IRS Boosts Limits for 401(k) Contributions

If you’ve been wanting to sock away more money in your workplace retirement savings plan, next year’s your chance. This morning the Internal Revenue Service announced that next year’s contribution limits will go up by $500, to $18,000 for 401(k)s, 403 (b) plans at nonprofits, most 457 plans offered by state and local governments, as well as the federal government’s Thrift Savings Plan. >> Boost Your 401(k) Retirement Savings Workers ages 50 and older are entitled to make extra contributions to …

8 Year-End Tax Moves to Make Now

As we enter the home stretch of 2014, it’s time to consider some tax moves. Here are a few you might want to consider: Give to charity. For those who itemize, making a charitable contribution could lower your taxes. Rather than just giving cash, consider giving your most highly appreciated securities. You usually will get a deduction equal to the full value of the securities and will not have to pay a capital gains tax. Max out your 401(k). Those over …

New York Restaurant Rejects Obama’s Credit Card

Yes, even the president of the United States gets his credit card declined. As President Barack Obama signed an executive order to beef up security for government-issued credit and debit cards, he told the story of how his card was rejected at a restaurant while he was in New York last month to attend the United Nations General Assembly. >> 10 Frugal Habits of the Rich and Famous “It turned out, I guess, I don’t use it enough, so they thought there was …

Are Lenders Driving Student Loan Borrowers Into Default?

Borrowers struggling to repay private student loans say they have little choice but to default because lenders won’t revise payments to make them affordable, according to a new report by the Consumer Financial Protection Bureau. “We are hearing from consumers that they are driven into default because private student loan companies are not providing concrete loan modification options,” CFPB Director Richard Cordray said in a statement. “Struggling private student loan borrowers are finding themselves out of luck and out of …

Elder Financial Fraud Just Keeps Getting Worse

A new survey is bringing renewed attention to the hideous crime of elder financial fraud — and the results show just how underreported it is. In a survey of 2,000 people, only 5 percent of people age 65 and up admitted to being swindled. Yet 19 percent of younger respondents (ages 40 to 64) said they knew of a family member or friend who’d been a victim of elder financial fraud, according to the survey by the Minneapolis-based life insurance …

Why the Stock Market Plunge Is Not World’s End

The headlines read “Stocks Plunge” and “Why the Selling Is Just Getting Started.” It’s enough to get anyone scared and ready to exit the market.  Before you do, consider the following: First, have a little perspective. Sure, the benchmark Dow Jones Industrial Average is down about 1,300 points in less than a month, but remember that the Dow isn’t the entire U.S. stock market and doesn’t reflect dividends. I prefer to look at the entire U.S. market considering a longer perspective, using a …