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Tuesday, January 31, 2012

Personal Finance Daily: Grads fight Sallie Mae over loan fees

MarketWatch
Personal Finance Daily
JANUARY 31, 2012

Tuesday's Personal Finance Stories

By MarketWatch



Don't miss these top stories:

Nationwide, college grads who are looking for work or who are underemployed are mounting a campaign to get student loan servicer Sallie Mae to stop charging fees to students who need to get their loan payments deferred — an option that costs federal loan borrowers nothing. Sallie Mae calls is a "forbearance fee" and many students are calling it an "unemployment penalty." Read more about the dispute in Jeanette Pavini's Buyer Beware column today.

Also on MarketWatch today, Mark Hulbert explains the Super Bowl Predictor, and why Wall Street is rooting for the Giants to win.

Anne Stanley , Managing Editor, Personal Finance

Jobless grads rap Sallie Mae over loan fee

Stef Gray is spearheading an effort to get lender Sallie Mae to stop charging unemployed borrowers a fee to defer student loans — and her petition has more than 75,000 supporters.
Read more: Jobless grads rap Sallie Mae over loan fee.


Companies look to cut 401(k) fees

The rules governing America's most popular retirement vehicle are about to change, and that could mean huge savings for millions of workers building nest eggs for the future.
Read more: Companies look to cut 401(k) fees.


INVESTING

Facebook IPO filing: What to watch for

Facebook is widely believed to be readying its first initial-public-offering papers this week, with its prospective IPO looming as one of the biggest market debuts in history. Whether the filing occurs this week or later, some of the key points to look for in the documents include revenue growth, sales mix and risk factors.
Read more: Facebook IPO filing: What to watch for


Why Wall Street is rooting for the Giants

Can the Super Bowl help you make more money this year?
Read more: Why Wall Street is rooting for the Giants.


ECONOMY & POLITICS

CBO sees falling deficits in 2012, 2013

The U.S. budget deficit will narrow to $1.08 trillion in fiscal 2012, the Congressional Budget Office estimated on Tuesday, while the jobless rate will average 8.9% for the year.
Read more: CBO sees falling deficits in 2012, 2013.


Consumer confidence dips in January

A gauge of consumer confidence fell in January, partly reversing substantial gains in the prior two months, as views on current business conditions and employment declined, the Conference Board reported Tuesday.
Read more: Consumer confidence dips in January.


U.S. house prices slide 1.3% in November

U.S. house prices dropped sharply in November to mark the third straight decline, according to a closely followed index released Tuesday.
Read more: U.S. house prices slide 1.3% in November.


It's the fiscal policy, stupid

Washington politicians' refusal to help the economy with fiscal moves is forcing the Fed to step in, despite the impossibility of using monetary policy to solve the problem.
Read more: It's the fiscal policy, stupid.


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MENAFN Summary- Daily Business News

   
Middle East North Africa - Financial Network
 

Nakheel ex-manager jailed for forgery
Three former marketing employees of Nakheel, including an ex-manager, were cleared on Monday by the Court of First ...

Major Banks Face Margin Pressure as Fed Vows to Keep Interest Rates Low
Major Banks Face Margin Pressure as Fed Vows to Keep Interest Rates Low The Paragon Report Provides Equity Research on Citigroup & Wells ...

German plan for budgetary oversight of Greece comes under fire
German plan for budgetary oversight of Greece comes under fireBRUSSELS, Jan 30, 2012

Mazda introduces 2012 line-up in the UAE
Galadari Automobiles Co Limited, or GAL, sole distributors of Mazda vehicles in the UAE, announced the ...

French govt ups sales tax 1.6 points
French President Nicolas Sarkozy's government increased sales taxes and levies on financial, Bloomberg reported. Sarkozy said ...

Insiders responsible for 69% of frauds in ME firms
PricewaterhouseCoopers' said in its Middle East Economic Crime Survey that 69 percent of frauds in the region's firms were ...

65% Emiratis on jobs seeking new ones
Two-thirds of UAE nationals who are currently employed are actively seeking better job opportunities, while nearly ...

