February 22, 2012
8 ways to totally mess up your IRA
The rules can be confusing, so it’s important to understand what you’re allowed to do, and when, to maximize your retirement savings.
Personal Finance
Buy a house, and other forced savings
WASHINGTON (Reuters) – This is America Saves Week, one of those artificial holidays designed to convey a message. And the message is: Save more money.
Chuck Jaffe: Risk and return are joined at the head
Some people are afraid of making a mistake by taking on risk, while others take risks that lead to mistakes, says Chuck Jaffe.
CFPB’s proposed overdraft fee disclosure: What do you think?
CFPB’s proposed overdraft fee disclosure: What do you think? As part of a brand-new investigation into bank overdraft-fee practices, Consumer Financial Protection Bureau Director Richard Cordray today unveiled a prototype “penalty fee box” for bank statements, so consumers can see how much overdraft fees are costing them. The CFPB would like to know what you [...]
Watchdog launches inquiry into bank overdraft fees
The nation’s consumer watchdog bureau on Wednesday launches an inquiry into fees charged by banks when consumers overdraw their accounts, a multi-billion-dollar business for financial institutions.
Honda recalls 2008-09 Odyssey minivans for power liftgate issues
Honda recalls 2008-09 Odyssey minivans for power liftgate issues American Honda Motors has issued a recall for 45,747 of its 2008 and 2009 model year Odyssey minivans equipped with the power rear liftgate option. The gas-filled struts used to open and close the rear hatch are flawed and may fail to support the lifted door, [...]
Consumer bureau targets overdraft fees
The new consumer bureau said Wednesday that it plans to target a kind of bank fee that makes customers see red: Overdraft protection penalty fees on checking accounts.
Student loans are a ticking ‘debt bomb’
It’s a vicious cycle. Many families in this country cannot afford the skyrocketing cost of higher education without student loans. But many graduates can’t find a job to pay off the loans.
A look at the many capital gains rates
Capital gains tax is a complicated game with high stakes for investors. We break down the rules.
More Americans plan to save their tax refund
Americans are going to be a lot more tightfisted with their tax refunds this year, with more people planning to save the cash they get back from Uncle Sam instead of spending it.
More birthdays give wealthy unwanted gift: anxiety
(Reuters) – If you knew you would be around to blow out the candles at your 100th birthday party, would that change how you manage your money today?
Ruth Mantell’s On the Job: Election 2012: Don’t bring it to work
You may have insightful views on the upcoming presidential election, or politics in general, but share those opinions sparingly, if at all, when you’re at work.
Almost Butters – from Consumer Reports
Almost Butters – from Consumer Reports For the March’12 issue, Consumer Reports trained tasters sampled 15 butter alternatives to see which taste best. Almost Butters – CR Podcast Subscribe now! Subscribe to ConsumerReports.org for expert Ratings, buying advice and reliability on hundreds of products. Update your feed preferences
10 Things Prepaid Card Issuers Won’t Tell You
Suze Orman and A-Rod are pitching these popular products, but experts say beware of the pitfalls.
February 21, 2012
Investing lessons from the 1950s
The current climate is unlike anything most investors have seen before. But there are similarities to the period after World War II.
Average gas prices–February 20, 2012
Average gas prices–February 20, 2012 Gas prices continue to rise around the country in most areas compared to the week before. The national gasoline average is $.40 above the price this time last year. Diesel fuel is about $.39 above this time last year. Premium fuel is $3.87, up about seven cents from last week. [...]
One in four Americans has more debt than savings
A survey released Tuesday found that 25 percent Americans have more credit card debt than they have in emergency savings, and that spells trouble if an emergency situation actually hits.
Falling crop prices may be a harvest for retail
NEW YORK (Reuters) – Corn, wheat and cotton prices are expected to fall – and that could lead to gains in sectors far removed from the farm.
Poverty has a new address: Suburbia
There are now 2.7 million more poor households in the suburbs than in cities, thanks to long-term trends that have accelerated in the current economic downturn.
Personal Finance Daily: Protect your IRA — from yourself and the tax man
One retirement saver decimated his $1 million IRA by doing more than the maximum one rollover per year. That’s just one of the mistakes IRA expert Ed Slott and tax expert Jack Nuckolls detail in our Retirement Adviser special report. Read those stories, plus find out ways to become a better saver, all in Personal [...]
Fuji recalls women’s bicycles for frames that can break
Fuji recalls women’s bicycles for frames that can break About 10,500 Fuji Saratoga Women’s Bicycles are being recalled by its importer, Advanced Sports Inc. of Philadelphia, PA. According to the Consumer Product Safety Commission, the bicycle’s frame can break in the center of the downtube during use, causing the rider to lose control and fall. [...]
