, ever,” says Einhart. If you’re going to try to do things the right way, here are the biggest issues you might encounter when you try to execute a power of attorney and what you can do about them. 1.They want the person to show up If I wanted an easier time with my mom’s paperwork, I’d have gone with her to the bank before she got sick and put the power of attorney into effect, but we never got around to it. Michael Picon, a creative director based in New York, was able to do that with a friend he was trying to help, and it smoothed the process in the beginning. But by the time he made it down the list to the Social Security office, the friend was too sick to come along, and Picon hit the end of his rope dealing with the paperwork. “It broke me,” he says. “The office was full of angry, tired, frustrated people. I had a briefcase full of papers, and didn’t have some things needed. I cried. I just couldn’t deal with it.” But, of course, he did make it through, and he ended up publishing a fill-in journal for the caretaking process, “The Power of Attorney’s Notebook: Everything You Need for Managing Your Loved One’s Estate.” One key thing he learned: There’s no legal reason why the principal has to be there, so stand your ground and keep pushing. 2. They say something is wrong with the documents Virtually anything could cause a financial entity to stall power-of-attorney acceptance. Every state has its own rules, and every institution has different standards. Sometimes power of attorney can be rejected because two people are named agents instead of one, the notary stamp doesn’t include the right words or the document isn’t identified as “durable” (meaning it is constantly in force, rather than only in specific circumstances). “Unfortunately, it’s case-by-case based on the company,” says Danielle Miura, a certified financial planner who specializes in family caregiving. “Everything is tedious. It’s all just a waiting period. Sometimes they’ll accept it, and sometimes they’ll reject it.” The only way through this is to do the best you can with what you have, especially if it’s too late to change the document. Picon says he just kept telling his story to everyone who would listen, and finally he found people who took pity on him. He hasn’t yet succeeded in some areas involving government benefits, but he’s still asking questions. In my case, once I convinced the bank to look over my paperwork, they sent me away with homework. I had to find the death certificate for my father, who had died several years ago but was still named on the account. Luckily, I’m good at scavenger hunts, and after another two-hour appointment, I got on the account. If I can sit through the whole process again, I can access her safe-deposit box, too, but they wouldn’t address both in one appointment. 3. The principal dies A common misconception about power of attorney is that it’s good through the whole process: illness and death. But power of attorney stops when the principal dies, and the executor takes over — and the agent and executor aren’t necessarily the same person. Then, also, heirs come into the picture, and they can ask a lot of questions. “Usually families have trouble because somebody was not using the power of attorney correctly, for example, taking funds from the account for their own personal use. And there are a lot of cases where there’s elder abuse,” says Einhart. Careful record keeping can forestall both bookkeeping problems and bad feelings. “Make sure you have a spreadsheet of bills or some track record so nobody is questioning you,” Miura says. Another important step is to have regular meetings with family members so they feel like they’re on the same page. Picon still worries that, at the end of his caretaking journey, he’ll somehow end up on the hook financially, especially since his friend’s estate is more likely to end up with a negative balance rather than with an inheritance. But Einhart says the agent shouldn’t have to worry about incurring debt by carrying out the required tasks, especially if the agent signs everything properly and keeps good notes. “The most important thing you can do is sign everything as power of attorney — the principal’s name and then your name as agent. There should be a wall between your personal wealth and your principal’s debts and obligations,” Einhart says. One final tip: Don’t keep power-of-attorney documents in a safe-deposit box. Make sure you have them in a secure place, but not inaccessible, or else your agent is going to need a court order just to get started. Got a question about the mechanics of investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at beth.pinsker@marketwatch.com. More from MarketWatch

Kim Kardashian sells one of her extra homes in Hidden Hills for $3.5 million 2023-07-29 - Kim Kardashian, whose name requires little intro or description, has just sold off one of her houses that she probably wasn’t using much. It must have seemed convenient at the time of purchase, however, since it’s located next door to an enormous compound she already owns in Hidden Hills, CA, an area that’s home to many A-list listers, including her family members and L.A. Rams quarterback Matt Stafford. The entrepreneur snapped this one up in 2019 for $2,975,000. The home was listed for $5.3 million in 2022 and eventually sold for $3.5 million. The four-bedroom, four-bath, ranch-style home on 1.5 acres is a bit unusual in that it comes with top-notch horse facilities. It sits behind gates in an exclusive enclave that offers views of Ahmanson Ranch state parkland. Built in 1957 Realtor.com Featuring a low-slung build from 1957, it has almost 4,000 square feet of living space. There’s a family room with wood flooring, a vaulted ceiling, exposed beams, and a two-sided fireplace. The kitchen features granite counters, stainless-steel appliances, and a large center island. Along with a four-car garage, the property comes with a lagoon-style pool and a spa, gardens, and a covered grilling area. Directly across the street is a horse barn with four stalls, a corral, and a tack and feed room. Kardashian likely viewed this fixer-upper as a bonus addition to her nearby property that expanded her acreage. Still, she’ll live well in the massive Hidden Hills complex that she came away with after her divorce from Kanye West. The megamansion was purchased by the couple in 2014 for $20 million. After extensive renovations, the home is reportedly worth upward of $60 million. The wildly successful Kardashian has done well with her real estate. And a recent valuation of her clothing line known as Skims is now said to be worth $4 billion. This story was originally published on Realtor.com, a real estate and rentals site. In addition to homes for sale, you can find rentals like Scottsdale apartments, Austin apartments, Tampa apartments, and more.

