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Why you’ll outlast your money

Written on May 17, 2010 – 8:44 pm | by Adam Gomez

Writing about America’s abysmal retirement savings rate is tricky.

Mention the substantial sums needed for a comfortable retirement, and many people simply give up. The amounts seem so vast and their ability to save so minimal that they don’t even get started.

Whitewashing the issue isn’t the answer, though. The truth is that unless something changes, big chunks of Americans are going to be in a world of hurt when they can no longer work.

And the frustrating thing is that it wouldn’t take that much effort for most people to dramatically improve their odds of having enough money in their final years.

Let’s look at the latest grim statistics:

Hewitt figures that workers without traditional pensions would need to save 15.7 times their final annual pay to maintain their current living standards.

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Financial Advice For Graduates That All Of Us Could Use

Written on May 17, 2010 – 8:07 am | by Alicia Ross

Graduates will be walking off their college campuses this spring and right into the “real world,” where national unemployment has inched back up to nearly 10% again, the average college debt upon graduating is $20,000, and our economy’s recovery is still fragile and unstable. In fact, this situation of job uncertainty, heavy debt, and financial insecurity is pretty familiar to most Americans.

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What ‘Dr. Copper’ says about the economy

Written on May 17, 2010 – 2:36 am | by Adam Gomez

Gold has been getting all the attention lately, rocketing to new highs as fears over European debt have grown to fever pitch. But many Wall Street insiders have been preoccupied with the vagaries of another, less-glamorous metal: copper.

After rising 193% from its 2008 low, the red metal had fallen 21% through May 17. And after a deep sell-off that day, copper futures dropped under their 200-day moving average for the first time since summer 2008 — a critical line of demarcation that normally marks the transition from bull market to bear market.

Whereas gold is seen as a store of value and a hedge against economic Armageddon, what some call “Dr. Copper” is said to be the metal with a Ph.D.

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Senate Moves to Curb Debit Card Swipe Fees

Written on May 16, 2010 – 6:30 pm | by Alicia Ross

In a major victory for retailers, the Senate this week approved an amendment to the financial reform bill, which if signed into law will put curbs on the interchange fees merchants pay to credit card giants Visa and MasterCard for debit card transactions.

Limitations on the so-called swipe fees are intended to give small businesses a break in the rising costs of debit card payment processing. Swipe fees on credit cards, which hover between 2 and 3 percent of the transaction amount; are not affected by the bill. Visa and MasterCard currently charge debit interchange fees of around 1 to 2 percent of the transaction amount, substantially higher than the actual cost of processing debit transactions.

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Should I Get Rewards Credit Card?

Written on May 16, 2010 – 5:08 pm | by Alicia Ross

There was a time when rewards credit cards meant earning points for Caribbean cruises and getting cash back in bulk, but issuers have pulled back on rewards programs and now it takes thoughtful consideration to decide whether rewards cards are really worth it.

What makes a rewards card worthwhile? Depending on what type of rewards you want to earn—airline miles, cash back, spending points, travel packages—the bottom line is you’ll benefit from earning rewards without extra cost to you. Here are golden rules for getting the most out of your rewards card without it busting your wallet or credit score:

1. A smart way to use a rewards card is to pay for daily expenses, such as gas, groceries, and bills. You’l

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Credit vs. Debit: Protecting Yourself from Fraud

Written on May 15, 2010 – 10:52 pm | by Katie Perry

‘Credit or Debit?’ You’re used to hearing this question when checking out at the grocery store, but have you ever stopped to think about what your choice means in terms of your financial security?

Using a credit or debit card does makes you vulnerable to fraud, but the fact that 62 percent of purchases in 2009 were made using electronic payment methods* suggests it’s not stopping consumers from using their plastic. Cash may be safer in terms of fraud, but it’s simply not a practical option for our day-to-day needs. So this begs the question, ‘credit or debit?’ when it comes to fraud protection.

Fortunately, the major credit and debit card networks (i.e. VISA and Mast

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