September 4, 2013 |
The 401(k) system has led to deep financial woes for a generation of American workers, leaving most people with inadequate retirement savings and dreary prospects for their latter years, according to a new research report. The widespread adoption of 401(k) plans in the last three decades has benefited upper-income workers, providing them with a coveted tax break even as it has left them at the mercy of the volatile stock market, according to the analysis by the Economic Policy Institute, a liberal think tank.
February 1, 2003 |
Americans would be given the ability to save tax-free for any purpose -- and get new and more generous retirement savings options -- under the sweeping proposal that President Bush will announce Monday. Treasury officials Friday unveiled a three-part approach to savings that would both consolidate workplace retirement savings options and boost savings choices outside of employer-provided plans.
December 16, 1989 |
President Bush is expected to propose new tax incentives for savings to encourage Americans to set aside more money for the future, Administration officials said Friday. Treasury Secretary Nicholas F. Brady announced several months ago that he was looking at ways to increase incentives for savings and investment, but few details of the Administration approach have emerged until now. Several options are under consideration, aides said, and no decision has been made about specifics.
CALIFORNIA | LOCAL
April 25, 1995 |
In a setback for landfill opponents, Los Angeles officials said Monday that an independent audit shows the city would save $56 million by extending the life of the Lopez Canyon Landfill near Lake View Terrace until 2001. Macias & Co., a private accounting firm hired by sanitation officials, found that the city would spend $14.62 per ton to dump trash in the landfill after extending it past its 1996 closing date, compared to $24.98 per ton to haul it elsewhere.
October 21, 2001 |
The Thrift Savings Plan, the government's 401(k)-type savings program, opened its doors recently to a new group of investors: members of the armed services. The savings plan had been available only to the civil service and postal employees, and about 2.5 million employees and retirees have set up accounts. During a special "open season" that runs through Jan. 31, members of the military services can enroll in the savings plan and start making contributions in January.
February 17, 1999 |
The nation's younger adults seem to be much more cognizant of the need for retirement savings than their elders were at the same age. Sixty-four percent of Americans ages 18 to 34 are saving for retirement, and the average age when they started to save was 23, according to a survey commissioned by Lincoln Financial Group and Money magazine. That's 13 years earlier than people who are 65 or older and four years earlier than the average baby boomer.
April 30, 2006 |
Are Americans saving enough for retirement? Many financial service companies, citing a paltry U.S. savings rate, say we're not. But the savings rate takes into account only how much people are saving from their current earnings. A recent A.G. Edwards & Sons Inc. "nest egg" survey, which looked at the savings rate as well as how much people have accumulated in savings, says we are. Another recent study, by the Employee Benefit Research Institute, provides a nuanced answer.
July 5, 1989 |
Anxiety about the U.S. economy is running high. The latest statistics--the government's leading indicators, factory orders, the intentions of corporate purchasing agents--all point to a slowdown in business. And the mood is anxious in the stock market, which fell sharply last week, although prices bounced back a bit on Monday in slow, pre-Fourth of July trading. The worry is about recession.
August 25, 1987 |
Consumer spending, bolstered by brisk auto sales and exceptional air-conditioning costs, soared 0.9% in July for the second month in a row, more than twice as fast as incomes grew, the government reported Monday. The Commerce Department said personal income also was up, but more modestly: 0.4% in July, compared to 0.3% gains in May and June. It was the biggest income gain since a 0.6% advance in April.
September 20, 1994 |
Many baby boomers will face a nasty financial surprise when they retire because they're saving too little and not investing wisely, financial experts said Monday. "I think there's a retirement crisis in America," said Carter Beese, a commissioner with the Securities and Exchange Commission, at a conference on financial markets and the economy hosted by Boston College. Social Security will be worth "little more than food stamps when the baby boomers retire," he warned.