Author: Money Mechanics

Question: I’m 57 with $4.1 million and looking to retire abroad in a few years. I no longer see the point in contributing to my 401(k). Am I wrong?Answer: As of 2022, the typical 57-year-old had $185,000 in retirement savings, according to the Federal Reserve. So if you’re 57 with $4.1 million socked away for your later years, you’re in remarkably good shape. This holds true whether your intent is to retire abroad or not, as both have pros and cons from a financial perspective.However, you may wonder whether it pays to continue funding your 401(k) plan at this stage…

Find out how much you could earn by locking in a high CD rate today. The Federal Reserve cut its federal funds rate three times in 2024, so now could be your last chance to lock in a competitive CD rate before rates fall further. CD rates vary widely across financial institutions, so it’s important to ensure you’re getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best offers. Generally, the best CD rates today are offered on shorter terms of around one year…

Federal Reserve Governor Lisa Cook is challenging President Donald Trump’s effort to remove her after documents surfaced indicating one of her properties was listed as a vacation home, casting doubt on allegations of mortgage misrepresentation.Documents Show Atlanta Condo Listed As Vacation HomeCopies of documents reviewed by The Wall Street Journal on Saturday reveal that Cook described her Atlanta condominium as a “vacation home” on a May 2021 preliminary loan estimate and again on a December 2021 government background check. These records contradict claims by the Trump administration that she intentionally misrepresented the property as her primary residence.Trump And Pulte Target Cook…

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.The family offices of high-net-worth investors are increasingly pouring their money into alternatives, and real estate is high on their list. For some, instead of going it alone, they’re joining forces in multifamily offices.The multifamily office model lets these investment arms of wealthy families pool resources, share expertise and…

With Tesla shareholders set to vote on a proposed 10-year, $1 trillion compensation package for CEO Elon Musk in November, board chair Robyn Denholm spoke to The New York Times to defend what would be the largest pay package in corporate history. Denholm, who was also on the special committee that put the compensation proposal together, argued that Musk needs to be motivated by extraordinary challenges tied to extraordinary compensation. At the same time, she suggested he’s less interested in the additional wealth that the promised Tesla shares would represent, and more in the voting power. “I think it’s a…

In a move that could potentially affect the upcoming trade talks between China and the U.S., China has initiated two investigations against the U.S. semiconductor sector, including an anti-dumping probe.According to a report by Bloomberg, the Chinese Ministry of Commerce has begun an anti-dumping investigation into some American-made analog IC chips, typically sold by Texas Instruments Inc. TXN and Analog Devices Inc. ADI. Alongside this, the ministry has also launched an anti-discrimination investigation into US actions against the Chinese chip sector.The investigations come in the wake of the U.S.’s recent addition of 23 more China-based companies to its entity list, which imposes restrictions on businesses deemed to be acting against…

Last week, mortgage rates hit a new low for 2025, as the labor market proved more critical to the bond market than inflation. The big question is: what will happen after the Fed cuts rates this week? Last year at this time, mortgage rates hit a yearly low of nearly 6% and the Fed cut rates — only to see mortgage rates shoot back up to 7.25%. Will this happen again? Let’s dive into the answer with our weekend Housing Market Tracker data. 10-year yield and mortgage rates In my 2025 forecast, I anticipated the following ranges: Mortgage rates between…

Jason Hiner/ZDNETFollow ZDNET: Add us as a preferred source on Google.Apple’s long-awaited iPhone 17 lineup has arrived, and as speculated, it replaces the Plus model with an iPhone 17 Air. However, the focus remains on the more expensive Pro series. The iPhone 17 Pro and Pro Max now offer better thermals to keep the device cool, an aluminum build for more funky colors, and a few other essential quality-of-life improvements. Also: Everything Apple announced during its September eventIf you’re eyeing the iPhone 16 Pro at lower prices in the market or own one already, here’s how the latest-gen iPhone compares to its predecessor.SpecificationsiPhone 17 ProiPhone…

(Investing) – Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks. The drone attack on Russia’s northwestern port of Primorsk – one of the country’s largest oil and fuel export terminals – led to a suspension of oil loading operations overnight, an official from Ukraine’s SBU security service told Reuters. “Those attacks on Russian energy infrastructure have room to drag down Russian crude and refined product exports,” said UBS analyst Giovanni Staunovo.  rose $1.02, or 1.5%, to $67.39 a barrel by 1328 GMT and…

Electric vehicle purchases have long been eligible for a federal tax credit of up to $7,500. That is changing on Sept. 30 thanks to the One Big Beautiful Bill Act, which eliminated the credit. However, the IRS is offering some relief, giving taxpayers some leeway on the end of the credit. Consumers who enter a binding contract to purchase an electric vehicle before Sept. 30 may still be eligible for the credit, even if the vehicle isn’t delivered until after that date. This poses the question: What does this mean for electric vehicle purchases, and can you still qualify? We’ll…