I’m a 61-year-old single librarian and ‘proud’ Democrat from Maine. Should I move to Florida like Jeff Bezos?

I finally have something in common with Jeff Bezos. He is moving to Miami. I too am thinking of moving to Florida in the next year or so. My parents retired there 25 years ago; my father passed away in 2019, but my mom is still alive. I am also nearing retirement, and thought I would follow in their footsteps. I have a house in Maine, which I intend to sell when I finally make the move. I’ve lived here for 11 glorious years, and made a lot of friends. I’m a librarian, but don’t believe anything or everything you have heard about librarians, we are a social lot. 

I’m 61 and earn $85,000 a year, and have a lot of friends. But I reckon my mom has only a few good years yet, and she is slowing down. I bought my house for $160,000 and it’s now worth $350,000 or thereabouts, if I can sell it with the way interest rates are going. If not, I could rent it out. So my question is: Should I retire to Florida like Jeff Bezos? I’ve been window shopping for properties around Sarasota and Tampa, but I’m flexible. I am proud to live in a blue state, but I also want to be within an hour or so of my mom, so I can see her as often as possible. 

I’ve been feeling restless and, frankly, glum lately. And I thought this change would do me good. Am I mad? Is this a good move?

Florida Bound

Related: My ex-husband is suing for half of our children’s 529 plans — eight years after our divorce. Is he entitled to plunder these accounts?

“No matter how many billions of dollars you have in the bank, there’s one thing that money can’t buy — time.”


MarketWatch illustration

Dear Florida Bound,

You and Jeff Bezos do share that one concern about wanting to be near your aging parents. No matter how many billions of dollars you have in the bank, there’s one thing that money can’t buy — time. The Cape Canaveral operations of his space company, Blue Origin, are also in Florida, so it’s a convenient business move and a tax-savvy one. Maine has a capital gains and income tax; but Florida, like Washington, has no state income tax; unlike Washington, it has no capital-gains tax. You and Bezos will be following in the footsteps of former president Donald Trump, who lived in New York before he tax domiciled at his Mar-a-Lago Palm Beach estate. 

Billionaires — not unlike retirees — tend to move out of states with estate taxes, according to a recent study by researchers at the University of California, Berkeley and the Federal Reserve Bank of San Francisco. The trend grows stronger as billionaires grow older. But whether you’re a billionaire or a mild-mannered librarian, when you move, you should move. If you spend more than 183 days in Maine per year and/or still have a home there, and you do not spend a similar amount of time in Florida, the tax folks in Maine could ask you to pay Maine income tax. You may have to keep records of your comings and goings (airline tickets and credit-card receipts etc.), but tax agencies can also subpoena your cell-phone records.

Should you move to Florida? Be prepared for the humidity — and the culture shock. You may be used to those lovely 78°F/26°C summers in Maine. Try swapping that for 95°F/35°C. Florida is a very different place to Maine, both culturally and politically. You may find yourself living next-door to an equally proud Trump supporter. If you enjoy living in a blue state, assuming you are a supporter of President Joe Biden, how would that make you feel? Or are you living in a Democratic blue cocoon (or lagoon)? Do you have friends across the political divide? We have a presidential election in November 2024. Expect nerves to be frayed.

The good news — yes, I have good news too — house prices in Maine and Florida are almost identical. The average price hovers at $390,000 in both states, according to Zillow
Z,
-1.58%
.
Just be aware of the rising cost of flood and home insurance in the Sunshine State. You are also likely to be surrounded by people your own age: Florida is the top state for retirees, per a report released this year by SmartAsset, which analyzed U.S. Census Bureau migration data. A warm climate and zero state income taxes consistently prove to be a double winner: Florida netted 78,000 senior residents from other U.S. states in 2021 — the latest year for which data available — three times as many as Arizona, No. 2 on the list.

I spoke to friends who have retired to Florida and they say it’s not a homogenous, one-size-fits-all state. “It’s not all beaches, hurricanes, stifling year-round temperatures, and condos,” one says. “It’s possible to escape northern winters without committing to these conditions.” One retiree cited Gainesville in north-central Florida, the home of the University of Florida, as “diverse and stimulating,” but noted that the nearest airports are in Jacksonville (72 miles), Orlando (124 miles), and Tampa (140 miles). Another Sarasota retiree was more circumspect, and told me: “Be careful how you advertise your political affiliation.”

Perhaps where you belong for now is close to your mother. Spending time with her is a top priority, but brace yourself for a new living experience in Florida (and, while we’re at it, alligators). The siren call of home grows stronger as we get older, but “home” also means different things to different people. For some, it’s a place where they can live comfortably, and within their means. For others, it’s where they have a strong sense of community, be that friends, family, or like-minded individuals, or those with whom we can respectfully disagree. People who have a support system around them tend to live longer, so keep that in mind too. 

We can change so much about our circumstances: buy a new car, try a new hairstyle, even go to a plastic surgeon for a new face. There are all sorts of remedies at our fingertips. If all else fails, there’s a pill for that. Or an app that will change our life, or at the very least lull us to sleep with the sound of whales or waves. We may be tempted to believe that if we could change our circumstances, our house, our job, our bank account, or even the town, city, state or country where we live, that we could reinvent ourselves in our own eyes and the eyes of others, and turn our frowns upside down.

There’s just one, not insubstantial problem: we take ourselves — and all of our neuroses — with us.

You can email The Moneyist with any financial and ethical questions at [email protected], and follow Quentin Fottrell on X, the platform formerly known as Twitter.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

Previous columns by Quentin Fottrell:

If I buy a home with an inheritance and only put my name on the deed, does my husband have any rights? 

I cosigned my boyfriend’s mortgage, but I’m not on the deed. I didn’t want to marry again after a costly divorce. How do I protect myself?

My mother claims I’m in her will but refuses to show it to me. Should she put my name on the deed to her home?



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#61yearold #single #librarian #proud #Democrat #Maine #move #Florida #Jeff #Bezos

‘The high for equities is not in,’ says technical strategist who unpacks the stocks to buy now.

Siegel argues that bonds, which have been giving stocks the shove, have proven to be a terrible inflation hedge, but investors have forgotten that given it’s 40 years since the last big price shock. “Stocks are excellent long-term hedges, stocks do beautifully against inflation, bonds do not,” he told CNBC on Tuesday.

Don’t miss: ‘Bond math’ shows traders bold enough to bet on Treasurys could reap dazzling returns with little risk

Other stock cheerleaders out there are counting on a fourth-quarter rally, which, according to LPL Financial, delivers on average a 4.2% gain as portfolio managers snap up stock winners to spiff up performances.

Our call of the day from Evercore ISI’s head of technical strategy, Rich Ross, is in the bull camp as he declares the “high for equities is not in,” and suggests some stocks that will set investors up nicely for that.

Ross notes November is the best month for the S&P 500
SPX,
Russell 2000
RUT
and semiconductors
SOX,
while the November to January period has seen a 6% gain on average for the Nasdaq Composite
COMP.
He says if the S&P can break out above 4,430, the next stop will be 4,630 within 2023, putting him at the bullish end of Wall Street forecasts.

In addition, even with 10-year Treasury yields back at their highs, the S&P 500 is still ahead this week and that’s a “great start” to any rally, he adds.

Evercore/Bloomberg

What else? He says “panic bottoms” seen in bond proxies, such as utilities via the Utilities Select Sector SPD exchange-traded fund ETF
XLU,
real-estate investment trusts and staples, are “consistent with a bottom in bond prices,” which is closer than it appears if those proxies have indeed bottomed.


Evercore/Bloomberg

Among the other green shoots, Ross sees banks bottoming following Bank of America
BAC,
+1.14%

earnings “just as they did in March of ’20 after a similar 52% decline which culminated in a year-end rally which commenced in Q4.”

He sees expanding breadth for stocks — more stocks rising than falling — adding that that’s a buy signal for the Russell 2000, retail via the SPDR S&P Retail ETF
XRT
and regional banks via the SPDR S&P Regional Banking
KRE.

The technical strategist also says it’s time to buy transports
DJT,
with airlines “at bear market lows and deeply oversold,” while railroads are also bottoming and truckers continue to rise.

As for tech, he’s a buyer of semiconductors noting they tend to gain 7% on average in November, and Nvidia
NVDA,
-2.88%

has been under pressure as of late. He also likes software such as Microsoft
MSFT,
+0.82%
,
Zscaler
ZS,
+0.66%
,
MongoDB
MDB,
+0.90%
,
Intuit
INTU,
-1.43%
,
Oracle
ORCL,
-0.05%
,
Adobe
ADBE,
+0.93%
,
CrowdStrike
CRWD,
+0.55%

and Palo Alto Networks
PANW,
+1.38%
.


Evercore/Bloomberg

“The strong tech will stay strong and the weak will get strong,” says Ross.

