Results for: Retirement Savings

An AARP survey reveals growing financial worries among Americans over 50, with a significant proportion expecting to never retire and a large majority expressing concerns about rising prices outpacing their income. The study highlights the financial challenges faced by older Americans, including insufficient retirement savings, rising everyday expenses, and housing costs. The survey’s findings underscore the importance of addressing financial security for older Americans as they navigate retirement planning and the potential impact on future elections.

The Biden administration has implemented a new regulation aimed at ensuring that financial advisors prioritize the best interests of retirement savers. This rule expands the scope of situations where brokers and intermediaries must act as fiduciaries, legally obligating them to provide advice that prioritizes the client’s financial well-being. The regulation also addresses conflicts of interest in two major areas of advice: rollovers from 401(k) plans to individual retirement accounts and the purchase of insurance products like annuities. This measure seeks to address concerns that certain financial professionals may recommend transactions that benefit them financially but may not align with the client’s best interests. The Labor Department estimates that Americans lose up to $5 billion annually due to conflicts of interest related to one insurance product, indexed annuities.

The Canadian Medical Association (CMA) is raising concerns over the proposed federal government changes to capital gains taxation, arguing that they will adversely impact doctors’ retirement savings and potentially affect physician recruitment and retention in Canada. CMA President Kathleen Ross highlighted that many physicians incorporate their medical practices and invest for retirement within their corporations. The proposed changes would entail increased taxes on those investments, adding financial strain to doctors who lack a pension to rely on. The CMA contends that the tax change may also affect recruitment and retention of physicians in Canada.

The Canadian Medical Association (CMA) has raised concerns over the federal government’s proposed capital gains tax increases, claiming they will significantly impact physicians and potentially drive some out of the profession. The proposed changes include increasing the capital gains inclusion rate from 50% to 67%, meaning more of the income generated from the sale of assets will be taxed. This is particularly concerning for physicians, as many operate their practices through small businesses, making them more sensitive to changes in capital gains rules. CMA President Kathleen Ross expressed担忧 that the tax changes, combined with existing challenges such as high patient counts and limited government funding, could lead to an exodus of physicians from the profession. The CMA has called for medical professional corporations to be excluded from the capital gains changes, while Ontario Premier Doug Ford and the province’s medical association have also criticized the new tax measures.

As the year winds down, it’s crucial to assess your finances for a financially secure future. Implement these steps to improve your financial well-being: