President Proposes Rule to Protect Worker Savings

President Barack Obama called on the Department of Labor today to draw up a rule to protect people who save in IRAs, 401(k)s and other workplace retirement plans from hidden fees and expenses that may drain billions from their accounts. The president wants brokers and other professionals to be required to act in an investor’s best interest — instead of their own — when dispensing advice on retirement accounts. “Right now there are no uniform rules of the road that require retirement advisers to …

Are You an Irrational Investor? Here’s How to Tell

Too many of us are irrational investors. Acceptance of this fact and understanding the roots of our irrationality are the keys to better investing. First, the facts. Many studies show that a lot of investor money moves in and out of stock funds at the wrong time, often buying high and selling low. For example, at the height of the 2007 stock market bubble, investors were pouring money into stock mutual funds. After the 2008 plunge, however, those same investors took their …

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: 1. 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. 2. Max out your 401(k). …

The $64,000 Question: Where Did My Retirement Savings Go?

Investment advice should be free of conflicts of interest The way Americans save for retirement has changed drastically over the past few decades. Thirty years ago, the typical worker had a pension through his or her job. Today, if workers have a retirement plan at all, it is likely a 401(k) or IRA. Why does this matter? Because now more than ever, individuals must make the complicated decisions about financial security in retirement: what to invest in, how much, how to …

Add Adjusting Your 401(k) to End-of-Summer Plans

Now that we’re past the midyear of 2014, it’s a great time to review your retirement savings plan to make sure you’re on track. If you’re not contributing enough or haven’t rebalanced your portfolio since George W. Bush was in office, you have the remainder of the year to make some adjustments. You probably already know that you can sock away as much as $23,000, which includes $5,500 in catch-up contributions for people 50-plus, in your 401(k) plan. However, if you’re using …

It’s August, So It Must Be Make-a-Will Month

So August is National Make-a-Will Month. Who knew? Getting a will isn’t the most pleasant of tasks, and consequently, too few people do it. A recent survey of more than 2,000 people by the online legal service Rocket Lawyer found that 64 percent don’t have wills. The biggest reason cited by folks: They just never got around to it. Some said they didn’t want to think about death. You might believe that only wealthier families need a will. You’d be …