The markets

Stocks
SPX

COMP
are dropping, with bond yields
BX:TMUBMUSD10Y

BX:TMUBMUSD02Y
mixed. Oil prices
CL.1,
+1.82%

BRN00,
+1.69%

have pared a stronger rally after a deadly hospital explosion in Gaza City, with Iran reportedly calling for an oil embargo against Israel. Gold
GC00,
+1.84%

has shot up $35.

For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

The buzz

Morgan Stanley
MS,
-6.02%

posted a 10% earnings fall, but beat forecasts, with shares down. Abbott Labs
ABT,
+3.12%

is up after upbeat results and aguidance hike and Procter & Gamble
PG,
+2.91%

is up after an earnings beat. Tesla
TSLA,
-0.89%

(preview here) and Netflix
NFLX,
-1.20%

(preview here) will report after the close.

Read: Ford CEO says Tesla, rival automakers loving the strike. He may be wrong

United Airlines shares
UAL,
-7.83%

are down 5% after the airline lowered guidance due to the Israel/Gaza war. Spirit AeroSystems
SPR,
+22.60%

surged 75% after the aircraft components maker announced a production support deal with Boeing
BA,
+0.88%
.

Housing starts came short of expectations, with the Fed’s Beige Book of economic conditions coming at 2 p.m. Also, Fed Gov. Chris Waller will speak at noon, followed by New York Fed Pres. John Williams at 12:30 p.m. and Fed Gov. Lisa Cook at 6:55 p.m.

China’s third-quarter GDP rose 4.9%, slowing from 6.3% in the previous quarter, but beating expectations.

Middle East tensions are ratcheting up with protests spreading across the region after a massive deadly blast at a Gaza City hospital, and airports evacuated across France over terror threats. President Biden told Israeli Prime Minister Benjamin Netanyahu that “it appears as though it was done by the other team.”

Read: Treasury says Hamas leaders ‘live in luxury’ as it unveils new sanctions

Best of the web

Bridgewater says the market has entered the second stage of tightening

Why the FDA needs to halt Cassava Sciences’ Alzheimer’s clinical trials

Hail, heat, rot in Italy push France to top global winemaking spot

Attacks across Europe put Islamist extremism back in spotlight

The tickers

These were the top-searched tickers on MarketWatch as of 6 a.m.:

Ticker

Security name

TSLA,
-0.89%
Tesla

AMC,
-0.73%
AMC Entertainment

AAPL,
-0.39%
Apple

GME,
-1.20%
GameStop

NIO,
-2.99%
Nio

AMZN,
-1.10%
Amazon

PLTR,
-0.59%
Palantir

MULN,
-0.06%
Mullen Automotive

TPST,
-11.20%
Tempest Therapeutics

TTOO,
-8.20%
T2 Biosystems

Random reads

Loudest purr in the world. Congrats Bella the cat.

Asteroid sample offers window to ancient solar system

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#high #equities #technical #strategist #unpacks #stocks #buy

‘COVID isn’t done with us’: So why have so many people started rolling the dice?

Hersh Shefrin, a mild-mannered behavioral economist at Santa Clara University, still wears a mask when he goes out in public. In fact, he wears two masks: an N95 medical-grade mask, and another surgical mask on top. “I’m in a vulnerable group. I still believe in masking,” Shefrin, 75, told MarketWatch. It’s worked so far: He never did get COVID-19. Given his age, he is in a high-risk category for complications, so he believes in taking such precautions.

But not everyone is happy to see a man in a mask in September 2023. “A lot of people just want to be over this,” Shefrin, who lives in Menlo Park, Calif., said. “Wearing a mask in public generates anger in some people. I’ve had people come up to me and set me straight on why people should not wear masks. I’ve had people yell at me in cars. It might not match with where they are politically, or they genuinely feel that the risks are really low.”

His experience speaks to America in 2023. Our attitude to COVID-related risk has shifted dramatically, and seeing a person wearing a mask may give us anxiety. But how will we look back on this moment —  3½ years since the start of the coronavirus pandemic? Will we think, “There was a mild wave of COVID, but we got on with it”? Or say, “We were so traumatized back then, dealing with the loss of over 1.1 million American lives, and struggling to cope with a return to normal life”?

We live in a postpandemic era of uncertainty and contradiction. Acute respiratory syndrome coronavirus 2, or SARS-CoV-2, is back, yet it never really went away. Roughly a quarter of the population has never tested positive for COVID, but some people have had it twice or three times. Few people are wearing masks nowadays, and the World Health Organization recently published its last weekly COVID update. It will now put out a new report every four weeks.

‘I’ve had people come up to me and set me straight on why people should not wear masks.’


— Hersh Shefrin, 75, behavioral psychologist 

People appear sanguine about the latest booster, despite the Centers for Disease Control and Prevention recommending that people get the updated shot. Fewer than a quarter of Americans (23%) said they were “definitely” planning to get this shot, according to a report released this week by KFF, the nonprofit formerly known as the Kaiser Family Foundation. Some 23% said they will “probably get it,” 19% said they will “probably not get it” and 33% will “definitely not get it.”

Do we throw caution to the wind and treat fall and winter as flu, RSV and COVID season? It’s hard both to avoid COVID, many people contend, and to lead a normal life. The latest wave so far is mild, notwithstanding recent reports of extreme fatigue. Scientists have voiced concerns about potential long-term cognitive decline in some severe cases, but most vaccinated people recover. Still, scientists say it’s too early to know about any long-term effects of COVID.

Amid all these unknowns are many risk-related theories: The psychologist Paul Slovic said we evaluate risk based on three main factors. Firstly, we rely on our emotions rather than the facts (something he calls “affect heuristic”). Secondly, we are less tolerant of risks that are perceived as dreadful and unknown (“psychometric paradigm theory”). Thirdly, we become desensitized to catastrophic events and unable to appreciate loss (“psychophysical numbing”).

Shefrin, the behavioral economist, said these three theories influence how we cope with COVID. “Early in the pandemic, the ‘dread factor’ and ‘unknown factor’ meant we all felt it was very risky,” he said. “But we began to see that the people who were most affected were older with comorbidities. The dread factor is way down because of successful vaccinations. We certainly feel that the unknowable factor is down, but with new variants there is potentially something to worry about.”

Hersh Shefrin: “We certainly feel that the unknowable factor is down, but with new variants there is potentially something to worry about.”


c/o Hersh Shefrin

Habituation and status quo lead to inaction

The profile of risk has changed dramatically since the pandemic began. Vaccines protect the majority of people from the most serious effects of COVID — for the 70% of Americans who have gotten the two initial COVID shots. So should we focus on living for today, and stop worrying about tomorrow? Or, given all the unknowns, are we still rolling the dice with our health by boarding crowded subway trains, socializing at parties and stepping into the office elevator?

The number of people dying from COVID has, indeed, fallen dramatically. Weekly COVID deaths in the U.S. peaked at 25,974 during the week of Jan. 9, 2021. There had been 60 COVID-related deaths during the week of March 14, 2020 — when the WHO declared the outbreak a worldwide pandemic — far fewer than the 607 deaths during the week of Sept. 23, the most recent week for which data are available. But in March 2020, with no vaccine, people had reason to be scared.

“COVID deaths are actually worse now than when we were all freaking out about it in the first week of March 2020, but we’re habituated to it, so we tolerate the risk in a different way. It’s not scary to us anymore,” said Annie Duke, a former professional poker player, and author of books about cognitive science and decision making. “We’re just used to it.” Flu, for example, continues to kill thousands of people every year, but we have long become accustomed to that.

A dramatic example of the “habituation effect”: Duke compares COVID and flu to infant mortality throughout the ages. In 1900, the infant-mortality rate was 157.1 deaths per 1,000 births, falling to 20.3 in 1970, and 5.48 deaths per 1,000 births in 2023. “If the 1900 infant-mortality rate was the same infant-mortality rate today, we’d all have our hair on fire,” she said. “We think we would not live through that time, but we would, as people did then, because they got used to it.”

‘COVID deaths are actually worse now than when we were all freaking out about it in the first week of March 2020.’


— Annie Duke, former professional poker player

Duke, who plans to get the updated booster shot, believes people are rolling the dice with their health, especially concerning the long-term effects. The virus, for example, has been shown to accelerate Alzheimer’s-related brain changes and symptoms. Could it also lead to some people developing cognitive issues years from now? No one knows. “Do I want to take the risk of getting repeated COVID?” Duke said. “We have this problem when the risks are unknown.”

When faced with making a decision that makes us uncomfortable — usually where the outcome is uncertain — we often choose to do nothing, Duke said. It’s called “status quo bias.” There’s no downside to wearing a mask, as doctors have been doing it for years, but many people now eschew masks in public places. Research suggests vaccines have a very small chance of adverse side effects, but even that highly unlikely outcome is enough to persuade some people to opt out.

And yet Duke said people tend to choose “omission” over “commission” — that is, they opt out of getting the vaccine rather than opting in. But why? She said there are several reasons: The vaccine comes with a perceived risk, however small, that something could go wrong, so if you do nothing you may feel less responsible for any negative outcome. “Omission is allowing the natural state of the world to continue, particularly with a problem that has an unknown downside,” she said. 

