NEWS WRAP - Third Federal Reserve Interest Rate Cut of 2019 - The Outlook for Retirement Savers.
The Federal Reserve has made its third interest rate cut of 2019, leaving the Federal Funds rate at between 1.5% and 1.75%. What, if anything, might this mean for your wealth and retirement plans.
Federal Reserve Chair Jerome Powell told FOX4 that the move is designed "to help keep the U.S. economy strong in the face of global developments, and to provide some insurance against on-going risks".*
NEWS WRAP - US Organisations Take Inspiration from the UK's FCA
A number of United States Regulators have joined The Global Financial Innovation Network (GFIN) – an alliance comprised of more than 50 financial organisations from across the globe – in what is likely to prove a positive development for non-resident aliens and other cross-border individuals in the United States.
In an October press release made by the U.S. Securities and Exchange Commission (SEC) it was announced that the SEC, the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) have all become members of GFIN.*
TOP TIPS - Drawdown and Managing a UK Pension in the US
The single most important retirement question faced by most British retirement savers boils down to what they should do with their pension. Yet for British nationals living in the United States this decision is likely to be even more profoundly important. Not only must they grapple with the usual questions regarding a potential pension transfer or drawdown, they must also consider the complexities inherent in their cross-border situation. All in all, the stakes are high and, in these circumstances, planning and advice are everything.
NEWS WRAP Municipal Bonds Warning
For some non-resident alien retirement planners in the United States municipal bonds represent a useful way to preserve wealth while also creating a tax-free income stream. According to the Internal Revenue Service (IRS), they are an item "of income excluded from gross income, without regard to the U.S. or foreign status of the owner of the income".*