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Miami Herald
3 hours ago
- Miami Herald
Jean Chatzky reveals major 401(k) changes happening now
Many American workers recognize that achieving financial stability in retirement requires dedication, thoughtful preparation, and a solid grasp of 401(k) plans and other investing tools. Jean Chatzky, former financial editor for NBC's "Today Show" and founder of HerMoney, reflects candidly on how she might have approached the challenge with greater strategic insight. She also reveals how some 401(k) plans are rapidly changing by adding some surprising features and greater levels of complication. Don't miss the move: Subscribe to TheStreet's free daily newsletter In a recent conversation with TheStreet, Chatzky urged Americans to recognize the importance of taking ownership of their retirement planning. She highlighted how, unlike previous generations, many Gen Xers no longer have widespread access to pensions, making 401(k)s and other personal retirement savings the cornerstone of their financial future. Reflecting on her own experience, Chatzky noted that the most common advice she and others wish they had followed sooner is to start investing earlier. Early in her career, Chatzky received a 401(k) at a time when the concept was still new to many, and she admits she didn't fully understand how to leverage it. Related: Jean Chatzky sends strong message on buying vs. leasing a car At one point, she withdrew the funds from her first retirement account and spent them on purchases such as expensive clothes for her new job - an impulse she now sees as a costly error. Chatzky acknowledged that she didn't become an engaged investor until she began working more deeply in the personal finance field in her 30s. Her reflections serve as a candid reminder of how crucial it is to build financial literacy early and make thoughtful decisions with long-term goals in mind. Chatzky also explains how many current 401(k) plans are undergoing significant changes now - and why it's wise to take some time to understand the new retirement savings landscape. "More 401(k) plans are adding annuities or 'guaranteed income lifetime income options,'" Chatzky wrote in a July 1 newsletter sent by email to TheStreet. "Others are preparing to add private investments, like private equity or private credit." "Some are even dabbling in crypto," she added. Chatzky also pointed to upcoming changes in retirement savings rules that could significantly impact those approaching retirement age. More on retirement: Dave Ramsey offers urgent thoughts about MedicareJean Chatzky shares major statement on Social SecurityTony Robbins has blunt words on IRAs,401(k)s She highlighted a new provision allowing individuals between the ages of 60 and 63 to make so-called "super catch-up" contributions - up to $34,750 in a single year - to their 401(k) plans, provided their income is high enough to permit it. Chatzky noted that starting next year, higher-income individuals aged 50 and older will also face a shift in how they make catch-up contributions. Rather than adding to traditional 401(k)s, they'll be required to deposit those additional funds into Roth accounts, which are taxed upfront but can grow and be withdrawn tax-free later. According to Chatzky, these changes underscore how essential it is to stay informed and proactive about evolving retirement policies, particularly for those in their peak earning years. Related: Dave Ramsey has blunt words for Americans buying a car Chatzky warns Americans about an important consideration to know about 401(k) plans. "More plan features don't automatically mean better planning," she wrote in the newsletter. Chatzky pointed to a HerMoney story written by Pam Krueger, CEO of Wealthramp. "All of that might all sound like a 'win' for retirement savers and in some ways, it is," Krueger wrote. "But it also means you're being asked to make bigger decisions, with higher stakes and not nearly enough guidance." The inclusion of unconventional assets such as cryptocurrency in retirement plans is becoming more common, stirring both interest and concern, Krueger explained. While private equity and private credit are increasingly showing up in 401(k)s, they tend to be costly, complex, and less transparent than traditional investments. Cryptocurrency carries similar risks, particularly following high-profile scandals and evolving regulatory pressures. "The Department of Labor's earlier warnings against putting crypto into 401(k)s have been pulled back, leaving it up to each employer to decide whether to allow it," Krueger wrote. Related: Tony Robbins sends strong message to Americans on 401(k)s The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
3 hours ago
- Miami Herald
Federal Reserve chair sends strong message on July interest rate cut
Don't hold your breath, but… Federal Reserve Chair Jerome Powell on July 1 told a global audience of world bankers, economists, and academics what could prompt a long-awaited U.S. interest rate cut later this month. Don't miss the move: Subscribe to TheStreet's free daily newsletter+ Speaking on a panel with four other central bank leaders at the Sintra Conference in Portugal, Powell outlined the requirements that are needed for the Federal Open Meeting Committee to cut the Federal Funds Rate at its next meeting on July 29-30. Related: Morgan Stanley predicts next Federal Reserve interest rate cut As the last rate cut was in December 2024, the politically independent Fed has been under mounting pressure from President Donald Trump to slash rates to put "TRILLIONS" of dollars back into the hands of consumers, businesses, and investors. Powell has defended the FOMC's universal decision to hold the Federal Funds Rate steady at 4.25% - 4.50% in June, despite describing the U.S. economy as "stable." The reason: expected inflation bubbling up prices this summer from President Trump's tariffs, which are external sales taxes on imported goods and services. The U.S. tariff rates are currently the highest the nation has seen in nine decades. The funds rate