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Using Retirement Money to Pay for the Kids’ College

March 19, 2015

retirement

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homework_help_mom_girl_asian_220x110.jpgThe parents of college students are paying for skyrocketing tuitions with money that would otherwise go to their own retirements.

That’s according to T. Rowe Price’s “Family Financial Trade-offs Survey,” which polled 2,000 parents nationwide with a retirement account and children ages 15 or younger.

Fifty-two percent of the parents polled said that it was more important to save for their children’s college than it was for their own personal retirements.

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How to Make Your Retirement Last

March 13, 2015

retirement

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40521340_s.jpgPicture this: You've worked hard your entire life, saving diligently for retirement. At age 65, you were living the dream. At age 75, you enjoyed a comfortable, if not luxurious, lifestyle. But at age 85, you inexplicably have run out of money.

How did the ship sink so quickly? There was an iceberg, barely visible above the water but monstrous beneath the surface – the result of mismanaged distributions and ill-conceived budgeting. It probably doesn't make you feel better, but you’re probably not alone in having hit that iceberg.

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Financial Wellness Programs Gain Attention

March 12, 2015

Financial Wellness

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33214038_m.jpgWorkplace wellness isn't just about your physical fitness anymore. Many employers have broadened the concept beyond health care to include programs that help workers get their finances in shape.

"I think financial wellness is becoming more than a buzzword," says Bob Harris, director of financial wellness at Waddell & Reed, a Kansas City, Kansas-based asset management and financial planning firm that customizes financial wellness programs for clients in a wide range of industries. "It's something that most employers are considering as an important part of their overall wellness program."

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FinFit Ranks Among the Very Best Financial Education Providers

March 10, 2015

financial education

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logo.pngVIRGINIA BEACH, Va., March 10, 2015 /PRNewswire/ -- FinFit announced today that they are now a quality financial education provider for PFEEF who advocates best practices in workplace financial programs to increase employee well-being and employer profits. FinFit's financial wellness program results in improvements in employees' personal financial behaviors, decreases in their financial stress and improvements in employee financial well-being. In turn, employers are benefiting from increased productivity and profitability within the workforce.

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The Financial History of Daylight Saving

March 09, 2015

tips, financial education

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27705495_m.jpgConceived by Benjamin Franklin and panned by Native American proverbs, daylight saving time, or DST, has been a constant topic of debate.

And as this year's "spring-forward" approaches (2 a.m. on March 8), what better time than now to learn about its origins?

Nearly 100 years ago, it was created for practicality, but it has caused astonishing confusion along the way. Implemented to save energy costs and be a boon to the economy, many argue DST has been more of a detriment financially.

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10 Best Places for the Wealthiest Retirees

March 06, 2015

retirement

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KG_Vaca.jpegA growing body of research has pointed out the large wealth gap between the richest Americans and everyone else. The top 1 percent of Americans will be able to retire without worrying about outliving their savings and how to pay for out-of-pocket medical expenses. They can simply pick a town with the best housing, health care, and amenities.

To find retirement spots that might appeal to the wealthiest among us, U.S. News used our Best Places to Retire search tool, powered by data from Onboard Informatics. We looked for places with the highest median housing prices, annual expenses, and cost-of-living. These are retirement spots that most Americans will simply be priced out of.

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10 Things You'll Pay More For in 2015

March 05, 2015

budget

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fin1-300x168.jpgBurgers and steaks

Red meat prices soared by more than 10% in 2014, and are expected to jump by another 5% this year, according to a recent forecast from the U.S. Department of Agriculture.

That is leading to some serious sticker shock among steak and burger fans. Lean ground beef, for example, sold for an average of $6.04 a pound in November — a nearly 45% increase from two years earlier.

The culprit: a 2012 drought that caused prices for corn -- a common ingredient in animal feed -- to soar in the U.S. As a result, many ranchers were forced to reduce the size of their herds.

While weather conditions have been improving, it can take several years before consumers see any positive change at the cash register, said Annemarie Kuhns, a USDA economist.

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How Social Security Can Help You Catch-Up On Retirement

March 03, 2015

retirement

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14309969_m.jpgMore Americans over 55 are finally getting back to work after the long recession. The strong national employment report for January released last week confirmed that. The unemployment rate for those over 55 was just 4.1 percent in January, down from 4.5 percent a year ago and well below the national jobless rate. The 55-plus labor force participation rate inched up to 40 percent from 39.9 percent.

That is good news for patching up household balance sheets damaged by years of lost employment and savings, and also for boosting future Social Security benefits.

Social Security is a benefit you earn through work and payroll tax contributions. One widely known way to boost your monthly benefit amount is to work longer and delay your claiming date. But simply getting back into the job market can help.

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Financial Security Worries Retirement Hopes

40521340_s.jpgDespite an improving economy, Americans just aren’t feeling confident about their finances.

Their confidence is so lacking, in fact, that a scant 26 percent say they've been able to sustain a traditional view of retirement — and 21 percent don’t plan to retire at all.

Those are some of the findings from a new brief from the Pew Charitable Trusts titled “Americans’ Financial Security: Perception and Reality.” The brief, based on both a survey and focus group meetings, revealed that Americans are still feeling very vulnerable, and that vulnerability is carrying over into retirement plans (or the lack thereof) as well as into other areas of their lives.

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