Last week, reviewed a book called America, Welcome to the Poorhouse: What YOU must do to protect your financial future and the reform we need by Jane White. I asked a few more questions about White’s book, and asked her to weigh in on the current health care debate — even though it isn’t covered in her book.
Your 401k isn’t enough
One of the things that White points out is that your 401k probably isn’t enough to retire on:
“Unless they are the tiny percentage of the workforce that has long job tenure at a company that still offers an old-fashioned pension, …read more

It’s time for another trip around the personal finance blogosphere. As usual, there were a bunch of very useful articles that can help you get a better handle on your personal finance situation. Here are some highlights from this past week:

Pregnancy Expenses in the Second Trimester from Fiscal Fizzle.
3 Alternative “Investments” for Long Term Enjoyment and Appreciation from Wise Bread.
What Are Your Options for a 401k Rollover to IRA from Good Financial Cents.
Do you have to be wealthy to be financially independent? from Funny about Money.
Is Your Emergency Fund Big Enough? from Prime Time Money.
Fear, Responsibility, and Investing from The …read more

Don’t raid your 401k if you can help it.

Right now, there is a battle heating up over your retirement account. It has to do with tax breaks on your contributions, and whether your earnings are tax deferred. The new proposals regarding contributions don’t really affect me, since my husband and I are all about the Roth IRA, and we don’t have an employer-sponsored plan. But I know that there are plenty of other folks out there whom this would affect. Jeremy at Gen X Finance offers this:
If you currently save in an employee-sponsored retirement plan, how would you feel if you stopped getting a tax break on your …read more

I’ve been thinking about my parents a lot lately, since they are approaching retirement age. My husband’s dad retired last year, and his mom expects to retire this year. So I’ve been contemplating their situations. I also had a brief email conversation with Patrick over at Cash Money Life in which he wondered how many people are considering putting off retirement because of the current economic issues. So, really, it is no surprise that over this past weekend I’ve received a few emails to this effect:
I’m a couple of years away from retirement. Should I put it off for a …read more

One of the features of retirements accounts is that you have the ability to borrow against them. And, increasingly, Americans are turning to their 401k retirement accounts for money. Emergencies like job loss, unexpected medical problems and other economic troubles are causing Americans to consider taking money from their retirement accounts in order to smooth the way.
While there are ways to avoid penalties on the money taken out for 401k retirement accounts, it still reduces the overall money you save for retirement in the end. The 401k is preferred because it is easier to access that Roth accounts and pension …read more

Today, as part of the B5 Blog Off (donate to Accion.org), I’m sharing 24 personal finance tips. But, as you know, there are tons more helpful hints and truths about personal finances. So here are some recent posts and and ideas from around the blogosphere that provide further personal finance tips. (And if you have your own, leave it in the comments!)

5 Ways to boost your 401k.
8 Tips for Saving Money and Your Life.
Get a discount on different items through police auctions at PropertyRoom.com.
Find out about the Best Credit Card for Foreign Travel.
Alternative to 529 Plans when saving for college.
New …read more

Jennifer Hoffman over at My Organized Biz is once again prodding me. This time with a question about the 401(k). When it comes to retirement plans, even in times of economic downturn, the main advice it “don’t panic.”
Many people, in times like this, violate the main rule of investing: “buy low, sell high.” Instead, they freak out and sell low. A measured and calm approach to your 401(k) — and other retirement plans — is what is needed.
First, look at your allocation and compare it to your goals. You may need to do some shifting around, but in general if …read more