The Department of Labor’s Fiduciary Duty Rule aims to protect families from conflicts of interest by requiring advisors to act in the best interest of customers. Sounds pretty common sense. But it’s now in jeopardy as President Donald Trump on Friday signed an executive order directing the Department to take the first step toward changing or eliminating the rule, before it even formally takes effect. [More]
Improving your finances doesn’t always require a big investment. Sometimes a single phone call or a small tweak are all you need to improve your financial future or present. Looking for some ideas as you change to your new “366 Kitten Photos” desk calendar? Here are some ideas from our financial friends down the hall at Consumer Reports to get you started. [More]
Retirement always feels like forever away when you’re in your early twenties. But for the young adults among the most recent cohort of college graduates, the age of retirement really is receding further and further into the distance than it is for their older peers.
As the economy continues to bounce back from the Great Recession, consumers have adopted a more optimistic outlook when it comes to their finances despite the fact that a third of the country has no savings put away for the future, according to a new survey from the Federal Reserve. [More]
McDonald’s announced that its CEO Don Thompson, who is not to be confused with Ron Johnson, will retire from the position as of March 1st. The current senior executive vice president and chief brand officer will take over, but what will it take for the brand to win over franchisees and younger Americans? [More]
Think you’ve been at your job a long time? Odds are you’re nowhere close to one 101-year-old New Jersey man, who’s been working at the same lighting company almost nonstop since he started as a shop clerk in 1941. [More]
Thanks to medical science — and the fact that we have yet to resort to a Logan’s Run-style system that determines your maximum age — humans are living longer than our forebears did. The downside of that fact is that while you might be forced to retire from your job, you can’t really retire from paying the bills. Alas, a new survey confirms that way too many Americans are shrugging off retirement. [More]
While many Americans are now doing better than they were during the Great Recession, those dark days took such a toll on many consumers’ savings that some people who are currently doing well enough to pay the bills and enjoy a decent living aren’t able to make necessary longterm investments, like buying a new home or saving for retirement. [More]
Unfortunately, not everyone currently in retirement has enough cash on hand to stay afloat, even those fortunate enough to receive a pension from their former employer. That’s why it might be tempting to solve a short-term money problem by taking out a pension advance, which pays you a lump sum now for signing over your pension payments to the lender for anywhere from a few years to a decade. Today, the Federal Trade Commission warned consumers to think twice before agreeing to one of these loans. [More]
Somedays when sitting in a crowded cubicle with phones incessantly ringing it’s inevitable that your daydreams will turn to retirement. Those thoughts might entail lounging by the beach in Florida or hitting a few balls on the lush greens in Arizona, but a new report found the best places to retire aren’t in either of those popular snowbird states. [More]
Tax season is finally over, and hopefully you’re one of the lucky ones who is expecting a tax refund rather than one of those who has to send even more money to the IRS. But before you spend that money on a third 72″ LED for your yacht, there are several more sensible ways to use your refund. [More]
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Retirement, for many American workers, is so far off in the future and so far behind other, more immediate priorities that their savings are, well, nonexistent. In an age where employer pensions are vanishing every day and Social Security may not provide all the income a retiree needs, individual savings are key to making it through the golden years. Though many folks have 401(k) or IRA accounts, many more don’t.
There’s dedication to your job, and then there’s spending 45 years working for the same company when many people would’ve spent that time enjoying the retirement years. A 95-year-old woman who started working as a cashier at a Target in Minnesota has finally retired on the exact same calendar date that she first began her employment, October 28. [More]
This seems to be the week for sad news about Americans and our retirement-saving behavior. A new study shows that while we might be sticking money in our 401(k) plan like dutiful money squirrels, in general, Americans aren’t doing ourselves any favors for retirement as we rack up debt at a higher rate than we sock away money. [More]