Study: U.S. 401(k) Savings Rates Up

Fidelity just released a study that says the median 401(k) balance rose 30% this year. While some of gain is likely attributable to the rather robust (if not chaotic stock market this year, the other 20% or so is a result of people socking more money away. I'm not trying to knock the results here, because any time people take a second look at their investments and put a little more money away for later rather than spending it on a Jamaican vacation I approve. BUT, when you look at the figures cited in the study they are pretty abysmal. Below are the average 401(k) balances for different groups.

• Baby Boomers rose 7 percent to $38,000
• Gen Xers rose 10 percent to $15,000
• Gen Yers rose 21 percent to $2,100

Now here are the average contribution rates.

• Baby Boomers 7.7 percent
• Gen Xers 6.2 percent
  
• Gen Yers 4.6 percent

Hopefully what the statistics don't show is that there is quite a bit of other money that is being invested elsewhere outside the 401(k) plans in vehicles like Roth, or traditional IRA accounts... unfortunately I would guess there is not.

Related Article:
401(k) Flubs 5 to avoid @ CNN

Foreclosure Laws for Dummies

When I was looking for the foreclosure laws in my home state of tonight I stumbled accross Foreclosures.com which has a handy list that summarizes the foreclosure laws and procedure for each state. Might be helpful for any of you out there looking to snap up a property or two that has been a victim of the subprime fallout. You can check out some of my old posts about where the hottest areas for subprime are, the subprime fallout, and why the lenders aren't to blame this time, but people shouldn't feel sorry for them either.

Links:
Foreclosures.com

Why I Hate ATT Wireless / Cingular... Whatever it is Called These Days

I'm a Cingular customer who has now been transferred over to AT&T Wireless with the re-branding effort. While I wasn't a big fan of my treatment as a Cingular customer, I think they have finally lost me as a AT&T Wireless customer too. My Sony Erickson handset has recently started sounding more like a walkie talkie than a cell phone so I headed to the store to look for a new one. Since I'm generally fairly hard on phones and avoid giving the phone company the power to control me for more than a year, I only sign one year contracts with the carriers.

I asked the first sales rep how much a certain phone would be with a 1 year contract. The response, we only do 2 year service plans or you buy the phone without a service contract. I went to another AT&T Wireless store down the street and received the same information except I was told that if I had been a new customer they could give me a 1 year contract. WTF. Nothing like screwing those existing customers (especially the ones looking for a NEW CONTRACT). I later tried Best Buy who told me that I could only do a 2 year service contract because things "just changed". Apparently they couldn't even bring themselves to change the signs that listed the 1 year contract price beneath the 2 year contract price.

With how notoriously crappy wireless service is from certain providers I'm not about to sign a two year agreement. Things have been steadily deteriorating and I drop a call or two every night when talking on my phone. I prefer to walk with my feet and that day is fast approaching.
Verizon, TMobile, Sprint you listening? Need a new customer?

Also see my previous posts on:
Cell Phone Carrier Tips and Tricks
Get $$ For Your Unwanted or Broken Cell Phone

Online Wagering

SPONSORED POST

Over in the UK betting on things is a national past-time. Over in the US we push gambling out of sight and out of mind. While betting is sanctioned in places like horse tracks, indian casinos and vegas, for the majority of Americans there are no casinos or places to gamble close by. Congress repeatedly has tried to crack down on online casinos so Washington can take a cut, but in spite of these efforts they are still alive and well. One of the biggest and best is Bet365 which as the name implies lets people bet on just about anything including NFL, cycling, NBA and even play online poker any time any day. While I haven't used the service, if you are into sports betting it looks like it has a lot to offer. The site also states that it has a wallet system which would be good for bettors because some places place holds on PayPal transfers.

The Super Size Me of Personal Finance

I just read a review of the DVD "Maxed Out" which is apparently being touted as a movie that does what "Super Size Me" did to fast food -- to debt. I'm not sure how exactly one would go about pulling this off, but until I can get a copy from Block Buster (review to follow later) all I have are Amazon reviews to tide me over. The Amazon review seem to be a mixed bag. Overall it seems like the movie is getting a positive review, but reviewers are claiming that it loses focus somewhere along the way by trying to do too much. I imagine it is difficult to make a feel good story about a family living paycheck to paycheck, even if they spent unwisely to get themselves in that position.