Reuters Money

Deficit cutting will widen retirement gap for minorities

July 28, 2011

New research finds an appalling 20 to one chasm in net worth between white and black Americans, and an 18 to one gap between whites and Hispanics. The Pew Research Center found that the net worth gap has widened during the Great Recession, mainly because the housing bust disproportionately cut into the wealth of African-Americans and Hispanics.

What will happen to you if home mortgage tax break ends?

July 28, 2011

Aside from getting a piece of the American dream, one of the reasons people ostensibly buy homes in the U.S. is for a nice tax break. About 35 million households claimed the mortgage interest deduction in 2009, according to a recent report from the Joint Committee on Taxation.

Debt ceiling: 10 reasons not to move your money now

July 28, 2011
With the markets getting more and more nervous as the days tick by to August 2 without a debt deal, one thing that might be keeping the bottom from falling out is the calm of financial advisers. To borrow from former President George W. Bush, they are urging clients to “stay the course.” And behold, they cite many sensible reasons for doing so.

Reuters Money reached out to members of the financial community to see how they’re calming the folks they advise. An overwhelming majority expressed faith that lawmakers would broker a deal by the deadline, and markets would adjust regardless.

Annual golf, spa getaways still thriving despite slow recovery

July 27, 2011

Every year, 54-year-old William Palumbo, of Bronxville, New York, takes a week-long golf trip with three of his closest buddies. For the last several years, he’s gone all the way to Scotland to play at the “Home of Golf,”  St. Andrews, one of the oldest and most prestigious courses in the world (not to mention, a “favorite” of legendary golfers from Bobby Jones to Jack Nicklaus to Tiger Woods).

How to avoid hospital bills from doctors that don’t take insurance

July 27, 2011

Marissa Dennis had a relatively uneventful labor and recovery when her son was born at a New York City hospital in 2008. So she and her husband were taken aback when they received a bill for more than $800 for the handful of routine check-ins they received from the on-call pediatrician.

Don’t skip the nanny background check

July 27, 2011
nanny background checks

What do you need to find out about nanny candidates before you offer a job?

Hiring well is a challenge no matter what the business, but when choosing a nanny or full-time babysitter, the stakes are higher than any other position that you might fill. After all, this person will take care of your child when you’re not directly supervising.

Why couples have trouble saying “I do” to financial planning

July 26, 2011
Brennan and Christine Sweet of Montclair, New Jersey, make beautiful music together, literally. He’s a violinist and associate concertmaster with the N.J. Symphony Orchestra, while she plays cello and teaches high school orchestra; next month, they celebrate their 20th wedding anniversary. But mention financial planning, and the Sweets admit they need some tuning up.

The Sweets showed moxie compared to the majority of couples, however, and sat down together earlier this month with a financial planner. The picture is less harmonious for other couples, according to a new study released by the Principal Financial Group and conducted by Harris Interactive. Surveying more than 600 financial advisers, they found 82 percent of couples in financial planning have one spouse that doesn’t want to be involved.

Boost your money market rate in a zero percent world

July 25, 2011

I grimaced when I looked at my money-market fund statement the other day. I was earning zero percent yield.

Does growing up mean outgrowing the family financial adviser?

July 25, 2011

As a boy, Bernie Reed watched his father ride into the hills of their Nebraska farm on a yellow-orange Case tractor to farm corn, alfalfa and winter wheat. Bernie’s ancestors homestead has occupied that land since the 1800s, and his dad — a weathered, leathery man with a linebacker’s build — tackled it some 16 hours a day, resting only on church-going Sundays.

As cost of care rises, families bear the burden

July 25, 2011

Months after Terri Corcoran married in 2000, her new husband began to show signs of fatigue and memory loss.