Here’s a simple example: You’re on the way to the airport in a car with your spouse, and there’s a roadblock. You have two choices: Do you sit and wait, or do you take an alternative route? If you wait and miss your flight, you may feel that the situation was beyond your control. If you take a shortcut, and still miss your flight, you may feel responsible, and stupid. “Now divorce papers are being drawn up, even though you had the same control over both events,” Duke said.

Annie Duke: “COVID deaths are actually worse now than when we were all freaking out about it in the first week of March 2020.”


c/o Annie Duke

Risk aversion is a complicated business

Probably the most influential study of how people approach risk is prospect or “loss-aversion” theory, which was developed by Daniel Kahneman, an economist and psychologist, and the late Amos Tversky, a cognitive and mathematical psychologist. It has been applied to everything from whether to take an invasive or inconvenient medical test to smoking cigarettes in the face of a mountain of evidence that smoking can cause cancer. 

In a series of lottery experiments, Kahneman and Tversky found that people are more likely to take risks when the stakes are low, and less likely when the stakes are high. Those risks are based on what individuals believe they have to gain or lose. This does not always lead to a good outcome. Take the stock-market investor with little money who sells now to avoid what seems like a big loss, but then misses out on a life-changing, long-term payday.

As that stock-market illustration shows, weighing our sensitivity to losses and gains is actually very complicated, and they are largely based on people’s individual circumstances, said Kai Ruggeri, an assistant professor of health policy and management at Columbia University. He and others reviewed 700 studies on social and behavioral science related to COVID-19 and the lessons for the next pandemic, determining that not enough attention had been given to “risk perception.”

So how does risk perception apply to vaccines? The ultimate decision is personal, and may be less impacted by the collective good. “If I perceive something as being a very large loss, I will take the behavior that will help me avoid that loss,” Ruggeri said. “If a person believes there’s a high risk of death, illness or giving COVID to someone they love, they will obviously get the vaccine. But there’s a large number of people who see the gain and the loss as too small.”

‘If a person believes there’s a high risk of death, illness or giving COVID to someone they love, they will obviously get the vaccine.’


— Kai Ruggeri, psychologist

In addition to a person’s own situation, there is another factor when people evaluate risk factors and COVID: their tribe. “Groupthink” happens when people defer to their social and/or political peers when making decisions. In a 2020 paper, social psychologist Donelson R. Forsyth cited “high levels of cohesion and isolation” among such groups, including “group illusions and pressures to conform” and “deterioration of judgment and rationality.”

Duke, the former professional poker player, said it’s harder to evaluate risk when it comes to issues that are deeply rooted in our social network. “When something gets wrapped into our identity, it makes it hard for us to think about the world in a rational way, and abandon a belief that we already have,” she said, “and that’s particularly true if we have a belief that makes us stand out from the crowd in some way rather than belong to the crowd.”

Exhibit A: Vaccine rates are higher among people who identify as Democrat versus Republican, likely based on messaging from leaders in those respective political parties. Some 60% of Republicans and 94% of Democrats have gotten a COVID vaccine, according to an NBC poll released this week. Only 36% of Republicans said it was worth it, compared with 90% of Democrats. “When things get politicized, it creates a big problem when evaluating risk,” Duke added.

Risk or no risk, “COVID isn’t done with us,” Emily Landon, an infectious-diseases specialist at the University of Chicago, told MarketWatch. “Just because people aren’t dying in droves does not mean that COVID is no big deal. That’s an error in judgment. Vaccination and immunity is enough to keep most of us out of the hospital, but it’s not enough to keep us from getting COVID. What if you get COVID again and again? It’s not going to be great for your long-term health.”

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Lukas Gage’s viral video audition haunts the ‘hot labor summer’ actors’ strike sweeping Hollywood

In November 2020, the actor Lukas Gage was auditioning for a role via video link when he heard the producer make some disparaging remarks about the size of his apartment. 

“These poor people who live in these tiny apartments,” the producer said. “I’m looking at his background and he’s got his TV and …”

Gage, who at that time had had a four-episode arc on HBO’s “Euphoria” among other small roles, interrupted the producer — British director Tristram Shapeero, who later apologized for his remarks — to let him know that he was not muted and that Gage could, in fact, hear him. 

“Yeah, I know it’s a sh—y apartment,” Gage said. “That’s why — give me this job so I can get a better one.”

Shapeero replied, “Oh my god, I am so, so sorry … I am absolutely mortified.”

Putting together an audition tape can often take up an entire day and involve setting up a studio space for sound and lighting.

“Listen, I’m living in a four-by-four box, just give me the job and we’ll be fine,” Gage responded. 

Gage kept his sense of humor, but he also decided to post the video on his Twitter account to show how actors are sometimes treated from the moment they audition for a role — and perhaps to remind people to make sure you’re on mute if you’re trash-talking someone on a Zoom
ZM,
+1.76%

call.

It’s three years later, and members of the Writers Guild and Screen Actors Guild are on strike, looking for more pay, better working conditions and stricter rules around things like the use of actors’ images in the age of artificial intelligence and the lack of residuals from streaming networks. 

The perils of the online audition

Meanwhile, Gage’s 2020 online audition is resonating again. 

For a working actor — who, like the majority of SAG-AFTRA members who may not be an A-list star — simply getting in front of a producer as Gage did can be a long and difficult process. And since the start of the pandemic, the nature of auditions has changed dramatically. This has come to symbolize the uphill struggle actors face from the moment they hear about a role. 

In May, Ezra Knight, New York local president of SAG-AFTRA, asked members to authorize strike action, saying contracts needed to be renegotiated to reflect dramatic changes in the industry. Knight cited the need to address artificial intelligence, pay, benefits, reduced residuals in streaming and “unregulated and burdensome self-taped auditions.”

In the days of live auditions, actors would read for a role with a casting director. But several actors told MarketWatch that it’s become harder to make a living in recent years, and that it all starts with the audition tape, which has now become standard in the industry. 

By the time Gage got in front of producers, for instance, he had likely either already delivered a tape and was put on a shortlist to read in front of a producer, or the casting director was already familiar with his work and wanted him to read for the part. 

But an audition tape can often take up an entire day to put together, actors say. When the opportunity to audition arrives, actors typically have to drop everything they’re doing — whether they’re working a side hustle or taking time off or even enjoying a vacation.

Cadden Jones: “All the financial responsibilities have fallen on us. The onus is on us to create our auditions.”


Cadden Jones

They need to arrange good lighting and a clean backdrop — Gage’s TV set became a distraction for the producer during his audition — set up the camera, and scramble to find a “reader” — someone to read the other roles in the scene, preferably another actor. 

Then the actor has to edit the audition to highlight their strongest take and upload it. There are currently no regulations on the amount of pages a casting director can send to a candidate, and actors say there’s often not enough time to properly prepare.

“Unfortunately, it’s been going in this direction for some time now,” said Cadden Jones, an actor based in New York who has credits on shows including Showtime’s
PARAA,
-1.47%

“Billions” and Amazon Prime’s
AMZN,
+0.03%

“The Marvelous Mrs. Maisel.” 

“This was the first year I did not qualify for health insurance in decades,” she told MarketWatch. “I just started teaching.”

To put that into perspective: Members of SAG-AFTRA must earn $26,470 in a 12-month base period to qualify for health insurance. The median annual wage in the U.S. hovers at around $57,000, based on the weekly median as calculated by the Bureau of Labor Statistics.

Jones and her partner, Michael Schantz, an actor who works mostly in theater, are starting a communications consulting company to increase their income.

“Most if not all of my actor friends have had to supplement their income since the pandemic,” she said. “We’re in trouble as a community of actors who used to make a good living doing what we do. It’s not like any of us lost our talent overnight. I, for one, am very glad that we’re striking.”

But Jones said that, with the auditioning process taking place mostly online since the onset of the pandemic, casting agents — who work for producers — are able to see more people for a given role, making the competition for roles even more intense.

‘This was the first year I did not qualify for health insurance in decades.’


— Cadden Jones, an actor based in New York

“We don’t go into casting offices anymore,” Jones said. “All the financial responsibilities have fallen on us. The onus is on us to create our auditions. It’s harder to know what they want, and you don’t have the luxury to work with a casting director in a physical space to get adjustments, which was personally my favorite part of the process — that collaboration.”

She added: “Because the audition rate accelerated, the booking rate went down dramatically for everybody. But don’t get me wrong. Once the strike is officially over, I want all the auditions I can get.”

SAG-AFTRA has proposed rules and expectations to address some of the burden and costs actors bear when it comes to casting, including providing a minimum amount of time for actors to send in self-taped auditions; disclosing whether an offer has been made for the role or it has already been cast; and limiting the number of pages for a “first call” or first round of auditions.

