Latest news with #Kiplinger
Mint
3 days ago
- Business
- Mint
Manhattan, Honolulu and more: A look at 10 most expensive places to live in the US
Most expensive places in the US: Living in a vibrant city that is filled with multiple opportunities in life is a dream for many. Surviving in such localities often comes with a steep price tag and residents are happy to pay extra for various things such as housing and food to stay in cosmopolitan cities that offer all types of facilities and have great weather conditions. Council for Community and Economic Research, Kiplinger has come up with names of some of the highly expensive places to live in the United States. The cost of living index shows prices across 265 urban areas that go on to cover housing, transportation, healthcare, and other things. Famous for housing a wide range of universities and hospitals, the cost of living in Boston is 45.1 per cent above the US average. With a total population of more than 650,000, the city has a median household income of $96,931 against the country's average of $80.610. On an average, people are spending $703,600 to purchase a property in Boston, having an unemployment rate of 3.9 per cent. The rents here are around $4,066 a month, making it way more expensive than the national average of $1,600 a month, as per the C2ER data. San Diego is your place to be if you love beaches and are fond of nature. From surfing and sailing to hiking or even exploring the Balboa Park, this place caters to the needs of everybody. Having a total population of nearly 1,400,000, San Diego's cost of living is 46.3 per cent above the US average and median household income stands at $105,780. People on an average pay $923,900 to buy property in this city. Los Angeles is home to several Hollywood celebrities and is famous for its glamor and rich lifestyle. The cost of living here is 50.2 per cent above the national average, while the median household income is $79,701. Los Angeles is home for nearly 4,000,000 people and has an employment rate of 5.4 per cent. The median home value is $828,700. Holding the Guinness World Record for 'most ethnically diverse urban area on the planet,' the New York borough houses around 2,250,000 people and the cost of living here is 52.1 per cent above the US average. The median household income is $81,929 and the median home value is $692,500. Orange County (California) This place has a total population of about 3,135,000 and the unemployment rate is just 3.6 per cent. However, the cost of living is 60.1 per cent more than the country's average and the median household income is $110,042. You will have to spend roughly $961,400 to buy a property here. San Francisco (California) Known for having one of the highest living costs in the US (60.3 per cent above the national average), people need to pay $3,761 a month on average for an apartment in San Francisco, making it more than double the country's average. It has one of the lowest unemployment rates at 3.5 per cent. With the cost of living being 63.3 per cent more than the US average, Brooklyn is one of the five boroughs of New York City. It houses about 2,500,000 people and has a median household income of $76,912, while the median home value stands at $880,300. Yet another highly expensive city in the US, the cost of living in San Jose is 81.2 per cent above the national average. Close to 2,000,000 live in this city, which has a high median household income of $153,202. You have to pay nearly $1,393,400 to buy a property here. This remote Pacific paradise has a population of little over 340,000 and has a median household income of $84,907. The cost of living here is 82.3 per cent more than the US average and median home value is $831,600. Manhattan stands tall as the most expensive, with its cost of living being 132.6 per cent above the US average. It is home to about 1,600,000 citizens and has a median household income of $101,078. On an average, you need to spend $1,010,800 to purchase a property here. Manhattan, New York is the most expensive city to live in the country, according to Kiplinger. San Jose, California is often touted as the most unaffordable city. Hawaii is the most expensive state.
Business Wire
6 days ago
- Business
- Business Wire
Ameriprise Financial Reports Second Quarter 2025 Results
Second quarter adjusted operating earnings per diluted share increased 7 percent to $9.11. Results reflected asset growth and expense discipline. Second quarter GAAP net income per diluted share was $10.73 compared to $8.02 a year ago. Assets under management, administration and advisement reached a record high of $1.6 trillion, up 9 percent, with growth across the firm. Adjusted operating net revenues increased 4 percent to $4.3 billion primarily from asset growth. The company has consistently demonstrated strong expense discipline enabling business growth investments. In the quarter, general and administrative expenses improved 1 percent, reflecting benefits from ongoing initiatives to drive firm-wide operational transformation, client experience enhancements and future profitability. Pretax adjusted operating margin continues to be very strong at 27 percent and adjusted operating return on equity was 52 percent. (1) The company returned $731 million of capital to shareholders in the quarter, which was 81 percent of adjusted operating earnings, demonstrating its differentiated capital return track record and consistent free cash flow generation. Balance sheet fundamentals were excellent with significant excess capital and holding company available liquidity. Kiplinger recognized Ameriprise as outstanding for overall satisfaction, quality of advice, trustworthy advisers and being the most recommended among wealth managers in its 2025 Readers' Choice Awards. Ameriprise was named one of America's Most Innovative Companies 2025 by Fortune.
