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We've seen headlines for weeks about Hertz selling off its fleet after filing for Chapter 11 bankruptcy. In reality, it isn't just Hertz and it didn't just start.“You should not expect, or the market should not expect, all of a sudden this influx of rental supply to hit the market because rental companies have been right sizing their fleets since at least mid-March,” said Larry Dixon, Senior Director of Valuation Services at J.D. Power.As COVID-19 forces car rentals and auctions to shut down, the rental companies started selling more to dealers who weren't able to replenish their used car supply. Now that auctions have opened, demand is up and so are auction prices.So far for retail, what we pay is stable. At the same time, new car sales are down. So, there are fewer trade-ins. That means better deals.“Dealers are going to be more likely to be more aggressive with a trade-in offer to a consumer, particularly for highly desirable late model vehicles, think that 2 to 5-year-old used vehicle,” said Dixon.As far as rental cars being a good buy, they are well-maintained and kept clean. The negatives are they have higher miles. But that can also be a positive in the price.A dealer doesn't have to disclose if a car was a rental. You can find out on your own with a vehicle history report. 1309
What would it take to save million for retirement? Right now, more people than ever are 401k millionaires.Financial adviser Jonathan Duong says saving million is not as impossible as it may seem."A million dollars is very achievable for folks who aren't necessarily making really large six-figure incomes," Duong says. The average 401k millionaire has been contributing to their retirement fund for over 30 years, according to MarketWatch. So, how do you get to million in your 401k? Duong says there are a few easy ways. First, defer over 10 percent of your paycheck to your 401k. Fidelity Investments says it might seem like a lot, but in the end, it should leave you with an annual income that you're use to once you retire. Next, take advantage of your employer match."A match is free money," Duong says. MarketWatch found 28 percent of the contributions to the average 401k millionaire's account came from their employer. "Additional things you can do is working a little bit longer and delaying social security," suggests Duong. Delaying Social Security until you’re in your 70's will allow you to get more money opposed to taking it sooner. “It’s fairly good to say that if you've got 25 to 30 times your annual living expenses saved up, you might be in a position to retire, but there are a lot of other details that go into it," Duong explains. There's no rule of thumb for how much everyone should save, Duong says. It all depends on your living expenses and how much it takes for you to live comfortably. "In my mind, the ability to start today is really a reality for most people it's never too late," Duong says. 1756

WHAT HAPPENED:The U.S. Postal Service says it can’t meet a federal judge’s order to sweep processing centers for undelivered mail-in ballots. It is arguing that doing so would be disruptive to its Election Day operations and that it had “physical and operational limitations.”THE SIGNIFICANCE:Disputes about mail ballots, particularly those received after Election Day, could be the fuel for court fights over election results in some states.THE BACKGROUND:U.S. District Judge Emmet G. Sullivan’s order came after weeks of bruising court decisions for an agency that has become heavily politicized under its new leader, Postmaster General Louis DeJoy. DeJoy, a major GOP donor, made a series of controversial policy changes in the summer that delayed mail nationwide, fueling worry about the service’s ability to handle the unprecedented crush of mail-in ballots.At the same time, President Donald Trump has baselessly attacked mail voting as fraudulent throughout his campaign.Much of Sullivan’s order hinged on postal data showing roughly 300,000 mail-in ballots in several states had not received scans showing they had been delivered. The agency has disputed the accuracy of the figure, saying it has pushed to ensure same-day local delivery of ballots by circumventing certain processing steps entirely, leaving them without the final delivery scan.WHAT’S NEXT:Sullivan had given the agency until Tuesday afternoon to search 27 facilities in several battleground areas for outstanding ballots and send out those votes immediately.The Postal Service said it had already conducted rounds of morning checks at all its processing hubs. Further, the agency said has been performing daily reviews of all 220 facilities handling election mail and planned another sweep hours before polling places closed Tuesday.The judge accepted the agency’s response but set a Wednesday hearing “to discuss the apparent lack of compliance with the court’s order.” 1955