Net profitability for Saudi firms increases to SR94.8bn
Profitability for the Saudi market in 2011 showed strong growth with market net income up 22 percent to SR94.8 billion ...

Saudi stocks hit 6-month high
The Saudi bourse hit a six-month high in active trading on Monday after a state-run fund said it would buy more ...

GCC inflation rises but is moderate by global standards
Consumer price inflation in the GCC picked up to 3.3 percent in 2011, up from 2.8 percent ...

UAE- First Gulf Bank profit up 8% at Dh3.7b
First Gulf Bank, or FGB, on Monday declared an eight per cent increase in its net profit that reached Dh3.7 ...

Saudi- Overstayers get until March 8 to clear out
The amnesty period for visa overstayers has been extended until March. 8, according to a recent circular issued to all ...

Saudi- Eateries banned from levying service charges
The Ministry of Commerce and Industry has banned restaurants and coffee shops across the Kingdom from levying any ...

Saudi- Women spectators not allowed in stadiums: Official
An official at the Saudi Youth Welfare Presidency has denied media reports that it had allowed women to enter ...

Largest emerald gets zero bids
Largest emerald gets zero bidsKELOWNA, British Columbia, Jan 30, 2012 -- A Canadian auction house said a watermelon-sized ...

It is still hard for women to get senior jobs
Despite great strides in education and employment, a large gender gap remains in positions of status Women in the ...

The freedoms of social media
After the magnificent triumph of social media in the 2011 Arab Spring uprisings, it seems one of its major players is ...

First mosque part of the heritage of all Canadians
This May, as Muslims mark the 20th anniversary of the induction of Al-Rashid Mosque in Fort Edmonton Park, the largest ...

13 jailed for torturing Asian for affair with kin
Thirteen men, including three Emiratis, a Bidoon and rest Asians, were sentenced to one- to two-year imprisonment ...

Man hit in head by airplane propeller dies
Man hit in head by airplane propeller diesEL CAJON, Calif., Jan 30, 2012 -- A man was fatally injured Monday when he was ...

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Monday, January 30, 2012

Personal Finance Daily: Time to buy a house, but not to sell?

MarketWatch
Personal Finance Daily
JANUARY 30, 2012

Monday's Personal Finance Stories

By MarketWatch



Don't miss these top stories:

With low prices for residential real estate, and even lower mortgage interest rates, it's no wonder most people think this is a great time to buy a house. But at the same time, the prospect that interest rates will remain low and that home prices might have even further to fall has many people also thinking this is not a good time to sell a house — at least not yet.

Amy Hoak writes today in her Home Economics column that many would-be home sellers are waiting for some stability in the economy, in unemployment and to see if home prices decline more. That's not a bad strategy. Still, some forecasters are expecting modest improvement in housing in 2012, and that means if you're thinking about selling, this may be the year to get your property in shape for a quicker and more profitable sale.

Anne Stanley , Managing Editor, Personal Finance

It may be time to buy, but is it time to sell yet?

Many Americans say now is a good time to buy a home, thanks to low rates and bargain home prices. But homeowners aren't sure it's time to sell — at least not yet. They're waiting for improvement in the jobs picture and for prices to stabilize.
Read more: It may be time to buy, but is it time to sell yet?


Car-buying tips men can learn from women

Men can learn a thing or two from women's car-buying styles: Ask more questions, do more research, and forget gamesmanship.
Read more: Car-buying tips men can learn from women.


2012 Hyundai Genesis 5.0 R-Spec

When Hyundai's Genesis first hit the market in 2008, there were muffled calls that about the only thing missing in this upscale sedan was power.
Read more: 2012 Hyundai Genesis 5.0 R-Spec.


Are pension forecasts way too sunny?

If you were a better stock picker than Warren Buffett, would you be punching the clock every day as the faceless manager of a corporate pension plan?
Read more: Are pension forecasts way too sunny?


Taking your pension private

If you are self-employed and in the top echelon of earners, there is a big potential retirement-plan tax break available to you — and you don't even have to be Mitt Romney to get it.
Read more: Taking your pension private.


ECONOMY & POLITICS

Wages rise 0.5% in December; spending ebbs

Consumers spent less in December and saved more as their incomes rose sharply, U.S. data show
Read more: Wages rise 0.5% in December; spending ebbs.


