The Federal Election Commission (FEC) voted unanimously to allow Americans to contribute to candidates and political organizations through text messaging.
It’s easy to get in over your head when it comes to credit-card debt, and retirees are no exception.
According to New York-based research group Demos, those 65 and older from low- and middle-income households carried average credit card debt of $9,283 in 2012, the highest debt load of any age group in the survey.
LAS VEGAS, Nev – On Monday, a coalition of national voting rights groups filed a Complaint against Secretary of State Ross Miller and Director of the department of Health & Human Services, Michael Willden in the U.S.
Hmmm … 401(k) plans can help you save money for retirement, but they many also cost you more than you realize. According to a new study from research firm Demos, the average American couple pay nearly $155,000 in 401(k) fees in the course of building up their proverbial nest egg; wealthier couples could pay nearly $278,000. These fees can reduce 401(k) savings by an average of 30 percent.
With hidden 401(k) fees back in the headlines, financial advisers say that in many cases it just doesn’t pay to leave your money in these plans—especially once you retire or switch employers. Recent findings from Demos, a research group, include this zinger: hidden fees may claim 30% of your savings.
A recent headline in the Los Angeles Times managed to rile both supporters and detractors of the 401(k) plan industry’s opaque and often excessive fee structure. Citing new research, The Times asserted that “401(k) Fees Could Reduce Average Nest Egg by 30%.” There is definitely a problem. But that seems extreme.
Portability, ownership and innovation are three key features of 401(k) plans that make them worth keeping. That was the case laid out by Paul Schott Stevens at a "town hall" meeting in Los Angeles this afternoon. The remarks lay out a defense of the mutual fund-heavy savings vehicle even as the plans have come under attack for the fees charged by mutual fund firms.
WASHINGTON, D.C. – In the wake of the U.S. Supreme Court’s ruling in Citizens United v. Federal Election Commission, which allows corporations to spend unlimited amounts from their treasuries to influence elections, states have passed a variety of innovative measures to regulate corporate cash in elections, a new report by the Corporate Reform Coalition shows.
But here's the fact that convinced me older Americans need more help managing their debt than new college grads: The age range of low- and middle-income Americans with the highest credit-card debt today is 65 and older — they owe an average of $9,283. By comparison, 18- to 24-year olds average just $2,982 in credit card debt; those aged 25 to 34 are about $5,156 in the red.
Millions of Americans with damaged credit records are at risk of being unfairly denied job opportunities by companies that use credit histories to screen applicants. Faced with growing public complaints, seven states have rightly limited the use of credit histories by potential employers. Federal, state and local lawmakers who are considering similar legislation are on the right track.
There are more than 50 million Americans with investments in 401(k) and other defined-contribution retirement-savings plans. They’re about to be getting more information about the fees they pay.
By one estimate, it could be sobering news.
Retirement-plan administrators have to provide detailed information to employers by July 1 about the fees they charge. Employers have to share that information with workers in their plans by Aug. 30, and once a year after that. The charges include investment-related fees and fees for administering a plan itself.
The average American couple could pay nearly $155,000 in fees for their 401(k) plans over their careers, reducing their eventual nest eggs by more than 30%, according to a new report.
Americans are increasingly dependent on credit cards just to put food on the table and keep the lights on, a new study shows. Although we’re doing a better job overall paying our bills on time these days, many people are relying on more easily attainable credit just to keep their heads above water.