FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
Many Americans are making a ‘dangerous retirement gamble’ (Gary D. Halbert’s Between the Lines)
“More and more Americans in their 50s and 60s are gambling that they will be able to continue working in some capacity well beyond their normal retirement age to make ends meet. This is most often true because they haven’t saved nearly enough for a comfortable retirement,” wrote Gary D. Halbert, the president and CEO of Halbert Wealth Management, Inc., in a recent blog post.
“Yet the fact is that 50% of retirees have to retire early, usually due to health problems, their spouse’s health, caring for a loved one, etc., etc. According to a widely-respected new study, only 27% of retirees actually work beyond their normal retirement age. Other studies show that number as low as only 15%,” he noted.
Millennials are saving more money than any other age group (Bankrate.com)
A new study from Bankrate.com found that millennials are saving more than any other age group. Among millennials, 62% save more than 5% of their incomes, up from 42% last year; 29% save more than 10% of their income, up from 22% last year.
“The good news is that many working Americans, millennials in particular, are saving, and saving more than last year,” said Bankrate.com Chief Financial Analyst Greg McBride, CFA. “The bad news is that 21% of employed Americans claim not to be saving any of their paycheck — nothing for retirement, nothing for emergencies, and nothing for other financial goals.”
Here are the 5 worst states for doctors (WalletHub)
Although physicians are relatively well-paid, they get less bang for their buck in some states. The five worst states for doctors are Washington D.C., New York, Rhode Island, Maryland, and Connecticut, according to an analysis by WalletHub’s Richie Bernardo.
D.C. has the lowest cost-of-living-adjusted annual mean wage for surgeons at $129,503. Meanwhile, Mississippi has the highest at $312,168.
New York pays out $36.15 in malpractice awards per capita, the highest level among the states and DC. The Empire State also has the highest malpractice liability insurance rate at $41,911.
Andrew Caspersen, a former managing director at PJT Partners’ Park Hill Group, was charged with securities fraud and wire fraud Monday.
He allegedly solicited $95 million in funds starting in July of 2015 from a number of investors, saying the money would be invested in another private equity firm. But instead, he allegedly used the funds “for his own use, trading securities in his personal brokerage account, and largely lost the money due to aggressive options trading,” reports Nate Raymond.
UBS has to pay over $470,000 in damages over Puerto Rico bond losses (InvestmentNews)
UBS Group AG’s wealth management business for the Americas was ordered to pay over $470,000 to investors who claimed damages because their accounts were super-saturated in Puerto Rico bonds that shrank in value, reports Christine Idzelis.
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