Author: Money Mechanics

Key Takeaways Treasury Secretary Scott Bessent said President Donald Trump will likely name a new Fed chair by Christmas.Trump is nominating a replacement for Jerome Powell, whose four-year term leading the central bank expires in May.Trump has frequently clashed with Powell and criticized him for keeping interest rates too high. It won’t be long before we know who is on deck to replace Federal Reserve Chair Jerome Powell.There is a “very good chance” President Donald Trump will name Powell’s replacement before Christmas, Treasury Secretary Scott Bessent said Tuesday on CNBC. Powell’s four-year term as Fed chair expires in May. How…

As winter approaches, home heating bills are giving Americans chills across the country.Driven by a projected 20% rise in wholesale natural gas prices for 2026, the cost of keeping your home toasty could rise sharply, depending on where you live and the type of fuel you use.Electricity is expected to lead the price hikes, with double-digit jumps in some parts of the country, followed by more modest increases in the cost of residential natural gas. The price of home heating oil, though still the most expensive way to keep a house warm, is expected to remain flat or even drop…

Compliance should be an advantage, not an obstacle.As financial advisers, you’re focused on delivering exceptional advice to your clients. But let’s face it: Compliance can sometimes feel like a roadblock rather than a resource.However, when approached strategically, compliance can become a powerful ally in your practice — not just a box to check. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE ISSUE Sign up for Kiplinger’s Free Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail. Profit…

As Giving Season fast approaches, advisers are gearing up for familiar conversations around philanthropy, taxes and year-end planning.Many now include donor-advised funds (DAFs), one of the most flexible and tax-efficient charitable planning tools. DAFs allow donors to contribute assets, secure an immediate deduction, invest contributions tax-free and recommend grants over time.Beyond their simplicity, DAFs offer advisers a powerful toolkit for navigating complex financial situations. They become especially valuable during periods of appreciated asset growth and as part of long-term wealth and estate planning. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE…

With college costs outpacing inflation, even affluent families are rethinking how to pay less out of pocket during National Scholarship Month, which is this month.The assumption that “we make too much to qualify for aid” is one of the costliest misconceptions in higher education.In reality, billions of dollars in scholarships, grants and state workforce incentives are available — many with no income restrictions at all. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE ISSUE Sign up for Kiplinger’s Free Newsletters Profit and prosper with the best of expert advice on investing,…

When was the last time that you were paying for your groceries or other items, and the cashier asked, “Would you like to round up your total for charity?” Perhaps they didn’t tell you which charity. Or maybe they simply asked, “Would you like to round it up?”That’s what “Sylvia” and her mother encountered at a home decor chain store that sells bedding, kitchenware and holiday goods.”After all of our items were rung up, my mom paid in cash, and then the cashier said, ‘Would you like to round it up?’ Mom said, ‘Sure, no worry. There is a shortage…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The writer is a partner at law firm Maurice Turnor GardnerI am a great fan of trusts. The trust as a concept has existed for many centuries and it has adapted and evolved with the times. Its resilience and flexibility are remarkable, from holding land to protecting family businesses, and it can be the most useful tool for strategic planning. The UK tax rules may have impacted the use of trusts but they can still play an important role.But if you are…

If you go on a trip over the holidays, whether for a vacation or a family visit, you’ll usually face packed airports and elevated prices for airfare and hotels. But after the December hustle and bustle subsides, opportunities abound for cost-conscious travelers.January and February are consistently the cheapest months of the year to fly, thanks to shrinking demand following the holiday surge.”It flips from one of the most expensive times to one of the cheapest almost overnight—around January 8,” says Scott Keyes, founder of Going (formerly Scott’s Cheap Flights), a travel company that helps people find and book inexpensive airfare.…

Where Else People Age 55-64 Are Saving Money Asset % Households with Asset Median Value for Asset Holders Savings Bonds 8.5% $3,000 CDs 6.6% $25,000 Stocks (directly held) 19.2% $30,000 Retirement Accts 57% $185,000 Bonds (directly held) 1.2% $400,000 Source: The Federal Reserve’s “Survey of Consumer Finances” (2022) “Directly held” means the asset is not in a retirement account. The value of bonds in this table looks much higher than the other categories, especially given that only a tiny fraction of 55-64-year-olds owns directly held corporate or municipal bonds. This small group either holds numerous bonds, bonds with high values,…

Key Takeaways While most Americans consider $1.5 million to be the “magic number” that they need to save in order to retire, experts advise saving more than that. One reason why more than $1.5 million is needed is due to expenses such as healthcare, inflation, and unforeseen costs. Those looking to retire early should consider either continuing to work in some capacity or being more aggressive with their savings during their working years. According to Northwestern Mutual, the average American thinks they need to save $1.26 million by age 65 in order to retire comfortably. Last year, that figure was…