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Friday, March 04, 2005
How do you measure up financially? Dear Armchair Millionaire: I'm 31 years old and have saved $79,000 so far in my 401(k) for retirement. Can you tell me how I'm doing compared to other people my age? According to the 2004 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and the American Savings Council, you're definitely in the top-tier of American savers. The survey found that those in your age group (25-34) are doing a poor job overall of saving, with 64 percent having saved less than $25,000. Just 7 percent have saved between $50,000 and $99,999. And those in other age groups are not doing much better. Wednesday, March 02, 2005
How Today's Social Security Works Social Security is probably the most popular federal program, yet most people know almost nothing about it. In practice, Social Security’s complex benefit formulas and rules make it difficult for people to understand how their retirement benefits will work. Thursday, February 03, 2005
30-year mortgage rate falls a fifth week CHICAGO (MarketWatch) - The fixed rate for a U.S. 30-year mortgage declined for a fifth straight week, while short-term adjustable rates continued to rise in step with Federal Reserve rate hikes, the latest survey from Freddie Mac showed Thursday. Homeowners will pay an average 5.63 percent on a 30-year loan secured in the week ended Feb. 3, down from last week's 5.66 percent, said Freddie Mac, which has tracked mortgages on a regular basis since the 1970s. The 30-year average rate was 5.72 percent at this time last year. Read Full Story Monday, January 24, 2005
30-Year Mortgage Rates Fall for 3rd Week Rates on 30-year mortgages fell for a third straight week as investors' concerns about inflation were eased by reports showing that prices fell in December. The weekly survey, released Thursday by the mortgage company Freddie Mac, showed that rates on 30-year, fixed-rate mortgages averaged 5.67 percent for the week ending Jan. 20, compared with 5.74 percent the previous week. Low mortgage rates have powered the housing industry in recent years. Sales are expected to set records for both new homes and existing homes when all the results for 2004 are in. Analysts are forecasting that housing will enjoy another good year in 2005 if mortgage rates do not rise too sharply, given the Federal Reserve's credit-tightening campaign to ensure that inflation stays in check. Economists said worries about inflation were eased with Wednesday's report showing that consumer prices dipped 0.1 percent in December, reflecting the biggest drop in energy costs since July. "Financial markets see inflation as being well managed by the Fed, and that allows long-term interest rates to remain low, with mortgage rates even falling a little more this week," said Frank Nothaft, Freddie Mac's chief economist. Read Full Story Patterson: Insurance checkups can aid financial well-being Although we are in the depths of a New England winter and you are housebound far more than usual, you may have somehow overlooked that it is "Get Smart About Insurance Week." The National Association of Insurance Commissioners and the Massachusetts Department of Insurance sponsors the week (Jan. 24-28) to educate consumers about insurance. Both organizations strongly recommend that you have an annual "insurance checkup" to ensure that you own the appropriate type of insurance and that you are paying the best price for the coverage. An annual insurance checkup entails a review of your designated beneficiaries, whether you have adequate coverage, whether your financial goals have changed, and whether your insurance products are the most competitive and cost-effective available. You also to need know that your insurance companies themselves are financially stable. Of course, major life events can change any or all of your insurance needs, which include automobile, disability, health, life and long-term care: Read Full Story |
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