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September 2011

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  • The Next Big Threat to Your 401(k): A Tax Break Shake Up
    The Next Big Threat to Your 401(k): A Tax Break Shake Up

    Posted: 9/22/2011
    By Sheryl Nance-Nash
    Retirement, Economy, Personal Finance
    DAILY FINANCE

    However, EBRI also found the cap would cause a big reduction in retirement savings by the lowest-income workers as well. Today, the annual cap is $16500, with an extra $5000 allowed for those who are 50 and older. All the proposed monkeying around with ...
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  • Generation Y's $2 Million Retirement Price Tag
    Generation Y's $2 Million Retirement Price Tag

    Posted: 9/19/2011
    By Emily Brandon
    U.S. NEWS & WORLD REPORT

    In a 2010 survey of 226 registered investment advisors commissioned by Scottrade Advisor Services, more than three-quarters (77 percent) suggested a retirement savings goal of at least $2 million for members of Generation Y, defined by the study to ...


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  • Your retirement savings as a 'tax expenditure'
    Your retirement savings as a 'tax expenditure'

    Scott Burns


    Posted: 9/17/2011
    By Scott Burns
    AUSTIN AMERICAN-STATESMAN

    When does the taxation of plan withdrawals (due to high retirement rates) begin to outstrip the deferral of contributions and non-taxation of activity while within the plans? I don't want to do damage to the overall savings rate of our population ...
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  • The theft of the American pension
    The theft of the American pension

    Posted: 9/17/2011
    By Thomas Rogers
    SALON

    And they would argue for phasing out inefficient and indirect subsidies, particularly those that enrich parasitic middle-men, like the money managers who skim fees from tax-favored retirement savings accounts, in favor of simple, foolproof, ...
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  • When Retirees Are Shortchanged
    When Retirees Are Shortchanged

    Posted: 9/17/2011
    By BRYAN BURROUGH
    THE NEW YORK TIMES

    A New York Times Book Review- The world needs more newspaper reporters like Ellen E. Schultz of The Wall Street Journal. For nearly a decade, Ms. Schultz and her colleagues have been rooting through the minutiae of accounting regulations, government filings and ...
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  • FPA Convention What's the right age to take Social Security?
    Posted: 9/17/2011
    By Liz Skinner
    InvestmentNews

    If the drawdown of assets is done properly, it's best to delay taking that government check. By Liz Skinner Withdrawing retirement assets in the right order can add three to four years to your nest egg, according to a leading estate planning accountant ...
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  • Retirement Planning for a Post-Retirement Era
    Posted: 9/16/2011
    By Hamilton Nolan
    GAWKER

    "Retirement." Historians tell us that the word refers to an obsolete ancient practice of living out your elderly years engaged in leisure activities, rather than in scavenging soda cans from neighborhood recycling bins to supplement your meager ...
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  • 5 checkpoints on your race to retirement
    5 checkpoints on your race to retirement

    Robert Powell/ Getty Images


    Posted: 9/16/2011
    By Robert Powell
    MARKETWATCH


    Read Russell Investments' What's the Right Savings Rate report. 2. Could you withdraw just 2% per year and maintain your lifestyle? Many financial advisers say you can safely withdraw 4% on an inflation-adjusted basis from your retirement accounts over ...
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  • How to Know if You are on Track for Retirement
    How to Know if You are on Track for Retirement

    Posted: 9/16/2011
    By Dan Kadlec
    TIME

    Most folks have never run a retirement-income projection. How can they make a realistic plan? Here's a start.
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  • Trillions and Trillions of Dollars- Taxes, budgets, and you
    Posted: 9/15/2011
    MSNBC

    The same is true for retirement savings. As others have shown, there's scant evidence that subsidizing retirement accounts actually leads to more pre-tax savings -- particularly among upper-income earners, where the majority of the tax benefits fall. ...
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  • 401(k) savings proposal gets cold shoulder from panel
    Posted: 9/15/2011
    By Hazel Bradford
    PENSIONS & INVESTMENTS

    Karen Friedman, executive vice president and policy director for the Pension Rights Center, applauded the "creative idea" for "getting to the heart of the inequities," saying it would spur retirement savings. "We're still skeptical that just giving new ...
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  • Baucus Urges Minimizing Costs in Retirement Savings Proposals
    Posted: 9/15/2011
    By Andrew Zajac
    BLOOMBERG NEWS

    Proposals seeking to increase workers' retirement savings by making adjustments to the US tax code should weigh the costs of such shifts, Senate Finance Committee Chairman Max Baucus said in a hearing held ...
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  • Generation Y's $2 Million Retirement Price Tag
    Posted: 9/15/2011
    By Emily Brandon
    U.S. NEWS & WORLD REPORT

