$500 a month without strings: Bay Area’s latest guaranteed income program

$500 a month without strings: Bay Area’s latest guaranteed income program

South San Francisco this month sent out the first $500 monthly checks to around 150 low-income families to spend however they see fit. South San Francisco this month sent out the first $500 monthly checks to around 150 low-income families to spend however they see fit.

South San Francisco is the latest Bay Area city to launch a guaranteed income pilot program – in which participants receive monthly cash payments with no strings attached – with $1 million in American Rescue Plan funds and a $100,000 grant from San Mateo County.

“We’ve struggled as a society for years to deal with […]

$500 a month without strings: Bay Area’s latest guaranteed income program

$500 a month without strings: Bay Area’s latest guaranteed income program

Hundred dollar bills. Image via iStock Photo South San Francisco this month sent out the first $500 monthly checks to around 150 low-income families to spend however they see fit.

South San Francisco is the latest Bay Area city to launch a guaranteed income pilot program – in which participants receive monthly cash payments with no strings attached – with $1 million in American Rescue Plan funds and a $100,000 grant from San Mateo County.

“We’ve struggled as a society for years to deal with poverty and we don’t have enough success to show for it,” said Dave Pine, a San […]

There’s a New Way to Convert Your 401(k) into a Pension-like Stream of Income

There’s a New Way to Convert Your 401(k) into a Pension-like Stream of Income

Image shows a couple reviewing their retirement plan. Fidelity Investments plans to launch a new product next year that will allow individuals to shift a portion of their employer-sponsored retirement plan into an annuity. Creating reliable streams of retirement income is one of the most important elements of a person’s financial plan. A retirement industry giant says it now has a new way for retirees to meet this vital challenge.

Fidelity Investments plans to launch a new product next year that will allow individuals to shift a portion of their employer-sponsored retirement plan into an annuity . The offering, […]

Another Retirement Income Solution Emerges

Another Retirement Income Solution Emerges

Service Providers

State Street Global Advisors has announced the launch of a new deferred lifetime income solution, developed in partnership with the University of California (UC).

According to a Nov. 29 press release , IncomeWise™, a deferred lifetime income solution, has launched within the UC’s defined contribution plans, which serve more than 300,000 participants and include over $34.6 billion in assets.The Deferred Lifetime Income at UC product was introduced into Pathway, the university’s target date fund, in August 2021. It was described as a “next generation solution that blends the flexibility and simplicity of traditional target date funds with the security […]

There’s a New Way to Convert Your 401(k) into a Pension-like Stream of Income

There’s a New Way to Convert Your 401(k) into a Pension-like Stream of Income

Image shows a couple reviewing their retirement plan. Fidelity Investments plans to launch a new product next year that will allow individuals to shift a portion of their employer-sponsored retirement plan into an annuity. Creating reliable streams of retirement income is one of the most important elements of a person’s financial plan. A retirement industry giant says it now has a new way for retirees to meet this vital challenge.

Fidelity Investments plans to launch a new product next year that will allow individuals to shift a portion of their employer-sponsored retirement plan into an annuity. The offering, called Guaranteed […]

Pension warning: As investment returns decline, Britons may face a retirement income shortfall.

Pension warning: As investment returns decline, Britons may face a retirement income shortfall.

Warning on pensions: As investment returns fall, Britons may face a retirement income shortfall.

As annuity rates fall and investment returns fall, Britons may face a bleaker retirement landscape.

Consumers approaching retirement may be dismayed to learn that their prospects are deteriorating, as average annuity income fell in the third quarter of 2021.Consumers should review their pension provisions, according to Moneyfacts.co.uk, because they may face a retirement shortfall.An annuity is a type of insurance that allows people to exchange their pension savings for a steady, guaranteed income for the rest of their lives.In Q3 2021, the average annuity fell by 2.90 […]

I applied for LA’s basic income program – and the process was startling

I applied for LA’s basic income program – and the process was startling

sSitting in the Ralph’s parking lot in front of the Pacific Coast Highway at 8 a.m. on a Friday, hot and sticky in an old wetsuit, I clicked the link for big leap , Los Angeles’ guaranteed income pilot and the largest program of its kind in America.

Applications for the program had opened that morning. The participants will be selected by lottery and eligibility criteria were simple: applicants must be over 18 years of age, live in the city of Los Angeles, have one or more dependents, and live in poverty according to federal poverty guidelines – a A […]

Fidelity Joins Lifetime Income Focus Frenzy

Fidelity Joins Lifetime Income Focus Frenzy

Retirement Income In a move likely to spur an increase in adoption of lifetime income solutions among retirement plans, Fidelity Investments has unveiled plans to launch a retirement income product.

Fidelity has announced Guaranteed Income Direct, a retirement income product that allows individuals to convert a portion of their 401(k) or 403(b) savings into an annuity “to provide consistent, pension-like payments throughout retirement,” according to a press release .

The firm says that Guaranteed Income Direct enables employers to provide their workers with a straightforward option of an immediate income annuity, with institutional pricing and offered by the insurer of their […]

Marin county low income program

marin county low income program 5 times the state minimum wage – to afford the average monthly asking rent of $2,520. “Marin needs more affordable housing, the solution to homelessness is to put them in homes they can Apr 08, 2021 · Marin County’s Discriminatory ‘Universal Basic Income’. The CDBG funding program is subject to Section 109 of the Housing and Community Development Act of 1974, Title I, which prohibits discrimination on the Jul 16, 2021 · Similarly, Marin County will be supporting 135 low-income women of color with $1,000 monthly. Established in 1997 as Marin County School Volunteers, […]

The woman went from being homeless to getting guaranteed income funding.

The woman went from being homeless to getting guaranteed income funding.

Christine, a woman from Compton, California, earns $ 1,800 every three months through the Basic Income Program.

The Guaranteed Income Program is the largest program in the country, and supports 800 low-income families, such as Christians.

She told Insider that it helped her get a car, a job, rebuild her credit, move to a new neighborhood, and involve her children in childcare. Christine and her daughter both died in January. It was a bad time.A 45-year-old woman from Compton, California, told Insider that her five-year-old child had pre-existing respiratory illness, and her risks were very high. He had to […]