ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Americans are missing out on hundreds of billions of dollars in lost retirement cash because of a simple, forehead-slapping mistake in managing their IRA accounts. |
That's the conclusion of new research by Vanguard, the investment firm, into the lackluster performance of many individual retirement accounts. |
The problem comes with rollovers, the transfer of funds from an employer-sponsored retirement plan to a traditional IRA when someone leaves a job. Looking at IRA rollovers completed in 2015, Vanguard found that 28% of savers still had their funds in cash seven years later, in 2022. |
Look out for Hurricane Helene scammers |
Over 4,500 federal rescue and aid workers are headed to the areas smashed by Hurricane Helene. But U.S. prosecutors say another deluge of people are on the way: Charlatans, opportunists and disreputable contractors looking to exploit the victims of the storm. |
Federal, state and local officials have put out warnings this week urging hurricane victims to beware of people showing up at their door or calling them, claiming they want to help. Defrauding hurricane victims and the U.S. Federal Emergency Management Agency itself is a multi-million dollar industry for criminals, according to experts, federal authorities and government warnings. |
📰 More stories you shouldn't miss 📰 |
Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it! |
A new Wells Fargo credit card program with a novel feature – you can use it to pay your rent – may not be working out quite as the bank had hoped. |
Wells Fargo has lost as much as $10 million a month on the new card, the Wall Street Journal reported in June. |
Launched in 2022, the card is a partnership between Wells Fargo and Bilt Technologies, a financial startup. The partners wooed customers with an unusual feature: Cardholders could use the plastic to pay rent without triggering fees from landlords, all while earning reward points. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | Vanguard research says Americans are missing out on a collective $170 billion a year in lost retirement wealth. | | | | Federal officials and experts are warning that Hurricane Helene victims in six states are likely to be set upon by con men and charlatans | | | | A new Wells Fargo credit card program with a novel feature – you can use it to pay your rent – has not worked out quite as the bank had hoped. | | | | Last month in bankruptcy filings, Big Lots said it would close almost 50 more stores, bringing its total planned store closures to more than 340. | | | | Getting off the plane shouldn't be a contact sport. Here's why it's better if everyone stays in line. | | | | Consumers may struggle to find products like bananas, electronics and *gasp* booze now that dockworkers at ports from Maine to Texas are on strike. | | | | Could you buy a house that is cheaper than a new car? A tiny home on Amazon is being advertised for $19,000. | | | | East Coast and Gulf port workers walked off the job at midnight after failing to agree to a new contract with the United States Maritime Alliance. | | | | Do cities and towns have a responsibility to help house all kinds of residents in homes they can afford – and can states compel them to do so if they refuse? | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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