Wednesday, August 21, 2024

WEDNESDAY, AUGUST 21, 2024

Good Morning! On this day in 1959, President Eisenhower signed a proclamation admitting Hawaii into the Union as the 50th state and issued an executive order for a new American flag with 50 stars.

Thursday’s edition marks 75 days until election day, and we’ll be counting it down with daily news coverage in a new Election Watch section that will debut tomorrow. We’ll cover daily news of all the major national races and some key state elections as well. Watch for it in The Flyover on Thursday!

We hope you enjoyed reading today’s Flyover. Let us know how we’re doing by replying to this email.

We’re flying today with SmartAsset, offering advice on choosing the best financial planner for you.

RFK Jr. Weighs End to Campaign

Independent presidential candidate Robert F. Kennedy Jr. is considering ending his campaign and joining forces with Republican nominee Donald Trump, according to his running mate, Nicole Shanahan.

Speaking on the Impact Theory podcast, Shanahan laid out two options for the Kennedy campaign: stay in the race and form a new political party or join forces with former President Trump.

Shanahan said if the Kennedy campaign remained in the race, it would aim to secure more than 5% of the popular vote and create a third-party option.

Alternatively, if the campaign aligned with Trump, the objective would be to attract voters to the Republican nominee.

Waterspout Sinks Luxury Yacht

A luxury superyacht boasting one of the largest masts in the world and carrying a group of high-profile passengers capsized off the coast of Sicily on Monday, leaving one dead and six people missing.

The vessel likely sank due to a waterspout, with potential contributing factors including a snapped mast, open hatches, and record-breaking Mediterranean sea temperatures.

Rescue teams face debris, limited dive windows, and difficult access to inner cabins. Divers can only search for 10 minutes at a time at the 164-foot-deep wreck due to decompression risks.

At least two American citizens—Chris Morvillo, a New York-based lawyer, and his wife, Neda Morvillo, a jewelry designer—are among the missing, along with British tech tycoon Mike Lynch and his family and a chair of Morgan Stanley.

Harley Drops Diversity Goals

Harley-Davidson announced the elimination of its diversity, equity, and inclusion (DEI) initiatives following criticism from conservative activists on social media.

The iconic motorcycle manufacturer said it’s no longer setting DEI goals, hiring quotas, or supplier diversity spending targets.

Additionally, Harley-Davidson said it will no longer participate in Human Rights Campaign scoring and will strike any “socially motivated content” from its employee training material.

Harley-Davidson joins John Deere and Tractor Supply in the list of companies recently abandoning diversity programs amid growing pressure from critics who argue the initiatives are unfair.

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➤ President Biden addressed the DNC late Monday night, endorsing Vice President Kamala Harris as the party’s nominee while holding back tears in remarks bumped out of prime time. (More)

➤ Food industry officials pushed back on Vice President Harris’ claims of “price gouging,” blaming price increases on federal economic policies causing high inflation and rising labor and raw material costs. (More)

➤ Federal authorities warned that Iran was actively trying to hack into information related to U.S. elections, including the recent breach of former President Trump’s campaign. (More)

➤ The Israeli military announced Tuesday that it had recovered the bodies of six hostages taken during the Hamas-led terror attacks on October 7. (More)

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Is It Better to Take RMDs Monthly or Annually?

If you have tax-deferred retirement accounts, you’ll eventually need to take the required minimum distributions (RMDs). This amount is determined by a number of factors, including your age, account balance, and the relative age of your spouse. The IRS requires you to report this distribution on your annual taxes, so it has to happen by the end of each calendar year.

Most retirees collect their RMDs either annually, quarterly, or monthly. So long as you withdraw the minimum required amount by Dec. 31, the tax implications are unchanged. But should you take RMDs monthly or annually? This important decision can be different for everyone’s individual situation. Learn about the pros and cons of each as you decide on the approach for you. See the comparison.

