Fiscal Cliff Political Cartoon…From 1879
It looks like the fiscal cliff is not a modern worry. This political cartoon shows the nation plummeting over a fiscal cliff over of another age. In 1879, debate raged between the two parties about the reintroduction of the gold standard and how the use of silver coins diluted the standard. This cartoon suggests that the election of 1880 rested on the treatment of this issue. 133 years have passed since this cartoon was penned, yet many of the same debates live on. See the cartoon and it’s accompanying article here.
PayPal Works to Take Its Business Offline
Paypal may soon be coming to a store near you. The online payment juggernaut has recently taken steps to broaden its user base to physical storefronts. Paypal is working with Discover to bring its payment method alongside the like of Mastercard and Visa in the checkout line. Paypal’s President, David Marcus, does not see cell phone based credit cards to be something that will catch on. Read the article here.
Retirement a Top Priority, But Investors Too Wary: T. Rowe
72% of investors aged 21 to 51 place retirement saving as their top financial goal, but these same investors are not saving enough. Most investors (2/3’s) contribute 10% or less to their 401(k). Investors’ appetite for risk seems to have lessened over the past for years, with 37% of investors surveyed staying clear of stocks. Missing out on the growth of stocks will be a huge blow to their capability to save enough for retirement. Read the article here.
Middle-Aged Americans View Retirement as Old School
Surprisingly, 55% of middle-aged Americans (53-65) say they will work for as long as they are able, 46% of workers over 65 plan to continue working full-time, and 41% plan to work part-time. More Americans are feeling less secure and have greater anxiety about the markets due to the financial condition of Europe and current state of the US economy. Read the article here.