Before the negotiations broke down with the actors’ union, the Alliance of Motion Picture and Television Producers, which represents over 350 television and production companies, said it offered SAG-AFTRA $1 billion in wage increases, pension and health contributions and residual increases as part of a range of proposals related to pay and working conditions.

Those proposals included limitations on requests for audition tapes, including page, time and technology requirements, as well as options for virtual or in-person auditions, AMPTP said. The producers’ group characterized their offer as “the most lucrative deal we have ever negotiated.”

Michael Schantz: “How does the broader culture value storytelling and the people who make stories?”


Michael Schantz

Jones said she doesn’t blame the casting directors. It’s up to the producers, she said, to be more mindful of how the changes in the industry since the advent of streaming, the decline in wages adjusted for inflation, and poor residuals from streaming services have taken a toll on working actors.

Bruce Faulk, who has been a member of SAG-AFTRA since 1992, said that for work on a one-off character part or a recurring role on a network show, he might receive a check for hundreds or even thousands of dollars in residuals. And — crucially — he knows how many times a particular show has aired. 

Residuals are fees paid to actors each time a TV show or film is broadcast on cable or network television. They are based on the size of the role and the budget of the production, among other things. For shows that air on streaming services, however, residuals are far harder to track. 

What’s more, residuals decline over time and can often amount to just a few cents per broadcast. 

Actor Kimiko Glenn, who appeared on episodes of Netflix’s
NFLX,
-2.27%

“Orange Is the New Black,” recently shared a video on TikTok showing $27 in residuals from her work on that show.

Faulk sympathizes. “A lot of checks from HBO
WBD,
-1.37%

for ‘The Sopranos’ or ‘Gossip Girl’ I get are for $33,” he said. “I never know how many people watched me on ‘Gossip Girl’ in the three episodes I’m in. All we know is whatever the streaming services decided to announce as their subscriber numbers.”

Like Jones, Faulk said this will be the first year he won’t qualify for SAG-AFTRA health insurance, which covers him, his wife and his son. This is despite him having worked enough over the past 10 years to qualify for a pension when he turns 67. “Mine is up to $1,000 a month now,” he said, noting that the pension will keep increasing if he keeps getting acting work.

Schantz, who had a three-episode arc on NBC’s
CMCSA,
-0.74%

“The Blacklist” in addition to his other TV, film and theater credits, finds the recent shifts in the landscape for actors somewhat difficult to reconcile with the way people turned to TV and film during the loneliest days of the pandemic.

“One of the most concerning things I can think of right now is the conversation around value. How does the broader culture value storytelling and the people who make stories?” he said. “The arts always tend to fall to the wayside in many ways, but it was striking during the pandemic that so much of our attention went to watching movies and television. There’s obviously something inside of us that feels like we’re part of the human story.”

Actors battle other technology

While big companies like Disney
DIS,
+1.13%
,
HBO, Apple
AAPL,
-0.62%
,
Amazon and Netflix make millions of dollars from films and TV series that are watched again and again, Schantz said that actors are unable to make a living. “No one wants to go on strike,” he said. 

Those five companies have not responded to requests for comment from MarketWatch on these issues.

Since his audition tape went viral, Gage has booked regular work, and he found even greater fame when he went on to star in Season 1 of HBO’s “White Lotus.” In 2023, he will star in nine episodes of “You,” now streaming on Netflix, and in the latest season of FX’s “Fargo.” 

Earlier this year, he told the New York Times: “I had never judged my apartment until that day.” He added, “I remember having this weird feeling in the pit of my stomach afterward, like, why am I judging where I’m at in my 20s, at the beginning of my career?”

‘There’s enough Bruce out there where you could take my likeness and my voice and put me in the scene.’


— Bruce Falk, a member of SAG-AFTRA since 1992

But advances in technology are not just hurting actors in the audition process. A debate is raging over the use of AI and whether actors should be expected to sign away the rights to their image in perpetuity, especially when they might only be getting paid for half a day’s work.

“AI is the next big thing,” Falk said. The industry is concerned about companies taking actors’ likenesses and using AI to generate crowd scenes. 

“Even an actor at my level — that guy on that show — there’s enough Bruce out there where you could take my likeness and my voice and put me in the scene: the lieutenant who gives you the overview of what happened to the dead body,” he said. “At this point, I could be technically replaced. We have to get down on paper, in very clear terms, that that can’t be done.”

The Alliance of Motion Picture and Television Producers also said it agrees with SAG-AFTRA and had proposed — before the actors’ strike — “that use of a performer’s likeness to generate a new performance requires consent and compensation.” The AMPTP said that would mean no digital version of a performer should be created without the performer’s written consent and a description of the intended use in the film, and that later digital replicas without that performer’s consent would be prohibited.  

“Companies that are publicly traded obviously have a fiduciary responsibility to their shareholders, and whatever they can use, they will use it — and they are using AI,” Schantz said. “Yes, there are some immediate concerns. Whether or not the technology is advanced enough to fully replace actors is an open question, but some people think it’s an inevitability now.

“To let companies have free rein with these technologies is obviously creating a problem,” he added. “I can’t go show up, do a day’s work, have my performance be captured, and have that content create revenue for a company unless I’m being property compensated for it.”

Schantz said he believes there’s still time to address these technological issues before they become a widespread problem that makes all auditions — however cumbersome — obsolete. 

“We haven’t crossed this bridge as a society, but God only knows how far along they are in their plans,” he said. “All I know is it has to be a choice for the actors. There has to be a contract, and we have to be protected. Otherwise, actors will no longer be able to make a living doing this work.”



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‘I’m 62 and ready for my golden years’: I’ve $1.7 million in annuities, Roths and index funds. Can I afford to never work again?

I’m going to preface this by saying that I know I am in a great long-term position. It’s the short term that is of concern.

I am 62, single with no dependents. I own my smallish home outright and it’s worth $1 million due to the location. I own my car outright and I have no debt. My IRA and small Roth accounts have about $350,000 with an additional $840,000 in two guaranteed-income deferred annuities rolled over from a couple old 401(k)s in 2020. There’s $520,000 in my regular brokerage accounts (mostly Vanguard Index funds). I have $42,000 invested in two eReits and $10,000 in Series I Bonds. I have $71,000 in a higher-yield savings account and $12,000 in a checking account.

I had always planned to retire at 65 and live off my savings until filing for SSI between 67 and 70 (approx $3,400 to $4,100, depending on when I file). A year ago at 61, I abruptly quit a good-paying new job due to a bad work environment, and a week later, my elderly parent had a serious medical issue. I decided to take time off to help navigate care, and just be present — without all of the stress of a pretty demanding job. A year after quitting, I figured out that I have no desire to go back to what I was doing and, quite frankly, have to desire to work at all! 

‘I’m not afraid of running out of money long term. It’s the next 5 to 7 years that are really causing me heartache.’

So here (finally) is my concern. My expenses are at least $3,000 per month give or take. Given what I have in savings and no plans to file for Social Security Insurance for at least five years, what do I continue to live on, especially if I don’t go back to work? I most likely have some house expenses (new roof, garage door, etc.) in the near future, plus, I want to travel sooner than later so $71,000 won’t last that long especially with this inflation. Do I sell off some of my mutual fund shares to boost my savings? 

At some point (most likely in the next two years) there may be about $75,000 of inheritance, but I’m not factoring that into the equation for now. I think I’ve done almost everything right, and I’m ready for my golden years. I’m not afraid of running out of money long term. It’s the next five to seven years that are really causing me heartache. What are your thoughts?

Short-term Angst

Dear Angst,

Life is short, but we all hope for a long retirement, and it’s easy to lose sight of what’s important when we are “nose-down” in the rat race. We only have one life, and most of us, if we’re lucky, have two parents and/or sometimes one good parent. If we are blessed with one or both, it’s a gift if we can afford to take that time with them, especially if they have pressing medical issues. Thankfully, you had planned ahead, and you were able to do just that.

Many people reevaluated their relationship to work in recent years. You did so because you became a caretaker. The most fortunate among American workers were allowed to work from home from 2020, and where their work was the umbrella that protected their financial life and gave them the funds to live their life, by the end of the pandemic, that umbrella became their life which gave them the ability to work. It’s a profound change.

I’m going to take a wild guess here — well, not so wild — and say that a lot of people are reading your letter with their mouths agape, with not a small amount of envy. Some may see a touch of humble bragging to your financial achievements, but you acknowledge that you are in a healthy financial position, and have endeavored to do everything right. That, I’m sure, involved sacrifices along the way. So bravo to you. From a gratitude point of view, your financial list is a good one.

There are a couple of wrinkles, which may be useful for others to be aware of. Robert Seltzer, founder of Seltzer Business Management in Los Angeles, said he would not recommend a client to roll their 401(k)s into annuities due to their higher fees and lack of flexibility. Without working, your only taxable income would be derived from retirement account distributions and investment income — but if your taxable income is less than $41,675, therefore, you would pay no capital gains tax. 