Barron's Weekend Stock Picks: Pinterest, Live Nation And The Positivity Around Palantir - General Motors (NYSE:GM), Live Nation Entertainment (NYSE:LYV) 2023-07-29 - Barron's Weekend Stock Picks: Pinterest, Live Nation And The Positivity Around Palantir

As COVID-19 Cases Spike This Summer, Healthcare Experts See It As Recurring Theme And Recommend These Measures - Moderna (NASDAQ:MRNA) 2023-07-29 - Another summer surge of COVID-19 cases is likely threatening the U.S., data shared by the Centers for Disease Control And Prevention showed. What Happened: Many metrics, including COVID-19 hospital admissions, emergency department visits and test positivity, have all increased in the week that ended on July 22, the CDC said. COVID-19 hospital admissions during that week increased 10.3% week-over-week to 7,109 in the U.S., weekly percentage of COVID-19 emergency department visits rose 17.4% to 0.8% and test positivity percentage increased from 6.3% to 7.6% , CDC data showed. “After roughly six, seven months of steady declines, things are starting to tick back up again,” said Dr. Brendan Jackson, CDC's COVID-19 incident manager, NPR reported. Kathleen Conley, a CDC spokesperson, said that, while U.S. COVID-19 rates are still near historic lows, hospitalizations increased in the past week, CBS News reported. Preceding the increase were other indicators that jumped such as ER department visits, test positivity and wastewater levels, she added. Healthcare experts are less certain how the scenario will pan out. “I do see some early signs that we are heading into another wave. Of course, we don't know what lies ahead. So it may yet peter out,” said Caitlin Rivers, an assistant professor in the Department of Environmental Health and Engineering at the John Hopkins Bloomberg School of Public Health, CNN reported. Rivers added that it has become difficult to identify how the virus is spreading, given that lab testing and other data collection have been scaled back since the U.S. ended its public emergency for COVID-19 in May. The CDC found that most of the COVID-19 variants that are circulating are either a second- or third-generation of the XBB variant, with each having slight genetic tweaks. See Also: Best Biotech Stocks Back To Basics: Rivers told CNN that it would be in the public’s best interest to go back to wearing masks in public places, such as airplanes and the metro. Experts also continue to recommend taking a rapid test when one feels unwell so that the most vulnerable can be protected, CNN noted. Infectious disease expert Michael Osterholm told CNN that, for those who have yet to get a bivalent booster, it is advisable to wait until new boosters targeting the XBB variant comes out in September since the potency of the previous bivalent boosters have waned. What This Means For Vaccine Makers: As the COVID-9 pandemic has gotten less severe, biopharma companies, which spent billions of dollars and resources on treatments and vaccines, have seen their bottom lines sag. Moderna, Inc. MRNA, one of the earliest COVID-19 vaccine developers, is expected to report a loss of $4.03 per share when it releases its second-quarter report this week. This would mark a reversal from a profit of $5.24 in the same period a year ago. Revenue is expected to plunge 93.30% year-over-year to $319.64 million. The company recently filed applications with global drug regulatory agencies for its updated COVID-19 vaccine containing the spike protein for the XBB.1.5 sublineage of the SARS-CoV-2 virus. With experts opining that the COVID-19 viral outbreak will be a recurring theme in summers and winters going forward, these companies will likely continue to see some revenue from the ongoing pandemic. Read Next: Facebook Took Down COVID-19 Posts After Pressure From Biden Administration: Report Photo: Shutterstock

Mega Millions Jackpot Rises To More Than $1 Billion, One Of The Largest Lottery Prizes In US History 2023-07-29 - The Mega Millions jackpot has reached an astounding sum of over $1 billion, as no winning ticket matched all six numbers drawn on Friday night. The numbers drawn on Friday night were 5, 10, 28, 52, 63, and the Mega Ball was 18, the lottery said in a statement. Since the last jackpot was won on April 18, there have been 29 consecutive draws without a winner. The estimated jackpot for the next drawing on Tuesday night is $1.05 billion, making it the fourth-largest prize in Mega Millions' history. The Mega Millions jackpot winner can receive the money either in installments, with one immediate payment and 29 annual payments, or as a lump sum of $527.9 million. The Mega Millions draw offers nine ways to win a prize, ranging from $2 to the jackpot amount. Also Read: $2 Billion Powerball Winner Sued By Man Who Alleges Ticket Was Stolen From Him In the recent drawing on July 28, the lottery said there were $1 million and $5 million winners in Pennsylvania, as well as $1 million winners in Arizona, California and New York. The highest Mega Millions jackpot ever recorded was a staggering $1.537 billion, claimed by a lucky winner in South Carolina in 2018. Following closely behind is a $1.348 billion ticket that was sold in Maine in January and a $1.337 billion prize that was won last July. The fourth-largest prize in Mega Millions history is a $1.05 billion jackpot that was won thanks to a ticket sold in Michigan in 2021. In recent news, a Powerball ticket purchased at a convenience store in Los Angeles successfully matched all the numbers, securing its owner a massive $1.08 billion prize, the third-largest Powerball jackpot. Now Read: Mega Millions Jackpot Grows To Third-Largest Jackpot In Game's History After No Winner Photo: Shutterstock