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Can't Set Up a Retirement Plan? Now You Can, Gov't Says

New myRA savings plan is free, no-risk vehicle for lower, middle classes

(Newser) - About one-third of non-retired Americans have no retirement savings or pensions to their names—and the government says it has just the thing to remedy that. Cue myRA , a free, no-risk savings plan designed for people who don't have access to (or can't afford) 401(k)s, IRAs, or other... More »

49% of Americans Have Nothing Saved

Only 14% have more than $10K in their savings account

(Newser) - Nearly half of all Americans—49%—have no money in their savings account or no savings account at all, CNBC reports. “It’s worrisome that such a large percentage of Americans have so little set aside,” a financial analyst for the site that conducted the survey tells Market... More »

Dad's Wage Gap Fix: Save for Daughter, Not Son

Paul Ford wants to give his little girl a head start now against gender inequality

(Newser) - Paul Ford has preschool twins, Abe and Ivy. But he's worried that, thanks to gender inequality and the ongoing wage gap that still pays women only 78% of what men make, his little lady isn't going to get a fair shake financially when she's older. So, he... More »

30% of Americans Have Zero Savings

Household income hasn't kept pace with home prices and stocks bouncing back

(Newser) - The good news: American financial security jumped 3% this month. The not-so-good news: Three out of 10 of us have nothing saved for a rainy day. This according to Bankrate's June survey , which found that 29% of 1,000 US adults don't have readily available funds in checking,... More »

One in 8 Older Americans Die Penniless

10% of single Americans die in debt: study

(Newser) - Need a push to start saving? You've got it, courtesy of the Employee Benefits Research Institute. A review of retirement surveys from 2010 to 2012 finds one in eight people who died at 85 or older were dead broke, with no assets to their name, reports NBC News . One... More »

Stop Criticizing Millennials for Not Saving Enough

Young adults always trail the pack: Catherine Rampell

(Newser) - A recent Moody's analysis found that millennials have a savings rate of negative 2%, which, even for the math-challenged, doesn't sound good. That's triggered an onslaught of articles dumping on the under-35 set for its frivolous and irresponsible ways, writes Catherine Rampell (herself in that group) in... More »

36% Have Saved Less Than $1K for Retirement

Yet more of us are feeling secure about retirement

(Newser) - A new survey offers a look at Americans' retirement savings, and two somewhat conflicting points stand out: Some 36% of us have less than $1,000 saved for our golden years, yet a higher proportion are feeling very confident they can retire in comfort. That $1,000 doesn't factor... More »

32% of Americans Not Saving Any Money

Survey finds fewer Americans saving now than in 2010

(Newser) - A new survey finds that nearly one-third of all US households aren't putting away any money for a rainy day. The American Savings Education Council survey finds that just 68% of Americans spend less than they make and save the rest, up from 65% last year but down from... More »

3 of 4 Americans Living Paycheck-To-Paycheck

27% have no savings at all

(Newser) - Thank God it's summer, because apparently few people in the US are prepared for a rainy day. A new study by found 76% of 1,000 American adults surveyed don't have six months of expenses stashed away—enough to survive a job loss, medical emergency, or... More »

Fed Economic Report: Middle Class Getting Hosed

American families lose two decades of accumulated wealth

(Newser) - The Fed released its much-anticipated report on the economy today, and the news is not pretty. In short, the median American family's wealth has fallen to early-1990s levels, eliminating two decades of prosperity, while savings are down and debt hovers like a vulture over most Americans, the New York ... More »

6 Retirement Planning Myths

From debt to 401(k) plans, it's never too late to prepare

(Newser) - According to a new survey, only 14% of US workers are very confident they'll be able to retire comfortably—and more than 50% haven't even tried to calculate how much money they'll need. Workers are increasingly planning to keep working past the retirement age—37% said they... More »

For Retiring Boomers, 401(k)s Fall Short

For many, it means postponing retirement or picking up part-time work

(Newser) - With the first baby boomers beginning to retire, the Wall Street Journal takes a look at how well their 401(k)s are holding up. Conclusion, in the form of a question: What kind of part-time work would best suit you in your golden years? Most households don't have anywhere near the... More »

Money Trouble May Signal Alzheimer’s

Financial advisers ponder meaning of 'competence'

(Newser) - The first sign of Arthur Packel's Alzheimer's was the call from the homeowner's association asking for unpaid fees. As his mind began its long slide, it turns out, the first thing he did was simply stop paying bills. When his wife tried to pick up the slack, she found much... More »

Once Again, We're Spending More, Saving Less

Spending rose twice as much as income in March

(Newser) - Well, that didn’t take long: Americans are back to spending more and saving less. While personal income rose 0.3% in March, spending rose at twice that rate, Business Insider reports. Personal savings, on the other hand, slipped that same 0.3% from 3% of income in February to... More »

Straighten Out Your Finances in 2010

Some simple moves can net $1K or more

(Newser) - On the eve of the first serious workday of the New Year, take a hard look at your finances and see where you can cut back in 2010. A relatively small investment in time can result in some serious savings, Kathy Kristof writes for the Los Angeles Times :
  • Save automatically:
... More »

Don't Let the Recession Rule Out Retirement

Save more, use 'catch-up' tax law provisions to turn things around

(Newser) - Retirement savers have been facing grim truths, like the fact that a 50% portfolio loss requires 100% in earnings to recover. But middle-of-the-road investors could recover in as little as 2 years if they make contributions, receive a company match, and see fair long-term portfolio returns, writes Linda Stern in... More »

Obama Offers New Options for Retirement Savings

Americans can have tax refunds sent as savings bonds

(Newser) - President Obama used his radio address today to roll out several initiatives aimed at making it easier for Americans to save for retirement. One move will allow people to have their federal tax refunds sent as savings bonds by checking a box on their tax return; another has workers automatically... More »

Oldsters Refusing to Step Aside to Free Up Jobs

Reliance on volatile 401(k)s breeds reluctance to retire

(Newser) - Their retirement savings devastated by the financial crisis, older workers are increasingly postponing retirement, the New York Times reports, creating even more competition for scarce jobs. A recent survey found that four in 10 workers over 62 have remained at their jobs longer than they planned thanks to the recession.... More »

Euro Bulb Ban Begins, But Many Take Dim View of CFLs

Consumers stockpile aesthetically pleasing old-school bulbs

(Newser) - Though proponents plug the financial savings and good climate karma of compact fluorescent light bulbs, not everyone thinks the European ban on most incandescent bulbs that kicks in tomorrow is such a bright idea, the New York Times reports. Consumers across the continent are hoarding old-school bulbs, worried over the... More »

DC Deficit Fixer: Print on Both Sides of Paper

$102M in painfully obvious cuts shows how outdated gov't is

(Newser) - A short while ago, President Obama called on his Cabinet to make budget cuts in their departments totaling $100 million. They came up with $102 million, but some of the cuts were so obvious one wonders why it took a presidential edict to elicit them, the Wall Street Journal notes.... More »

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