Today is Superbowl Sunday, which I suppose means little outside the US, but it’s especially exciting for those in the Northeast as the N.Y. Giants (who play in New Jersey) meet the New England Patriots, a rematch of the 2008 teams. As someone who grew up in NY, I’m a bit torn between rooting for my old home team and my current home’s team. So much for the sport talk, time for another recap.
First, an update. Just a few days ago, I asked if you were getting 401 K-O’ed, overcharged by your plan. In that article, I mentioned that rules regarding full disclosure of the fees charged within 401(k) accounts would take effect April first. This week, I found that 408(b)(2) Disclosure Regulations are Delayed to July 1, 2012. So it appears the joke will be on us twice, the traditional April fool’s day, and again three months after.
Next, in the wake of Suze Orman’s Twitter meltdown regarding her debit card, the Wall Street Journal reported that the data in a newsletter she co-owns, “understated the performance of the S&P 500” which of course exagerated the relative performance of its model portfolio. Time for the next round of damage control, I suppose.
Note: the image above is a bowl of San Antonio Chili from Another Fine Meal. A great addition to your Superbowl Menu.
Andrew Tobias discussed Double Taxation and why the claim that all cap gains are from money that’s already been taxed doesn’t stand up to scrutiny. As I view this issue, the average person gets very little in cap gains as most of our savings is probably in retirement accounts, not in regular brokerage accounts. The loopholes that allowed hedge fund managers to turn all their income to cap gains while
stealing investing other people’s money should be closed down.
Ron at The Wisdom Journal produced a list of 57 Avoidable Tax Mistakes. Amazing list, worth reading. If I read this years ago, I might have not forgotten to sign my return. Yes, they sent it right back. I was getting a refund that year so no penalty or interest due.
At Free Money Finance, Why You Shouldn’t Count on Social Security. Not that it won’t be there, just that the replacement rate is low enough that for most of us it will only be one component of our retirement funds.
The Financial Buff shared Best Rewards Card for Groceries and Gas: American Express Blue Cash Preferred vs PenFed Platinum Rewards. A 6% back at grocery stores? Hmm, that might just be worth getting.