Personal FinanceBusinessWeek - Annuities. Reverse mortgages. Life insurance pools. Principal-protected notes. The options being offered to senior citizens hoping to ensure a comfortable retirement are dizzying. And in a growing number of cases, that may be the intention as more scammers--often elderly themselves--try to con retirees. Though hard numbers are difficult to come by, many lawyers and advocates for the elderly say more seniors than ever are being lured into investment schemes that are unsuitable for people of their age or are outright swindles. ...
Personal Finance
Retirement: Gen Y's Empty Piggy Bank (BusinessWeek)
BusinessWeek - Baby boomers fretting over their pensions should spare a thought for Constance DeCherney. Like many of her generation, the 27-year-old Web strategist at Planned Parenthood in New York has done little to prepare for retirement. While she became eligible for a 401(k) in 2005, DeCherney only began putting money into it last year. She now contributes 3 percent of her pay, though that's just half of what Planned Parenthood will match, and DeCherney doesn't know how the investments are performing. "Just the idea of (saving for retirement) feels overwhelming," she says. ...
PersonalFinance: The lure of low mortgage rates (Reuters)
Reuters - Three straight weeks of record low mortgage interest rates has spurred another refi boom. That's understandable: The idea of locking in 4.5 percent for 30 years is really tempting.
Goldman to settle with SEC for $550 million (Reuters)
Reuters - Goldman Sachs Group Inc agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank's clients and investors.
Labor officials release new rules on 401K fees (AP)
AP - Workers with a 401(k) retirement account will soon know exactly how much they're paying in fees.
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