A New Idea to Fix the Retirement-Savings Crisis
The retirement-savings crisis in America is so acute that at least one prominent thinker on the subject is calling for a mandatory savings program above and beyond existing 401(k) and other pension plans. “The nation requires a new, mandatory tier of retirement accounts, initiated by the federal government but managed by the private sector, that will replace about 20% of preretirement earnings,” Alicia Munnell, director of the Center for Retirement Research at Boston College, told Bloomberg News. Munnell is a former Treasury official and former member of the President’s Council of Economic Advisers. Her voice carries a lot of weight on pension matters, and her comments seem to open the door to a back-to-the-future kind of pension system. Along with a new, additional type of savings program, Munnell wants to delay Social Security payments “a few years longer” and encourage people to stay at work to age 68 or 69 or later. She’d like to see 401(k) plans reworked so that autoenrollment ...
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A New Idea to Fix the Retirement Savings Crisis
The retirement savings crisis in America is so acute that at least one prominent thinker on the subject is calling for a mandatory savings program above and beyond existing 401(k) and other pension plans. “The nation requires a new, mandatory tier of retirement accounts, initiated by the federal government but managed by the private sector, that will replace about 20% of pre-retirement earnings,” Alicia Munnell, director of the Center for Retirement Research at Boston College, told Bloomberg News. Munnell is a former Treasury official and former member of the President’s Council of Economic Advisers. Her voice carries a lot of weight on pension matters, and her comments seem to open the door to a back-to-the-future kind of pension system. Along with a new, additional type of savings program, Munnell wants to delay Social Security payments “a few years longer” and encourage people to stay at work to age 68 or 69 or later. She’d like to see 401(k) plans reworked so that auto-enrollment ...
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Bloomberg sues CFTC over cleared swaps margin rule
WASHINGTON - Data vendor Bloomberg L.P. filed a lawsuit on Tuesday against the top derivatives regulator to fight a new rule that would make the trading of swaps more expensive and hurt its business.
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Found 1 month ago on channel
Reuters
Attention JC Penney Shoppers, Look Out for the Return of ‘Sales Galore’
After months of abysmal sales tallies, the Ron Johnson era is over at JC Penney. Now that Johnson’s “fair and square” no-coupons pricing policies have proved to be a failure, the department store will have to try something else to win back customers and stop the bleeding. But what? Mike Ullman, who was replaced as CEO when Johnson took over at JC Penney in 2011, and who began serving again as top executive when Johnson was pushed out, told the Wall Street Journal that he wasn’t planning on reverting to the old business model. “I wouldn’t recommend that we go back to the way J.C. Penney was when I left,” he said. “Things change.” And yet, in some ways the department store is clearly trying to resemble the JC Penney of old. Management has already announced that newspaper ads will feature coupons once again. Johnson seemed to find coupon usage distasteful and silly, likening it to a drug that consumers needed to be weaned off. A little over a year after JC Penney went “drug-free,” ...
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Caribbean Cruises for Less Than $50 a Day? Fire Sales (Quite Literally) from Carnival
In the weeks after the Carnival Triumph debacle, cruise analysts and agents were quick to report that cruise sales remained strong, and that cruise lines felt no need to resort to “panic pricing” to fill ship cabins. Lately, however, it looks like Carnival is panicking. The infamous Triumph episode, dubbed the “cruise from hell” and the “poop cruise” due to the fact that passengers were stranded for several days at sea without toilets after a fire in an engine room, was followed by a string of other ugly incidents involving Carnival ships. In the aftermath, politicians have been calling for a new cruise ship “bill of rights” for passengers. And apparently, travelers by and large have simply been avoiding booking Carnival sailings, to the point that the cruise line has felt compelled to offer last-minute cabins at fire sale prices. Last week, Bloomberg reported that four-night Carnival cruises were being offered starting at just $149 per person—or a mere $38 per person, ...
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