One in four Americans have more debt than savings
A survey released Tuesday found that 25 percent Americans have more credit card debt than they have in emergency savings, and that spells trouble if an emergency situation actually hits.
Joining the over-40 mpg club: Overachievers that can beat EPA fuel economy ratings
Joining the over-40 mpg club: Overachievers that can beat EPA fuel economy ratings We’ve recently showed that most fuel-efficient cars can beat their EPA highway fuel economy estimates in Consumer Reports measured fuel economy testing. But if you want to hit 40 mpg on the highway, our tests show that you have more options than [...]
SEC widens probe of exchange-traded funds
(Reuters) – U.S. securities regulators have widened their inquiry into the trillion-dollar market for exchange-traded funds, according to a person familiar with the matter.
Multi-million dollar foreclosures
Even these mega-mansions in some of America’s wealthiest neighborhoods are not immune to the housing crisis.
Coming soon: vehicles that talk to one another
Coming soon: vehicles that talk to one another Imagine being stopped at a busy intersection. It looks clear to safely make a left turn. You pull out, then CRASH. From seemingly nowhere, a speeding car rams into you. This situation happens everyday in cities across America, but there is emerging technology that could make this [...]
Online coupons not always honored by merchants
When you buy an online coupon, how do you know it will be honored? Edgar Dworsky walked into a restaurant with a $6 coupon he’d bought for $3 to find the owner knew nothing about it.
Does Americans’ love of plastic trump savings?
Americans have more savings than debt, but little progress has been made since last year.
Help for the uninsured: Doctors accept local currencies
When a doctor spotted a lump on Alisha McNamara’s lungs earlier this year, she and her husband Michael started panicking.
Customer satisfaction sags at online brokers: study
(Reuters) – Satisfaction with U.S. online brokerages declined in 2011 amid volatile markets, while customers saw little to differentiate the four top players in the industry, according to an annual…
10 ways to get the most out of your IRA
There are plenty of little-known ways to get the most out of your IRA — strategies that you should revisit at least once per year. And tax season, when you’re trying hard to reduce your income-tax bill, is a good time.
Questions for a Financial Adviser – from Consumer Reports
Questions for a Financial Adviser – from Consumer Reports To get the most value from any financial plan, you need to spend time with the adviser. Here are some questions you need to ask. From the February ’12 issue of Consumer Reports. Adviser Questions – CR Podcast Subscribe now! Subscribe to ConsumerReports.org for expert Ratings, [...]
The other foreclosure settlement
Millions of borrowers who suffered financial losses because their mortgage lenders played fast and loose while processing their foreclosures now have two ways of getting a payback.
February 20, 2012
Big questions for the rest of 2012
The market has been less volatile than expected so far this year. But it could get a lot riskier in the months to come. Here’s what to watch for.
The best, worst of customer support
What do businesses do right — or wrong — when they provide phone-based customer service? Research points to some of the reasons why customers come away either satisfied or frustrated.
Nissan recalls 2012 Altima and Versa cars for air bag problems
Nissan recalls 2012 Altima and Versa cars for air bag problems Nissan North America is recalling a small number of 2012 Nissan Altima and Nissan Versa sedans for issues with their side curtain air bags, according to the U.S. National Highway Traffic Safety Administration. The Nissan vehicles were made with air bag initiators that contain [...]
Tough times keep older workers from retiring
Don’t plan on attending many retirement parties this year: More Americans are working into their so-called golden years, and experts say a combination of economic factors will sustain this trend in the near future.
Cars that fall short of EPA fuel economy estimates
Cars that fall short of EPA fuel economy estimates Last week, we looked at whether cars rated at 40 mpg EPA highway could actually deliver on that estimate in the real world. It turns out that most can based on our tests, but the Hyundai Elantra fell a bit short. Are there other cars that [...]
Cash-back card survey: Best return for your buck?
Bankrate.com’s 2012 credit card rewards survey reveals which cards offer generous cash back.
Daily electronics deals: Westinghouse 40-inch 1080p LED LCD HDTV
Daily electronics deals: Westinghouse 40-inch 1080p LED LCD HDTV Today’s electronics deals, courtesy of The Consumerist: Best Buy: Westinghouse 40″ 120Hz 1080p LED LCD HDTV for $400 J&R: Ematic eGlide XL2 4GB 10″ Android Tablet for $150 + free shipping Entertainment NewEgg: Elder Scrolls V: Skyrim Collector’s Edition [Xbox 360, PS3, PC] $79.99, free ship [...]
