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How do you measure up financially?
Dear Armchair Millionaire: I'm 31 years old and have saved $79,000 so far in my 401(k) for retirement. Can you tell me how I'm doing compared to other people my age?

According to the 2004 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and the American Savings Council, you're definitely in the top-tier of American savers.

The survey found that those in your age group (25-34) are doing a poor job overall of saving, with 64 percent having saved less than $25,000. Just 7 percent have saved between $50,000 and $99,999. And those in other age groups are not doing much better.  

 
How Today's Social Security Works
Social Security is probably the most popular fed­eral program, yet most people know almost nothing about it. In practice, Social Security’s complex bene­fit formulas and rules make it difficult for people to understand how their retirement benefits will work.  

 
30-year mortgage rate falls a fifth week
CHICAGO (MarketWatch) - The fixed rate for a U.S. 30-year mortgage declined for a fifth straight week, while short-term adjustable rates continued to rise in step with Federal Reserve rate hikes, the latest survey from Freddie Mac showed Thursday.

Homeowners will pay an average 5.63 percent on a 30-year loan secured in the week ended Feb. 3, down from last week's 5.66 percent, said Freddie Mac, which has tracked mortgages on a regular basis since the 1970s.

The 30-year average rate was 5.72 percent at this time last year.

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Patterson: Insurance checkups can aid financial well-being
Although we are in the depths of a New England winter and you are housebound far more than usual, you may have somehow overlooked that it is "Get Smart About Insurance Week."

The National Association of Insurance Commissioners and the Massachusetts Department of Insurance sponsors the week (Jan. 24-28) to educate consumers about insurance. Both organizations strongly recommend that you have an annual "insurance checkup" to ensure that you own the appropriate type of insurance and that you are paying the best price for the coverage.

An annual insurance checkup entails a review of your designated beneficiaries, whether you have adequate coverage, whether your financial goals have changed, and whether your insurance products are the most competitive and cost-effective available. You also to need know that your insurance companies themselves are financially stable.

Of course, major life events can change any or all of your insurance needs, which include automobile, disability, health, life and long-term care:

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Mortgage Rates Shrink Again
WASHINGTON -- Rates on 30-year mortgages fell for a third straight week as investors' concerns about inflation were eased by reports showing that prices fell in December.

The weekly survey released Thursday by the mortgage company Freddie Mac showed that rates on 30-year, fixed rate mortgages averaged 5.67 percent for the week ending Jan. 20, compared with 5.74 percent last week.

Low mortgage rates have powered the housing industry in recent years. Sales are expected to set records for both new homes and existing homes when all the results for 2004 are in.

Analysts are forecasting that housing will enjoy another good year in 2005 if mortgage rates do not rise too sharply, given the Federal Reserve's credit tightening campaign to ensure that inflation stays in check.

Economists said worries about inflation were eased with Wednesday's report showing that consumer prices dipped by 0.1 percent in December, reflecting the biggest drop in energy costs since July.

"Financial markets see inflation as being well managed by the Fed and that allows long-term interest rates to remain low, with mortgage rates even falling a little more this week," said Frank Nothaft, Freddie Mac's chief economist. He noted that a second report from the government this week showed that home and apartment construction rebounded strongly last month.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, declined this week to 5.15 percent, from 5.19 percent last week. Rates on one-year adjustable-rate mortgages were 4.11 percent this week, little changed from last week's 4.10 percent.

Five-year hybrid adjustable rate mortgages averaged 5.05 percent this week, unchanged from last week. These mortgages have a fixed-rate for five years and then they adjust each year after that.

The nationwide averages for mortgage rates this week do not include add-on fees known as points. The thirty-year and 15-year mortgages each carried a 0.7 point fee. The five-year and one-year ARMs both carried fees of 0.6 point.

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