May 2013
3 Things Generation Y Needs to Consider About Retirement
May 21,2013
By Annie Cromwell, America Saves Communications Associate
A recent Gallup Poll named “not having enough money for retirement” as the top financial concern among Americans ages 18-65+. A number of employers are offering automatic retirement-savings in an attempt to lessen these fears and make savings automatic, often suggesting that new hires contribute 3% of their pay. However, experts say that workers should contribute closer to 12%-15%, including both worker and employer contributions. But often that 3% employees contribute is not enough to receive an employer’s full 401(k) matching contribution.
Let’s say you are a young person, ages 18-34, and are having to consider and provide for all of your financial needs, possibly for the first time in your life, and contributing to a retirement savings plan seems too far off to even think about. But you know it is important…what should you do?
Consider These Things
Read more: 3 Things Generation Y Needs to Consider About Retirement
Consumer Financial Protection Bureau Debuts Spanish Language Website
May 16, 2013
By Katie Bryan, America Saves Communications Manager
Today the Consumer Financial Protection Bureau (CFPB) launched its Spanish language website. The website, which is optimized for mobile use, provides access to essential consumer resources such as how to submit a consumer complaint and answers to consumers’ frequently asked questions.
“The CFPB is dedicated to being as accessible as possible for the greatest number of consumers,” said CFPB Director Richard Cordray. “CFPB en Español can be a trusted resource for Spanish-speaking consumers looking for clear information on consumer financial products and services.”
The CFPB’s mission is to make the consumer financial markets work for all Americans and to empower consumers to make informed, responsible financial decisions. Latinos were particularly hard hit by the recent financial crisis and are often targeted for financial scams. Latinos are also more likely to be unbanked, underbanked, or use alternative products like money transfers and payday loans. According to Census data, 37 million people speak primarily Spanish at home, and of those, 45 percent do not speak English very well. It is critical that those consumers have a place to turn for understandable, unbiased consumer financial information.
Read more: Consumer Financial Protection Bureau Debuts Spanish Language Website
How to Spot and Beat Fraud in the Commodities Market
May 15, 2013
By Nisha Smalls, Commodity Futures Trading Commission, Office of Consumer Outreach
The Commodity Futures Trading Commission (CFTC) is the federal government agency that regulates the commodity futures, commodity options, and swaps trading markets. There has been a sharp rise in trading fraud in recent years. Much of the fraud involves foreign currency trading, precious metals, and commodity pools. Following is information about these offers and simple ways to spot the ones that could be scams.
There are several signs of possible fraudulent sales pitch:
- Leading you to believe you can profit from current news already known to the public.
- Made through word of mouth referrals or emails from friends and relatives, members of community organizations, churches, or social groups.
- Contacting you asking for personal information such as your name, phone number, email or home address.
- Claiming to know unique market trends or to have a record of highly profitable trading.
- Promising quick, large and guaranteed returns.
- Requesting cash immediately.
- Advertised on radio, television, or online.
Read more: How to Spot and Beat Fraud in the Commodities Market
Pay off debt or save for retirement?
May 7, 2013
By: Barb Miller, Bankruptcy Specialist at LSS Financial Counseling
Wow … what a loaded question! We always hear how crucial it is to get rid of toxic debt, especially credit cards with double digit interest rates. Therefore, people generally assume that paying off debt rather than investing for retirement is the correct answer. In my opinion, this is not really an either/or proposition. The best approach? Do both!
One of my favorite financial gurus is Liz Weston, a regular blogger for the personal finance section of MSN’s Money website. She often tackles difficult topics, and makes them easy to understand.
Where you need to be:
Before getting into why it is important to both save for retirement and pay down debt, we have to start from a common point. To be able to move forward financially, it is essential that you are 1) using a budget to control your spending, and 2) have extra income for both debt repayment and your future retirement.
If you are spending more than you earn each month (or have no idea how much you spend), it is time to deal with the basics. This means learning to live within your means. The brutal truth is if you don’t control your spending, you will likely continue to abuse credit, and never have money tucked away for emergencies or retirement.
4 Financial Goals, and How to Reach Them as a Couple
May 2, 2013
By John Gower, Senior Analyst, NerdWallet
1. A dream wedding/honeymoon
Planning for wedding can be simultaneously one of the most exciting and terrifying challenges you’ll ever face. Unfortunately, the potential cost of the night, or the honeymoon that follows, will only add to the stress. If it’s up to you and your partner to cover the bulk of the costs, there are a few simple ways to prepare for your goal.
First, start stashing away excess money whenever possible. Shop around for the best savings account, and open one just for your wedding-related expenses (don’t mix it in with other savings). This way, you can both contribute to the balance and easily measure your progress.
If the big day is nearing and you still don’t have enough for a honeymoon, try asking guests to donate to a honeymoon fund instead gifting towels or a crockpot.
2. A place to call Home
The “American Dream” often paints a picture of a happy family living a comfortable life in their suburban home. If this is your dream as well, then start planning early for how to reach your goal of purchasing your own home.
First, discuss as a couple exactly what type of home you’d like – a large home in the country?...A small urban condo?...Building your own? Each of these options will have different costs associated with them. Also know that the cost of living can vary drastically from region to region, so even the choice of where to live can make a big difference.
Once you decide to buy, you’ll probably need a mortgage to help finance the purchase, but until then you can start saving for a down payment. The more you can pay up front, the less you’ll end up paying in interest.
Read more: 4 Financial Goals, and How to Reach Them as a Couple
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