Financial-Services Companies – from Consumer Reports
Financial-Services Companies – from Consumer Reports For the February ’12 issue, Consumer Reports investigated what financial-services companies are really providing consumers. Financial-Services Companies – CR Podcast Subscribe now! Subscribe to ConsumerReports.org for expert Ratings, buying advice and reliability on hundreds of products. Update your feed preferences
February 19, 2012
Chuck Jaffe: What to do when your fund manager retires
When a top mutual-fund manager calls it quits with his legend still intact, fund shareholders must decide if they want to hang around for the new act, says Chuck Jaffe.
Which account to fund first: 401(k) or IRA?
It depends on your situation, but these 10 questions can help you find the answer.
Sony targets hard-core crowd with Vita launch
Electronics giant launches its new handheld console — the PlayStation Vita — in the United States on Feb. 22. Analysts wonder whether the high-end device can compete with smartphones and $1 games.
Investing Lessons From in the 1950s
You can look to the past and find potential guideposts for building a portfolio for today’s markets.
February 18, 2012
Can the stock market pick the next president?
The number has been repeated so often by presidential prognosticators that it’s an article of faith: No president has been re-elected since World War II with an unemployment rate higher than 7.2 percent.
Auto Review: Mazda 3 a sporty choice as gas prices rise
With a sporty nature and excellent handling, it’s a fun car to drive, and its mileage of 28-40 mpg sure makes it attractive, writes Ron Amadon.
Are Index Funds Messing Up the Markets?
Some leading investing experts are warning that index funds could destabilize the financial markets. We weigh the evidence.
February 17, 2012
Mr. Market is still having a party
To markets yearning for good news, low rates and money printing have been just the ticket. Also: Will Apple’s surge continue, or will it mark a market top?
Video: The Sony PlayStation Vita handheld game system
Video: The Sony PlayStation Vita handheld game system When it comes to dedicated handheld game systems, it’s hard not to think of the Nintendo 3DS as the reigning champ. But challenging the game system with 3D graphics, introduced last year, is a new portable game system from Sony’s PlayStation line, the PS Vita. The PlayStation [...]
Your Money: AutoSlash, a Rate Sleuth, Makes Rental Car Companies Squirm – Your Money
An online booking engine called AutoSlash engenders something like revulsion from members of the auto rental industry.
8 ways to judge a tax professional
Looking for a tax preparer to guide you through the IRS’ income tax maze? Arm yourself with these questions — and ask all of them — before you settle on a tax pro.
Keep your digital life alive, after death
Karin Prangley, a 33-year-old Chicago estate planning attorney, attempted to guess her father-in-law’s password to gain access to his business computer after he suffered a debilitating stroke several…
Recall: Grape-flavored Infants’ Tylenol—Faulty dosing device
Recall: Grape-flavored Infants’ Tylenol—Faulty dosing device Some 574,000 bottles of grape-flavored liquid Infants’ Tylenol (1 ounce) have been recalled by Johnson & Johnson because reports that the protective cover on the bottles are not working correctly. Johnson & Johnson’s McNeil Consumer Healthcare unit has received complaints of difficulty with the Infants’ Tylenol “Simple Measure” dosing [...]
Scammers could be after your tax refund
The Internal Revenue Service is grappling with a surge in identity theft-based tax fraud as scamsters take advantage of web-based resources including electronic filing.
Taxing Times: Tax-prep sites get into the advice game
More online tax-software services are offering tax advice to their customers, in various forms and flavors. But still, you might need to hire a pro to avoid costly errors. Read that story and more in this week’s Taxing Times.
SportsWatch: Track and field needs new heroes to step up
Once home to some of the biggest names in U.S. sports, track and field is struggling to produce a new generation of heroes.
Reality check: Will your car actually achieve the advertised 40-mpg?
Reality check: Will your car actually achieve the advertised 40-mpg? If you are an automaker launching a new, fuel-efficient car, claiming 40 mpg (EPA highway fuel economy) is like the new black. Basically everyone’s doing it. But, will consumers actually achieve that magic number in the real world? To find out, we compared the highway [...]
IRS faces surge in identity theft tax fraud
The Internal Revenue Service is grappling with a surge in identity theft-based tax fraud as scamsters take advantage of web-based resources including electronic filing.
Taxes that lower your IRS bill
It’s true! There are some good taxes, and you can use them to reduce your IRS bill.