Is it a good time to liquidate some stocks? You’ve played the long game. The S&P 500
SPX,
-0.29%

is up 2.7% over the past year; many people close to retirement have been spooked by stock-market volatility since 2020, but the S&P has increased more than 30% since the last trading session of 2019 — before the pandemic. Assuming you’ve been investing for the past three decades or more, and have experienced the miracle of compounding over that time, the time to enjoy your life is nigh. 

‘Assuming you’ve been investing for the past three decades or more, and have experienced the miracle of compounding over that time, the time to enjoy your life is nigh. ‘


— The Moneyist

Something to consider as you age: “As you transition from the accumulation stage of life to the distribution stage, it is important to recognize that your risk tolerance is changing,” says Mel Casey, a senior portfolio manager at FBB Capital Partners. “If the brokerage account index funds are all in stock funds, this should be addressed. A rebalancing over time to reduce stocks and increase bonds may lower the risk and prepare the account for eventual distributions.”

Meet with a financial adviser and work out your short- and long-term needs: what your income looks like before and after you tap your Social Security benefits. The good news is you have a healthy income awaiting you when you finally start drawing down money from your retirement accounts. It helps enormously that you have paid off your home — property taxes, insurance, food prices, car payments, gas, health insurance, etc. notwithstanding.

About that health insurance. No doubt you are already aware that this will be an extra expense before you qualify for Medicare at age 65. The average annual health-insurance premium for 2022 was $7,911 for single coverage, up slightly from $7,739 in the prior year, according to KFF, formerly known as the Kaiser Family Foundation, a nonprofit headquartered in San Francisco, Calif. (You can read more about signing up for Medicare and what it will cost here.)

Casey also has thoughts on healthcare costs as you get older. “You have three years until you can apply for Medicare and that will be an important time in terms of choosing the appropriate path,” he says. “In the meantime, some form of health insurance is advisable, if only to eliminate the ‘tail risk’ of a serious injury or illness which could erode this healthy savings very quickly.”

Withdrawing money for retirement

You could cover a substantial part of your expenses from your brokerage account and Roths ($870,000) or annuities ($840,000). While you have done a great job in growing long-term assets, there are relatively few liquid, short-term assets (emergency reserves), says Randall Watsek, financial adviser with Raymond James. “For someone in retirement without earned income to draw on for living expenses, having at least five years of reserves might greatly lower their stress level,” he adds.

Ideally, you want to take Social Security between 67 and 70. “From an average life expectancy basis, it works out roughly the same, whether you take Social Security at 62 or 70,” Watsek says. “You get more small payments if you take it earlier, or fewer large payments if you take it later. It makes most sense to delay Social Security if you have a family history of living into your 90s or 100s or if you’re still working.”

But if your parents have a history of living a long life, and you currently have good health, Seltzer said he would be open for more discussion about what age you should start claiming Social Security, and he would explore whether you are comfortable waiting until you reach 67 or 70 years of age. (This would warrant further discussion with your own financial adviser, and you can reevaluate your position every 12 months.)

As my colleague Alessandra Malito points out, help comes in many forms: financial consultant, wealth manager and investment adviser. Choose a fiduciary who is required to act in your best interests (rather than giving you advice with one eye on your needs and another eye on their commissions). In order to become a certified financial planner or CFP, you must complete a certificate or degree program, 6,000 hours of related experience and have passed an exam. 

“Broker-dealers are advisers who primarily sell securities and often charge commissions on their recommendations. Commissions aren’t inherently bad, but clients should understand what they’re being charged for and feel comfortable with those fees before proceeding with the advice,” Malito writes. Certified public accountants, chartered life underwriters, certified employee benefit specialists respectively deal with accounting, life insurance and benefits.

“The rule of thumb for taking distributions during retirement is 4%,” Seltzer added. “If you took a very conservative distribution rate of 3%, it would amount to $52,500 which is almost 50% higher than your expenses of $36,000. So, by living off of a mix of savings, distributions from the annuities and capital gains from your brokerage account, you should meet his cash-flow needs with paying very little tax.”

You’re doing just fine. Your $75,000 inheritance will also give you some freedom for the next year or two, and help you get over the finish line. If you travel, think about Airbnb-ing
ABNB,
+1.69%

your home, which would cover your accommodation costs. It may also encourage you to try living in a place for a month or more. As a cardiologist might tell a patient when they’re putting them on medication for the first time, “Start low, go slow.” Take your time. Don’t make any big decisions.

As one member of the Facebook
META,
-0.50%

Moneyist Group said, “If you’re a man please marry me!” I’ll leave that with you with God’s and your fiduciary’s blessings.

“Assuming you’ve been investing for the last three decades or more, and have experienced the miracle of compounding over that time, the time to enjoy your life is nigh.”


MarketWatch illustration

Readers write to me with all sorts of dilemmas. 

You can email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

By emailing your questions, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell: 

‘He’s content living paycheck to paycheck’: My husband won’t work or get a driver’s license. Now things have gotten even worse.

My wife wants us to spend $5,000 to attend her cousin’s destination wedding. I don’t want to go. Am I being selfish?

‘I feel used’: My partner stays with me 5 nights a week, even though he owns his own home. Should he pay for utilities and food? 



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#ready #golden #years #Ive #million #annuities #Roths #index #funds #afford #work

Blueberries have joined green beans in this year’s Dirty Dozen list | CNN

Editor’s Note: Sign up for CNN’s Eat, But Better: Mediterranean Style. Our eight-part guide shows you a delicious expert-backed eating lifestyle that will boost your health for life.



CNN
 — 

Blueberries, beloved by nutritionists for their anti-inflammatory properties, have joined fiber-rich green beans in this year’s Dirty Dozen of nonorganic produce with the most pesticides, according to the Environmental Working Group, a nonprofit environmental health organization.

In the 2023 Shopper’s Guide to Pesticides in Produce, researchers analyzed testing data on 46,569 samples of 46 fruits and vegetables conducted by the US Department of Agriculture. Each year, a rotating list of produce is tested by USDA staffers who wash, peel or scrub fruits and vegetables as consumers would before the food is examined for 251 different pesticides.

As in 2022, strawberries and spinach continued to hold the top two spots on the Dirty Dozen, followed by three greens — kale, collard and mustard. Listed next were peaches, pears, nectarines, apples, grapes, bell and hot peppers, and cherries. Blueberries and green beans were 11th and 12th on the list.

A total of 210 pesticides were found on the 12 foods, the report said. Kale, collard and mustard greens contained the largest number of different pesticides — 103 types — followed by hot and bell peppers at 101.

Dirty Dozen 2023

2023 Dirty Dozen (most to least contaminated)

  • Strawberries
  • Spinach
  • Kale, collard and mustard greens
  • Peaches
  • Pears
  • Nectarines
  • Apples
  • Grapes
  • Bell and hot peppers
  • Cherries
  • Blueberries
  • Green beans
  • “Some of the USDA’s tests show traces of pesticides long since banned by the Environmental Protection Agency. Much stricter federal regulation and oversight of these chemicals is needed,” the report said.

    “Pesticides are toxic by design,” said Jane Houlihan, former senior vice president of research for EWG. She was not involved in the report.

    “They are intended to harm living organisms, and this inherent toxicity has implications for children’s health, including potential risk for hormone dysfunction, cancer, and harm to the developing brain and nervous system,” said Houlihan, who is now research director for Healthy Babies, Bright Futures, an organization dedicated to reducing babies’ exposures to neurotoxic chemicals.

    There is good news, though. Concerned consumers can consider choosing conventionally grown vegetables and fruits from the EWG’s Clean 15, a list of crops that tested lowest in pesticides, the report said. Nearly 65% of the foods on the list had no detectable levels of pesticide.

    2023 Clean 15

    2023 Clean 15 (least to most contaminated)

  • Avocados
  • Sweet corn
  • Pineapple
  • Onions
  • Papaya
  • Frozen sweet peas
  • Asparagus
  • Honeydew melon
  • Kiwi
  • Cabbage
  • Mushrooms
  • Mangoes
  • Sweet potatoes
  • Watermelon
  • Carrots
  • Avocados topped 2023’s list of least contaminated produce again this year, followed by sweet corn in second place. Pineapple, onions and papaya, frozen sweet peas, asparagus, honeydew melon, kiwi, cabbage, mushrooms, mangoes, sweet potatoes, watermelon, and carrots made up the rest of the list.

    Being exposed to a variety of foods without pesticides is especially important during pregnancy and throughout childhood, experts say. Developing children need the combined nutrients but are also harder hit by contaminants such as pesticides.

    “Pesticide exposure during pregnancy may lead to an increased risk of birth defects, low birth weight, and fetal death,” the American Academy of Pediatrics noted. “Exposure in childhood has been linked to attention and learning problems, as well as cancer.”

    The AAP suggests parents and caregivers consult the shopper’s guide if they are concerned about their child’s exposure to pesticides.

    Houlihan, director of Healthy Babies, Bright Futures, agreed: “Every choice to reduce pesticides in the diet is a good choice for a child.”

