October 2017

A Nightmare on Spending Street

  When it comes to money, Friday the 13th occurs 365 days a year; Americans do very eerie things with their money. We have documented here how young people have too much debt and too little savings. Halloween provides an opportunity to exorcise this poltergeist from our zombie budgets; or not. The National Retail Federation…

Run, Don’t Walk Away From “Top Producers”

Imagine paying the dues for NOT joining a fancy country club; banned from the premises and secluded from its perks. Sound crazy?  Introducing: “The Top Producers’ Club.” Brokers are eligible for this “honor” by generating large volumes of commissions. This “prestigious” designation often rears its deceiving head in public school teachers’ 403(b) plans. High-cost annuity products…

It’s Monday Again…..When Is My Retirement?

Good Morning! Here are this week’s retirement links. Have a great day. Republicans Seem Bizarrely Determined To Pay For Their Tax Cuts By Crushing 401(k)’s – Slate Your 401(k) Plan Could Be A Gold Mine If You Do These Two Simple Things – MarketWatch For Ways To Change 401(k) Plans For The Better – MarketWatch…

The Money People

Investing-speak from the mouths of babes. Dina and I are referred to as “the money people.” This is the term sixth and seventh graders use when they ask their teachers when we are coming back. We have certainly been called worse. I am sure the AXA representative could think of some other choice words to…

The Dirty Secrets of 401(k) Plans

The retirement crisis is worse than we thought.  401(k) plans mainly benefit the affluent; people don’t save enough, and most of us have the impulse control of a five-year-old.  The current solutions proposed by Congress will compound all three problems. Those who need it the most will receive little if any benefits from our current…

Making the World Safe for Retirement Hypocrisy

Why do large financial firms prey on educators, researchers, and public service workers in their retirement accounts?  That’s where the money is.  Financial illiteracy and steady income provide the ideal environment for predators. We constantly warn about insurers and brokers who exploit teachers by selling them unnecessary and expensive investment products.  They are the usual…

It’s Monday Again…..When Is My Retirement?

Good Morning! Here are this week’s retirement links. Have a great day. Many Financial Firms Want ‘Best Interest’ In Name Only – The Hill Check Your Retirement Readiness – HumbleDollar Got $1 Million To Retire? Here’s How Long It Will Last, By State – MarketWatch Open 403(b) Letter To CA State Insurance Commissioner – Late…

Keep Your Investment Factors out of the Zoo

What do Nashville, Donald Trump and the Bible have in common, besides having the potential for a bad joke? They should not be included as components of your investment portfolio.  Unfortunately, this is the new reality. Sponsored by our good friends on Wall Street, there are now several “theme-based ETFs” specifically designed to separate you from…

It’s Monday Again…..When Is My Retirement?

Good Morning! Here are this week’s retirement links. Have a great day. What Is An Annuity Contract? – PlanSponsor The Price Of Progress – The Irrelevant Investor Finra Cracks Down On Faulty Variable Annuity Exchanges – InvestmentNews Bad News: Your 401(k) Won’t Give You A Decent Retirement – L.A. Times How To Pay For Long-Term…

Generation Kill

  Young people are killing their chances of building wealth.  Their ignorance of how credit cards work is mind-blowing.  According to a recent survey: 6% believe that missing a card payment would “improve” their credit rating. WTF!!!! 17% said missing a card payment would have no effect on their score. 48% carry card balances on…