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In general, crafting an effective retirement plan involves identifying retirement goals and mapping out a strategy for achieving them. It requires determining how much can be contributed to retirement investing and the investment instruments that will be most effective for achieving financial goals.

President Biden insists he will stay the course in pursuing a second term as commander in chief despite growing calls for him to step down as the presumed Democratic nominee, but one expert says the president’s refusal to withdraw from the 2024 race could have economic implications.

For some, working gigs like driving for ride-share companies, doing freelance work or selling products online helps supplement their income from their primary job. Through their main employer, many people can save for retirement, such as by automatically deducting a percentage of each paycheck and investing within a 401(k). 

Considering the state of the economy and the elevated interest rates financial institutions currently offer on deposit accounts, you may consider opening a certificate of deposit (CD). Some experts expect interest rates to fall soon with recent inflation reports showing cooling price growth in the United States. And, with the next inflation report expected July 11, now may be the time to act.

A few years ago, when the Covid-19 pandemic prevented most face-to-face meetings, connecting with your investment advisor virtually was the only option. You could either meet with them via video call or not at all. Today, many financial firms continue to offer virtual meetings, even though the restrictions on in-office meetings have been lifted. The question for investors is whether virtual is the right option.

Generative AI advocates say genAI tools can catch errors made by other genAI tools — but humans must still check the AI checkers’ work.

When Morgan Stanley announced its new generative AI support tools for financial advisors last week, it talked about gaining efficiencies from its notetaking abilities. But those who track the $54 billion financial firm said that its goal is much larger. The announced intent of AI @ Morgan Stanley Debrief, one of a suite of generative AI tools the company is developing for its financial advisors, is to record, transcribe and then summarize key points from the more than 1 million conference calls that Morgan Stanley people hold every year.

My education in the financial world started when I was 18. That was the year I watched my parents’ retirement dreams come crashing down.

Age 65 is a major transition for many individuals as they shift to thinking about retirement and begin to contemplate benefits like Social Security and Medicare. Retirement planning means you’ll have to consider taxes, healthcare, your retirement budget and more. With $1.5 million in an IRA and two Social Security payments to rely on, a married couple should have some flexibility for retirement, but their individual circumstances and how they strategize can make a big difference in their quality of life. Here’s how to think about it.

At a time when social media is being pushed as the premier way to tap into a younger target market, insurance agents are finding that millennials and Gen Z highly value referrals from family members, friends and other consumers.