    Nearly 90% of blueberry and green bean samples had concerning findings, the report said.

    In 2016, the last time green beans were inspected, samples contained 51 different pesticides, according to the report. The latest round of testing found 84 different pest killers, and 6% of samples tested positive for acephate, an insecticide banned from use in the vegetable in 2011 by the EPA.

    “One sample of non-organic green beans had acephate at a level 500 times greater than the limit set by the EPA,” said Alexis Temkin, a senior toxicologist at the EWG with expertise in toxic chemicals and pesticides.

    When last tested in 2014, blueberries contained over 50 different pesticides. Testing in 2020 and 2021 found 54 different pesticides — about the same amount. Two insecticides, phosmet and malathion, were found on nearly 10% of blueberry samples, though the levels decreased over the past decade.

    Acephate, phosmet and malathion are organophosphates, which interfere with the normal function of the nervous system, according to the US Centers for Disease Control and Prevention.

    A high dose of these chemicals can cause difficulty breathing, nausea, a lower heart rate, vomiting, weakness, paralysis and seizures, the CDC said. If exposed over an extended time to smaller amounts, people may “feel tired or weak, irritable, depressed, or forgetful.”

    Why would levels of some pesticides be higher today than in the past?

    “We do see drops in some pesticides since the early ’90s when the Food Quality Protection Act was put into place,” Temkin said. “But we’re also seeing increases of other pesticides that have been substituted in their place which may not be any safer. That’s why there’s a push towards overall reduction in pesticide use.”

    Chris Novak, president and CEO of CropLife America, an industry association, told CNN the report “willfully misrepresented” the USDA data.

    “Farmers use pesticides to control insects and fungal diseases that threaten the healthfulness and safety of fruits and vegetables,” Novak said via email. “Misinformation about pesticides and various growing methods breeds hesitancy and confusion, resulting in many consumers opting to skip fresh produce altogether.”

    The Institute of Food Technologists, an industry association, told CNN that emphasis should be placed on meeting the legal limits of pesticides established by significant scientific consensus.

    “We all agree that the best-case scenario of pesticide residues would be as close to zero as possible and there should be continued science-based efforts to further reduce residual pesticides,” said Bryan Hitchcock, IFT’s chief science and technology officer.

    Many fruits and veggies with higher levels of pesticides are critical to a balanced diet, so don’t give them up, experts say. Instead, avoid most pesticides by choosing to eat organic versions of the most contaminated crops. While organic foods are not more nutritious, the majority have little to no pesticide residue, Temkin said.

    “If a person switches to an organic diet, the levels of pesticides in their urine rapidly decrease,” Temkin told CNN. “We see it time and time again.”

    If organic isn’t available or too pricey, “I would definitely recommend peeling and washing thoroughly with water,” Temkin said. “Steer away from detergents or other advertised items. Rinsing with water will reduce pesticide levels.”

    Additional tips on washing produce, provided by the US Food and Drug Administration, include:

    • Handwashing with warm water and soap for 20 seconds before and after preparing fresh produce.
    • Rinsing produce before peeling, so dirt and bacteria aren’t transferred from the knife onto the fruit or vegetable.
    • Using a clean vegetable brush to scrub firm produce like apples and melons.
    • Drying the produce with a clean cloth or paper towel to further reduce bacteria that may be present.

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    Do you really need deodorant? Experts weigh in | CNN



    CNN
     — 

    Like brushing your teeth or washing your face, putting deodorant on every day might seem like one of those rituals crucial for basic hygiene.

    But your decision is most likely based more on personal and cultural preferences than any potential medical necessity, dermatology experts say.

    “People have strong preferences and sensitivities to smell. People, from the beginning of time, have used perfumes (or) colognes to mask odor,” said Dr. Nina Botto, an associate professor of dermatology at the University of California, San Francisco. “But it’s not like flossing your teeth, where there’s data that you’re actually going to live longer if you floss your teeth regularly.”

    “We live in a society where body odor is not universally accepted, making deodorant a part of your daily hygiene routine,” said Dr. Joshua Zeichner, an associate professor of dermatology at Mount Sinai Hospital in New York City, via email. “There’s also a stigma surrounding wetness of the clothes because of sweat, which has pushed antiperspirants into daily skincare routines.”

    Deodorants neutralize body odor, while antiperspirants reduce wetness on the skin, Zeichner added. Both are often offered in one product.

    Despite the commonly accepted reasons why people wear deodorant, natural body odor isn’t necessarily considered unpleasant by everyone.

    Ahead of his return from a military campaign, Napoleon is said to have written to his wife, Joséphine Bonaparte, that he would be home in three days and that she shouldn’t wash herself before then, said Tristram Wyatt, a senior research fellow in the department of biology at the University of Oxford, in “Smelling Your Way to Love,” an episode of the CNN podcast “Chasing Life With Dr. Sanjay Gupta.”

    Like many people today, Wyatt added, Napoleon was an “enthusiast” of smells — both colognes and natural scents, or at least his wife’s.

    One reason why someone might find a certain person’s natural scent more attractive than those of others is due to differing immune systems, Wyatt said, since we tend to be more attracted to people who are immunologically different.

    There’s no right or wrong answer when it comes to your personal preferences, and what — if any — products you might use to mask body odor. With those preferences and other personal factors in mind, CNN asked dermatologists to address common reasons behind people’s choices and how to manage in either scenario.

    Sweat has a purpose.

    “We sweat to help control our body temperature,” Zeichner said. “However, in some cases we sweat beyond what is necessary. This is known as pathologic sweating, or hyperhidrosis. Sweat itself is odorless. However, bacteria on the skin break down the sweat, creating a foul smell.”

    If you choose to use antiperspirant products for this reason, apply them in the evening, Zeichner said. “Since we make less sweat at night, they can more effectively form a plug within the sweat gland if you apply them before bed.”

    But if you don’t sweat excessively, blocking sweat production with antiperspirant “is probably not a good idea,” said Dr. Julie Russak, a board-certified dermatologist and founder of Russak Dermatology Clinic in New York City. “(By) blocking it completely, you are risking paradoxical increase of sweat production in other areas.”

    Some people prefer wearing deodorant to have a more pleasant smell or if they deal with certain skin issues, such as irritation under breasts or between abdominal skin folds, Russak said via email.

    The odor of your sweat can be influenced by diet, too, Zeichner said. The sweat of people who eat large amounts of cruciferous vegetables — broccoli, kale and cauliflower, for example — can have a distinct, sulfurous smell.

    “Gut health, health of the skin and health of the microbiome of the skin can all influence our body odor,” said Russak via email. “Some metabolic disorders produce a very particular odor in general (for example, ketoacidosis or uremia from diabetes). Healthy skin and a healthy body should not have malodor.”

    If you’re considering forgoing deodorants or antiperspirants because of concerns about potentially harmful ingredients or rumors that wearing such products causes cancer, know that those claims haven’t been scientifically proven, these experts told CNN. Research on whether there’s a causal relationship between cancer and use of talcum powder products that don’t contain asbestos has also been inconclusive.

    “Usage of inorganic ingredients like aluminum salts in cosmetics and personal care products has been a concern for producers and consumers,” said Dr. Amanda Doyle, a board-certified dermatologist who works with Russak at the Russak Dermatology Clinic. “Although aluminum is used to treat hyperhidrosis some worries have been raised about aluminum’s role in breast cancer, breast cysts and Alzheimer’s disease. The absorption of aluminum by the skin is not fully understood yet, but the carcinogenicity of aluminum has not been proved.”

    Not wearing deodorant or antiperspirant products can have pros and cons depending on how you and others feel about your natural body odor.

    “If you stop wearing deodorant or antiperspirant, you can develop a stronger odor over time,” Doyle said. “When you stop using (such products) and sweat more, this creates a breeding ground for bacterial and fungal overgrowth, which can cause odor to become stronger.”

    Thoroughly bathing every day, however, is the most important way to avoid bad body odor, experts said. You should focus on bathing the face, under arm and genital areas — these tend to have more sweat than other parts of the body, which can facilitate overgrowth of microorganisms such as yeast and bacteria, Zeichner noted.

    Having unusually bad body odor could indicate that you’re not cleansing your skin as you should, he added.

    Other ways to reduce odor risk by preventing sweat and bacterial overgrowth include wearing loose-fitting, breathable, cotton clothing and using topical antibacterial washes such as benzoyl peroxide or prescription topical antibiotics such as clindamycin, Doyle said.

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    ‘I worry about outliving my money’: I’m a 65-year-old widow in good health. Should I wait until 70 to collect my pension?

    I am a 65-year-old widow in good health, and just started collecting my late husband’s Social Security benefit of $4,000 per month. When I turn 70, I will switch to my benefit since it appears it will be around $100 higher every month at that time. My current expenses are running high at about $10,000 per month due to some house maintenance projects I am doing. My son and his family will inherit everything when I’m gone.