Yahoo
11-07-2025
- Business
- Yahoo
5 Reasons to Invest in Crypto When You're Retired — And 5 Reasons to Avoid It
As cryptocurrency continues to mature as an asset class and Bitcoin reaching new highs, more retirees are considering whether digital currencies deserve a place in their retirement portfolios. The debate over investing in crypto for retirement has intensified as inflation and cost of living depletes savings. However, this decision involves careful consideration of both compelling opportunities and significant risks. According to Kiplinger, some financial experts now recommend cryptocurrency for diversification in retirement accounts. Cryptocurrency often moves independently of traditional stocks and bonds, potentially providing valuable diversification during market downturns. For retirees who have most of their wealth in conventional assets, a small crypto allocation could reduce overall portfolio volatility. With retirees particularly vulnerable to inflation's impact on fixed incomes, cryptocurrency's potential as an inflation hedge becomes attractive. Bitcoin's limited supply of 21 million coins creates scarcity similar to precious metals, potentially protecting purchasing power over time. Unlike cash or bonds that lose value during inflationary periods, crypto assets may maintain or increase value as traditional currencies weaken. Despite volatility, cryptocurrency has demonstrated remarkable long-term growth potential. Retirees focused on leaving a larger inheritance might allocate a small percentage to crypto for its upside potential. Even modest gains could significantly benefit beneficiaries, while limiting exposure prevents catastrophic losses to essential retirement funds. According to The Wall Street Journal, Fidelity's decision to allow Bitcoin in 401(k) accounts highlights the tax advantages of holding cryptocurrency in retirement accounts. Crypto held in traditional IRAs or 401(k)s grows tax-deferred, allowing compounding without annual tax consequences. While eventual withdrawals face ordinary income tax rates, the ability to trade between different cryptocurrencies without immediate tax implications provides flexibility that taxable accounts don't offer. As governments worldwide increase money printing and debt levels, cryptocurrency offers exposure to an alternative monetary system. Retirees concerned about long-term currency stability might view crypto as insurance against potential dollar devaluation or economic instability over their retirement years. The Government Accountability Office warns that crypto assets have often been characterized as high-risk, high-reward, experiencing both record highs and devastating crashes. Retirees depending on their portfolios for living expenses cannot afford the dramatic swings that could eliminate years of savings in weeks. The volatility that creates opportunity also threatens financial security. Financial experts recommend extreme caution with crypto in retirement portfolios. As reported by TIME, the Department of Labor has stated that cryptocurrencies 'present significant risks and challenges' to future retirees, and that employers offering such plans 'should expect to be questioned.' Even when crypto is available in retirement accounts, allocation recommendations remain conservative. Kiplinger notes that while some experts now recommend crypto for diversification, buyer beware remains the watchword. These cautious positions suggest professionals view crypto as unsuitable for significant retirement holdings. The regulatory environment surrounding cryptocurrency remains fluid and unpredictable. Government actions can dramatically impact crypto values overnight, from taxation changes to outright bans. The Department of Labor has issued guidance warning that crypto assets are highly speculative and volatile, are difficult to assess and value, have custody issues, and face an uncertain regulatory environment. Retirees need stability, not assets subject to regulatory whiplash. Charles Schwab points out a significant tax disadvantage: if the cryptocurrency you hold in a traditional 401(k) or IRA appreciates, those gains will be subject to ordinary income taxes upon withdrawal — whereas crypto held in a taxable account for longer than a year would be subject to the more favorable long-term capital gains rates. This means retirees could pay 10-15% more in taxes on crypto gains compared to holding the same assets in taxable accounts. Cryptocurrency requires technical knowledge that many retirees lack. Private key management, wallet security, and exchange risks create additional layers of complexity beyond traditional investments. Exchange failures, hacking incidents and lost access credentials have cost investors billions. Retirees who struggle with digital technology face heightened risks of permanent loss through technical errors. The cryptocurrency decision for retirees ultimately depends on individual circumstances, risk tolerance, and financial goals. According to Kiplinger, crypto may be coming to more 401(k) plans, making this decision increasingly relevant for retirement savers. Those considering crypto should evaluate several key factors: Financial Stability: Only retirees with solid emergency funds and secure income streams should consider crypto exposure. Essential living expenses should never depend on volatile investments. Risk Tolerance: Retirees comfortable with potentially losing their entire crypto investment might allocate 1-5% of their portfolio to digital assets. Those requiring stability should avoid crypto entirely. Technical Competence: Successful crypto investing requires ongoing education and technical skills. Retirees uncomfortable with digital wallets and security protocols should reconsider. Time Horizon: Retirees with 10-20+ year time horizons might weather crypto volatility better than those needing immediate income stability. Given cryptocurrency's complexity and risks, retirees considering crypto investment should consult qualified financial advisors with digital asset experience. The decision involves not just investment analysis but tax planning, estate considerations, and overall retirement security. The crypto question for retirees isn't black and white. While digital assets offer compelling diversification and growth potential, they also present risks that could jeopardize retirement security. The key lies in understanding both sides and making informed decisions aligned with individual financial situations and goals. For most retirees, the prudent approach involves either avoiding crypto entirely or limiting exposure to amounts they can afford to lose completely. The promise of cryptocurrency gains must be weighed against the paramount importance of retirement financial security. