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Friday Financial Five – June 24, 2016

Friday, June 24, 2016


Markets rally Thursday ahead of Brexit vote

After months of speculation, the vote to determine whether or not the United Kingdom remains in the European Union is complete with the results still outstanding. Financial markets rallied on Thursday, apparently encouraged by the latest polls that showed “remain” with a slight advantage over the “leave” contingent. A major flaw for those wanting to leave the EU is the lack of a clear plan going forward if they win. Results are expected around breakfast time this morning.

BPC details numerous changes for financial security

The Bipartisan Policy Center is comprised of industry leaders focused on shoring up retirement stability for the country. Their 2016 report  was released this month, with several possible changes meant to address retirement challenges. One suggestion is to increase Social Security’s maximum taxable base from the current level of $118,500 to $195,000. Another encourages a less expensive method of using home equity to fund retirement, including a reformation of reverse mortgages. High income earners would be affected by the report’s suggested limitation on Social Security benefits and mortgage interest deductions. Intended results include increased overall retirement savings and reduced poverty for the elderly population.

Warren introduces 401(k) “lost and found”

Employment mobility can leave a string of old retirement accounts at former employers. Those without the time or inclination to consolidate accounts can find themselves without a solid way of keeping track of important retirement funds. Senators Elizabeth Warren and Steve Daines have introduced a bill to help in the process of keeping track of those accounts by creating a national online database for workers to quickly find lost accounts. They cite GAO and TIAA reports where tens of millions of employees with neglected accounts would benefit.

2017 Out-of-pocket limits for health plans

There’s sometimes confusion with health plans regarding the difference between the “deductible” and the “out-of -pocket limit”. The deductible represents how much an insured is responsible to pay before the insurance company contributes, sometimes differentiate between “in-network” and “out of network” services. Insureds may still be responsible for expenses once the deductible is met and that’s where the max out-of-pocket becomes important. For 2017, the federal maximum out-of-pocket has increased, up to $7,150 for individuals and $14,300 for families.

More athletes defrauded by advisor

Mark Sanchez and Roy Oswalt are a couple of big name athletes caught up in another example of financial shenanigans. According to the SEC, a Dallas based advisor funneled up to $33 million from clients into an online company whose board the advisor sat on. From those cash infusions to the company, the advisor was paid $2 million. According to sources, Sanchez, approved the use of $100,000 but instead had $7 million of his money placed in this doomed venture.

Dan Forbes, a CFP Board Ambassador, is a regular contributor on financial issues. He leads the firm Forbes Financial Planning, Inc in East Greenwich, RI and can be reached at [email protected]


Related Slideshow: Oregon Business Rankings in US

See how Oregon stacked up against the other states in the U.S.

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Oregon gets a C+ for small business friendliness from Thumbtack, in conjunction with the Kauffman Foundation.

According to the ranking:

Overall friendliness C+

Ease of starting a business B
Ease of hiring D+
Regulations D
Health & safety D
Employment, labor & hiring D
Tax code D+
Licensing C-
Environmental D
Zoning D+
Training & networking programs B+

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CEO Magazine

CEO magazine was not kind to Oregon.

The state ranked in the bottom ten states at #42.

Oregon get lumped by CEO's as being California like - too much regulation.

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The 2015 rankings puts Oregon in the top 20. Oregon ranks #18 in the United States. 

NY ranks one spot ahead at #17 and Florida ranks after Oregon.

#1 in the United States: Utah

#50 in the United States: Mississippi

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Oregon has been ranked as the 2nd most eco-friendly state in the country, according to a recent study by WalletHub

Oregon ranks eighth in environmental quality and first in Eco-Friendly Behaviors landing them in second overall. 

Oregon is behind Vermont and ahead of New York and Minnesota who land in the third and fourth spots respectively. 

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The Economist

Small Business Friendliness Grade: C+

The Economist grades states on an A+ to F grading scale for its small business climate. Oregon is one of 4 states that earned a "C+"

Overbearing bureaucracy and excessive licensing is stifling small business in America. 

Read More About The Economist Grade Here

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#22 CNBC

CNBC ranks each state in cost of doing business, economy, technology and innovation.

Read More About CNBC Ranking Here

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Wallet Hub

#28 Wallet Hub

Wallet Hub ranks each state in ROI rank, state tax rank, and overall government services.

Read More About Wallet Hub Ranking Here

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#38 Kauffman Foundation

Kauffman Foundation ranks each state in entrepreneurship.

Entrepreneurial activity generally is highest in Western and Southern states and lowest in Midwestern and Northeastern states.

Read More About Kauffman Ranking Here

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#19 Forbes in 2014

Forbes ranks each state in business costs, economic climate, and growth prospects.

Read More About Forbes Rankings Here


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