Community banks team up to fight the megabanks
Faced with growing competition from the likes of Chase, Bank of America and Wells Fargo, more than 100 community banks have joined forces to take on the megabanks.
2013 model-year car stickers now mobile at Fueleconomy.gov
2013 model-year car stickers now mobile at Fueleconomy.gov Model year 2013 cars will carry new redesigned fuel economy and environment labels and Fueleconomy.gov has added the stickers to its mobile site so you can access the label data from your phone and personalize your car search based on your needs. As we previously reported, the [...]
Proposed budget leaves businesses with questions
President Barack Obama’s proposed federal budget is a disappointment to the National Federation of Independent Business. The advocacy group that represents small companies says it leaves owners guessing about what to expect in the future on taxes and regulations.
Realty Q&A: Housing crisis could play key role in election
If the findings of several recent polls are any gauge, the eventual candidates and their political parties would be well served to address the nation’s housing crisis head on, Lew Sichelman writes.
Questions of Health – from Consumer Reports
Questions of Health – from Consumer Reports Consumer Reports medical consultants answer reader questions about the need for mouthwash, the health benefits of Chia seeds, and the effectiveness of alcohol sanitizers at removing allergens. From the February ’12 issue of Consumer Reports on Health. Questions of Health – CR Podcast Subscribe now! Subscribe to ConsumerReports.org [...]
5 Housing Markets Where the Action Is
Real-Time Advice: New data released today shows demand for new homes is beginning to build. These areas are growing the fastest.
February 16, 2012
What happens if Greece goes bust?
I’d bet right now on a Greek debt default sometime this year. Here’s a look at who’ll get hit hardest — and how the damage could be limited.
Mutual Funds Weekly: Small-cap stock-fund investors expect big things
Stock-fund investors should find it fitting that an 11-pound Pekingese was Best in Show at the Westminster dog show this year. That’s because the market’s hot dogs now are the small ones.
How to find a vacuum that really sucks up dirt and pet hair
How to find a vacuum that really sucks up dirt and pet hair Vacuum testers at Consumer Reports spend months in the labs vacuuming carpets and floors and measuring the airflow critical for tools. In our tough carpet tests, sand and then cat hair is embedded into the carpet piles and we’ve discovered that not [...]
Could Twitter predict the stock market?
NEW YORK (Reuters) – When Richard Peterson first started meeting with hedge funds about eight years ago to pitch using social media to predict market movement, investment managers looked at him as if…
Stolen credit cards for $3.50 online
Cyberthieves steal information worth hundreds of millions of dollars that is bought and sold every year in a thriving underground.
IRS: Top tax scams and how to avoid them
IRS: Top tax scams and how to avoid them The deadline for filing your 2011 income tax return with the Internal Revenue Service is April 17 this year. But hackers and thieves are already hard at work, developing schemes to scam you out of valuable info—Social Security numbers, bank accounts, and other financial data—and money. [...]
Credit score raters may face new D.C. oversight
The new U.S. Consumer Financial Protection Bureau released a proposal to regulate about 200 debt collectors and companies that produce credit reports.
IRS: Beware of ‘dirty dozen’ tax scams
As the tax season kicks off this year, the IRS is keeping an eye out for scam artists who steal identities, lie about charitable donations and hide income in offshore accounts, among other abuses.
Personal Finance Daily: Housing and jobs on the mend … or are they?
The housing market is halfway back to normal, at least in terms of foreclosure filings. Also unemployment claims are near a four-year low. Still, the U.S. economy has a long way to go. Read those stories and more in Personal Finance Daily.
Lack of financial literacy can hurt retirement
(Reuters) – Okay, folks — it’s time for a Personal Finance 101 quiz. Please answer the following three questions:
Easy Steps for First-Time Taxpayers
Whether it’s your very first time or just your first time filing without Mom and Dad’s help, we have the basics on filing your 2011 tax returns.
Home buying: Most affordable in decades
Buying a home is now more affordable than it has been in the last twenty years.
Mortgage delinquencies, foreclosures fall
The percentage of mortgages at least one payment past due fell in the fourth quarter of 2011 and fewer loans entered the foreclosure process, reflecting improvement seen in the economy, the Mortgage Bankers Association reports..
New FCC rules protect you from telemarketing robocalls
New FCC rules protect you from telemarketing robocalls If you want to receive annoying robocalls from telemarketers you will have to opt in. New rules by the Federal Communications Commission now require that telemarketers get your consent before dialing your number. In addition, telemarketers will also have to obtain consent even if they had previously [...]
