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Money & Savings

Informative Money and Saving blog from AARP. Check out our posts on money advice, financial tips, news, and more.

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Recent Money & SavingsPosts

Where to Report Scams (and Why It’s Important)

Posted on 04/18/2014 by | AARP Blog Author | Comments

Bulletin Today | Money & SavingsSilence is golden, at least for scammers. Say nothing and their bilking can continue until you and others are bled dry. Speak up and it can stop. Take, for example, another impressive yet little-publicized bust recently announced by the Federal Trade Commission. It ended a telemarketing scheme believed to have scammed more than $20 million from tens of thousands of older Americans. The agency alleges that for 31 months, a network of scammers in the U.S. and Canada cold-called retirement-age Americans …

High Fees Can Sap Over $100,000 From Your 401(k) Plan

Posted on 04/17/2014 by | Money and Work | Comments

Bulletin Today | Money & SavingsSome 52 million Americans rely on their 401(k) savings plans as a key part of their retirement. Now, the Washington-based Center for American Progress says in a new study that high investment fees could cost typical workers $100,000 or more over the course of a four-decade career. That may force some to stay on the job at least three years longer than they’d planned just to make up for that loss. Given the fact that many older workers are having a difficult time …

Planning for a Strong Financial Future

Posted on 04/15/2014 by | AARP Blog Author | Comments

Money & SavingsBy Lee Baker, CFP One of my favorite things as a child was reading comic books. To be honest, if I had more free time, I would probably read them now. Like me, most of you probably remember the Charles Atlas ads in comic books and other magazines. You know the story: A bully kicks sand in a skinny kid’s face. Deciding to do something about it, the skinny kid sends for a free book from Charles Atlas that promises …

Regulators Fine Bank for Overzealous Credit Protection

Posted on 04/15/2014 by | Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsBank of America is the latest major financial institution ordered to refund millions of dollars to consumers who were billed for credit card-related products they never ordered – and likely didn’t even need. Indeed, the credit and identity-theft protections sold by the North Carolina-based bank are things that people can do on their own for little or no money, consumer advocates say. The Consumer Financial Protection Bureau ordered the bank last week to return $727 million to nearly 3 million …

It’s Tax Day! Don’t Forget to File

Posted on 04/15/2014 by | Senior Editor, Money Team | Comments

Money & SavingsIf you’re rushing to get your taxes done before today’s midnight deadline, take some comfort that you’re not alone. The Internal Revenue Service expects to receive about 35 million returns in the last week or so before the filing deadline. At this point, the time for most moves to lessen your tax bite is long over, although even on this deadline day you may have one more opportunity. It’s still possible to make a 2013 contribution to a deductible individual retirement …

Social Security Halts Refund Grab to Recover Old Debts

Posted on 04/11/2014 by | Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsUpdate: The Social Security Administration says it will immediately stop collecting old debts by grabbing taxpayers’ refunds. In a statement, Carolyn W. Colvin, the acting commissioner of the agency, says: “I have directed an immediate halt to further referrals under the Treasury Offset Program to recover debts owed to the agency that are 10 years old and older pending a thorough review of our responsibility and discretion under the current law to refer debt to the Treasury Department. “If any Social Security …