July 19, 2013 |
For years, Cheryl McDonald has been her family's financial rock, always willing to give financial support. In terms of retirement, however, being the rock has weighed her down. "I have been the primary income producer and the primary holder of assets," said McDonald, a widow. "My attitude has always been, 'It's a family pool of money.'" But that generosity has left McDonald, 65, with too few assets and too much debt for someone so close to retirement, said Alfred McIntosh, founder of McIntosh Capital Advisors, who reviewed McDonald's finances.
July 17, 2013 |
It's frightening enough to face one's retirement without sufficient money to maintain one's lifestyle, but an even scarier prospect looms for millions of Americans: outliving one's assets as one ages. That's the subject of my Wednesday column , and of a live chat I'll be holding this afternoon with Debra Whitman of the AARP . LIVE CHAT: Join us at 2 p.m. Pacific The AARP has compiled plenty of data on the financial pressures...
July 16, 2013 |
It looks like Rhythm & Hues is still downsizing. The El Segundo visual effects company, which filed for Chapter 11 bankruptcy in February , is auctioning off assets, including computers, furniture and film equipment. Bidding will conclude July 24 at 10:30 a.m., said Tiger Group, the company conducting the auction. Rhythm & Hues is selling hundreds of items that it no longer needs for its operations. ON LOCATION: Where the cameras roll For example, more than 150 computers are going on the auction block, along with more than 300 Herman Miller Aeron chairs. Film equipment for sale includes a 2006 Film Light Northlight scanner, an Arri Arrilaser film recorder and two animation cameras. Founded in 1987, Rhythm & Hues created effects for movies including “The Golden Compass,” “Babe,” “Django Unchained,” “Snow White and the Huntsman” and “Life of Pi,” for which it won an Oscar.
July 16, 2013 |
As if you haven't been scared enough by the projections that most Americans haven't saved enough to maintain their lifestyles as they enter retirement, here's something even more terrifying: Nearly half of all Americans will outlive their assets, dying with practically no money at all. Even more worrisome, that's true even among households that met the traditional standards for secure retirement income. Economic factors and changes in employer pensions and in economic reality have made it much harder to stretch income and assets so they last, especially as people live longer.
July 10, 2013 |
Tribune Co. is getting out of the faltering newspaper business, but probably not the way it hoped. The media giant announced Wednesday that it will spin off its publishing unit into a separate company, a maneuver that's likely to delay a long-expected sale of the Los Angeles Times. The spinoff could take nine months to a year to complete. The new entity, to be called Tribune Publishing Co., would comprise The Times, the Chicago Tribune and six other daily papers. All other assets, including the company's real estate holdings and stakes in several Internet sites, would remain part of Tribune Co. The spinoff would be tax-free to Tribune shareholders.
July 9, 2013 |
WASHINGTON - The nation's eight largest banks would have to meet tougher financial ratios than required under international standards as part of proposed rules designed to protect taxpayers from another financial crisis. Under the plan, Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and four other U.S. bank holding companies designated as "systemically important financial institutions" would each have to hold capital equal to at least 5% of total assets.
CALIFORNIA | LOCAL
June 5, 2013 |
Federal authorities on Wednesday designated six reputed members of the notorious Mara Salvatrucha street gang, which was founded in Los Angeles, as leaders of a transnational criminal organization. The designation by the U.S. Department of the Treasury generally bars U.S. citizens from conducting transactions with the six named leaders and allows their financial assets to be frozen by federal investigators, authorities said. Known as MS-13, the gang was founded in the Pico-Union and Westlake neighborhoods of Los Angeles in the 1980s by Salvadoran refugees who had fled a civil war raging in their country.
CALIFORNIA | LOCAL
May 31, 2013 |
About five years ago, County Supervisor Zev Yaroslavsky denounced USC's proposal to take control of the taxpayer-owned Los Angeles Memorial Coliseum and its revenue. "Some people on the board of trustees of the University of Southern California thought they could bully the Coliseum Commission into giving away the facility to the university for 75 years for nothing," said Yaroslavsky, a longtime member of the stadium panel. "We were about to give away the naming rights, the parking revenue rights, the concession rights, all those things, to a private university....
May 31, 2013 |
SINGAPORE - Chuck Hagel emerged from combat in the Vietnam War with two Purple Hearts and "a sense of how important it would be for America to engage wisely in Asia," as he put it to top defense officials gathered here. Now, more than a year after President Obama pledged to refocus America's security strategy toward Asia, Hagel is using his first visit to the region as Defense chief to reassure allies that the so-called pivot won't be derailed by Pentagon budget cuts or competing demands from the civil war in Syria, the nuclear stalemate with Iran and other high-priority issues.
May 24, 2013 |
WASHINGTON - Here's a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren't sufficient to qualify for a mortgage under today's tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets to qualify for the loan you want. That, in turn, could open the door to a money-saving refinancing to a lower-rate loan or a downsizing purchase of a new house or condo.