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years The 10 Most Reliable SUVs of 2025 This article originally appeared on 5 Reasons to Invest in Crypto When You're Retired — And 5 Reasons to Avoid It Sign in to access your portfolio
Fast Company
08-07-2025
- Business
- Fast Company
‘No Tax on Tips' is now the law: What workers should know about timeline, how paychecks will be impacted
The ' No Tax on Tips ' provision, passed and signed into law on July 4 as part of President Donald Trump's One Big Beautiful Bill Act, allows eligible tipped workers to deduct a portion of their income from tips on their federal income taxes. There is a catch: It's only a temporary provision, expiring in 2028 when Trump leaves office at the end of his second term. But the good news is that eligible workers can start deducting up to $25,000 of reported tip income for their upcoming 2025 tax year. Here's what else to know. How 'No Tax on Tips' affects tax filing and paychecks This is a deduction, not an exemption, which means tipped workers will still need to report their tips when filing their taxes, instead of having the tips automatically taken out of taxable income, per Kiplinger. The No Tax on Tips provision also does not eliminate payroll taxes (like Social Security and Medicare) on tips, so you'll still need to pay those. Who qualifies for 'No Tax on Tips'? The No Tax on Tips deduction applies for those earning income up to $150,000 a year, or $300,000 for joint filers, which will be adjusted each year for inflation. Furthermore, it applies for 'customarily tipped' workers. The U.S. Treasury Department and Internal Revenue Service (IRS) have yet to issue guidance on which jobs and occupations qualify, so stay tuned. However, the bill is likely to apply to workers that rely on tips, such as hair stylists, nail techs, restaurant servers, and bartenders, per Kiplinger. As Fast Company previously reported, No Tax on Tips also expands the business tax credit for the portion of payroll taxes that an employer pays on certain tips, to include payroll taxes paid on tips received in connection with certain beauty services, just like for restaurants. No tax on overtime pay Finally, the No Tax on Tips provision also applies to overtime pay, and a deduction will be available to eligible taxpayers regardless of whether they itemize. However, filers will have to provide their Social Security number on their 1040 form (or that of their spouse when filing jointly) in order to claim the deduction.
Yahoo
04-07-2025
- Business
- Yahoo
Trump's 'Big, Beautiful Bill' Offers Seniors A $6,000 'Bonus' Tax Deduction: Here's How You Qualify For The Benefit
President Donald Trump's "Big, Beautiful Bill" promises the first new tax break for older Americans since 2017, a temporary "senior bonus" deduction that could reduce many retirees' taxable income by up to $6,000 each year from 2025-28. The Senate-passed version lets every filer 65 or older subtract $6,000 ($12,000 for couples) from income regardless of whether they itemize. The House's One Big Beautiful Bill Act sets the figure at $4,000 per person, reported The Washington Post. Both chambers phase out the break in full for modified adjusted gross incomes up to $75,000 for singles and $150,000 for joint filers. It disappears entirely above $175,000 and $250,000, respectively. Don't Miss: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Now Raising at $3/Share Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. Middle-income retirees gain the most. A married couple earning $100,000 could save about $1,600 in federal tax under the Senate plan, analysts at Kiplinger estimate. Lower-income seniors who already owe little or no tax on Social Security would see smaller or no savings, while high-income retirees would phased out. "It targets the people who need the help more," said Howard Gleckman of the Urban-Brookings Tax Policy Center in a statement to the Washington Post. The Committee for a Responsible Federal Budget pegs the senior bonus, together with the bill's broader tax extensions, at about $30 billion a year and says it could push the Social Security trust fund's exhaustion date to late 2032 from early 2033 by trimming the taxes seniors pay on their benefits. The Tax Foundation calculates that the four-year deduction alone could cost $90 billion if the Senate number prevails, and as much as $250 billion if later made permanent. What Next: House and Senate negotiators must reconcile the $6,000 and $4,000 figures before a final vote expected before the July 4 recess. The Trump administration argues the deduction "slashes taxes on Social Security" without altering benefit formulas, delivering "historic tax relief" to seniors. Read Next: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Image Via Eric Hartline-Imagn Images Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Trump's 'Big, Beautiful Bill' Offers Seniors A $6,000 'Bonus' Tax Deduction: Here's How You Qualify For The Benefit originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