Consulting a financial advisor can help when factoring RMDs and the potential tax repercussions. Try SmartAsset’s no-cost tool to get matched with up to 3 vetted financial advisors serving your area, each legally bound to work in your best interest. It’s never too late to plan to work toward a comfortable retirement. Take the quiz.

➤ Top-ranked tennis player Jannik Sinner tested positive for an anabolic steroid in March but will not be suspended because the substance entered his system unintentionally through a massage. (More)

➤ Oklahoma State University will debut QR codes on its football helmets this season, linking to the team’s general fund to boost name, image, and likeness money for the program. (More)

➤ Nevada advanced in the Little League World Series on Monday, beating the Hawaiian team on a game-winning double play that started with a strikeout and ended with the catcher throwing a runner out. (See Play)

➤ Yesterday’s Results: MLB | WNBA | LLWS

Daily Market Report 08/20/2024

▼	NASDAQ Natl. Assoc. of Securities Dealers Automated Quotations	17,816.94	-0.33%
▼	SPX S&P 500	5,597.12	-0.20%
▼	DJI Dow Jones Industrial Average	40,834.97	-0.15%
▼	BTC Bitcoin	$59,377.69	-0.19%
▲	GOLD Per Ounce	$2,553.20	+2.05%
▲	FN Fabrinet	$268.00	+15.74%

➤ Big Stock Move: Fabrinet, the optical components manufacturer, surged 16% on Tuesday after beating Wall Street sales expectations. (More)

➤ Gold prices hit a new high of $2,531 an ounce on Tuesday as investors looked ahead to U.S. interest rate cuts. (More)

➤ Clif Bar agreed to settle a class action lawsuit over the health value of its protein bars. Consumers could get a cash payment from the $12 million settlement fund. (See Details)

➤ Waymo said it now provides more than 100,000 paid robotaxi rides per week to users in the U.S., double the number it announced in May. (More)

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Capital Gains Exemptions for Seniors

Planning for retirement taxes can be crucial to effectively manage your finances once you’ve left the workforce, especially if you’re still investing to grow your wealth.

For example, if you’re 73 and have taxable investment accounts, a 401(k) or IRA, and Social Security benefits, the combination of capital gains tax, RMD tax, and any taxable Social Security benefits could potentially push you into a higher tax bracket. That’s why minimizing capital gains tax can be an important step to maximizing your retirement income. So, how can seniors avoid them? Learn more.

Looking for help optimizing a tax strategy and potentially lowering your tax bracket? Consulting a financial advisor is a great first step. This expert can also help you make smart investments and refine your plan for retirement. Try SmartAsset’s no-cost tool to get matched with up to 3 vetted financial advisors serving your area. Take the quiz.

➤ A rocket engine exploded on Monday during a test by German aerospace firm Rocket Factory at the UK’s new spaceport. No injuries were reported. (See Explosion)

➤ A group of authors filed a lawsuit against AI startup Anthropic, alleging the company used pirated copyrighted books to train its Claude chatbot, constituting “large-scale theft.” (More)

➤ Researchers discovered a new fish species measuring under three inches in Mauritania’s deep-water coral reefs, remaining hidden due to its small size and protective behavior. (See Photos)

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➤ Happiness experts reveal counterintuitive ways to “buy” joy, challenging common beliefs about money and well-being. (See Ways)

➤ Etiquette experts share seven phrases they say will make you sound classy and eight pitfalls to avoid. (See Phrases)

➤ A writer proposes unconventional strategies for elevating one’s thinking to a genius level. (See Strategies)

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➤ The International Dog Photography Awards showcased a collection of stunning pet photos (See Images)

➤ A herd of life-size elephants are traveling across America as part of a new exhibition. The wooden replicas of real-life Indian elephants were made by hundreds of artists in Southern India. (See Photos)

➤ Some of the most anticipated historical fiction books of Fall 2024, according to Goodreads, span settings from 14th-century Italy to 1990s Europe. (See Books)

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