INVESTING

Stable-value funds are shaky 401(k) options

Too many 401(k) holders mix insecurity and a bit of laziness with the general fear they have about the markets and investing. Faced with a slate of mutual funds, they see the word "stable" and a promised return and say "Sign me up" — and that's a problem.
Read more: Stable-value funds are shaky 401(k) options.


Apple wrestles with its 'China problem'

Apple began last week by basking in record quarterly profits, but then ended the week in a public-relations retreat after reports of exploited workers in factories in China assembling its hot-selling iPads and iPhones.
Read more: Apple wrestles with its 'China problem.'


Gold bull methodically takes profits

Gold finished 2011 up on the year, and gold bugs are hoping gold shares will follow the metal higher.
Read more: Gold bull methodically takes profits.


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BEA News: Personal Income and Outlays, December 2011

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Personal income increased $61.3 billion, or 0.5 percent, and disposable personal income (DPI) increased $47.1 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $2.0 billion, or less than 0.1 percent.  In November, personal income increased $7.4 billion, or 0.1 percent, DPI decreased $4.1 billion, or less than 0.1 percent, and PCE increased $11.4 billion, or 0.1 percent, based on revised estimates.


The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/pi/pinewsrelease.htm

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MENAFN Summary- Daily Business News

   
Middle East North Africa - Financial Network
 

Central banks move in unison on rate cuts
Central banks move in unison on rate cutsJan 29, 2012 -- Ex-World Bank chief economist and deputy MD of the ...

Saudi- Hafiz distributes SR1 billion to jobless youths
Unemployed youths in the Kingdom have been paid SR1.1 billion for the Hijri month of Safar

Do as Cameron says, not as he does
Do as Cameron says, not as he doesJan 29, 2012 -- Strong export efforts and restrained ...

IMF 'firewall' for Europe touted at Davos
IMF firewall for Europe touted at DavosDAVOS, Switzerland, Jan 29, 2012 -- Economic officials meeting in Switzerland this ...

Saudi- Modon inks SR700m electricity deals to spur investment
Modon's has signed new contracts, worth SR700 million, to build electricity transmission plants and aerial and ground ...

Facebook readies itself for huge IPO
Facebook readies itself for huge IPOMENLO PARK, Calif., Jan 28, 2012 -- Facebook Inc., the U.S. Internet firm with a ...

Saudi- The lessons from the Goldman Sachs proposed $2bn sukuk saga
As if blue chip investment bank, Goldman Sachs International, did not have any other problems in a global financial ...

China willing to aid bailout: EU leaders
China willing to aid bailout: EU leadersJan 28, 2012 -- DAVOS

SciTechTalk: The smartphone debate
SciTechTalk: The smartphone debateJan 29, 2012 -- As modern smartphones begin to look more alike, there is one user ...

Oil may hit $150 on EU ban: Tehran
Oil prices could rise as high as $150 a barrel because of the European Union ban on imports of Iranian crude, the ...

Saudi- Stylish models drive BMW sales
Mohamed Yousuf Naghi Motors has announced further growth in sales of BMW and MINI vehicles in 2011 over 2010, ...

Dubai Industrial City launches $204m storage facilities
Dubai Industrial City , a member of TECOM Investments, has launched the second phase of its warehouse and showroom ...

Saudi- 'Stress at workplace' analyzed
Awal IT Services, a subsidiary of Saudi Telecom Group, took part as a sponsor in a recent training program organized ...

Chernobyl tours offered to Euro 2012 fans
Chernobyl tours offered to Euro 2012 fansCHERNOBYL, Ukraine, Jan 29, 2012 -- Tour operators are pitching side trips to ...

How to fight stereotyping, generalized suspicion
Martin Luther King, Jr., the renowned American civil rights activist, said, "Men hate each other because they fear ...

UAE- 'Cautious Income Fund' targets 5% yield with low risk
The National Bank of Abu Dhabi said its new mutual fund, the NBAD Cautious Income Fund, will accept ...

Why I salute the Egyptian revolution
The impossible has happened. The Egyptian Parliament, democratically elected by a free people, has convened for its ...