WILMINGTON, Del. – President-elect Joe Biden addressed the nation Friday about the November jobs report that shows American companies are hiring at a slower pace as COVID-19 cases spike across the country.The report released by the Department of Labor Friday shows that the unemployment rate fell slightly to a still-high 6.7%. However, the gain of 245,000 jobs last month was the fewest added since the spring, when the pandemic and widespread quarantines forced mass layoffs.Biden started his remarks by calling the jobs report “grim.” He said it showed an economy that’s stalling and we’re in one of the worst economic job crises in modern history. However, he said it doesn’t have to stay that way.“If we act now, now I mean, now, we begin to regain momentum and start to build back a better future,” said Biden. “There’s no time to lose. Millions of people have lost their jobs or had their hours slashed. They’ve lost their health insurance or are in danger of losing their health insurance.”Biden said it’s deeply troubling that last month’s drop in unemployment was driven by people who are dropping out of the job market.“They’ve lost hope of finding a job or they’ve taken full-time caregiving responsibilities as child centers remain closed and their children learn remotely,” he said.Biden listed many sobering statistics that show how much Americans need relief during this crisis.“One in every six renters is behind in rent. One in every four small businesses can’t keep their doors open. And there’s a growing gap in Black and Latino unemployment, and the gab remains much too large,” said Biden.As he doesn’t take office until the end of January, Biden is calling on President Donald Trump and the current Congress to act in the interest of the American people now.“If Congress and President Trump fail to act by the end of December, 12 million Americans will lose their unemployment benefits they rely on,” said Biden. “Merry Christmas. The unemployment benefits allowing them to keep food on the table, to keep the lights on, and the heat on, pay their bills.”If lawmakers don’t act, Biden pointed out that emergency paid leave will end, the moratorium on evictions will expire, and states will lose the vital tools they need to pay for COVID-19 testing and public health.“If we don’t act now, the future will be very bleak,” said Biden.Biden did say he was encouraged by the bipartisan 8 billion relief plan that was proposed this week, but said more aid will be needed throughout 2021 in order to get the country back on track. The latest relief plan doesn’t include ,200 stimulus checks for Americans, but Biden said he’s not convinced it won’t be part of the bill in the end and added that it’s “still in play.”Biden also called for funding for COVID-19 vaccines and testing as the U.S. finds itself in its most perilous point in the COVID-19 pandemic to date.“We need to ramp up testing to allow our schools and businesses to operate safely. The sooner we pass the funding, the sooner we turn the corner on COVID-19,” said Biden.On Thursday, Johns Hopkins said that the U.S. reported record numbers of new COVID-19 deaths and infections. Since Halloween, more than 5 million Americans have contracted COVID-19 — a number that represents about 36% of all cases recorded since the pandemic began.Biden's remarks come days after he announced his picks for key economic positions in his incoming administration. Among them is former Fed chairwoman Janet Yellen, who Biden has tapped to run the Treasury Department. Yellen, a Keynesian economist who is not afraid to allow the government to intervene in the free market, will be tasked with working with Congress to get stimulus packages passed.Biden is also expected to announce his picks for key public health positions in the coming days. On Thursday, Biden said in an interview with CNN that he has asked Dr. Anthony Fauci to remain in his role as the head of the National Institute for Allergies and Infectious Diseases and asked him to be a chief medical adviser to his White House.At the end of his remarks, Biden took some questions from reporters. One asked for Biden’s reaction to those saying his Cabinet picks so far haven’t been diverse enough. He responded by saying his cabinet will be the “single most diverse cabinet” in U.S. history. 4332
While there are still questions about whether trick-or-treating will happen in 2020 and how neighborhoods will make it possible, there is no question Americans like their Halloween candy.Sales of Halloween candy and chocolate at grocery stores are up 17 percent over 2019 so far this season, according to the National Confectioners Association. Total sales, including online purchases, is up 13 percent year-over-year.The National Confectioners Association, NCA, represents manufacturers and suppliers of sweet treats, gum, mints and chocolates.Their research showed chocolate is driving the increase. Halloween chocolate sales are up 25 percent over 2019 so far. The NCA released data over the summer showing chocolate was the treat of choice of Americans during the pandemic, with sales increasing five percent March through August over the same time period in 2019. Sales of premium chocolate during that time was up 12 percent year-over-year. Ferrara Candy, which makes Sweetarts, Nerds, Brach’s Candy Corn, Gobstoppers and more, said Halloween sales bring in about .5 billion in sales. In an interview with Axios, CEO Todd Siwak said their company learned a lot from the drop in sales for Easter. This was also the time many stores were closing because of lockdowns to stop the spread of the coronavirus. Even as shopping has picked up a little, they have made some changes.“As the frequency in-store is reduced by the shopper, so fewer trips but bigger baskets, we wanted to make sure we were there presenting the opportunity to consumers,” Siwak said. He added Ferrara Candy created more individually-wrapped confections and got product to stores earlier to extend the selling season.There are still about three weeks until Halloween, and the industry expects sales to increase. Siwak says about 60 percent of the sales for Halloween candy happen in the last few weeks before the holiday.The NCA data also suggested Americans are getting more excited for Halloween in 2020. They found 80 percent believe they will find creative and safe ways to celebrate this year. The response was just 63 percent in July. 2125
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