Insurable Interest Canadian Insurance Blog

“The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan remains $7,500 for 2024,” the IRS stated. “Therefore, participants in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan who are 50 and older can contribute up to $30,500, starting in 2024,” according to the IRS. The catch-up contribution limit for employees 50 and over who participate in SIMPLE plans remains $3,500 for 2024. Income Phase-Outs for Contributions The income ranges for determining eligibility to make deductible contributions to traditional individual retirement arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2024. Here are the phase‑out ranges for 2024, as explained by the IRS: For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $77,000 and $87,000, up from between $73,000 and $83,000. For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $123,000 and $143,000, up from between $116,000 and $136,000. An IRA contributor who is...

What You Need to Know A Los Angeles resident accuses the bank and other defendants of stealing at least $32,000 in valuables. The pieces have yet to be returned, the filing notes. Tiffany and Cartier items are among the missing property, the complaint says. A longtime Wells Fargo customer has filed a lawsuit against the institution over a missing safe deposit box that she said contained at least $32,000 in jewelry, including items with sentimental value. Cedina Kim, a Los Angeles resident, accuses Wells Fargo and numerous unidentified “Doe” defendants of negligence, breach of fiduciary duty, conversion (intentionally taking someone’s goods), unjust enrichment and unfair business practices. Among other alleged violations, Kim accuses the bank and co-defendants of theft under a California penal code covering receiving stolen property. The defendants “knowingly and willfully conspired and agreed among themselves to commit the acts,” conspiring “to misappropriate and steal the property of plaintiff or cause (her) property in the safe deposit box to go missing,” the lawsuit alleges. Kim, who had a safe deposit box for nearly 19 years, “was shocked when she went to retrieve her valuables only to learn that the Wells Fargo safe deposit box and all Ms. Kim’s...

Mutual life insurer New York Life has launched Eagle Strategies Prosper Portfolios, a hybrid digital investment tool designed to reduce barriers to finding professional guidance and to enhance advisors’ ability to meet middle-market clients’ needs. The product is available through New York Life’s registered investment advisor, Eagle Strategies. Seventy-eight percent of adults, regardless of net worth, say their ability to save for retirement has been harmed, with inflation, unexpected expenses and health issues cited as the top three reasons, according to New York Life data. “In an environment where changing economic conditions are pulling focus from long-term saving and investing goals for a wide range of investors, our mission to support middle-market consumers is more urgent than ever,” Dylan Huang, senior vice president and head of product solutions at the company, said in a statement. “We traditionally see high-touch financial guidance reserved for more affluent investors, so we built Eagle Strategies Prosper Portfolios to reduce barriers to accessing professional guidance and support advisors’ commitment to helping clients protect what they love and prosper in the future.”

Brenna Saunders is a partner and wealth manager on Creative Planning’s ultra-affluent team, and the job sees her working with some of the highest net worth families at the fast-growing firm. As Saunders tells ThinkAdvisor, the work is both gratifying and challenging on a day-to-day basis, and she appreciates the fact that serving this client segment means her work as an advisor has a broader impact in her local Kansas City region and across the U.S. Working with the UHNW group, she explains, means helping some of the most influential and affluent families in the country decide how they are going to put their wealth to work for the benefit of charities and communities. It also means helping families discover and define their own beliefs about wealth — how it should be put to work and how it should be passed down through the generations. Reflecting the complexity of the job, Saunders’ team includes in-house CPAs, estate planning attorneys, tax attorneys, money managers and the firm’s chief investment officer. After preparing comprehensive wealth management plans for her clients, she assists them in implementing their plans and continues to work with them to update their approach as their financial situations change. As...

A New York judge ordered Donald Trump’s daughter Ivanka Trump to testify at the ongoing trial of the state’s $250 million civil fraud lawsuit against the former president and his sprawling real estate company. Justice Arthur Engoron on Friday denied Ivanka Trump’s request to strike down a subpoena by New York Attorney General Letitia James seeking her testimony about financial transactions, rejecting her argument that she no longer has sufficient business ties to New York to be subject to the court’s jurisdiction. “Ms. Trump has clearly availed herself of the privilege of doing business in New York,” Engoron said after holding a brief hearing on the matter. Donald Trump, the Republican frontrunner in the 2024 campaign for president, is accused of inflating his assets by billions of dollars in financial documents provided to banks and insurers. The New York trial is one of six he is facing as he seeks to return to the White House next year. Trump denies wrongdoing and says the case is part of a “witch hunt” by Democrats. The former president’s daughter is scheduled to testify as soon as Nov. 3 if she fails to overturn the subpoena on appeal. She was initially a defendant...