Irish composer Raymond Deane talks Achill, Alma and ABBA too






DUBLIN (Reuters) – Irish composer Raymond Deane chafes at what he sees as a lack of recognition in his homeland for classical composers in a country better known for traditional fiddling and rock supergroup U2 than for notes on staves.


Classical music means Mozart and Beethoven and when you say Irish classical music their eyes just widen,” Deane, who recently turned 60, told Reuters over lunch at a French-style bistro in Dublin.






“Classical music doesn’t do much for the tourist industry except frighten off the tourists.”


Deane, who also is an activist who has taken up the causes of East Timorese and Palestinian human rights and campaigns to get artists to boycott Israel, described the Irish composer’s plight in the 1990s as “the honor of non-existence”.


Though he can rattle off the names of more than a half dozen Irish men and women composers of international stature, he says little has changed.


The difference is this year, Deane’s often haunting, sometimes playful chamber pieces got an airing at a birthday celebration in a Dublin church, one of his orchestral works was played at the National Concert Hall and September will see a concert staging of a new opera, “The Alma Fetish”.


The last, a collaboration with librettist Gavin Kostick, is a musical treatment of a theme that probably – actually, undoubtedly – would have been banned in Roman Catholic Ireland not too many years ago.


It is based on the love affair between composer Gustav Mahler’s widow Alma, a femme fatale for many a European intellectual, and the Austrian painter Oskar Kokoschka. He became so enamored of her he ordered up a life-size doll shaped, in all respects, like Alma.


Although the performance will be a concert staging, Deane said the doll will be there in some form or other, possibly in projections.


“You couldn’t not have it, because it’s absolutely central,” he said, adding that he was in part attracted to the story of Alma’s and Kokoschka’s affair because of the Olympia doll character in Offenbach’s opera “The Tales of Hoffmann”. Alma also seduced Oskar to the main theme of one of Deane’s favorite operas, Wagner’s “Tristan und Isolde”.


“Alma seduced Oskar to the ‘liebestod’ but in my version she sings and plays it as a Viennese waltz,” he said.


In a sign of the pan-European roots of his inspiration, Deane has quoted and used themes from composers as diverse as Mahler, Mussorgsky and Stockhausen in a musical career that began at about age 10 when his family moved from scenic but rustic Achill Island, off Ireland’s west coast, to Dublin, and Deane began writing down improvisations at the piano.


“It’s ridiculous, everyone is immature at the age of 10 but I was a particularly immature 10-year-old, and to think I’ve stood by a decision I made then, there’s really something absurd about it.”


Here’s what else he had to say about getting a musical education via the BBC’s classical station Radio 3, what he did or didn’t learn from his professors and why he makes no secret about liking ABBA‘s “Dancing Queen”:


Q: You studied under some of the musical greats of the 20th century, including the eternal enfant terrible Karlheinz Stockhausen. What did that do for you?


A: “‘Study’ in quotation marks – anybody else who would have gone through my particular curriculum vitae, studying with (composer) Gerald Bennett in Switzerland, Stockhausen in Cologne…would have made some use of them, seen them as opportunities. To a large extent I wasted all the opportunities that were offered to me by these people, quite perversely.”


Q: So where did you learn your craft, or more simply, how did you become a composer?


A: “I went to the usual university, did a degree at Maynooth (National University of Ireland), a doctorate. But my main musical education really was BBC Radio 3. When we came to Dublin in my early teens I had this old transistor radio that was really my main connection to the outer world and it wasn’t linked up to anything so the reception from the BBC was diabolical. The static was amazing and sometimes it would disappear completely. I would tune in and hear ‘tssshh’ and through this I would hear the music and then ‘tssshhh’. Sometimes it would disappear and I would try to imagine what I was missing. I think a lot of the kind of perverse quality of some of those early pieces of mine stems from that – a distant relationship and a rather distorted relationship to something.”


Q: Plus you and your composer friend Gerald Barry, in the days a quarter of a century ago before you swore off the drink, used to have some late evenings in which he’d play Rod Stewart and you’d pick ABBA, particularly “Dancing Queen”.