    Twentysomethings will need to save much more than their parents did for retirement


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  • Why Is the GOP Fussing Over Social Security? Medicare Is the Real Problem
    Why Is the GOP Fussing Over Social Security? Medicare Is the Real Problem

    Image credit: REUTERS/Jason Reed


    Posted: 9/14/2011
    By Jill Lawrence
    THE ATLANTIC

    Social Security is fine through 2037, though you wouldn't know it from listening to the Republican presidential field. Not so Medicare. If the first two Republican debates are a sign of what we can expect in the next six, ...
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  • Getting Rich Is Not a Goal
    Getting Rich Is Not a Goal

    Dana and Ray Brandon


    Posted: 9/14/2011
    By Ray and Dana Brandon
    MEMPHIS DAILY NEWS

    Retirement savings requires more time and money, but it's the same goal-setting process. Determine how much money you'll need for a comfortable retirement, how long it will be until you retire, and then you know what your savings rate should be to ...
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  • Stern Advice: What all those retirement studies get wrong
    Stern Advice: What all those retirement studies get wrong

    Posted: 9/14/2011
    By Linda Stern
    REUTERS

    Because of the explosive growth of privately owned plans like 401(k)s and individual retirement accounts, "the study of retirement savings draw-down has exploded in recent years," the Society of Actuaries has observed. And yet, when that group reviewed ...
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  • The Case for Downsizing Your Home
    Posted: 9/14/2011
    By Glenn Ruffenach
    SmartMoney.com

    A lot of boomers want to wait til the housing market improves before downsizing, but the savings of a smaller home make long-term sense. By GLENN RUFFENACH Do you love your home? I hope so. That said, chances are good you need to consider leaving it. ...
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  • Social Security: Better Than Nothing but Less Than Ideal
    Social Security: Better Than Nothing but Less Than Ideal

    Bob Jacobson, Innovation consultant & public policy activist


    Posted: 9/14/2011
    By Bob Jacobson
    HUFFINGTON POST


    Last year, realizing that any of us could die anytime, I made the decision to apply early for Social Security, as the Social Security Administration says, before "DRA" -- Date of Retirement Age. For sixties people, DRA is 66. ...
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  • Are You on Track to Retirement?
    Are You on Track to Retirement?

    Posted: 9/14/2011
    Liz Davidson
    FORBES.com

    For one thing, you won't be saving for retirement or paying into Social Security after you retire. A 10% contribution to your 401(k) plus the 7.5% payroll tax is 17.5% right there. Add in more savings from not commuting and eating lunch out every ...
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  • Retiring Solo: Too Many Singles and Divorcees Aren't Saving Enough
    Retiring Solo: Too Many Singles and Divorcees Aren't Saving Enough

    Posted: 9/14/2011
    By Catherine New
    DAILY JOURNAL

    Adjusting to a new -- usually lower -- level of lifestyle is critical for the newly single, but Fournier says budget adjustments should never come at the expense of saving for retirement. Schwab-Pomerantz agrees that retirement savings need to be the ...
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  • Transamerica Retirement Services Launches Interactive Savings Education Tool
    Posted: 9/14/2011
    PRESS RELEASE

    RetireTrack(SM) helps retirement plan participants forecast their financial preparedness for retirement
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  • Why Are Retirement Savings Rates Falling Again?
    Posted: 9/14/2011
    By Richard Barrington
    FORBES.com

    If it seemed that the Great Recession had taught Americans about the importance of retirement savings, the lesson proved to be short-lived. The percentage of Americans who say they have saved for retirement slipped to 69 percent in 2010, and then again ...
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  • Putnam Retirement Tool Helps Plan Sponsors, Advisors Focus on Income
    Posted: 9/14/2011
    By Dave Lindorff
    FINANCIAL-PLANNING.com

    A recent survey of 3,300 working Americans conducted by Putnam Investments disclosed that American households are on track to replace only about 64% of their current income in retirement -- significantly less than the 75% of income that most financial professionals recommend.
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  • Retirement income: when to start saving
    Retirement income: when to start saving

    Posted: 9/14/2011
    Retirement income is key, so start saving early on even when other worthy goals compete. Why? You just can't bank on retirement income. Question No. 1 in this reader mailbag.
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  • 401(k) Break at Risk as Policymakers Mull Retirement Shift
    401(k) Break at Risk as Policymakers Mull Retirement Shift

    Posted: 9/13/2011
    REUTERS

    US retirement programs could look different if a grand deficit-cutting bargain is struck in upcoming negotiations. Among the ideas being floated are a replacement of the 401(k) deduction with a tax credit that would offer bigger ...
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  • Generation of young workers face retirement in their 70s
    Generation of young workers face retirement in their 70s

