44% of Americans have no retirement income plan
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44% of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k)Specialist.
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44% of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k)Specialist.
Sweetwater mobile park residents face eviction
Residents of Li'l Abner Mobile Home Park in Sweetwater, Florida, were recently notified that they'll need to find somewhere else to live and quickly. The community of more than 900 mobile homes, together housing roughly 2,000 to 3,000 people per the mayor's estimate, will close in May 2025 to make way for new affordable and workforce housing. Mobile home owners usually own the home but rent the land it stands on. The land owner in this case, CREI Holdings, says it will provide a financial incentive of $14,000 to residents who leave by January 31, 2025. Those who leave by March 31 or April 30, will receive $7,000 and $3,000, respectively, though many tenants say it's not enough time or money, according to a NBC6 report. Sergio Zamora lives in the park with his wife and in-laws, who've had a home in Li'l Abner Mobile Home Park for more than 30 years. “They paid off the house to be told you don't have a place to live anymore,” Zamora told NBC6. “Imagine saying you own a property and someone tells you don't.”
Residents of Li'l Abner Mobile Home Park in Sweetwater, Florida, were recently notified that they'll need to find somewhere else to live and quickly. The community of more than 900 mobile homes, together housing roughly 2,000 to 3,000 people per the mayor's estimate, will close in May 2025 to make way for new affordable and workforce housing. Mobile home owners usually own the home but rent the land it stands on. The land owner in this case, CREI Holdings, says it will provide a financial incentive of $14,000 to residents who leave by January 31, 2025. Those who leave by March 31 or April 30, will receive $7,000 and $3,000, respectively, though many tenants say it's not enough time or money, according to a NBC6 report. Sergio Zamora lives in the park with his wife and in-laws, who've had a home in Li'l Abner Mobile Home Park for more than 30 years. “They paid off the house to be told you don't have a place to live anymore,” Zamora told NBC6. “Imagine saying you own a property and someone tells you don't.”
Mortgage rate trends this week
Thirty-year fixed mortgage rates moved up this week, up from 6.78% last week, to an average of 6.84%. “Mortgage rates ticked back up this week, continuing to approach 7 percent,” says Sam Khater, chief economist at housing giant Freddie Mac. “Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.”
Thirty-year fixed mortgage rates moved up this week, up from 6.78% last week, to an average of 6.84%. “Mortgage rates ticked back up this week, continuing to approach 7 percent,” says Sam Khater, chief economist at housing giant Freddie Mac. “Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.”
Who really wins when a divorce drags on?
It may come as a bit of a surprise that John H. Foster, managing partner of the $800 million private equity firm HealthPointCapital, claims to be $12 million in debt. It certainly caused his soon-to-be ex-wife, Stephaine Foster, to raise her eyebrows. While John attributes his financial trouble to Stephanie’s alleged lavish spending, causing his nearly $50 million net worth to fall – Stephanie suspects there’s more to the story. “He’s asset-stripping the marital estate,” Stephanie told The Post in an exclusive interview. Stephanie questioned John’s financial struggles, pointing out his indulgent habits. According to Stephanie, the 82-year-old has been flying between Florida and New York for high-end beauty treatments, including Botox, hair dyeing and manicures. According to The Post, Stephanie's lawyer, BriAnne Copp, reinforced her skepticism during a recent hearing stating, “While he’s lived a fabulous lifestyle for the last 60 years, now that he’s embroiled in a divorce, now he’s suddenly $12 million in debt.” As the couple’s legal battle continues to unfold, whether John is hiding assets — and what Stephanie is ultimately entitled to — remains unresolved. But their ongoing disagreement sure is costing them.
It may come as a bit of a surprise that John H. Foster, managing partner of the $800 million private equity firm HealthPointCapital, claims to be $12 million in debt. It certainly caused his soon-to-be ex-wife, Stephaine Foster, to raise her eyebrows. While John attributes his financial trouble to Stephanie’s alleged lavish spending, causing his nearly $50 million net worth to fall – Stephanie suspects there’s more to the story. “He’s asset-stripping the marital estate,” Stephanie told The Post in an exclusive interview. Stephanie questioned John’s financial struggles, pointing out his indulgent habits. According to Stephanie, the 82-year-old has been flying between Florida and New York for high-end beauty treatments, including Botox, hair dyeing and manicures. According to The Post, Stephanie's lawyer, BriAnne Copp, reinforced her skepticism during a recent hearing stating, “While he’s lived a fabulous lifestyle for the last 60 years, now that he’s embroiled in a divorce, now he’s suddenly $12 million in debt.” As the couple’s legal battle continues to unfold, whether John is hiding assets — and what Stephanie is ultimately entitled to — remains unresolved. But their ongoing disagreement sure is costing them.
