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Worker Nest Eggs 401(k) plans, explained Originally intended for corporate executives, the 401(k) is now, arguably, the most famous section of the US tax code and a staple in worker benefits packages and personal finance guides ( watch 101 ). Roughly 70 million Americans, with a total of more than $7T invested , use these long-term, tax-advantaged accounts to build toward a more secure retirement. Some critics claim that with 401(k) plans, companies offloaded the risk of retirement savings to workers without the training to avoid volatile portfolio mixes. Amid the 2008 financial crisis, many 401(k) plans lost over a quarter of their value , an event that hit those near retirement particularly hard. ... Read our full explainer on the plan...
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“The future of money isn’t coming – it’s here, growing at $4 trillion and accelerating,” DaLand CIO, Jon Ungerland said in a statement. “Their solution ensures the institutions that matter most to American communities don’t miss the transition.” https://www.dalandcuso.com/videos-podcasts __ ______________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
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The Federal Reserve is now seen as likely to cut interest rates multiple times before the end of the year, following another weak jobs report that showed unemployment jumping to a four-year high. The U.S. economy added just 22,000 jobs in August, less than economists had expected, the Bureau of Labor Statistics reported Friday. The unemployment rate rose to 4.3%, up slightly from 4.2% in July but hitting the highest level seen since October 2021, when the economy was still recovering from pandemic-driven layoffs. Although the new jobs report was troubling news for the economy, for prospective homebuyers with secure jobs it likely means further easing in mortgage rates in the days to come. Mortgage rates hinge primarily on the yields of 10-year Treasury notes , which plunged Friday to their lowest level since early April, when President Donald Trump 's Liberation Day tariff announcement sparked panic in financial markets. It signals furth...
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The Federal Reserve Background No institution wields more power in US finance than the Federal Reserve—but opinion polls indicate most Americans don’t know what it does. Known casually as “the Fed,” the century-old independent central bank sets interest rates, determining how much ordinary people pay for mortgages, car loans, and more, all to achieve its dual mandate of price stability and maximum employment ( read 101 ). Consisting of a central board of governors working in tandem with 12 regional banks, the Fed also manages the US money supply and acts as the lender of last resort. The Origins of the Fed Throughout the 19th century, the US faced periodic economic downturns , which resulted in financial panics. Customers raced ...
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