Kuwait- Man suspecting affair beats up wife's workplace manager
An Arab man has lodged a complaint at Rumaithiya Police Station, accusing another expatriate of assaulting him and ...

Kuwait- Cop doing drugs
Customs officers at Al-Nuwaiseeb border post have referred a policeman to authorities for consuming drugs and ...

Bed-wetting may be due to constipation
Bed-wetting may be due to constipationWINSTON-SALEM, N.C., Jan 28, 2012 -- Bed-wetting isnt always due to a bladder issue ...

Saudi- Death after toothache investigated
A man in his thirties went to a health care center in Baish, complaining of a toothache and was dead within an hour, ...

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Saturday, January 28, 2012

MENAFN Summary- Daily Business News

   
Middle East North Africa - Financial Network
 

GCC economies real GDP growth at 4.6% in 2012
Despite the prospect of further turmoil in global financial markets, GCC economies should see another year of solid ...

Breakthrough expected in Greek debt swap talks
Breakthrough expected in Greek debt swap talksATHENS, Jan 28, 2012 ...

Girl allegedly beaten to get rid of demons
Girl allegedly beaten to get rid of demonsBORAS, Sweden, Jan 28, 2012 -- A Swedish couple have been charged with beating ...

Jordan will abide by league decision
The government on Saturday said it will abide by any decision by the Arab League regarding its mission to observe ...

Fitch downgrades credit ratings of Italy, Spain
Fitch Ratings said that it cut the sovereign credit ratings of Italy to A- from A+, and those of Spain to A from AA-, as these ...

Saudi- Nitaqat generates 300,000 jobs
The Nitaqat Saudization program was instrumental in generating more than 300,000 job opportunities in the private ...

'Saudi women becoming victims of drug abuse'
Saudi women are increasingly becoming victims of drug abuse, according to the director of the anti-drug department in ...

Bill would ban aborted fetuses in food
Bill would ban aborted fetuses in foodOKLAHOMA CITY, Jan 27, 2012 -- An Oklahoma state senator has introduced a bill that ...

UAE- Moody's classifies Abu Dhabi's long term ratings as Aa2
Moody's Investors Service's has detailed its summary credit opinion on Abu Dhabi, which includes certain regulatory ...

IEA, OPEC foresee easing of world oil market in medium term
For the new, almost just arrived secretary general at the International Energy Forum Secretariat, Dr. Aldo ...

Brothers charged with decapitation killing
Brothers charged with decapitation killingMANCHESTER, England, Jan 28, 2012 -- Two brothers are accused of killing a man ...

Israel-America-Iran - the dangers grow
The events and tensions that revolve around Iran and its multi-faceted relations with its immediate neighbours - ...

Kuwait- Girl 'traps' salesman
Police have arrested an expatriate working in a mobile phone shop for blackmailing a girl and demanding that she pay ...

IMF- Some Euro countries can boost growth
The head of the International Monetary Fund said Saturday that some countries that use the euro have the ...

Jordan- Police seek identity of murdered woman
Police on Saturday said they are trying to determine the identity of a woman whose body was found in a suitcase in ...

Saudi- Understating Kingdom's oil GDP growth
The Central Department of Statistics & Information is the national agency or department which is authorized to ...

Without Mubarak...
Last Monday, Egyptians celebrated the first anniversary of the revolution that overthrew the 30-year Mubarak ...

Kuwait- Police arrest maid & her Bangladeshi lover
Bangladeshi man and a maid were arrested for committing immoral acts in the maid's sponsor's house in Jleeb area, ...

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MENAFN Summary- Daily Business News

   
Middle East North Africa - Financial Network
 

Davos- ECB Chief: Debt Crisis Would Not Be Over Soon
European Central Bank chief Mario Draghi said Friday at the World Economic Forum that the European debt ...

US economy grew 2.8% in fourth Quarter
The U.S. economy grew at a 2.8 percent annual rate in the fourth quarter of 2011, the fastest growth in more ...

UAE- Mega hub of opportunities
UAE's investors can build a mega business district in South Korea's capital Seoul, besides buying shares and ...