Mom-and-pop shop resisted eminent domain seizure
Eighty Eight Coffee Co. in Manchester, New Hampshire, has been eighty-sixed. The local restaurant and coffee shop, a popular spot for students and residents alike, seems to have ended its struggle with the city, which had apparently pursued ownership of the property for a sewer project via eminent domain. "We’ll be in operation until end of November," Eighty Eight Coffee Co. shared in a social media post Oct. 30, indiciating it had signed a purchase and sales agreement, though perhaps reluctantly. The shop had been battling the city for what it considered fair compensation. "My parents have owned the property since ’99," Corey Tong, one of the owners of the coffee shop, told CBS News Boston on Oct. 11. "In 2023, they reached out to us to say they wanted this property as part of the Cemetery Drain Brook Tunnel." According to the city, the Cemetery Brook Drain Tunnel Project includes construction of a new drainage system as part of a plan that aims to improve water quality in the Merrimack River, which provides drinking water to nearby communities. Tong works at the shop with his wife and brother, and says his mom "comes in sometimes on the weekends to help out."
Eighty Eight Coffee Co. in Manchester, New Hampshire, has been eighty-sixed. The local restaurant and coffee shop, a popular spot for students and residents alike, seems to have ended its struggle with the city, which had apparently pursued ownership of the property for a sewer project via eminent domain. "We’ll be in operation until end of November," Eighty Eight Coffee Co. shared in a social media post Oct. 30, indiciating it had signed a purchase and sales agreement, though perhaps reluctantly. The shop had been battling the city for what it considered fair compensation. "My parents have owned the property since ’99," Corey Tong, one of the owners of the coffee shop, told CBS News Boston on Oct. 11. "In 2023, they reached out to us to say they wanted this property as part of the Cemetery Drain Brook Tunnel." According to the city, the Cemetery Brook Drain Tunnel Project includes construction of a new drainage system as part of a plan that aims to improve water quality in the Merrimack River, which provides drinking water to nearby communities. Tong works at the shop with his wife and brother, and says his mom "comes in sometimes on the weekends to help out."
Only 44% of Americans have a retirement plan
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44 % of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k)Specialist. Thankfully, there are steps you can take to give yourself and your family peace of mind.
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44 % of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k)Specialist. Thankfully, there are steps you can take to give yourself and your family peace of mind.
Chase bank withholds check from girl for year
Some 10-year-olds sell cookies and lemonade to earn a bit of spending cash, but not Kinley Maner. Kinley, from Thatcher, Arizona, is earning money by raising and selling chickens at the local fair. “She really enjoyed it, had a lot of fun, learned a lot about chickens,” her father, J.R. Maner [told Arizona’s Family On Your Side. “It really taught her kind of strict obedience of being out there and taking care of an animal.” After showing her feathered friends at the Graham County Fair, Kinley, like many people who show animals at the fair, put them up for auction. When the bidding was over, Kinely managed to sell her six chickens for a whopping $2,100 and change, which her mother, Kali, electronically deposited into her bank account. A day later, however, Chase Bank froze the check and then closed Kali's account entirely. A year later, Kinley still hadn't received her profits.
Some 10-year-olds sell cookies and lemonade to earn a bit of spending cash, but not Kinley Maner. Kinley, from Thatcher, Arizona, is earning money by raising and selling chickens at the local fair. “She really enjoyed it, had a lot of fun, learned a lot about chickens,” her father, J.R. Maner [told Arizona’s Family On Your Side. “It really taught her kind of strict obedience of being out there and taking care of an animal.” After showing her feathered friends at the Graham County Fair, Kinley, like many people who show animals at the fair, put them up for auction. When the bidding was over, Kinely managed to sell her six chickens for a whopping $2,100 and change, which her mother, Kali, electronically deposited into her bank account. A day later, however, Chase Bank froze the check and then closed Kali's account entirely. A year later, Kinley still hadn't received her profits.
Schiff: DOGE 'has no authority'
President-elect Donald Trump recently announced that Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy will lead a new “Department of Government Efficiency.” Trump expressed high hopes for the venture, in a statement Musk shared on X that the two “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.” While this move may offer Americans the prospect of a leaner government, Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, is skeptical. “I hate to rain on this parade, but the Department of Government Efficiency (DOGE) is not a real department,” Schiff noted in a recent post on X. The acronym of the new entity, “DOGE,” is a nod to the cryptocurrency Musk has frequently championed. Schiff, who has voiced support for Trump on a number of occasions, questioned the practicality of the new initiative. “It exists outside of government and has no authority to do anything. Like any one of a number of independent think tanks that already exist, it's free to make any recommendations it wants, and the government is free to ignore them all,” he explained.
