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Alcohol poisoning deaths in Laos renew concerns about methanol. Here's what to know NPR'Free vodkas': New details after mass poisoning of Laos tourists New Zealand HeraldSixth person dies after suspected mass drink-spiking in Laos Yahoo! VoicesHow can I tell if there's methanol in my drink? The GuardianVang Vieng: What to know about the Laos backpacker town at center of suspect
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U.N. Reaches $300 Billion Climate Financing Deal as Trump Looms The Wall Street JournalWorld agrees to climate deal on financial aid for developing countries after summit nearly implodes CNNCOP29 Deal 'Marks New Era For Climate Cooperation And Finance': EU Chief Barron'sHere's what to know about the new funding deal that countries agreed to at UN clima
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World agrees to climate deal on financial aid for developing countries after summit nearly implodes CNNU.N. Reaches $300 Billion Climate Financing Deal as Trump Looms The Wall Street JournalA $300B a year deal for climate cash at UN summit sparks outrage for some and hope for others The Associated PressThey're here for climate action, but COP29 is about bickering. NBC News
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It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.
SEE MORE How Much of Your Estate Will Be Lost to Taxes?
I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's not the first step. Instead, I try to determine each person's starting point with money. Many people fall into one of three categories:
They are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps.
The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.
It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes.
Figuring out how to make the best use of an inheritance
Here is how I generally approach these conversations to help a person make the best use of their inheritance:
Define their relat
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Although you can start collecting Social Security at age 62, you can get much higher monthly payments if you wait as long as age 70. But many people want to or must retire before 70. If you're one of them, consider a possible strategy, backed by recent research, to use your retirement savings to put off receiving Social Security.
Build a Social Security Bridge
New research from the Center for Retirement Research explores retiree appetite for a "bridge" between retirement and collecting Social Security benefits, specifically one where retirees tap 401(k) assets in an amount equivalent to what they'd draw from Social Security on a monthly basis. This stream of payments would continue until age 70 or until the money ran out.
Such an option appealed to a good number of survey respondents; nearly 27% said they'd use it to some extent, even with minimal information about plan details. Among respondents provided with more information on the option, the total climbed to 35%. Researchers also propose a formalized "bridge" plan that employers could offer using 401(k) funds.
SEE MORE Feeling Insecure About Social Security? You're Not Alone.
But why tap those funds? The answer is that any chance to delay collecting Social Security benefits means you'll receive a larger monthly check when you finally do start to draw benefits.
How Much Can You Increase Your Social Security by Delaying Benefits?
As a rule, retirees must decide for themselves when to begin claiming Social Security benefits.
If they can wait to collect, though
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Disruption. It's coming for the U.S. dollar in the form of digital currency. Last week the Biden administration detailed a broad plan for adopting a central bank digital currency (CBDC) in the coming years. The Departments of Energy, Commerce, the Treasury, and other agencies weighed in on how to manage and regulate a CBDC.
The government is reacting in part to the explosive growth of digital currencies. About three out of ten U.S. adults currently invest in some form of cryptocurrency, or "crypto," like Bitcoin or Ethereum. These digital "coins" rely on a decentralized network of computers to verify financial transactions, cutting out third parties like banks or credit cards.
The good, the bad, and the ugly of crypto
Advocates of crypto point to its affordability, efficiency, and its ability to reach consumers with little or no access to traditional banking services. With just a mobile phone or a crypto ATM, consumers can easily send and receive digital currency, even across international borders.
On the other hand, crypto is still largely unregulated and volatile. Investors in Bitcoin, for example, saw returns of over 70% in 2021, but the currency is down almost 60% year to date. And if you send your payment to the wrong account (called a "digital wallet") there may be no way to retrieve it. Crypto has also been used for money laundering, fraud, and to fund terrorism. Several
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