Stock Gains Push 401(k)s to Record Highs

Posted on 02/18/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsLast year’s gangbuster stock market pushed 401(k) savings account balances to record highs, according to two major retirement account providers. Fidelity Investments says the average account balance at the end of last year reached $89,300, a 15.5 percent increase over the year before. For workers age 55 and older, balances averaged $165,200. Many workers roll over their 401(k) into an individual retirement account when they leave a job.  Adding up the balances of those who have both a 401(k) and …

The Secret Millionaire Twins

Posted on 11/27/2013 by |Who's News | Comments

LegacyKathleen and Robert Magowan of Simsbury, Conn., never attracted much attention during their lifetimes. The twin siblings, born in New York, lived for a time in Bolivia and Alaska — their father was an explosives manufacturing executive — before settling in Connecticut in 1942. Neither Kathleen, an elementary schoolteacher, nor Robert, who served in the military in World War II and then became an agent for Prudential insurance, ever married. In later years they lived together as near recluses in a …

The Latest Buzzkill: Marijuana Stock Scams

Posted on 09/13/2013 by |AARP Blog Author | Comments

Money & SavingsPromised incredibly (ahem) “high” returns by investing in medical marijuana stocks? It’s a (groan) pipe dream — and those touting big money can be made from medicinal toking are likely scammers, warns the Financial Industry Regulatory Authority (FINRA). With medical marijuana now legal in 20 states and the District of Columbia — and its recreational use recently decriminalized in Colorado and Washington state — the timing is especially ripe for such investment ripoffs. “The cannabis business has been getting a …