A: “I was a big fan of ABBA, I still have a lot of time for ABBA, I have a lot of time for the Beatles, a lot of time for Neil Young…Bruce Springsteen. My CD and record collection has a lot of non-classical stuff in it. I probably draw the line at rap.”


(Editing by Paul Casciato)


Music News Headlines – Yahoo! News





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Want a Dog Like Banana Joe? There Are 7 For Sale in America






After two days of frenzied canine competition, a five year-old black-and-tan Affenpinscher named Banana Joe was crowned champion at the Westminster Dog Show on Tuesday night. But for those dog enthusiasts captivated by the dog’s Wookiee-ish countenance and shock of black hair—and hoping to snatch up one of their very own—we say: Good luck.


The breed’s official site, recognized by the American Kennel Club, lists only 12 active breeders in all of North America. “The reason they’re rare,” says Nancy Baybutt, the Affenpinscher Club’s Breeder Referral Chair, “is they have small litters—some of them as small as a single puppy—and the dogs are so small themselves that they have whelping problems. If they don’t thrive, there’s not a lot of them to save.” She also credits history for their rarity. “It was a German dog [that] was decimated during World War II,” she says. “Afterwards people didn’t want a German breed. It just never had the popularity.” The gene pool for Affens is so small that one of Baybutt’s dogs is a relative of Banana Joe.






Right now, seven puppy Affenpinschers are available for sale in the United States, according to Baybutt. Two, both males, are located in Tallahassee, Fla., and five can be found in Cornville, Ariz. Of the latter litter, only one of the dogs will look like Banana Joe. “The rest are red,” says Baybutt, who notes that the breed comes in several colors. The dogs sell for around $ 2,500.


If that’s a little steep for you, larger Affenpinschers are bred “by the puppy mills,” says Baybutt, and can be purchased online. But these dogs aren’t recognized by the breed’s official standard. They go for about $ 400.


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Mortgage Mess Still Mires Housing Recovery






President Obama says he wants more Americans to be able to save money by refinancing their mortgages. The trouble is that mortgage rates are rising, now at their highest level since September of last year, before the Federal Reserve announced it would buy more agency mortgage-backed securities in order to drive rates down. Last week applications to refinance fell 6 percent from the previous week, according to the Mortgage Bankers Association.


“The banking industry has largely refinanced most prime customers in portfolio. For 2012, Q3/4 looks like the peak for industry mortgage banking revenue. The industry is expecting lower volumes in 2013,” says Christopher Whalen of Carrington Investment Services. “New loan originations will hopefully rise a bit this year to offset lower refinancing activity.”






But that has not been the case so far.


(Read More: Americans Tapping Into Home Equity Again)


Mortgage applications to purchase a home dropped more dramatically than did refinances, down 10 percent from the previous week. While one week does not a trend make, rising mortgage rates, coupled with severe inventory shortages, are not the mix needed for a healthy spring housing market.


(Read More: Beware the Escape Hatch in the New Mortgage Rules)


“Many homeowners may simply be deciding to play the market and wait for their home to appreciate before putting it up for sale. Despite the drop in applications, we have seen anecdotal evidence of homes selling very quickly after entering the market,” says Bob Walters, chief economist at Quicken.


Days on market are shrinking across the nation, but only because supplies are so low. It’s not just the former boom to bust to boom markets, like Phoenix and Las Vegas; local Realtor associations show inventories are down dramatically from a year ago in Charlotte (-29 percent), Dallas (-19 percent), Minneapolis (-32 percent), and Washington, DC (-36 percent) to name a few.


“The low and negative equity of a large number of mortgage holders has kept significant inventory off the market, and many would-be sellers with adequate equity feed into the problem by holding off until they find something to buy,” says Jonathan Miller of CEO of Miller Samuel Inc. “I believe the chronic low inventory phenomenon we are seeing has little to do with lack of consumer confidence and more to do with reasonable access to mortgage financing.”


President Obama echoed that sentiment in his State of the Union addressTuesday night.


“Overlapping regulations keep responsible young families from buying their first home,” Mr. Obama said. Not exactly a new sentiment, as the Chairman of the Federal Reserve, Ben Bernanke, has said the same thing several times, as have other federal regulators.


