By Mike Allen ([email protected]; @mikeallen) and Daniel Lippman ([email protected]; @dlippman) NEXT YEAR’S NEWS -- “The coming wave of anti-abortion laws: New GOP state legislatures will make access to abortion harder than ever,” by Paige Winfield Cunningham, with Natalie Villacorta: “GOP victories in the statehouses and governor’s mansions ... are priming the ground for another round of legal restrictions on abortion [including action in Ark., W.Va. and Tenn.]. Abortion rights advocates have had setbacks in the states for several years, with a surge of legislative activity since 2011. Women seeking abortions may face mandatory waiting periods or ultrasound requirements. Clinics may face stricter building codes or hospital admitting privilege rules they can’t satisfy. Dozens of clinics have shut down in multiple states. Texas ... has fewer than 10 abortion clinics now. A year ago, it had 40. Story Continued Below “Republicans [will] … [Read more...] about DOORBUSTER EDITION – GOP TO PRESS ABORTION ACTION in legislatures, Senate – FACEBOOK TO PUSH BUSINESSES to pay for promotions rather than disguising as news
Using 401k to pay off house
Should You Save for Retirement or Pay Off Credit Card Debt?
Last Updated Feb 18, 2011 6:12 PM EST "Should I pay off my credit card debt or use the money to save for retirement?" I hear this question frequently from people in their 20s and 30s, and it's a good follow-up question to my earlier post, Retirement Planning Advice for My 20-Something Son. Some people even have a budget for their savings: "I can save $5,000 this year, so how should I prioritize my savings goals?" My first thought is, if you think you can save $5,000 per year, figure out how to save $6,000! I contend that most people can save more than they think they can by taking a hard look at their spending habits. Most people don't have enough money to meet all their savings needs, so you'll meet your goals faster if you can figure out how to save more. guidelines for prioritizing your savings depending on the choices you might face.First, save enough to build up an emergency fund that equals your living expenses for three to six months. This is just in case you get laid off from … [Read more...] about Should You Save for Retirement or Pay Off Credit Card Debt?
When is it OK to borrow from your 401(k)?
There are plenty of horror stories about people who borrow from their retirement plans -- the teacher who took a small distribution and forgot to pay it back until it ballooned to 10 times the original loan, for example, or the unemployed worker who ended up with a massive tax hit because he was unable to repay the loan within months of losing his job. But borrowing from a 401(k) isn't always a bad idea. For those with the right jobs and circumstances, borrowing from your company's retirement plan may actually be smart, said Christine Benz, director of personal finance at Morningstar in Chicago. "Many people are allergic to the idea of borrowing from their retirement plans, but when you look at the math, a 401k loan can sometimes add up to the right answer," she said. So when is it OK to borrow from a 401(k)? First, it's important to understand that all 401(k) loans are not alike. Although federal tax rules allow 401(k) loans of up to half the account balance or $50,000 (whichever is … [Read more...] about When is it OK to borrow from your 401(k)?
KC sits on $1.5 billion in debt. How will it pay for services, meet pension promises?
On maps, Kansas City sits at the eastern edge of the Great Plains. On balance sheets, it’s atop a mountain of debt and pension obligations. City Hall’s credit card carries a balance of $1.5 billion in tax-supported debt, about triple what it was at the turn of the century. It comes to $3,100 in unpaid bills for every adult and child in the city –– and much higher than per capita debt in peer cities such as Fort Worth, Oklahoma City and Omaha. That doesn’t include the cost of pensions for municipal employees. The city is $811.7 million short of what it needs to make good on commitments to current and future retirees — up from $587.6 million in 2014. In 2000, the shortage was $21 million. The escalating price tag will bring the city back to the bargaining table later this year, when agreements with employee unions allow for a reopening of negotiations on pension issues. Over time, bond debt and the pension tab could destabilize the city’s … [Read more...] about KC sits on $1.5 billion in debt. How will it pay for services, meet pension promises?
Automatic 401(k) Savers Incur More Debt
provided by Published 9:00 am, Tuesday, January 16, 2018 MoneyTips More Savings, More Debt Do you participate in a 401(k) plan at work? If so, were you automatically signed-up by your employer? A new study suggests that if you were auto-enrolled in the plan, you may be accumulating more debt – but that may not necessarily be a problem. Whatever... Just Sign Me Up Policymakers have been trying for years to find ways to boost America's dismal retirement savings rate, with only limited success. A 2016 study by the Economic Policy Institute (EPI) found that as of 2013, almost half of American families had no retirement savings at all. Given those results, it's no surprise that a separate study from The Center for Retirement Research at Boston College found that over half of American households are at risk of failing to maintain their standard of living upon retirement. Auto-enrollment in 401(k) plans has been touted as a way to boost savings by taking advantage of … [Read more...] about Automatic 401(k) Savers Incur More Debt