is tied to the cost of borrowing money, impacting all aspects of the American economy. Interest rates on mortgages, credit cards, auto loans, and a host of other loans and investment vehicles are straining wallets and portfolios. The FOMC's "wait-and-see" approach to the funds rate was in keeping, Powell said, with the Fed's dual mandate of prudent monetary policy. This requires the central bank to regulate the U.S. money supply by keeping inflation in check and the unemployment rate stable. Related: Top economist sends sobering tariff, interest rate forecast Some Fed and market analysts were forecasting the next probable rate cut of .25% could come at the September FOMC meeting. Then Fed Governors Christopher Waller and Michelle Bowman, both Trump appointees, separately said late last month that a funds rate cut could come as early as the July meeting, providing tariff inflation proved to be transitory and the jobs numbers didn't weaken. Other economists, including Powell during testimony last week on Capitol Hill, and Fed officials were not as aggressive. Morgan Stanley Chief U.S. Economist Michael T. Gapen said in a note to analysts that he did not expect to see a rate cut at all this year. The Sintra Conference is formally known as the ECB Forum on Central Banking. It is the European Central Bank's flagship annual meeting held each summer in Sintra, Portugal. This year's theme: "Adapting to Change: Macroeconomic Shifts and Policy Responses." Powell noted that a "solid majority of central banks later this year" will begin to reduce interest rates later this year. As for a July cut in the United States, Powell responded "I really can't say." He added that the Fed will be "carefully watching the labor market" over the remaining four 2025 meetings. The Bureau of Labor Statistics releases its June jobs report on Thursday, July 3. Related: Fed Chair Powell sends surprise message on interest rate cuts to Congress So how does Powell expect to look back on 2025? "It's clearly an important year,'' Powell said, drawing laughter from the audience and fellow panelists. "There's a lot going on…with trade, and I think I'm hopeful that we'll look back on it as a [successful] year." The panel moderator, Bloomberg anchor Francine Lacqua, then addressed the elephant in the room: "You get attacked by the president a lot on a personal basis. Does it make your job harder?" -More Federal Reserve: Fed interest rate cut decision resets forecasts for the rest of this yearFederal Reserve prepares strong message on long-term interest ratesFed official revamps interest-rate cut forecast for this year "I'm very focused on just doing my job," Powell responded. "I mean, there are things that matter…using our tools to achieve the goals that Congress has given us, maximum employment, price stability, financial stability, what we focus on 100%," . European Central Bank President Christine Lagarde supported Powell's nonpolitical independence. "I think I speak for myself, but I speak for all colleagues on the panel. I think we would do exactly the same thing as our colleague Jay Powell does," she said. On June 30, President Trump sent Powell a hand-written note demanding a 1% rate cut. This came the same day Treasury Secretary Scott Bessent stoked the flames around the topic of Powell's successor, with himself as a potential candidate. Powell's term as chair is up in May 2026, and his separate term as a member of the Fed's Board of Governors expires in January 2028. Despite the president making aggressive demands for months, Powell has said he won't resign as chair. Related: Fed official sends strong message on interest rate cuts The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
5 hours ago
- Yahoo
Ecopetrol S.A. obtains authorization from the Financial Superintendency of Colombia to amend its Local Public Bond and Commercial Paper Issuance and Placement Program
BOGOTA, Colombia, July 1, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company" or "Ecopetrol") announces that the Financial Superintendency of Colombia (SFC), through Resolution 1139 dated June 11, 2025[1], authorized an amendment to the prospectus for the issuance and placement program (the "PEC" or the "Program") of Ecopetrol's local public bonds and commercial paper. This amendment, formalized through Addendum No. 5, will be incorporated into the Program's prospectus and will include the following key updates: Issuance, under the PEC, of local public bonds linked to sustainable performance, as well as bonds for specific purposes (green, social, sustainable, and blue bonds); Issuance of bonds that allow in-kind payments by investors; Reopening of bond issuances carried out under the PEC; Issuance of bonds indexed to the UVR (Real Value Unit); Issuance of bonds indexed to the TRM (Representative Market Exchange Rate); and Allocation of securities through a book-building process. This amendment aims to align the Program with Ecopetrol's corporate strategy for decarbonization and energy transition, while also expanding the range of alternatives available in capital markets. It is worth nothing that since the first bond issuance under the Program in August 2013, totaling nine hundred billion Colombian pesos (COP 900,000,000,000), no additional issuances have been made. As a result, Ecopetrol may still issue additional bonds and commercial papers for up to two trillion one hundred billion Colombian pesos (COP 2,100,000,000,000). Ecopetrol will duly inform the market of any future issuances carried out under the Program. Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the Company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital Markets (a) Daniel Alexander Hurtado Email: investors@ Head of Corporate Communications (Colombia) Marcela Ulloa Email: 1 Resolution 1139 was notified to Ecopetrol by the Financial Superintendency of Colombia (SFC) on June 12, 2025. As a result, and in accordance with the ten-day period established in Article 5 of the same resolution, it became final on June 27, 2025. View original content to download multimedia: SOURCE Ecopetrol S.A.
