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Don't Cash Out Your 401(k), experts say

A growing number of recession-battered employers have stopped contributing to their employees' 401(k) retirement plans, while Wall Street has done its best to wipe out any gains employees saw before the economy went south. With this in mind, however, no one should consider cashing out their 401(k)s regardless of how financially strapped they are unless they have exhausted all other options for staying financially afloat, according to area financial advisers.

A Way to Boost Social Security

As wanna-be retirees dig through the rubble of their 401(k)s and the financial crisis, they're hearing about some quirky ways for claiming Social Security benefits. One odd idea for two-paycheck couples in their 60s: Claim now, and then claim later to get more money each month. Yeah, it sounds weird. It's so complex that even some economists who are good at math aren't sure about how it could work. It's definitely not going to work for everyone. But some couples can make this work by understanding how Social Security rules work.

Investors Bash Madoff in Letters, E-mails

With two weeks to go before Bernard Madoff is sentenced, investors unloaded on him in a blizzard of angry letters asking Manhattan federal Judge Denny Chin to show the swindler no mercy.

Poor Economy Sinks Lawmakers' Nesteggs

Last year's economic meltdown left no one unaffected, even the richest members of the U.S. House of Representatives, financial disclosure forms indicate. For example, the near-demise of insurance giant American International Group hurt House Speaker Nancy Pelosi, D-Calif., USA Today reported.

Setting Social Security Straight Gains Urgency

The government trustees who monitor Social Security's long-term financial soundness recently reported that the system will use up its trust funds by 2037 and have only enough from its tax collections to pay beneficiaries 76 cents on every dollar. Experts expect the trustees' latest report will put new pressure on the Obama administration and Congress to make a midcourse correction in Social Security so that workers in their 30s and 40s can have more confidence in the system.

Face the Numbers With Personal Financial Stress Tests

The nation's 19 biggest banks recently underwent "stress tests" ordered by the government to see how they would hold up if the economy deteriorated further. Consumers should put themselves through a similar stress test to determine if their personal finances could withstand a job loss, a serious illness or any other unexpected event that would challenge their finances.

Calif. Man Pleads Guilty in New York Placement Agent Scandal

A Los Angeles man became the first Californian Tuesday to admit guilt in connection with New York's mushrooming pension fund scandal. The guilty plea by Julio Ramirez of the Los Angeles area tightens the connection between the New York scandal and the pension fund industry on the West Coast. His plea came in a New York court and was announced by the state's attorney general, Andrew Cuomo.

GM Bondholders Protest Debt Plan

Ted Dobski, 65, did a lot of research before he invested a fourth of his retirement savings in GM bonds about five years ago. Bonds, he figured, were less risky than stock, and as someone who retired from General Motors Corp. after 33 years, he never doubted the company would deliver as promised.

CalPERS Will Vote Against BofA board, CEO Lewis

CalPERS said today it's voting its Bank of America Corp. stock against all 18 directors up for election at BofA's annual meeting, including Chairman and Chief Executive Ken Lewis.

401(k) Plans Examined After Americans Lose $600 Billion

It seems 401(k) plans are being hauled out by Congress for a public stoning. It's the catharsis many Americans need after losing an estimated $600 billion in 401(k) plans in the worst bear market since the Depression.

Prospect of Bankruptcy Has Auto-Firm Retirees Fearing for Pensions

Many retirees from Detroit automakers GM and Chrysler stand to lose tens of thousands of dollars each year if one or both of the automakers goes bankrupt.

Investment Trends 'Follow the Stimulus Money

Some people shudder at the huge amount of stimulus that's beginning to pour into the system. But rather than get hung up on the huge resources being pumped into our economy, many advisers are drilling down on the stocks they expects to benefit from a government that spends more.

U.S. Pensions Rethink Bets on Hedge Funds

From New York to California, public pension funds in the United States staked billions in good times on the highest of Wall Street high rollers: hedge fund managers and corporate buyout specialists. But for many of these pension funds -- and the millions of Americans who are relying on them for their retirements -- that gamble is not paying off as hoped.

Senate Makes Sales Tax Deduction Permanent

The Senate fulfilled a dream for taxpayers in several states without income taxes by making permanent the sales tax deductions on their federal income tax.

CalPERS Seeks Hedge Fund Concessions

CalPERS is demanding that the hedge funds in which it invests give it better terms, such as lower prices, a memo indicates.

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