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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

Don’t Become a Credit ‘Mule’

Posted on 06/11/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsCash-desperate consumers are being lured into becoming unwitting “credit mules” via a cellphone scam, the Federal Trade Commission warns. Con artists pay targets a couple hundred dollars to sign up for wireless contracts for iPhones and other mobile devices, the FTC says. The consumers then turn over the smartphones to the scammers, who “unlock” the phones so they can be used by others. The phones then are often sold overseas, where they can fetch from $500 to $1,000 apiece, says Nat …

Free Resources For Managing Your 401(k)

Posted on 06/10/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsNeed help with retirement? The do-it-yourself investor can find plenty of online resources to help with retirement and other types of financial planning. Fidelity Investments in Boston offers a variety of tools, including some to help you devise a plan to pay off debt or decide whether to convert to a Roth IRA. Baltimore-based T. Rowe Price’s Retirement Income Calculator can project how much you will need in retirement vs. how much you will have, while Valley Forge, Pa.-based Vanguard’s Retirement …

President Makes It Easier to Repay Student Loans

Posted on 06/9/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & Savings | Your LifeJust as the Federal Reserve Bank of New York is raising concern about growing student loan debt and defaults, President Barack Obama is moving to expand a repayment program aimed at helping lower-income borrowers. The president today signed an executive order that the administration says will allow nearly 5 million more borrowers to qualify for a program that keeps monthly payments on federal loans to no more than 10 percent of discretionary income. This plan has been available only to more …

Skipping Out on Student Loans? Check Your Wallet

Posted on 06/9/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsSo what can Uncle Sam do if you don’t repay your federal student loans?   Report you to credit reporting companies. Garnish your wages. Keep your tax refunds and Social Security payments until the debt is paid off.   That’s right, all of the above.  Only most people aren’t aware of it. Economists and researchers at the Federal Reserve Bank of New York asked this of more than 1,000 consumers — only to discover that less than one-third of them correctly answered that the …

Half of U.S. Adults Hacked: Are You Among Them?

Posted on 06/6/2014 by |AARP Blog Author | Comments

Bulletin Today | Home & Family | Money & Savings | TechnologyIn the past 12 months your personal information has likely been stolen, leaving you vulnerable to identity theft. About 432 million online accounts belonging to 110 million Americans — roughly half of all adults — were hacked in cyberattacks during the past year, according to new findings by the Ponemon Institute, a data-collection research firm. Meanwhile, Consumer Reports estimates that some 11 million Americans fell victim to email scams in 2013. And in the first four months of this year, at least 260 …

Some Retirees Regret Taking Social Security Early

Posted on 06/5/2014 by |Money and Work | Comments

Bulletin Today | Money & Savings | WorkDeciding when to take Social Security is one of the most important retirement planning decisions people make — and many retirees say they got it wrong. As many as 38 percent of 573 retirees surveyed by the Nationwide Financial Retirement Institute, a unit of Nationwide Mutual Insurance, say they regret taking their benefit early, which locked in their lower monthly payment for life, and wish they had waited. When you look at the differences in their monthly payout, you can understand their remorse. Those …