President-elect Donald Trump recently announced that Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy will lead a new “Department of Government Efficiency.” Trump expressed high hopes for the venture, in a statement Musk shared on X that the two “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.” While this move may offer Americans the prospect of a leaner government, Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, is skeptical. “I hate to rain on this parade, but the Department of Government Efficiency (DOGE) is not a real department,” Schiff noted in a recent post on X. The acronym of the new entity, “DOGE,” is a nod to the cryptocurrency Musk has frequently championed. Schiff, who has voiced support for Trump on a number of occasions, questioned the practicality of the new initiative. “It exists outside of government and has no authority to do anything. Like any one of a number of independent think tanks that already exist, it's free to make any recommendations it wants, and the government is free to ignore them all,” he explained.
Why the WWE owns the rights to John Cena’s name
John Cena is one of the few professional wrestlers who has successfully transitioned to a career in Hollywood and beyond. But on an appearance on the Howard Stern show last year, Cena revealed that the TKO, the public company that owns World Wrestling Entertainment (WWE), gets a cut of all his projects and earnings, even those outside the wrestling ring and after his retirement. This is because the firm owns the rights to the John Cena name. For context, most wrestlers have a stage name, like The Undertaker or Triple H, which serves as intellectual property created by and owned by WWE. Superstar Dwayne Johnson acquired full ownership of “The Rock” brand when he joined TKO’s board of directors earlier this year. However, Cena is in the unusual position that his stage name is also his real name. Effectively, he’s paying a royalty fee to use his name. Despite this, the superstar doesn’t see the arrangement as unfair. “Fair is an understatement, generous would be a better scenario,” Cena told Shannon Sharpe on a recent episode of Club Shay Shay. “WWE has been — and this since the start of my contract — they've never tried to change my name, even when they realized they made a mistake. They never tried to alter my being or character. They've always given me freedom to do what I want because we trust each other. I'm not out to try to rob them of what they've earned and, again, they're not out to try to take what's not theirs. Everybody wants to play fair and when I say fair, WWE's terms are generous.” The story highlights how difficult it is to build valuable intellectual property and how lucrative it can be once a brand is firmly established.
John Cena is one of the few professional wrestlers who has successfully transitioned to a career in Hollywood and beyond. But on an appearance on the Howard Stern show last year, Cena revealed that the TKO, the public company that owns World Wrestling Entertainment (WWE), gets a cut of all his projects and earnings, even those outside the wrestling ring and after his retirement. This is because the firm owns the rights to the John Cena name. For context, most wrestlers have a stage name, like The Undertaker or Triple H, which serves as intellectual property created by and owned by WWE. Superstar Dwayne Johnson acquired full ownership of “The Rock” brand when he joined TKO’s board of directors earlier this year. However, Cena is in the unusual position that his stage name is also his real name. Effectively, he’s paying a royalty fee to use his name. Despite this, the superstar doesn’t see the arrangement as unfair. “Fair is an understatement, generous would be a better scenario,” Cena told Shannon Sharpe on a recent episode of Club Shay Shay. “WWE has been — and this since the start of my contract — they've never tried to change my name, even when they realized they made a mistake. They never tried to alter my being or character. They've always given me freedom to do what I want because we trust each other. I'm not out to try to rob them of what they've earned and, again, they're not out to try to take what's not theirs. Everybody wants to play fair and when I say fair, WWE's terms are generous.” The story highlights how difficult it is to build valuable intellectual property and how lucrative it can be once a brand is firmly established.
Berkeley study on $20/hr wage slammed by critics
This year California dramatically raised its minimum wage for fast food workers from $16 to $20 an hour, the largest single minimum wage increase a state government has ever implemented. Enacted in April, this new law only applies to restaurants that are part of a chain of at least 60 establishments nationwide. For advocates, it’s a long-overdue step to help workers cope with the state’s notoriously high cost of living. The average home value in California is $771,057, more than twice the national average, per Zillow. Gas, grocery and other everyday costs also top national averages. But critics are pouncing on new analysis of the increase that they believe underestimates the impacts on restaurants, employees and consumers. A separate ballot initiative called Proposition 32 aims to increase the state minimum wage to $18 an hour over several years and was recently deemed too close to call. Counting will continue until early December.
This year California dramatically raised its minimum wage for fast food workers from $16 to $20 an hour, the largest single minimum wage increase a state government has ever implemented. Enacted in April, this new law only applies to restaurants that are part of a chain of at least 60 establishments nationwide. For advocates, it’s a long-overdue step to help workers cope with the state’s notoriously high cost of living. The average home value in California is $771,057, more than twice the national average, per Zillow. Gas, grocery and other everyday costs also top national averages. But critics are pouncing on new analysis of the increase that they believe underestimates the impacts on restaurants, employees and consumers. A separate ballot initiative called Proposition 32 aims to increase the state minimum wage to $18 an hour over several years and was recently deemed too close to call. Counting will continue until early December.
Moneywise Digest