Greater Saving Can Increase Retirement Security and Economic Growth

  Increased saving can be an important driver of future economic growth and rising living standards. That is the conclusion of a new report by Oxford Economics – Another Penny Saved: The Economic Benefits of Higher US Household Saving – sponsored by AARP and 10 other organizations. The U.S. personal saving rate has been declining for more than 30 years. And the report’s authors project the rate will drop further – from around 4 percent today to about 3 percent …

Free Resources for Managing Your 401(k)

Need 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 …

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

Some 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 the typical worker $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 …

Planning for a Strong Financial Future

By 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 …

Same-Sex Couples Still Waiting for Equal Financial Treatment

The U.S. Supreme Court ruled the law that prevented same-sex spouses from enjoying federal benefits was unconstitutional nearly a year ago, yet the financial repercussions for these couples are still being worked through. Federal agencies have been updating their regulations to comply, and some have moved faster than others. And even among agencies that have acted, how they handle same-sex marriage differs. The IRS, for instance, says same-sex spouses now must file federal returns as joint filers or as married …

Pension Plan Tweak May Elude Most

The federal agency that insures private pensions is proposing a rule change that would add greater protection for workers who roll 401(k) money into a traditional pension. Workers for years have been able to transfer money from their employer’s 401(k) to its traditional pension plan to buy themselves a bigger lifetime benefit – if the employer allowed it. The Pension Benefit Guaranty Corporation says its new proposal will remove fear among these workers that the amount they roll over from …