    I estimate my monthly expenses will drop to $5,000-$6,000 within the next year. I supplement my monthly income by drawing off interest, dividends and some profit-taking from my traditional IRA account which is worth about $2.5 million. I also have a Roth IRA of about $60,000 and bank CDs of $200,000. I also have another traditional IRA account worth $350,000, which I have designated as my long-term healthcare account in case I have to go into a nursing home at some point. 

    ‘I’m not sure if it makes sense to wait two to five years to collect my pensions if I am going to be drawing my RMD just a few years later.’

    I have two pensions that I am debating about when I should start collecting. If I collect now, I will receive $1,400 per month. If I wait until I am 67 it will be $1,620 and at 70 the pension will pay $2,100 per month. However, when I turn 73 and start my minimum required distributions from my IRA, the annual RMD along with my Social Security should be more than enough for me to live on. 

    I’m not sure if it makes sense to wait two to five years to collect my pensions if I am going to be drawing my RMD just a few years later. If I collect my pensions now, then it would reduce the amount of money I need to siphon off of my investments and could leave them relatively untouched for a few more years.

    ‘Money was always tight for us growing up and a struggle for my parents as they got older and needed healthcare assistance.’

    So the question is, should I collect my pensions now and reduce the amount of money I am currently drawing off of my IRA? Or wait a few years and get the higher monthly payout? Everything I read encourages people to wait as long as they can to collect their retirements. My calculations show that if I collect now, my break-even point is about age 82. If I live longer than that, then waiting to collect would pay me more over the long term. Both my parents lived into their early 90s so longevity is a potential concern. 

    I realize that I’m in a good financial situation, which is the result of my husband and I working extremely hard all of our lives and consistently saving and investing during good times as well as during recessions, job losses, and raising a family. But money was always tight for us growing up and a struggle for my parents as they got older and needed healthcare assistance, so I don’t think I will ever shake that off. I worry about outliving my money. I just want to make the right decision.

    Thank you for your help.

    To Withdraw or Not Withdraw

    Dear Withdraw or Not Withdraw,

    Let’s start with the good news. Whatever you do — start withdrawals now or wait — you are in a pretty strong financial position. If you can afford to wait — and you can — and you expect to live into your 90s, do that. That extra $700 a month will give you comfort as you age. You have $2.5 million in your IRA, and you will pay tax on those withdrawals regardless, but you can afford to use that as a buffer before your higher pension payments kick in. 

    A financial adviser will help you crunch your numbers, but $4,000 a month in Social Security is a good start. Cutting your $10,000 monthly expenses to $6,000 is smart, and an adviser can help you see where you could make further cuts in your expenses, especially as you age. For some perspective: This survey found that working Americans ages 45 and older on average believe it will take $1.1 million to retire comfortably, yet only 21% say they’ll reach $1 million. 

    Another reason to withdraw from your IRA now? Gains from an IRA, as you know, are taxable. Gains from a Roth IRA are not taxable if the account has been up and running for five years and you are over 59½. One of the big advantages to a Roth is the flexibility it affords. If you have a medical emergency, you could use your Roth IRA as a backup. (CDS are not typically useful for this as cashing out early results in a penalty, which could negate your interest earned over the period of the CD.)

    ‘Whatever you decide will be the best decision for you at this time.’

    Dan Herron, a partner at Better Business Financial Services in San Luis Obispo, Calif., agrees you should wait. “Since longevity appears to be on your side thanks to good genes from your family, it is probably beneficial to postpone taking benefits as long as you can to maximize your pensions,” he says. “The reason being is that given the uncertainty surrounding Social Security, your pension may be your best hedge against any potential Social Security cuts down the road.”

    He also sees the tax benefits in siphoning funds from what is already a very healthy IRA. “While you draw from your IRA now, you are reducing the balance of the IRA, which then (potentially) reduces the required minimum distribution amounts,” he says. “This could potentially be beneficial from a tax perspective.” And he suggests staggering your pension benefits, making withdrawals from one in two years, while leaving the other until you hit 70.

    Whatever you decide will be the best decision for you at this time. No future is guaranteed, but your No. 1 priority right is peace of mind to secure a long and healthy retirement.


    MarketWatch illustration

    Readers write to me with all sorts of dilemmas. 

    You can email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

    By emailing your questions, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

    Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

    The Moneyist regrets he cannot reply to questions individually.

    More from Quentin Fottrell: 

    ‘How to travel for free’: I spent $500 hosting my friend for a week. Should she have paid for food and utilities?

    ‘I’m 63 and desperately hate my work’: Should I pay off my mortgage, claim Social Security and quit my job?

    ‘He’s content living paycheck to paycheck’: My husband won’t work or get a driver’s license. Now things have gotten even worse.



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    Bank of America execs blew $93.6 billion. Here’s how they did it.

    In several notes to clients this month, Odeon Capital Group analyst Dick Bove has pointed out that Bank of America’s big spending on stock buybacks over the past five years has been a waste for its shareholders, with the bank’s stock price declining slightly during that period.

    The idea behind repurchasing shares on the open market is that they reduce a company’s share count and therefore boost earnings per share and support higher share prices over time. This doesn’t seem to be a bad idea, especially for a company such as Apple Inc.
    AAPL,
    +1.01%
    ,
    which has generated excess capital and has appeared to be firing on all cylinders for a long time. For a company that is continuing to expand its product and service offerings while maintaining high profitability, buybacks can be a blessing to shareholders.

    But for banks, for which capital is the main ingredient of earnings power, a more careful approach might be in order. The data below show how buybacks haven’t helped the largest banks outperform the broad stock market over the past five years. And now, banks face the prospect of regulators raising their capital requirements by 20%, according to a Wall Street Journal report.

    Before showing data for the 20 companies among the S&P 500 that have spent the most money on buybacks over the past five years, let’s take a look at how share repurchases are described in a misleading way by corporate executives — and by many analysts, for that matter. During Bank of America’s
    BAC,
    -0.79%

    first-quarter earnings call on April 18, Chief Financial Officer Alastair Borthwick said the bank had “returned $12 billion in capital to shareholders” over the previous 12 months, according to a transcript provided by FactSet.

    Borthwick was referring to buybacks and dividends combined. Neither item was a return of capital. In fact, Bove summed up the buybacks elegantly in a client note on June 9: “The money that the company uses to buy back the stock is simply given away to people who do not want to own the bank’s stock.”

    It is also worth pointing out that the term “return of capital” actually means the return of investors’ own capital to them, which is commonly done by closed-end mutual funds, business-development companies and some real-estate investment trusts, for various reasons. Those distributions aren’t taxed and they lower an investor’s cost basis.

    Dividends aren’t a return of capital, either, if they are sourced from a company’s earnings, as they have been for Bank of America.

    One more thing for investors to think about is that large companies typically award newly issued shares to executives as part of their compensation. This dilutes the ownership stakes of nonexecutive shareholders. So some of the buybacks merely mitigate this dilution. An investor hopes to see the buybacks lower the share count, but there are some instances in which the count still increases.

    How buybacks can hurt banks

    Banks’ management teams and boards of directors have engaged in buybacks because they wish to boost earnings per share and returns on equity by shedding excess capital. But Bove made another industry-specific point in his June 9 note: “If the bank buys back stock it must sell assets that offer a return to do so; it lowers current earnings.” Buybacks can also hurt future earnings. Less capital can slow expansion, loan growth and profits.

    According to Bove, Bank of America CEO Brian Moynihan, who took the top slot in 2010 and saw the bank through the difficult aftermath of its acquisition of Countrywide and Merrill Lynch in 2008, “is one of the brightest, most capable executives for operating a banking enterprise.”

    But he questions Moynihan’s ability to manage the bank’s balance sheet. Bove expects that Bank of America will need to issue new common shares, in part because rising interest rates have reduced the value of its bond investments.

    In a June 5 note, Bove wrote: “Mr. Moynihan indicated twice [during a recent presentation] that the bank has excess cash that apparently could not be invested profitably. Possibly he is unaware that the cost of deposits at the bank in [the first quarter of] 2023 was 1.38% while the yield in the Fed Funds market can be as high as 5.25%.” In other words, the bank could earn a high spread at little risk with overnight deposits with the Federal Reserve.

    That is a very simple example, but if Bank of America had grown its loan book more quickly over recent years while focusing less on buybacks, it might not face the prospect of a near-term capital raise, which would dilute current shareholders’ stakes in the company and reduce earnings per share.

    Top 20 companies by dollars spent on buybacks

    To look beyond banking, we sorted companies in the S&P 500
    SPX,
    +0.51%

    by total dollars spent on buybacks over the past five years (the past 40 reported fiscal quarters) through June 9, using data suppled by FactSet. It turns out 11 have seen prices increase more quickly than the index. With reinvested dividends, 12 have outperformed the index.

    Company

    Ticker

    Dollars spent on buybacks over the past 5 years ($Bil)

    5-year price change

    5-year total return with dividends reinvested

    Apple Inc.

