Another Shutdown Averted, but Many Americans Still a Paycheck Away from Financial Distress

On Friday Congress passed and the President signed legislation that will prevent another partial government shutdown like the one last month that captured headlines for weeks. But beyond the headlines, the shutdown also served as a very public reminder of a widespread reality in urgent need of solutions: far too many American families are a paycheck away from financial distress. A survey by Prudential of furloughed workers, contractors, and their spouses found that during the shutdown, 40 percent borrowed money …

Luck isn’t Enough – How to Save for Your Own Pot of Gold

My Pop was fond of sharing this Irish Blessing with us – May there always be work for your hands to do. May your purse always hold a coin or two. We’re all searching for that pot of gold at the end of the rainbow. Most of the time, though, we aren’t lucky enough to just find it; we have to put our time, energy, and determination into earning it. Unfortunately, many Americans who work tirelessly throughout their lives have …

Ten Retirement Planning Tips

Many households are considering their financial future this time of year and making planning decisions that will ultimately impact retirement. Follow recent coverage on important resources and mistakes to avoid when planning for retirement. Time: 3 Big Money Mistakes to Avoid Once You’re in Retirement CNN Money: What are the best web sites on retirement? Wall Street Journal: With Stocks Surging, Americans Are Saving at 12-Year Low New York Times: In Oregon, You Can Now Save for Retirement. Unless You …

We Trust States to Promote College Savings. Why Not Retirement Savings?

One of the most popular ways to save for higher education is through a savings or prepaid tuition plan known as a Section 529 qualified tuition program, or 529 plan. Currently 49 states and the District of Columbia offer 529 plans. Thirty-three states give a state tax break to parents, grandparents or friends who contribute to a 529 account. Through these plans, the funds are managed by private-sector investors. This professional management, combined with a simple enrollment process, has spurred …

Savers Need a Projection of Their Full Retirement Income

Individuals need better information to know how much to save for retirement. A good place to start is to provide them with a projection of their total retirement income that includes the monthly income they can reasonably expect from their retirement savings and their Social Security benefits. This combined estimate needs to be on one statement. Fifty-nine percent of U.S. savers in one poll reported being very or moderately afraid that they will not have enough money in retirement. That …