(Read More: Fewer Behind on Mortgages, but for How Long?)


Rising mortgage rates and tight credit standards keep first time-home buyers out, while falling inventories make it more difficult for existing home buyers to move up. The housing market is therefore still largely in the hands of all-cash investors, looking for distressed properties to buy and then rent out. Ironically, perhaps for now, more distressed properties coming to market will be what keeps home sales afloat.


-By CNBC’s Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC


Questions? Comments? [email protected]


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Wall Street flat, S&P 500 touches November 2007 high

NEW YORK (Reuters) - Stocks were little changed on Wednesday after the S&P 500 index hit a November 2007 intraday high, but volume was low and investors stayed cautious with indexes near multi-year closing highs.


The benchmark index got a boost from Comcast Corp when the cable company said it will buy the rest of NBC Universal for $16.7 billion from General Electric Co .


Equities have been strong performers until recently, buoyed largely by healthy growth in corporate earnings, which helped the S&P 500 to rise 6.5 percent so far this year. The Dow industrials are about 1 percent away from an all-time intraday high, reached in October 2007.


Those gains could leave the market vulnerable to a pullback as investors take profits amid a dearth of new catalysts. While analysts see an upward bias in stocks, recent daily moves have been small and trading volumes light with indexes at multi-year highs.


"I was expecting a 12-15 percent return on the S&P for the whole year of 2013, and we have done about half of that in just 5-6 weeks," said Jack De Gan, principal at Harbor Advisory in Portsmouth, New Hampshire.


"We will hit resistance, but the fundamentals and micro picture are looking good, so if there is a correction it's going to be a brief one."


The Dow Jones industrial average <.dji> was down 52.99 points, or 0.38 percent, at 13,965.71. The Standard & Poor's 500 Index <.spx> was down 0.61 points, or 0.04 percent, at 1,518.82. The Nasdaq Composite Index <.ixic> was up 3.35 points, or 0.11 percent, at 3,189.85.


Economic data proved no catalyst giving investors direction. The government said retail sales rose 0.1 percent in January, as expected. Tax increases and higher gasoline prices restrained spending.


The S&P 500 was well over its 50-day moving average of 1,460.92, a sign the market could be overbought.


Comcast agreed late Tuesday to buy General Electric Co's remaining 49 percent stake in NBC Universal for $16.7 billion. Comcast jumped 6.2 percent to $41.40 as the S&P's top percentage gainer while Dow component GE was up 3 percent to $23.26.


Deere & Co reported earnings that beat expectations and raised its full-year profit outlook. After initially rallying in premarket trading, the stock fell 2.3 percent to $91.80.


According to the latest Thomson Reuters data, of the 353 companies in the S&P 500 that have reported results, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


Industrial and construction shares were lower even though in his State of the Union address President Barack Obama called for $50 billion in spending to create jobs by rebuilding degraded roads and bridges.


The Dow Jones Home Construction index <.djushb> was off 0.2 percent.


(Reporting By Angela Moon; Editing by Kenneth Barry)



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IOC President Rogge to meet with wrestling leader


LAUSANNE, Switzerland (AP) — IOC President Jacques Rogge will meet with the head of wrestling's governing body to discuss ways the sport can fight to save its place in the 2020 Olympics.


The IOC executive board removed wrestling from the program of the 2020 Games on Tuesday, cutting it from the list of 26 sports at last year's London Olympics.


The decision, which still must be ratified by the full IOC in September, has been widely criticized by wrestling organizations around the world.


Rogge said Wednesday he's been contacted by Raphael Martinetti, the president of international wrestling federation FILA, and was encouraged by the sport's determination to remain in the games.


"We agreed we would meet at the first opportunity to have discussions," Rogge said at a news conference at the close of a two-day board meeting. "I should say FILA reacted well to this disheartening news for them.


"They vowed to adapt the sport and vowed to fight to be eventually included in the 2020 slot."


Wrestling, which remains on the program for the 2016 Olympics in Rio de Janeiro, still has a chance to stay on the list for 2020 — if it manages to convince the IOC to reverse the board's decision.


