Savings | Common News Update

Jul12019 by adminNo Comments

California is the latest state to help millions of workers join retirement savings plans

An estimated 7.5 million California workers soon will have access to workplace retirement savings.That's due to CalSavers, the Golden State's automatic individual retirement account enrollment plan, which officially begins on Monday. The program was established after the state required employers with five or more employees to either join CalSavers or begin offering a private plan.Over the next several years, employers will face rolling deadlines to register with CalSavers in order to comply. The first is for businesses with more than 100 employees, which have a deadline of June 30, 2020. The deadline for entities with five or more employees is June 30, 2022.The truth is, you may or may not need to replace all of your current income to retire early.ImageegamI | Getty ImagesBut all businesse...

Jun282019 by adminNo Comments

Banking on faith: How thousands of people lost their life savings in IMA Jewels scam

Finance

An investment scheme that appeared to follow Islamic precepts, run by a man who was super religious, and great returns for years--until they suddenly stopped. Mohammed Mansoor Khan, founder of Bengaluru-based IMA Jewels, also had a flair for YouTube appearances. But it took an audio message in which he threatened to commit suicide for investors, mostly Muslim, to actually panic—by then they hadn’t received any money for about five months. Islamic law bans the earning of interest, equating that with usury. Instead, investors get a share of profit or bear the losses. Khan’s genius lay in persuading the faithful to entrust their money to him. For a man of such religiosity couldn’t really be a con man, could he? Until he’s brought to justice, his investors won’t know for sure. Khan has disappe

Jun222019 by adminNo Comments

How much you’ll need in retirement savings by age 30, 40, 50 and beyond

Finance

Saving for retirement.Everyone knows they need to do it, but it can be hard to put away all that money when you could be spending it now.You are in a race against time and the later you start, the harder it will be to catch up.To that end, Fidelity has put together a list of benchmarks you need to hit by certain ages if you want live comfortably in retirement.The investment giant says you should aim to save the equivalent of your annual salary by the time you are 30, two times your salary by 35 and three times your annual salary by age 40. The eventual goal for a secure retirement should be 10 times your annual salary in savings.Check out the video to learn more about how much you should be saving and tips on how to get there.More from Invest in You:Disclosure: NBCUniversal and Comcast Ven...

Jun52019 by adminNo Comments

Retirement savings rate improves when workers get help with whole financial life, study suggests

Finance

Workers who get advice on all money matters impacting their lives do a better job saving specifically for retirement, a new report suggests.Among more than 2,400 employees who have had access to ongoing coaching for all aspects of their financial lives, the average retirement-plan contribution rate climbed to 9.4% of pay in 2018 from 6.3% in 2013, according to research from the Financial Wellness Think Tank, which is sponsored by financial-wellness benefit provider Financial Finesse.Additionally, the share who said they are on track to reach their retirement income goal jumped to 57% in 2018 from 21% in 2013.Jason York | Getty ImagesOverall, financial wellness among the financially coached workers improved during that five-year period to 6.4 from 5.0 on a scale of 1 to 10. That compares to...

Mar122019 by adminNo Comments

Trump's budget could open this tax-free savings account to people on Medicare

Finance

President Donald Trump's proposed budget might make it easier for seniors to save for health-care costs on a tax-free basis. The proposal calls for allowing Medicare beneficiaries to make tax-deductible contributions to health savings accounts "associated with high-deductible health plans offered by their employers or a Medicare Advantage plan." That's a change from current law, as people enrolled in the retiree health-care program cannot fund an HSA. Though it's uncertain whether this measure would be supported in Congress, this isn't the first time ...