A report from United Income says spending in retirement declines 2.5% annually for people age 60 and older, while wealth increases on average for people who live longer. Among the reasons for the decreased spending are lower optimism about the economy, less travel and increased concerns of outliving one's money, according to United Income.
The Securities and Exchange Commission has been cracking down on firms that issue fake financial news in the form of untrustworthy recommendations, and a Harris Poll has found increasingly prevalent fake news creates difficulty for investors to make wise decisions. Columnist Chris Taylor has compiled a checklist to help investors spot fake news.
Too many advisers, not wanting to be seen as overly aggressive in their sales pitch, hesitate to follow up when a client tells them they have mentioned their name to someone, said Dan Allison of Feedback Marketing Group. "When somebody tells me they gave my name out, it's my job to meet those people," he told a conference of advisers.
Attorneys general in 15 states and the District of Columbia filed a motion to intervene in the Republican case against the Affordable Care Act's cost-sharing reduction payments. Insurers have repeatedly asked the administration for reassurance on the subsidy payments to help stabilize markets and mitigate premium hikes.
A $553 million settlement will resolve consumer claims for economic loss involving BMW, Mazda, Subaru and Toyota vehicles subject to recalls of Takata air-bag inflators. Recalls are expected to affect more than 100 million Takata air-bag inflators, which have been tied to at least 17 deaths.
An Alabama judge has stayed his decision that the state's workers' compensation law is unconstitutional because of a recovery limit and a cap on attorneys' fees, as lawmakers had too little time to address the issues before their most recent session ended. "We are hopeful the case will proceed on through the appellate court process so the issues can be readdressed by a reviewing court and we can better understand if there are issues that need to be addressed by legislature at a later date," said Trey Gillespie of PCI.
More than 3 feet of snow fell in areas of the Rocky Mountains, with further accumulation in the forecast for parts of Colorado and Wyoming through today. Snowy, windy conditions have curtailed a missing-person search in Colorado's Great Sand Dunes National Park and Preserve.
Thunderstorms in central New York on Thursday brought hail that damaged vehicles and the roofs of homes, along with strong wind that knocked down trees and power lines. Hailstones were as large as golf balls in some areas.
About 20 reports of tornadoes emerged from Texas, Oklahoma and Kansas as storms hit the Great Plains, according to the National Weather Service. The storms also brought hail to the region, although no injuries or heavy damage were reported.
Washington state's Driving Under the Influence of Electronics Act will become effective in late July, earlier than expected, according to Gov. Jay Inslee's office. Nicole Ganley of PCI said the effect of a distracted-driving citation on insurance rates will relate to a driver's infractions and accident record.