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Two-Thirds Of Millennials Think They’re Not Investing Enough For Retirement (Financial Advisor Magazine)
68% of millennials believe that they are not investing enough for retirement — even though 64% of them have a financial plan, according to a survey by the Nationwide Retirement Institute.
“…the survey found 36% of millennial investors (aged 18 to 35) only guess at how much they need to fund their retirement, and nearly one in four do not know if they have a 401 (k) plan,” reports Kathy Lynch.
The Slow US Economy Has Been Going On For Really Long (Morningstar)
“Despite the slowness of the recovery, it has been relatively long-lived, especially compared with recoveries of the ’50s and early ’60s. Furthermore, the United States has been struck in a very narrow 2%-2.5% growth for at least the past three years…,” writes Robert Johnson.
“The depths of that financial adjustment and deleveraging in general have contributed to the slowness of this recovery,” he adds.
And on top of that, last week’s data wasn’t ideal: the second quarter’s wage data was revised, manufacturing slowed, and initial unemployment claims went up. On the positive note, third quarter GDP was revised higher following of higher-than-estimated consumer spending growth.
An Ex-Broker Has To Pay A Former NBA Player $US2 Million (The Wall Street Journal)
The former NBA player Sam Young lost $US600,000 “on unregistered promissory notes that broker Jinesh ‘Hodge’ Brahmbhatt had recommended but which turned out to be worthless, according to his arbitration claim,” reports Matthias Rieker.
Young’s lawyer, Jeffrey Sonn, pointed out that advisers sometimes take advantage of athletes — and that this case is important in sending a message to others considering doing the same thing.
“When you scam victims like that you will be punished,” he said.
Cheaper Oil Is A Huge Boost For India (Advisor Perspective)
“India uses a lot of oil, but it has very limited oil resources. The country depends on oil imports for more than 70% of its oil needs. We believe that, as the price of oil falls, India’s economic growth prospects — and by extension, equity market performance — may improve,” writes Christopher Gannatti.
The dropping oil prices will help India manage its two main deficits: the current account deficit and the fiscal deficit. Right now, India’s huge current account deficit is mainly attributed to the fact that the country needs to import oil. So if oil is cheaper, the country has to either pay less, or can import more for the same price.
Secondly, India has a fiscal deficit, “which stems largely from its need to subsidise fuel prices for its citizens,” writes Gannatti. Again, lower oil prices will help alleviate some of the pressure here.
The Department of Labour is expected to release its fiduciary redraft in January, according to an updated regulatory notice.
“Since the reg hasn’t been submitted to OMB, it is odd that they stuck with the January projected release date,” Nevin Adams, the communications chief of American Society of Pension Professionals and Actuaries said.
“Brian Graff, CEO of the American Society of Pension Professionals and Actuaries, said on an early November webcast that ASPAA believes ‘there will be a set of [DOL fiduciary] proposals in early spring next year’ and that the proposal will be ‘highly controversial,'” reports Melanie Waddell.
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