Author: Money Mechanics

An adult worried man going through paperwork and bills at homegettyHarry Turnwork (not his real name) is 62 years old, a UAW member in Elkhart, Indiana, and — in one narrow sense — among the luckiest low-income workers in America. He actually has a 401(k) at work.That makes him unusual. According to the Economic Innovation Group, a staggering 70 million workers — 55.7 percent of the workforce — have no access to employer-sponsored retirement plans at all, and only 10 percent of older workers’ households in the bottom income quintile held any retirement account balance as of 2019, a figure…

A Maryland woman who oversaw homeowners associations and embezzled nearly $600,000 from residents to fund her lavish lifestyle has been sentenced to prison.Sarah Chester, 44, of Nottingham, MD, received a 20-year sentence, with all but five years suspended, after pleading guilty to multiple counts of theft scheme, forgery, and embezzlement.Prosecutors say Chester spent the stolen HOA funds on vacations to Europe, country club memberships, and other personal expenses.From 2021 to 2025, several HOAs in both Harford and Baltimore counties hired Chester and her company, Magnolia Properties, to manage the HOAs and their funds, according to the Harford County’s Office of…

(Image credit: Getty Images)Stocks were choppy Thursday, but the main indexes muscled into positive territory in mid-afternoon trading and stayed there through the close. Market participants kept a close eye on oil prices and Treasury yields, which stabilized after volatile price action early on, and panned earnings reports from blue-chip bellwethers Nvidia (NVDA) and Walmart (WMT).At the close, the Dow Jones Industrial Average was up 0.6% at 50,285, the S&P 500 was 0.2% higher at 7,445, and the Nasdaq Composite had gained 0.09% to 26,293.Helping lift stocks into the close were retreating oil prices. Front-month West Texas Intermediate crude futures…

Under its new CEO, Target has been making major changes to its stores in recent months to reconnect with customers after years of declining sales. As the company’s new strategy rolls out, it is seeing an unexpected shift in customer behavior as it works to regain its footing in retail. In February, Michael Fiddelke became Target’s new CEO. The leadership change came after the company struggled to boost its sales last year amid consumer boycotts over its rollback of diversity, equity, and inclusion policies. It also faced challenges in attracting price-sensitive consumers into its stores due to economic pressures such…

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. May 21, 2026 Federal Reserve Board issues enforcement action with former employee of Commerce Bank For release at 11:00 a.m. EDT The Federal Reserve Board on Thursday announced the execution of the enforcement actions listed below: Consent prohibition order against Nakia R. Logan Former employee of Commerce Bank, Kansas City, Missouri Fraudulent customer transactions For media inquiries, please email [email protected] or call 202-452-2955. Last Update: May 21, 2026 Source link

The U.S. House by an overwhelming vote of 396-13 approved a bipartisan housing affordability bill Wednesday that would limit major investors from purchasing single-family homes while allowing them to build additional housing units.The measure is getting support from the White House after some last-minute changes struck a balance between the Senate version, which placed more restrictions on major investors owning homes, and the House version, which was seen as more friendly toward Wall Street.The legislation won the support of the rental, construction and housing industries by removing a requirement in the Senate-passed bill that would have forced major investors —…

When is Memorial Day? Memorial Day always takes place on the last Monday of May, and in 2026, the holiday falls on May 25. However, the sales event typically spans the entire weekend. You’ll likely start seeing smartphone discounts appear on Friday, May 22, with deals continuing through Memorial Day weekend and into Monday.How did we choose these Memorial Day deals? ZDNET only writes about deals that capture our own interest — devices and products we want, need, or would recommend not only to our readers, but to friends and family. Our experts look for deals at least 20% off (or hardly…

(World Oil) – The head of ConocoPhillips said Venezuela’s initial steps to attract foreign oil companies that could help revive the nation’s production are falling well short of what’s needed to convince firms to invest. The recent changes to Venezuela’s oil law intended to entice foreign drillers still give the government wide latitude to charge royalties of up to 30%, as much as 15% in taxes and other levies that could drive up the state’s take. “They have a long ways to go,” ConocoPhillips Chief Executive Officer Ryan Lance said in an interview. “The current hydrocarbon law is not sufficient to attract a whole lot…

Public University Hospital La Fe, Valencia, Spain.gettyAccording to recent data from the Employee Benefit Research Institute (EBRI), many U.S. retirees are falling short in their health care budget planning by six-figure sums. And though Medicare may cover a lot, it doesn’t cover everything, meaning retirees still need a good deal of savings set aside for health care costs.Indeed, the EBRI’s findings suggest that individuals on lower-cost Medicare Advantage plans will need savings from $60,000 to $125,000 to cover additional health care costs while individuals with Medigap or traditional Medicare will need from $120,000 to $250,000. For couples, additional health care…

Mortgage rates saw a dramatic spike Thursday, hitting a nine-month high as resurgent inflation stemming from the Middle East conflict pushed Treasury yields upward.The average rate on 30-year fixed home loans jumped to 6.51% for the week ending May 21, up 15 basis points from 6.36% the week before, according to Freddie Mac. For perspective, rates averaged 6.86% during the same period in 2025.”The 30-year fixed-rate mortgage averaged 6.51% this week,” says Sam Khater, Freddie Mac’s chief economist. “As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can…