    AAPL,
    +1.01%
    $393.6

    279%

    297%

    Alphabet Inc. Class A

    GOOGL,
    +0.84%
    $180.6

    116%

    116%

    Microsoft Corporation

    MSFT,
    +0.87%
    $121.5

    221%

    239%

    Meta Platforms Inc.

    META,
    +1.58%
    $103.4

    42%

    42%

    Oracle Corp.

    ORCL,
    +6.11%
    $102.6

    140%

    161%

    Bank of America Corp.

    BAC,
    -0.79%
    $93.6

    -2%

    10%

    JPMorgan Chase & Co.

    JPM,
    -0.18%
    $87.3

    27%

    47%

    Wells Fargo & Co.

    WFC,
    -1.01%
    $84.0

    -24%

    -13%

    Berkshire Hathaway Inc. Class B

    BRK.B,
    -0.80%
    $70.3

    70%

    70%

    Citigroup Inc.

    C,
    +0.09%
    $51.4

    -29%

    -16%

    Charter Communications Inc. Class A

    CHTR,
    +1.09%
    $48.5

    20%

    20%

    Cisco Systems Inc.

    CSCO,
    +1.00%
    $46.5

    15%

    34%

    Visa Inc. Class A

    V,
    +0.75%
    $45.6

    66%

    72%

    Procter & Gamble Co.

    PG,
    -1.26%
    $42.1

    89%

    116%

    Home Depot Inc.

    HD,
    +1.01%
    $41.0

    51%

    71%

    Lowe’s Cos. Inc.

    LOW,
    +1.92%
    $40.8

    111%

    131%

    Intel Corp.

    INTC,
    +4.67%
    $39.0

    -40%

    -31%

    Morgan Stanley

    MS,
    +1.04%
    $36.7

    67%

    93%

    Walmart Inc.

    WMT,
    +0.33%
    $35.6

    82%

    99%

    Qualcomm Inc.

    QCOM,
    +2.12%
    $35.1

    101%

    130%

    S&P 500

    SPX,
    +0.51%
    55%

    69%

    Source: FactSet

    Click on the tickers for more about each company or index.

    Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

    The four listed companies with negative five-year returns are three banks — Citigroup Inc.
    C,
    +0.09%
    ,
    Wells Fargo & Co.
    WFC,
    -1.01%

    and Bank of America — and Intel Inc.
    INTC,
    +4.67%
    .

    Don’t miss: As tech companies take over the market again, don’t forget these bargain dividend stocks

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    Avian Flu Fast Facts | CNN



    CNN
     — 

    Here’s a look at avian flu.

    Avian influenza, also called avian flu or bird flu, is an illness that usually affects only birds.

    There are many different strains of avian flu: 16 H subtypes and 9 N subtypes. Only those labeled H5, H7 and H10 have caused deaths in humans.

    The most commonly seen and most deadly form of the virus is called “Influenza A (H5N1),” or the “H5N1 virus.”

    Most cases of human bird flu infections are due to contact with infected poultry or surfaces that are contaminated with infected bird excretions: saliva, nasal secretions or feces.

    Symptoms of avian flu include fever, cough, sore throat and sometimes severe respiratory diseases and pneumonia.

    The CDC recommends oral oseltamivir (brand name: Tamiflu), inhaled zanamivir (brand name: Relenza) and intravenous permavir (brand name: Rapivab) for the treatment of human illness associated with avian flu.

    The mortality rate is close to 60% for infected humans.

    Early 1900s –The avian flu is first identified in Italy.

    1961 – The H5N1 strain is isolated in birds in South Africa.

    December 1983 – Chickens in Pennsylvania and Virginia are exposed to the avian flu and more than five million birds are killed to stop the disease from spreading.

    1997 – Eighteen people are infected by the H5N1 strain in Hong Kong, six die. These are the first documented cases of human infection. Hong Kong destroys its entire poultry population, 1.5 million birds.

    1999 Two children in Hong Kong are infected by the H9N2 strain.

    February 2003 – Eighty-four people in the Netherlands are affected by the H7N7 strain of the virus, one dies.

    February 7, 2004 – Twelve thousand chickens are killed in Kent County, Delaware, after they are found to be infected with the H7 virus.

    October 7, 2005The avian flu reaches Europe. Romanian officials quarantine a village of about 30 people after three dead ducks there test positive for bird flu.

    November 12, 2005 – A one-year-old boy in Thailand tests positive for the H5N1 strain of avian influenza.

    November 16, 2005 – The World Health Organization confirms two human cases of bird flu in China, including a female poultry worker who died from the H5N1 strain.

    November 17, 2005 Two deaths are confirmed in Indonesia from the H5N1 strain of avian influenza.

    January 1, 2006 – A Turkish teenager dies of the H5N1 strain of avian influenza in Istanbul, and later that week, two of his sisters die.

    January 17, 2006 – A 15-year-old girl from northern Iraq dies after contracting bird flu.

    February 20, 2006Vietnam becomes the first country to successfully contain the disease. A country is considered disease-free when no new cases are reported in 21 days.

    March 12, 2006Officials in Cameroon confirm cases of the H5N1 strain. The avian flu has now reached four African countries.

    March 13, 2006 – The avian flu is confirmed by officials in Myanmar.

    May 11, 2006 Djibouti announces its first cases of H5N1 – several birds and one human.

    December 20, 2011 – The US Department of Health and Human Services releases a statement saying that the government is urging scientific journals to omit details from research they intend to publish on the transfer of H5N1 among mammals. There is concern that the information could be misused by terrorists.

    July 31, 2012Scientists announce that H3N8, a new strain of avian flu, caused the death of more than 160 baby seals in New England in 2011.

    March 31, 2013 – Chinese authorities report the first human cases of infection of avian flu H7N9 to the World Health Organization. H7N9 has not previously been detected in humans.

    December 6, 2013 – A 73-year-old woman infected with H10N8 dies in China, the first human fatality from this strain.

    January 8, 2014 – Canadian health officials confirm that a resident from Alberta has died from H5N1 avian flu, the first case of the virus in North America. It is also the first case of H5N1 infection ever imported by a traveler into a country where the virus is not present in poultry.

    April 20, 2015 – Officials say more than five million hens will be euthanized after bird flu was detected at a commercial laying facility in northwest Iowa. According to the US Department of Agriculture, close to eight million cases of bird flu have been detected in 13 states since December. Health officials say there is little to no risk for transmission to humans with respect to H5N2. No human infections with the virus have ever been detected.

    January 15, 2016 – The US Department of Agriculture confirms that a commercial turkey farm in Dubois County, Indiana, has tested positive for the H7N8 strain of avian influenza.

    January 24, 2017 – Britain’s Department for Environment, Food & Rural Affairs releases a statement confirming that a case of H5N8 avian flu has been detected in a flock of farmed breeding pheasants in Preston, UK. The flock is estimated to contain around 10,000 birds. The statement adds that a number of those birds have died, and the remaining live birds at the premises are being “humanely” killed because of the disease.

    February 12, 2017 – A number of provinces in China have shut down their live poultry markets to prevent the spread of avian flu after a surge in the number of infections from the H7N9 strain. At least six provinces have reported human cases of H7N9 influenza this year, according to Chinese state media, Xinhua.

    March 5-7, 2017 – The USDA confirms that a commercial chicken farm in Tennessee has tested positive for the H7N9 strain of avian flu, but says it is genetically different from the H7N9 lineage out of China. The 73,500-bird flock in Lincoln County will be euthanized, according to Tyson Foods.

    February 14, 2018 – Hong Kong’s Centre for Health Protection announces that a 68-year-old woman has been treated for the H7N4 strain. This is the first case of this strain in a human.

    June 5, 2019 – Since 2013 there have been 1,568 confirmed human cases and 616 deaths worldwide from the H7N9 strain of avian flu, according to the Food and Agriculture Organization of the United Nations.

    December 2019 – The United Kingdom Department for Environment, Food & Rural Affairs confirms that a case of H5N1 avian flu has been detected at a poultry farm in Suffolk. 27,000 birds are humanely killed because of the disease.

    April 9, 2020 – The USDA confirms that a commercial turkey flock in Chesterfield County, South Carolina has tested positive for the H7N3 strain of avian flu.

    January 2021 – India culls tens of thousands of poultry birds after avian influenza is detected in ducks, crows and wild geese in at least a dozen locations across the country.

    February 18, 2021 – Russian authorities notify WHO that they have detected H5N8 in humans. “If confirmed, this would be the first time H5N8 has infected people,” a WHO Europe spokesperson says in a statement.

    June 1, 2021 – China’s National Health Commission announces the first human case of H10N3.

    February 2022 – The USDA confirms that wild birds and domestic poultry in the United States have tested positive for the H5N1 strain of avian flu. By May 17, 2023, the CDC reports there are 47 states with poultry outbreaks.

    April 26, 2022 – China’s National Health Commission announces the first human case of H3N8.

    April 28, 2022 – The CDC announces a case of H5 bird flu has been confirmed in a man in Colorado.

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