Fans’ rite of spring: sun-seeking baseball trips
Nothing stirs the blood of baseball fans quite like “pitchers and catchers report.” A harbinger of the coming season, the words mean players are reporting for duty in Florida and Arizona and spring training is about to be in full bloom. The 30 major league teams begin workouts by the end of next week and [...]
New study finds Arsenic in infant formula, cereal bars
New study finds Arsenic in infant formula, cereal bars Arsenic has been found in some foods that use organic brown rice syrup as a sweetener, including infant formula and cereal bars, according to a new study by researchers at Dartmouth College. The majority of the detected arsenic, a contaminant often found in rice, was the [...]
Homebuyer tax credit claims and payback
Some taxpayers will have to claim the first-time homebuyer credit or begin paying it back.
2012′s hottest toy trend: Nostalgia
It may be 2012, but the toy industry is starting to look a lot like it did a generation or two ago.
Jeanette Pavini’s Buyer Beware: Business owners tap skills to run nonprofits
Charitable giving is on the rise, thanks in part to business owners who harness experience running a for-profit company to launch projects aimed at the greater good.
Best-Buy Water Filters – from Consumer Reports
Best-Buy Water Filters – from Consumer Reports Water filters can remove funny flavors and odors from your tap water. For the February ’12 issue, Consumer Reports tasted water to see which filters do best. Water Filters – CR Podcast Subscribe now! Subscribe to ConsumerReports.org for expert Ratings, buying advice and reliability on hundreds of products. [...]
5 Little-Known Tax Deductions
Bischoff: It’s possible to write off some expenses that were paid for by someone else.
February 15, 2012
Customers rate the best insurers
A recent Insure.com survey sought customers’ attitudes about their auto, home, health and life insurance companies, ranking those that gave the most satisfaction.
Personal Finance Daily: Say goodbye to the outdoor kitchen
Do you have a a two-story family room? How about an outdoor kitchen? Fewer home buyers are likely to find those features in new homes hitting the market this year. See that story and more in Personal Finance Daily.
CU to Testify For Stronger Medical Device Safety Oversight at House Hearing Today
CU to Testify For Stronger Medical Device Safety Oversight at House Hearing Today Congress Shouldn’t Sacrifice Patient Safety in the Drive to Speed Up Medical Device Approvals, CU Says WASHINGTON, D.C. — Lisa Swirsky, senior health policy analyst for Consumers Union, will urge Congress today to strengthen medical device safety oversight in testimony before the House Energy & [...]
Where’s my refund? IRS can’t tell you now
The Internal Revenue Service said Wednesday that its tool that lets people check on the status of their refunds is not currently working.
Slide Show: Kiss these 10 once-popular home features goodbye
The 500,000 or so new single-family homes expected to be built this year are going to include more practical and value-conscious features and less wish-list items. Check out the least-likely features that builders will include in their 2012 homes.
Allegiant Air to pay $100,000 for violating advertising and disability rules
Allegiant Air to pay $100,000 for violating advertising and disability rules The Department of Transportation today fined Allegiant Air $100,000 for violating rules for advertising full fares and rules protecting air travelers with disabilities. Under the DOT’s new price advertising rules, which became effective last month, carriers and ticket agents must show the total price, [...]
Student Loan Crisis Busts Retirement Savings
Parents who borrow money to pay for their children’s college education are exacerbating a growing student loan crisis.
Study abroad? Why American students head north
NEW YORK (Reuters) – Carson Ross had a financial dilemma on her hands.
CPSC Twitter chat: How to secure your TV to prevent child injury or death due to tip-overs
CPSC Twitter chat: How to secure your TV to prevent child injury or death due to tip-overs The Consumer Product Safety Commission’s first Twitter chat tomorrow at 7 p.m. ET will be about simple, inexpensive ways you can childproof your televisions and furniture to help prevent child injury and death from tip-overs. During the Thursday [...]
Collin Morgan: It really is HIP 2Save!
Collin Morgan, the coupon-savvy mom behind Hip2Save.com, joined us for a live Web chat Wednesday to answer your questions. Here’s one of her answers to questions from the chat.
Stern Advice: When you lose money while you sleep
WASHINGTON (Reuters) – Anyone who invests in individual stocks should be aware that they could lose – a lot – while they are sleeping.
Secured credit card boosts credit
Secured credit cards are often a good way to establish or boost your credit rating.
Lamest consumer settlements
Even in some of the biggest legal settlements, consumers often walk away with pocket change after the attorneys take their share. Here are five recent cases — and what the little guys got.