UAE represents 30% of global Islamic banking
The Shariah-compliant financial services sector in the country represented 30 per cent of the global Islamic ...

UAE in driver's seat of tech innovation: InfoFort
The technology sector in the UAE and Dubai in particular have undoubtedly taken the lead in the region with ...

Syria, Iran: War of attrition or buckling under pressures?
US can create the external and internal conditions that could bring down regimes in both countries Iran, Syria and ...

Saudi- Amid real estate boom, Makkawis face housing crisis
At a time when Makkah's real estate sector is witnessing an unprecedented boom, several local residents are up in arms ...

Saudi- Working conditions for women to be eased
The Ministry of Labor is working on a new mechanism to address issues pertaining to work hours and commuting of women ...

Saudi- Kingdom, Iraq not to execute each other's prisoners
Saudi Arabia and Iraq have agreed in principle to put on hold execution of prisoners on death row in the two countries ...

Lack of skilled Saudis takes the shine off gold trade
Saudization in gold and jewelry shops reached 100 percent in 2003 following a royal decision issued by the then ...

Saudi- MASCO expands with launch of new factories in Bahra
Metal Artwork Saudi Company launched a new set of factories in Bahra over the weekend, with a view to ...

MENA: Geopolitical risk weighs on GCC assets
The imposition this week by the EU of an oil embargo on Iran as well as financial sanctions on Iran's central bank is ...

Saudi trade balance records SR541bn surplus
Saudi Arabia's balance of trade with other countries recorded a surplus of SR541 billion in 2010, up 19.1 percent, ...

Airbus 380 Planes Inspected for Cracks
Twenty Airbus 380 jets will be inspected after cracks were found inside some wings, according to the ...

Israel, Jordan Agree over Red Sea Water Project
Israel and Jordan reached an agreement over a project to pump water from the Red Sea to the Dead Sea, Israeli ...

Kuwaiti in bid to smuggle lion cubs
A Kuwaiti man was recently arrested at Cairo airport for trying to smuggle out three lion cubs, reports Al-Anba ...

Kuwait- Seven men allegedly kidnap, 'sexually abuse' schoolboy
Police are looking for seven men who allegedly kidnapped a Kuwaiti boy from the parking lot of his school and ...

UAE- 1,350 people embraced Islam in 2011
DUBAI - As many as 1,350 people of different nationalities converted to Islam in 2011 at the ...

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Friday, January 27, 2012

Weekly Roundup: MarketWatch top 10 stories Jan. 23 - 27

MarketWatch
Weekly Roundup
JANUARY 27, 2012

MarketWatch top 10 stories Jan. 23 - 27

By MarketWatch



NEW YORK (MarketWatch) — U.S. stocks on Friday finished mostly lower, with the S&P 500 managing to extend its winning streak into a fourth week.

The Dow Jones Industrial Average (DJIA)  fell 74.17 points, or 0.6%, to 12,660.46, leaving it down 0.5% for the week, its first weekly drop in four.

The S&P 50 (SPX)  shed 2.10 points, or 0.2%, to 1,316.33, but managed to remain 0.1% up from the week-ago close

The Nasdaq Composite (COMP)  added 11.27 points, or 0.4%, to 2,816.55, up 1.1% for the week.

Also please be sure to watch our week Ahead Videos.

Greg Morcroft, assistant managing editor

 Europe Week Ahead: EU Summitt, Earnings in Focus

Economy expands 2.8% in fourth quarter

The U.S. economy grew at the fastest rate in a year and a half in the fourth quarter, but a large chunk of the increase was fueled by an unexpected buildup in inventories, according to a preliminary government estimate. Gross domestic product from October through December expanded at a 2.8% pace, up from 1.8% in the third quarter, the Commerce Department said Friday. Economists surveyed by MarketWatch projected GDP would rise 3.0%. See full story on U.S. GDP, on MarketWartch

RIM draws tepid reaction with CEO shift

Research In Motion Ltd. (RIMM) drew a tepid reaction from Wall Street this week as analysts questioned the company's surprise appointment of an insider to the CEO post. "The changes appear more cosmetic than substantive," wrote Charlie Wolf of Needham & Co. in a note to clients Monday morning. Earlier this week, the company said Mike Lazaridis and Jim Balsillie have stepped down from their management roles at the company, with Chief Operating Officer Thorsten Heins, a former Siemens executive who joined RIM in 2007, to take the CEO reins. Read about RIM shakeup, on MarketWatch

