401(k)

Obama’s MyRA Gets Early Go Ahead

Posted on 01/29/2014 by | Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsPresident Barack Obama is moving quickly to make good on his pledge to create a new “starter” savings program for workers without a retirement plan on the job. He announced in his State of the Union speech Tuesday night that he would use his executive authority to establish a so-called myRA (my retirement account) that would allow workers to direct a portion of their pay into an account that invests in government securities. On Wednesday afternoon, he signed a presidential memorandum to …

Timing of Fiduciary Rule for Retirement Plans Questioned

Posted on 01/15/2014 by | Money and Work | Comments

Bulletin Today | WorkIf you have a 401(k) or other retirement plan, you may be waiting even longer before new government standards are imposed that require your financial adviser to act in your best interest. The U.S. Department of Labor was in the final stages of preparing a proposal that would establish a so-called fiduciary standard for retirement plan advisers, which means they’d be required to put their clients’ financial interests ahead of their own when offering investment advice. A number of consumer groups …

Boomers Downbeat Over Financial Future

Posted on 01/13/2014 by | Money and Work | Comments

Bulletin Today | Money & SavingsWith her wavy long hair, bell-bottom jeans and a peace sign hanging from her neck, Rita Beck was much like other boomer women who came of age in the trippy, turbulent 1960s and 1970s. They attended college in record numbers, seized job opportunities their mothers never had and reveled in their independence. “Our parents scrimped for everything,” says Beck, 58, of Janesville, Wis.  “We boomers came on the scene and said, ‘Who needs to save for a house when you …

Risky 401(k) Investments: The Supreme Court Steps In

Posted on 01/9/2014 by | Legal Grounds | Comments

Bulletin TodayDo you know just how much you’re saving for your retirement? If so, you’re not alone. AARP studies show that most Americans 50 and older are thinking about and planning for their future financial security. So imagine, for a moment, that your company has a pretty generous 401(k) plan. That’s great, right? Well, in a case that the Supreme Court recently agreed to hear, the plaintiff employees say, “Not so much.” Here’s what happened to them. Fifth Third Bank, a …

Minority Report: The Gap in Retirement Savings

Posted on 12/10/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsAfter a lifetime of working, millions of Americans, and minority workers in particular, face the prospect of a difficult retirement because they have no access to a 401(k) savings plan. Worse yet, among workers ages 25 to 64, a majority of black and Latino workers (62 percent and 69 percent, respectively) and more than one-third of whites (37 percent) have no retirement savings, according to a study by the nonprofit National Institute on Retirement Security. The report was based on …

401(k) Limits Remain the Same for 2014

Posted on 11/1/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsIf you’ve been putting the maximum amount of money into a tax-deferred retirement plan and were hoping to set aside even more next year, you’ll be disappointed by the IRS’s decision not to increase the limits. The maximum contribution to 401(k) plans in 2014 will stay at $23,000 — $17,500 plus $5,500 in catch-up contributions for people 50 and older. The contribution limit for Individual Retirement Accounts (IRAs) will also stay the same for people 50 and older — $6,500 per year, …