Smart401k Blog

Around each holiday, I try to remind myself of the true significance of that day, as tradition often shrouds the actual meaning.  For example, this time of year, it’s easy to get caught up in the BBQ’s, parades and fireworks, while overlooking an event that took place 233 years ago.  On July 4^th, 1776, the Second Continental Congress approved the Declaration of Independence, marking the birth date of the United States of America and break from British rule.  This day signifies the culmination of years of careful planning and sacrifices to get to that point.

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In the headlines

A look at some of the market movers over the past week:

• The World Bank revised down its outlook for the world economy
• The Federal Reserve made its first move to scale back its massive efforts to right the U.S. financial system
• Intel landed Nokia as a customer for its mobile chips
• Oracle’s earnings beat expectations, while Nike disappointed with its outlook

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Considered by many as one of the most powerful people in the world, how much do you know about Ben Bernanke, the Chairman of the Federal Reserve?  A lot has been made about the ability of Ben Bernanke of late, especially with the way the economy has struggled since he took over at the beginning of 2006.  Some say he’s re-shaping the Federal Reserve and single handedly responsible for the rebound we’ve seen of late while others say he’s ruining our economy.    There is no doubt about his intelligence, however; some question whether he has what it takes to effectively fill one of the most important positions in the world. 

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A recent released survey by Charles Schwab and the CFO Research Services focused on the opinions of senior finance and HR executives regarding the health and quality of their 401(k) plan. It revealed some pretty powerful messages around the importance of advice and education in the midst of today’s volatile financial markets.  The survey conducted in March and April, when financial markets bounced off their most recent lows, revealed that:

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In the headlines

A look at some of the market movers over the past week:

• Leaders from the so-called BRIC countries met to discuss their role in the global economy
• Iran was thrown into turmoil when the results of its recent presidential election were disputed
• The IMF raised its outlook for the U.S. economy
• The White House proposed an overhaul of the U.S.’s financial system

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Most people plan for retirement housing and activities but don’t spend enough time thinking about healthcare expenses.  Healthcare costs will represent a significant portion of the savings you will need for retirement. 

Even for those who seem to have adequate retirement assets, health care expenses can be overwhelming.  According to the 2009 Retirement Confidence Survey (www.ebri.com) only 25% of retirees say they are confident they have sufficient savings for medical expenses.  This isn’t completely surprising, considering to Fidelity Investments estimates that a couple retiring at age 65 would need about $240,000 for health care expenses during retirement. 

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In the headlines

A look at some of the market movers over the past week:

• The U.S. Supreme Court cleared the way for Chrysler to exit bankruptcy
• Airlines are bracing for a tough 2009
• China set new regulations forcing computer makers to put website-blocking software on all new computers in the country
• Ten banks were given the green light to begin repaying TARP funds

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Since I began writing about “money and kids” (Post 1, Post 2), the recession has continued to work its way through the lives of many families, ultimately shaping the perception that kids may have about money. 

While the impact has been different for each family, I believe now is a great opportunity to show how the recession has affected your household.  Below are a few suggestions for how to use the current state of the economy as an important learning tool.  I’d also like to hear from others about methods they have found helpful - please feel free to post a comment.

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In the headlines

A look at some of the market movers over the past week:

• As expected, U.S. automaker General Motors filed for bankruptcy protection
• GM agreed to sell its Saturn unit to Penske Automotive Group and a small Chinese firm picked up Hummer
• Chrysler is nearing a deal to sell its best assets to Fiat
• Ford is planning to increase its production in an attempt to take market share from its bankrupt rivals

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In the headlines

A look at some of the market movers over the past week:

• General Motors is expected to announce bankruptcy next week
• Banks are pushing to be allowed to both buy and sell through the proposed Public-Private Investment Partnership
• Consumer confidence posted an unexpected jump
• U.S. home prices continued to fall, though at a slower pace Read the rest of this entry »