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More than half of savers say this about the health of their retirement accounts

More than half of savers say this about the health of their retirement accounts

Finance
Many workers don't need experts to tell them they aren't putting enough away for their golden years — they apparently already know it.More than half of U.S. adults (52%) say they are behind where they should be when it comes to saving for retirement, according to a new survey from Bankrate.com. Among pre-retirees, the lag is more pronounced: 57% of younger baby boomers (age 55 to 64) and 63% of Generation X (age 39 to 54) say they're behind."If you look at the economy, you might say it's great," said Mark Hamrick, senior economic analyst at Bankrate.com. "But the reality is that there can be disconnects between it and Americans' personal finances."Jamie Grill | Getty ImagesThe economic expansion, now in its 11th year, has been accompanied by strong stock market gains — and in turn has led
Brokerage bombshell: What advisors, investors could expect from a Schwab-TD Ameritrade merger

Brokerage bombshell: What advisors, investors could expect from a Schwab-TD Ameritrade merger

Finance
Pedestrians pass in front of a Charles Schwab bank branch in downtown Chicago, Illinois.Christopher Dilts | Bloomberg | Getty ImagesFinancial advisors who hold their clients' assets at TD Ameritrade are about to face a shake-up.Charles Schwab is in talks to purchase TD Ameritrade for $ 25 billion, and a deal could be announced as early as Thursday, a source told CNBC.The merger would combine approximately $ 3.8 trillion in assets from Schwab and $ 1.3 trillion from TD Ameritrade and create a massive custodian in an industry that already provides less choice for registered investment advisors or RIAs.Not only do these firms hold assets for registered investment advisors and execute trades, they also provide firms with technology to simplify their workflow and allow advisors to focus on fina...
‘Sebi decision to increase PMS limit is positive for mutual funds’

‘Sebi decision to increase PMS limit is positive for mutual funds’

Finance
The Securities and Exchange Board of India’s move to increase the minimum amount required to invest in Portfolio Management Schemes (PMSs) might help mutual funds, say mutual fund participants. Sebi, in a board meeting on Wednesday, decided to raise the minimum investment amount of clients for PMSs to Rs 50 lakh from Rs 25 lakh. Sebi also increased the net worth requirement of portfolio managers to Rs 5 crore from Rs 2 crore. “I believe the move is positive for the mutual fund industry. Sebi has increased the threshold for the minimum investments which will lead to more money flowing to the mutual fund industry. Also, the increase in net worth of PMSs will lead to lesser players in that space. I don’t think boutique players can manage to have a Rs 5 crore net worth to begin with. So, we ar
Aadhaar optional, not mandatory for property registration under law, AAP government tells High Court

Aadhaar optional, not mandatory for property registration under law, AAP government tells High Court

Finance
New Delhi: Aadhaar is accepted as proof of identity for property registration and land mutation, but it is only an optional requirement and there is no provision in the law making it mandatory, the AAP government told the Delhi High Court Wednesday. The submission by the Delhi government was made in an affidavit filed before a bench of Chief Justice D N Patel and Justice C Hari Shankar in response to notice issued to it on a PIL by BJP leader Ashwini Kumar Upadhyay seeking linking of immovable and movable property documents of citizens with their Aadhaar number to curb corruption, black money generation and 'benami' transactions. "Aadhaar is one of the documents which executants of conveyance deeds are required to submit as proof of identity for registration of properties, however, the sa...
Falling interest rates hit pensioners

Falling interest rates hit pensioners

Finance
NEW DELHI: Pensioners have been hit hard by the trend of falling interest rates in India. A study conducted by the country’s largest lender, the State Bank of India, has estimated that pensioners have lost an average Rs 5,845 annually due to the falling interest rate regime. Taking the argument forward, it said considering that there are more than 4 crore pensioners who have average term deposits of Rs 3.34 lakh per account, the net impact on private final consumption expenditure — a barometer for consumption — due to low interest income is estimated at 0.3%. The annual interest income at the rate of 8.5% in 2015 worked out to Rs 28,390 and the present interest income at the rate of 6.75% was estimated at Rs 22,545, which shows a loss of Rs 5,845 annually. The economy is passing through a