Thursday’s need-to-know money news

18ixgvpiu0s24jpgToday’s top story: Why Millennials fear filing taxes online. Also in the news: Using the 4% Rule to determine when you can retire, tips for doing your own taxes, and five things you should never do with your 401(k).

Millennials Fear Filing Taxes More than Most Americans, NerdWallet Survey Finds
Using screens for everything BUT filing taxes.

Can I Retire Now? Use the 4% Rule to Find Out
Retirement could be closer than you think.

31 Tips When Doing Your Own Taxes
Pay attention, Millennials.

5 things you should never do with a 401(k)
When owning a lot of company stock isn’t a good thing.

Monday’s need-to-know money news

taxesToday’s top story: What to do if you’re a victim of tax fraud. Also in the news: Personal finance items couples hide from each other, why Millennials will spend more on Valentine’s Day, and why you should watch out for student debt predators.

Victimized by tax fraud? Here’s what to do
Take a deep breath.

What personal finance item have you ‘hidden’ from a spouse or partner?
A bounced check or a little bonus? What about a hidden credit card?

Need to slash student debt? Watch out for rip-offs
Watch out for predatory loans.

Millennials to Spend More Than Others on Valentine’s Day, Survey Finds
Ah, young love.

Monday’s need-to-know money news

FICO-score-calculation-300x281Today’s top story: How to tank your good credit. Also in the news: What to buy (and skip) this month, why US schools are getting a failing grade for financial literacy, and the top tax mistakes made by Millennials.

5 Fast Ways to Tank Your Good Credit Score
Avoid these at all costs.

What to Buy (and Skip) in February
Time to pull the trigger on that new TV you’ve been eyeing.

US schools get failing grade for financial literacy education
What are your kids learning?

5 Tax Mistakes Made by Millennials
How to avoid them.

Wednesday’s need-to-know money news

8.6.13.CheckupToday’s top story: How student loans can hurt your mortgage approval chances. Also in the news: How to keep your health care costs in check, why identity thieves love millennials, and easy retirement plans for the self-employed.

Can Student Loans Hurt Your Mortgage Approval?
Pay attention to your debt-to-income ratio.

7 Ways to Keep Your Health Care Costs in Check
How to rein in your medical spending.

ID thieves love millennials.
A social media created monster.

4 easy retirement plans for the self-employed
Don’t miss out on the tax benefits.

MasterCard tries out ‘selfie pay’ for online purchases
Civilization was fun while it lasted.

Friday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: How to trick yourself into saving money. Also in the news: Retirement savings for Millennials, how to save $5 a day, and how to plan for retirement as a single person.

Financial Experts Reveal 7 Ways to Trick Yourself into Saving Money
You won’t even notice you’re doing it!

Millennial Investing: A Beginner’s Guide to Retirement Saving
You won’t be young forever.

15 Ways to Save $5 a Day
$5 a day adds up quickly.

How to Plan for Retirement as a Single Person
Preparing for the future.

Beware the “Coupon High” That Makes You Spend More
Just because you have a coupon doesn’t mean you have to use it.

Tuesday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: Most Americans have less than $1,000 in savings. Also in the news: Financial goals for new millennial parents, money mistakes that could derail your retirement, and money moves to make before your 40th birthday.

Most Americans have less than $1,000 in savings
Potentially disastrous in more ways than one.

3 Financial Goals for New Millennial Parents
It’s all about the budget.

7 Bad Decisions You Could Make in Your 30s and 40s to Derail Your Retirement
Long term reprecussions.

Money Steps to Take Before Your 40th Birthday
Retirement will be here sooner than you think.

‘Ladders’ Help You Build a Flexible Personal Finance Plan
Rung by rung.

Millennial parents more likely to save for kids’ college

Zemanta Related Posts ThumbnailMillennial parents are far more likely than their predecessors to save for their children’s educations and far more of them want to pay the whole tab for college, according to a survey.

Whether they will be able to do so is questionable, though, given the relatively small amounts most have saved so far.

Seventy-four percent of parents aged 30 to 34 polled for the 2015 Fidelity Investments College Savings Indicator have put aside money for college, compared to 58 percent of parents the same age who were polled in 2007.

Nearly half (48 percent) of the group born between 1981 and 1985 plan to pay for all college costs, compared with just 16 percent of parents the same age in 2007, according to the survey conducted for Fidelity by Boston Research Technologies.

In my latest for Reuters, a look at why Millennials want to cover all college expenses for their children.

In my latest for DailyWorth, everything you need to know about debt consolidation.

Are you saving too much?

Zemanta Related Posts ThumbnailWe know Americans aren’t great at math, so there may be people taken in by a column headlined, “If you have savings in your 20s, you’re doing something wrong.” The post went viral, leading to counter-posts by virtually everyone in the known universe who understands how money works.

Bottom line: You can’t ignore the power of compounded returns. If you don’t know why that’s so important, Google it or read this column by Michelle Singletary in the Washington Post: “In your 20s? Don’t squander your biggest asset: time.”

Carpe diem isn’t exactly a new idea. Since the beginning of time (or at least since the invention of money), people have argued that living for today is far more important than saving for tomorrow. But smart folks do both. I traveled a lot in my 20s and 30s, including a trip around the world, and did other expensive things like learn to fly an airplane. But I also saved money–a ton of money–for retirement. And now, decades later, I have a lot of options that people who got a late start saving for retirement don’t have. I can retire early or cut way back on our savings, and we’ll be fine.

It is certainly possible to save too much, but it’s not that common. If you’ve maxed out all your retirement savings options and are looking for additional ways to save, maybe it’s time to think about loosening up (unless you’re making up for a late start). But we’re certainly not facing an epidemic of over-saving–among young people or anyone else.

 

 

Q&A: How to get millennials to save for retirement

Dear Liz: We have 90 employees, many of them millennials, and only about 30% take advantage of our retirement plan. What resources and advice can I use to get our employees to take control of their retirement future?

Answer: The youngest generation of adults and near-adults vividly remembers the stock market crash and financial turmoil of 2008-09. So they’re understandably wary of investing, plus more of them are dealing with student loan debt than previous generations. Getting them to focus on investing in their futures can be difficult.

That said, employers have discovered that one of the most effective ways of getting this and other generations into retirement plans is to enroll them automatically. Status quo bias — the human tendency to accept the current situation rather than struggle to change — pays off in this case, since once in the plan few people decide to opt out. You can take further advantage of this inertia by offering an auto-escalation feature that increases employees’ contributions 1% or so each year.

Company matches, simpler investment choices such as target-date funds and access to advice (human or computerized) also can increase participation. If your plan provider isn’t offering you suggestions for increasing enrollment, it may be time to look for a new one that can.

Friday’s need-to-know money news

Pile of Credit CardsToday’s top story: How to fix common credit card problems. Also in the news: Why Millennials are delaying retirement savings, how to get a great deal on a car lease, and how medical debt can affect your credit score.

5 Common Credit Card Problems & How To Fix Them
Solutions to common problems.

Millennials Crushed By Debt Delay Saving For Retirement
A very costly delay.

5 Ways to Get a Great Deal on a Car Lease
Do your research.

How Medical Debt Can Affect Your Credit Score
Pay close attention to inaccuracies.