Word: saversion
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Other scholars contend that the low saving rate is mainly a problem of definition. Much of today's saving, they say, has become institutionalized through corporate pensions and profit-sharing accounts. But the money that companies contribute to these plans on behalf of their employees is not counted by the...
BANKS. Until deregulation gave them relief in 1980, banks and thrift institutions were rapidly losing business to competitors ranging from Sears to Merrill Lynch, whose money-market funds could legally offer much higher yields than the 5 1/4% maximum savings-account rate. But the Depository Institutions Deregulation and Monetary Control...
The IRA flood started as a trickle in 1974, when the Government began permitting them for taxpayers who did not belong to a pension plan where they worked. But the flow of money into the accounts became a torrent in 1982, after Congress extended the program to virtually everyone. Under...
Besides enjoying the tax deferral, IRA savers can watch their investment compound over the years. If a 30-year-old worker makes a $2,000 annual contribution for 30 years to an IRA earning an average of 10%, the account will balloon to $468,580. Those who withdraw their money...
During the early 1980s, most IRA money poured into banks and savings and loan associations because interest rates were going into outer space. But one- year certificates of deposit, which earned a handsome 15% or more in 1981, now bring savers only 8% or so. Result: many consumers, suffering from...