FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The best and worst states for retirement (WalletHub)
WalletHub compared all 50 states to determine which were the best and worst for retirement. The study allotted 40 points towards affordability, and 30 points to both quality of life and healthcare. WalletHub found Florida topped the list of best states for retirement, coming in second place in ‘affordability,’ third place in ‘quality of life’ and 15th in ‘healthcare.’ Wyoming and South Dakota rounded out the top three. On the flip side, Rhode Island, Washington D.C. and Hawaii were the worst places to retire.
Morgan Stanley’s CEO took a big pay cut (Business Insider)
James Gorman, CEO of Morgan Stanley, saw a 6.7% drop in compensation compared with last year. For his efforts in 2015, Gorman received $21 million, including a $1.5 million base salary and $4.6 million in stock unit awards. Goldman Sachs CEO Lloyd Blankfein received total compensation of $23 million for 2015, while JPMorgan Chase CEO Jamie Dimon took home $27 million.
Data compiled by Bloomberg showed outflows from emerging market ETFs totaled $1.17 billion in the week ended January 22. The weekly total ran the total amount of outflows for the month of January up to $3.9 billion, the highest since August. According to Bloomberg, ETFs covering China and Hong Kong saw the biggest redemptions this past week, at $328.1 million.
Donald Trump pays “as little as possible” when it comes to taxes (Business Insider)
During a campaign speech on Saturday, Republican front-runner Donald Trump said he uses “every single thing in the book” to pay as little income tax as possible. “That’s the American way,” Trump said. The comments from Trump came as he was mocking 2012 Republican presidential nominee Mitt Romney for trying to make it appear as though he paid more in taxes in than he absolutely had to.
Americans are tempted by impulse buys (CreditCards.com)
A survey conducted by CreditCards.com found 5 in 6 Americans admit to making impulse buys. The survey discovered 54% of respondents have spent at least $100 on an impulse buy, and 20% have splurged with an impulse purchase of at least $1,000. Interestingly, CreditCards.com says the desire to make an impulse purchase decreases with age. 20% of seniors admitted to never making an impulse buy, compared to just 8% of those under the age of 50.
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