Economists Study Current Wealth

In a new study this month, economists from the Federal Reserve Bank of St. Louis examined whether Americans are now wealthier or poorer than previous generations were at their age.

What they found may surprise you. People born before 1960 are in a better financial position than their predecessors while those born after 1980 are in a much worse situation. This generation is facing an array of money drains, such as student debt, auto loans, and credit card balances making it almost impossible for them to gain wealth quickly enough to match previous generations.

Eighties Babies Are Officially the Brokest Generation, Federal Reserve Study Concludes

Grandparent’s Gift

Are you interested in saving money for your grandchildren? David LaMartina for ThinkAdvisor examines this subject in his article, Investing for Grandchildren (There are a few well-established ways advisors can help clients invest in their grandkids futures without putting client’s own retirements at risk.) In this article, he examines best practices for maintaining your own retirement and savings while setting aside specific funds for grandchildren in a variety of ways. Everything from 529 plans to inventive uses of life insurance polices.

New Tax Changes Affect Gifting Money to Minors

As the end of school approaches, many parents and grandparents consider college expenses for their children. What once was an easy and low-tax way to give money to younger children will soon cost a good deal more. Ashley Ebeling for Forbes explores the changes in the so called “Kiddie Tax” in her article, The Kiddie Tax Grows Up: Beware The IRA Trap

Not Sweet For Everyone

Just Born was back in the news just before Easter. The Bethlehem, PA company famous for its bright marshmallow confections, Peeps, has returned to the trenches with the union workforce over pension benefits. Now both sides await a federal appeals court ruling. The fight has divided the town as the company works to insure solvency for years to come.

Trouble in candy land

Saving Money Collectively

Just the other day, our garage door spring broke. Putting out a request for suggestions on a Facebook group brought a great amount of feedback and ultimately a free, brand-new garage spring. There are many of these sites available that can help you network with others who may have what you need or need what you’ve got. Read more and learn about the best ways to save money in your community. How to Save Money With the Help of Your Community

What Would You Do?

Ever witnessed a co-worker being harassed on the job? What would you do in that situation? Did you know that Title VII of the Civil Rights Act of 1964 protects workers at companies with 15 or more employees from sexual harassment that creates a hostile work environment? Read more from Rob Walker, for the New York Times, aka, The Workologist who shares his insight and the facts about questionable work situations.

How to Respond When a Colleague Is Harassing Women

No Need to Sign

Signature requirements for credit card transactions are about to become obsolete. Although many vendors have already quit asking patrons to sign, American Express, Discover, Mastercard and Visa will make it official in the coming month. Since the advent of the “chip card,” that offers a higher level of security and more specific identifiers per transaction, written signatures are no longer useful as proof in a disputed charge.

Credit Card Signatures Are About to Become Extinct in the U.S.

Does Your Business Qualify?

The promising new tax break for business owners lacks well defined language and at the moment is causing more confusion than celebration. While businesses struggle to figure out if they will be able to take part in this tax break worth $415B, they await further definition from those drafting the paperwork.

No one’s sure who qualifies for this $415B tax deduction

Just Where Are Your Tips Going?

The debate continues about the fairness of paying wait staff less than minimum wage based on their ability to earn tips. Some states have already done away with this special exception to a federal wage law and are requiring restaurants to pay full minimum wage. Opponents suggest that this will affect smaller establishments, but studies show that this increase could bring a large number of workers above the poverty and deter tip theft as well.

Wage Theft in Restaurants

The New Pension Plan

With such a variety of retirement plans, many current workers will not have an actual pension. Ann Carrns, for the New York Times suggests a variety of ways to make your savings work for you in her article, No Pension? You Can ‘Pensionize’ Your Savings.

Her top recommendations include working longer, delaying Social Security payments, and, creating a budget for the amounts that you are required to withdraw from your retirement accounts.