5 Ways to Boost a 401(k)
Since the advent of defined contribution plans 30 years ago, the responsibility of saving for retirement has fallen largely on employees’ shoulders. Many employers are freezing or terminating costly pension plans in favor of 401(k)s and similar plans, according to a Prudential Financial Inc. survey. If you’re looking to catch up or get ahead on saving for retirement, there are steps you can take to do that, including the five that...
7 Money Moves Before Year Ends
Washington — The end of the year is a natural time to reflect on goals and set resolutions. But some of the tasks you should get out of the way this month will have little to do with reading more or heading to the gym. December can be a good time to reassess saving strategies, get paperwork in order for your tax return and make other preparations. Here is a list of money moves to make this month: ■ Prepay bills. Do you have a kid in...
Money Talk: Why Credit Score Keeps Changing
Question: My Discover card started including a complimentary credit score with my statement. My first report was 840. Each month since has been lower. Two months ago it was 812 and the last one was 800. I have not applied for any new loans, cards or other credit. My limit on this card is $4,000, and I never charge more than $500 each month, which is paid in full. Why does my number keep dropping when I’m doing nothing different?...
Is It Better to Save by the Dollar or by a Percentage?
When contributing to your employer-sponsored plan, you can choose to defer your income by a dollar or a percentage amount. The smart thing to do is to opt for whichever makes you save more. An automatic deduction from your paycheck is an effective way to save for retirement regularly. When initially enrolling in a 401(k) or other plan, you elect how much, in dollar or percentage terms, you want to contribute each pay period....
Money Talk: Tips for Finding a Financial Adviser
Question: We recently inherited some money. We’ve never had much. We want to invest our inheritance for our kids’ college education. We asked around to find investment firms that people have had a good experience with. But how do we know they are honest and make sound investment decisions? How do we know if the rates they are charging are fair and reasonable? For example, one charges a percentage of the value of the account. How do I...
