The company hired to build a high-speed transit system between O'Hare International Airport and downtown Chicago would pay for the entire cost of the system and then keep all revenue from fees and other sources. A source said the company can build the system for less than $1 billion, although its methods and technology are new and have yet to be tested.
Saskatchewan's provincial government is expected to introduce legislation that would add prompt payment requirements to the Builders Lien Act. If passed, the law would make the province the second one after Ontario to require prompt payment of outstanding invoices.
House Republicans unveiled a budget proposal Tuesday that would slash Medicare spending by $537 billion and funding for Medicaid and other health care programs by $1.5 trillion. The proposal would also fast-track a reconciliation process that would allow Senate lawmakers to repeal the Affordable Care Act with only 50 votes.
The cost may seem steep in light of low returns and cheaper robo alternatives, but a financial adviser can be the best investment you make if you truly need one, writes Carla Fried. However, the service provided should extend well beyond investment management to include the many other moving pieces of a client's financial life.
Given the potentially high cost, all retirees should plan for the possibility of an expensive stay in long-term care, according to a paper from Mercer and Vanguard. The resources that should be considered include income annuities and home equity, according to the paper.
Replacing bonds with annuities in target-date funds and encouraging employers to make matching contributions to annuity purchases would make 401(k) plans better tools for providing retirement income, said J. Mark Iwry, who worked on retirement policy in the Treasury Department during the Clinton and Obama administrations. Proposed legislation in Congress would relieve some plan sponsors of their concerns that they would be sued if the annuity provider they select for their plan gets into financial trouble.
Legislators and regulators are discussing the importance of encouraging people to have guaranteed income in retirement but it may take a few years for that conversation to become action, said Terry Dunne, managing director of retirement services at Millennium Trust. Meanwhile, plan sponsors should help participants, including terminating or retiring employees, transform their defined-contribution assets into retirement income, he said.
The latest Natixis advisor survey shows financial professionals still see plenty of investor risk despite the continuing bull market, with rising interest rates expected to have a negative effect on portfolio performance. Among the survey's findings were that 64% of advisors said investors are not prepared for a market downturn and almost half said clients have acted emotionally during recent volatility.
President Donald Trump has nominated Dino Falaschetti, a former law professor who is the chief economist for the House Financial Services Committee, to direct the Treasury Department's Office of Financial Research. Committee Chairman Jeb Hensarling, R-Texas, said Falaschetti "is exactly what OFR needs to realize its vision of 'a transparent, efficient and stable financial system.' "
Nina O'Neal, a 14-year industry veteran and firm owner, discusses the challenges women face in the advisory business. She notes women are often dismissed by their male colleagues and counterparts and looks at the ways men have an "opportunity to be advocates and trusted partners for their female colleagues."
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