Is Your 401(k) a Winner? Check This Ranking

ConocoPhillips Co. has the best 401(k) plan for workers, while Facebook Inc., Amazon.com Inc. and Whole Foods Market Inc. offer some of the worst, according to a Bloomberg News survey of the 250 largest public companies in the country. In fact, ConocoPhillips’ plan is so generous – contributing 9 percent of workers’ pay if workers kick in 1 percent – that after 35 years an employee can end up a multimillionaire, Bloomberg said. According to the Houston-based oil and gas producer’s own …

Boomers: Save ‘Til It Hurts

Own Your Tomorrow. OK, so even though that’s the tagline for Charles Schwab’s new advertising campaign, the message also rings true for the millions of Americans age 50 and older who need to keep their saving for retirement on track and take their financial future into their own hands. As part of an Opinion Leader speaker series at the Washington, D.C., headquarters of AARP, incoming CEO Jo Ann Jenkins and Charles Schwab Foundation President Carrie Schwab-Pomerantz discussed the roles that employers, schools and …

What to Do With That Old 401(k) Retirement Account

Bloomberg News recently wrote about brokers profiting by advising retirees to roll their 401(k) accounts into IRAs. Many of the retirees interviewed said they lost a lot of their savings from investments subsequently recommended to them. But this doesn’t mean you shouldn’t consider transferring your 401(k) money into an individual retirement account (IRA). Here’s how to decide: First, a little background. A 401(k) account is an employer-sponsored plan that allows the employee to save and invest, typically receiving a tax benefit when the contribution is …

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 …