Personal Finance News Monday 4/1

Phil's Personal Finance Tip of the Day:

How to Save More For Retirement Without Really Trying

The Wall Street Journal Published March 29,2013

There is hope for alleviating the retirement-savings crisis. Companies just need to stop believing that "default" is a dirty word.

This month, the Employee Benefit Research Institute reported that 68% of workers in its annual Retirement Confidence Survey said they think they need to save at least 10% of their household income to live comfortably in retirement. Yet only 24% report that they have saved at least $100,000, and just 57% say they are saving for retirement.

When people want to save but can't bring themselves to do it, their retirement funds need to do the saving for them—automatically.

But designing 401(k) plans that can pull off this trick is harder than it sounds.

"You have to do it right or it might actually backfire," says Shlomo Benartzi, an economist at the University of California, Los Angeles, who helped pioneer the use of psychological research in designing savings plans.

To read the entire article from the Wall Street Journal:
http://online.wsj.com/article/SB10001424127887323361804578390313278109482.html

Inspirational Quotes@Inspire_Us from Twitter:
I always like to look on the optimistic side of life, but I am realistic enough to know that life is a complex matter. - Walt Disney

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.