    Posted: 9/13/2011
    By Hannah Brenton
    PROFESSIONAL PENSIONS

    "For individuals these announcements can erode their confidence in saving for their retirement, when the reality is that now is the very time that people should take responsibility for their retirement savings so they have solid options aside from the ...
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  • It?s 2011: Do you know where all your retirement savings are?
    Posted: 9/13/2011
    By Gary W. Plum
    BRADENTON HERALD

    It is easier to monitor your progress and investment results when all your retirement savings are in one place. n Less paper. By consolidating your accounts, you will receive one statement instead of several. That simplifies your life while protecting ...
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  • Hoping to retire? Politicians at work debating fine print
    Hoping to retire? Politicians at work debating fine print

    Posted: 9/13/2011
    REUTERS

    Washington politicians negotiate how to tweak retirement to make 401(k) plans more efficient, keep Social Security afloat and save some money for the federal treasury. US retirement programs could look different if a grand deficit-cutting bargain is ...
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  • Here Are The Six Features Of A Good 401(k) Plan
    Here Are The Six Features Of A Good 401(k) Plan

    Image: AP


    Posted: 9/12/2011
    BUSINESS INSIDER

    A 401(k) is a great way to save for your retirement because it automatically takes money out of your paycheck before you can spend it on something else. Easy engagement. Your plan should make access to plan information easy to find. ...
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  • Retirement tax proposal could endanger 401(k)s
    Posted: 9/12/2011
    By Liz Skinner
    BUSINESS INSURANCE

    BROOKINGS PLAN SWAPS TAX BREAKS FOR FLAT TAX CREDIT
    Americans would lose their variable tax breaks on retirement contributions in exchange for a flat tax credit to be deposited automatically into the saver's account under a proposal by The Brookings Institution discussed before the Senate ...
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  • How Much is Enough? Russell Introduces "Rule-of-Thumb" for an Appropriate Saving
    Posted: 9/12/2011
    MARKETWATCH
    Press Release)

    "Describing one's retirement savings rate in terms of target replacement income (TRI) can greatly simplify the retirement savings puzzle." -- How much should participants save for a high chance of achieving a given TRI -- the percentage of one's final, ...

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  • Mortgage payments vs. refinancing vs. savings dilemma
    Posted: 9/12/2011
    By Karin Price-Mueller
    THE STAR LEDGER

    Should we pay down the current mortgage, refinance at a lower rate, both, or use other retirement savings to clear the deck? A. The Brain's advisors have done a bunch of math for you. Your mortgage payment is now $709.74 a month. ...
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  • Helping people find the off-ramp toward sensible retirement income distribution
    Posted: 9/12/2011
    By Lisa Gillespie
    Employee Benefits News

    Although most retirement plan sponsors train their laser focus on helping participants save adequately for retirement ? and rightly so ? one nonprofit group is encouraging sponsors also to pay attention to assisting pre-retirees in ...
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  • Three (3) Ways To Improve 401(k) Plans
    Three (3) Ways To Improve 401(k) Plans

    Posted: 9/12/2011
    ETF Daily News

    With pensions disappearing and Social Security under threat, 401(k)s are an increasingly important retirement savings option. The plans are essentially tax-deferred savings accounts funded by employees, with employers often matching part of employees' ...
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  • How to Catch up After a Retirement Savings Break
    Posted: 9/12/2011
    By Emily Brandon
    US NEWS & WORLD REPORT

    But once you begin saving for retirement again, you will need to boost your savings rate to make up for the gap. "Being unemployed for a year is something that one can overcome when it comes to retirement savings, but they will need to save more and ...
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  • Personal Finance: Making savings a priority
    Posted: 9/11/2011
    By Gail MarksJarvis
    CHICAGO TRIBUNE
    Read More »
  • More workers postpone retirement
    Posted: 9/11/2011
    By Jim Fox, Times Correspondent
    ST. PETERSBURG TIMES

    It is "particularly troubling" that 74 percent of workers say they have been able to save less than a quarter of their retirement savings goal, said Dianne Winsor, association chairwoman. Even with Canada's socialized, "free" medical care, ...
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  • Can Starting a Business Ruin Your Retirement?
    Posted: 9/8/2011
    By CATEY HILL
    SMARTMONEY.COM

    More boomers are launching ventures late in life, which could make a bad problem worse.
    As it is, Americans in their 50s and 60s tend to be undersaved for retirement; historically, they have made up for that by boosting retirement savings significantly in their later working years, when the mortgage is supposedly paid off and the kids are ...
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