Gold ends atop $1,700; Fed extends low-rate pledge

Gold prices ended the week higher after breaking to six week highs above $1,700 an ounce, as the Federal Reserve's monetary-policy committee extended its pledge to keep interest rates at exceptionally low levels till late 2014, which will help boost demand for the precious metal as an inflation hedge. "It looks like someone awoke to the fact that loose monetary policy will eventually impact the value of the dollar and allow gold to move higher," said Jeffrey Wright, managing director at Global Hunter Securities. Read about gold's move above $1,700 an ounce this week, on MarketWatch

Apple shares hit high on blow-out results

Shares of Apple Inc. (AAPL) jumped to an all-time high this week following the company's blow-out results for its first fiscal quarter, in which earnings more than doubled on strong sales of the iPhone and iPad. reported that earnings more than doubled in the December quarter, as the company sold more than 37 million iPhones, blowing past analysts' estimates for the period. The typically conservative company also issued a forecast for the current period that was above Wall Street's forecasts. Read MarketWatch coverage of Apple quarterly earnings report

Fed pushes out low-rate pledge to late 2014

The Federal Reserve on Wednesday pledged to hold interest rates low until late 2014, a move that surprised markets and showed the central bank is still worried that economic growth is at risk of faltering. The new commitment extends the prior statement that economic conditions were likely to keep rates at the historic low range of 0% to 0.25% until at least mid-2013.The Fed opened a new era of transparency, releasing for the first time the projected path of rates by its 17 members and set a specific inflation goal of 2%. But it was extending the timing of the first rate move that overshadowed all the moves. Read about latest Fed projections and new policy, on MarketWatch

Jobless claims in U.S. rise sharply

New applications for unemployment benefits rose sharply last week, but initials claims remain at a level usually associated with a modest improvement in U.S. hiring trends.Jobless claims climbed by 21,000 to a seasonally adjusted 377,000 in the week ended Jan. 21, the Labor Department said Thursday. Economists surveyed by MarketWatch had estimated claims would climb to 373,000.Claims from two weeks ago were revised up by 4,000. Read about latest jobless claims, on MarketWatch

Netflix shares mount comeback on results

Investors gave Netflix Inc. (NFLX) breathing room this week, sending the online video provider and DVD-rental company's stock up more than 25% Still, Netflix's shares have turned into a market darling this year, rising more than 67% in less than a month. Read latest developments in the Netflix sags, on MarketWatch

10 income-paying stocks that beat the crowd

Shares of high-quality, cash-rich, large-cap companies that yield more than the Standard & Poor's 500-stock index are the new favorites in many portfolios. But many of these success stories have been discovered, boosting share prices and trimming yields. In searching for attractively priced, profitable companies that wouldn't necessarily appear on a high-yield screen, MarketWatch enlisted the help of two researchers: Morningstar's Peters and David Trainer, president of investment researcher New Constructs Inc. in Nashville. Here are 10 companies, culled from the two screens, that are debt-free and have a history of dividend increases. Read about the dividend screens, on MarketWatch

Facebook to file for IPO Wednesday: WSJ

Facebook may file documents for an initial public offering on Wednesday, eyeing a valuation of $75 billion to $100 billion, the Wall Street Journal reported Friday. Morgan Stanley is close to winning the IPO deal, while Goldman Sachs is expected to play a key role, according to the Journal, which cited an unnamed source. Read more about the reported Facebook IPO, on MarketWatch

Retirement in America is 'endangered'

President Barack Obama, in his State of the Union speech, didn't really touch on the subject near and dear to the hearts of millions of Americans — the State of Retirement in the U.S. No doubt he had other pressing matters to address. So allow us the pleasure of issuing — thanks in large part to many experts on the topic — our State of Retirement column.In short: Things are bad and, in the absence of action or in the presence of ill-advised action, could get much worse. Read more about the sad state of retirement in the U.S., on MarketWatch

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