Employee 401(k) accounts grew more than 4% in the third quarter as a rising stock market boosted investment returns, and contributions from workers and their employers increased.   Fidelity Investments, the nation’s largest 401(k) administrator, said Thursday that the average balance of $75,900 at the end of the quarter was the highest since it began [...]

With Obama being re-elected, what does that mean for taxes? Obama ran on the campaign that he would raise taxes on the top earners, declaring that the millionaires and billionaires need to contribute their “fair share.” The current rate on top earner is 35% although few households pay this rate as there are deductions and [...]

On a conference call today, Aviva CFO, Pat Regan confirmed what we already know which is that the sale of Aviva’s U.S. Life division would be at a “substantial discount” to the unit’s book value of $3.8 billion.  They paid $2.9 billion for AmerUS Group alone in 2006.  In August, they wrote down the value of the [...]

Now that the initial election fireworks are over and Americans have bid adieu to another electoral cycle, the real fun begins with tackling of the country’s fiscal cliff which will drive financial markets throughout the World in the remainder of the last lap of the year.  It seems that the Treasury, President Obama and the [...]

Just before the Greek lawmakers approved a multibillion euro austerity plan by a 153 to 128 vote, violence broke out on the streets outside parliament as tens of thousands gathered to protest the austerity measures. The package is part of a deal between Greece and their creditors and the approval of the package is critical [...]