Personal Finance Daily: Law slashes benefits for military widows

Personal Finance Daily NOVEMBER 23, 2011 Law slashes benefits for military widows By MarketWatch Don't miss these top stories: Law slashes benefits for military widows Don't put too much stock in stocks Mortgage rates at records lows MarketWatch columnist Jeanette Pavini writes today about the Gold Star Wives, a group of widows who have not only lost spouses who served in the military but also annuity payouts from their Survivor Benefits Plan. Pavini explains in this two-part report that in addition to Veterans Administration benefits, military widows and widowers can receive a monthly annuity through the Department of Defense. It's called the Survivors Benefit Plan, but — because of a federal law that some call the "widow's tax" — they get it only if they remarry after the age of 56. This is despite the fact that military couples have voluntarily paid significant premiums for their plan policies, which are annuities that are triggered when a military spouse dies. It's a complicated law with, probably, unintended consequences and these spouses have been struggling for years to get the law changed. On the eve of this Thanksgiving, it's right to acknowledge those who are serving and have served our country. We at MarketWatch hope you and yours have a peaceful holiday. — Anne Stanley , Managing Editor, Personal Finance Law slashes benefits for military widows The unintended consequence of a law's obtuse wording means that some military widows and widowers are ineligible to receive certain annuity benefits unless they remarry. Read more: Law slashes benefits for military widows. Don't put too much stock in stocks Recent news about leading economic indicators suggests more growth in the fourth quarter than we might actually see, so investors probably shouldn't rush into U.S. equities — yet. Read more: Don't put too much stock in stocks. Consumer sentiment highest since June The mood remains at relatively low levels, as consumers are somewhat cheered by lower gas prices but remain concerned about stock-market volatility. Read more: Consumer sentiment highest since June. Adjustable-rate mortgages hit record lows Interest rates charged on adjustable-rate mortgages hit record lows, while the 30-year fixed-rate mortgage fell below 4% again this week, according to Freddie Mac's weekly survey of conforming mortgage rates. Read more: Adjustable-rate mortgages hit record lows. Don't spin Wall Street's wheel of misfortune For many investors, the market has seemed a lot less safe than the casino for the last few years, says Chuck Jaffe. People want to invest, but investing feels enough like gambling to make them uncomfortable. Read more: Don't spin Wall Street's wheel of misfortune. INVESTING Poor German auction shows crisis hitting core A Wednesday auction of German government bonds is left technically uncovered, underlining fears that Europe's long-running debt crisis now threatens the euro zone's core. Poor German auction shows crisis hitting core. The Three Stooges sub in for supercommittee Having stupendously failed to address America's runaway deficit spending, the supercommittee officially cedes its congressional authority to ... The Three Stooges, writes Al Lewis. Read more: The Three Stooges sub in for supercommittee. Why everyone is wrong about defense spending Washington and Wall Street all think spending on defense is going to collapse. Do the math, writes Brett Arends. Read more: Why everyone is wrong about defense. Second anniversary of Greek debt crisis Greek's debt crisis had its roots long before November 2009, but as Mark Hulbert notes, it was late that month when Greece's debt difficulties first began prominently and regularly appearing in headlines around the world. Read more: Second anniversary of Greek debt crisis. ECONOMY AND POLITICS U.S. incomes outpace spending in October Spending slows as consumers put more money toward savings, October data show. Inflation remains well within the Federal Reserve's comfort zone. Read more: U.S. incomes outpace spending in October. Orders for big-ticket items drop in October Orders for durable goods fall 0.7% in October, according to U.S. data, largely because of weaker demand for commercial aircraft. Read more: Orders for big-ticket items drop in October. Jobless claims tick higher in latest week New applications for regular state unemployment-insurance benefits tick higher, according to the latest weekly data, rising 2,000 to a seasonally adjusted 393,000. It's the fourth straight week that first-time claims have been at or below the pivotal 400,000 level. Read more: Jobless claims tick higher in latest week. China manufacturing gauge shows contraction HSBC's preliminary China manufacturing survey falls to a 32-month low in November, well below analysts' forecasts, with the reading signaling the sector is now contracting. Read more: China manufacturing gauge shows contraction. Get the latest news on our mobile site: http://www.marketwatch.com/m MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. Sent to: kumaresan.selva.blogger@gmail.com Unsubscribe | Subscribe Copyright 2011 MarketWatch, Inc. All rights reserved. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. By using this site, you agree to the Terms of Service and Privacy Policy (updated 6/26/07). MarketWatch - Attn: Customer Service, 201 California St., San Francisco, CA 94111