Wrestling now joins seven other sports in applying for one opening on the 2020 program: a combined bid from baseball and softball, karate, squash, roller sports, sport climbing, wakeboarding and the martial art of wushu.


The IOC executive board will meet in May in St. Petersburg, Russia, to decide which sport or sports to propose for 2020 inclusion. The final vote will be made at the IOC general assembly in September in Buenos Aires, Argentina.


IOC officials said it's possible the board could decide to put forward three sports for consideration, including wrestling.


"The vote of yesterday is not an elimination of wrestling from the Olympic Games," Rogge said. "Wrestling will participate in the games in Rio de Janeiro. To the athletes who train now, I say, 'Continue training for your participation in Rio. Your federation is working for the inclusion in the 2020 Games.'"


Rogge was asked whether Tuesday's decision marked an end to wrestling in the Olympics.


"I cannot look into a crystal ball into the future," he said. "We have established a fair process by which the sport that would not be included in the core has a chance to compete with the seven other sports for the slot on the 2020 Games."


Rogge said he was fully aware of the backlash to the decision against wrestling, a sport which dates back to the ancient Olympics and featured in the inaugural modern games in 1896.


The head of the Russian Olympic Committee said Wednesday he would write to Rogge to appeal the IOC board's decision. Wrestling has been one of Russia's strongest sports: Soviet and Russian wrestlers have won 77 gold medals.


"We knew even before the decision was taken whatever sport would not be included in the core program would lead to criticism from the supporters of that sport," Rogge said.


The board voted after reviewing a report by the IOC program commission that analyzed 39 criteria, including TV ratings, ticket sales, anti-doping policy and global participation and popularity. With no official rankings or recommendations contained in the report, the final decision by the 15-member board may have included political and sentimental factors.


Modern pentathlon — a five-sport discipline dating back to the 1912 Games — had been widely expected to face removal from the program but lobbied successfully to save its status.


Juan Antonio Samaranch Jr., the son of the former IOC president, is a vice president of the International Modern Pentathlon Union and a member of the IOC board.


FILA said Tuesday it was "greatly astonished" by the decision, adding that the federation "will take all necessary measures to convince the IOC executive board and IOC members of the aberration of such decision against one of the founding sports of the ancient and modern Olympic Games."


The last sports removed from the Olympics were baseball and softball, voted out by the IOC in 2005 and off the program since the 2008 Beijing Games. Golf and rugby will be joining the program at the 2016 Games in Rio.


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Africa 'must think big for its children'




Children at school in the Mukuru kwa Njenga slum in Nairobi, Kenya.




STORY HIGHLIGHTS


  • New report shows that policies across Africa are helping children's development

  • But laws must improve to help children reach potential, says Catherine Mbengue

  • Scrapping fees in Malawi saw entry to primary school jump from under 50% to 99%

  • At secondary level, education in much of the region is deeply limited, Mbengue says




Editor's note: Catherine Mbengue is a Trustee of the African Child Policy Forum (ACPF) and former senior UNICEF Official. Here, she writes about a new report -- "Children's Chances: How Countries Can Move from Surviving to Thriving," released by Harvard University Press on 13 February 2013.


(CNN) -- Africa has always been a continent of contrasts. And the latest findings from an amazing team of international researchers show that when it comes to providing our children with the best chances in life, Africa once more presents a very mixed picture.


In a new report, never-before-available comparative data on laws and public policies in 191 countries, covering poverty, discrimination, education, health, child labor, child marriage and parental care, reveals how millions of children across the world face conditions that limit their opportunities to thrive and reach their full potential because of governments failure to act.


This new research aims to broaden global attention from solely survival to children's full and healthy development. It comes at a critical time as the global community is looking to set new goals and agree on what all the world's nations will strive for in the so-called "post-2015" agenda following more than a decade of efforts focused around the Millennium Development Goals (MDGs).



Catherine Mbengue

Catherine Mbengue



Children's opportunities are not just shaped by parents and families, but also by national action in the form of laws and public policies.


This may involve removing tuition fees, ensuring inclusive education for children with disabilities, enforcing minimum age requirements for labor, age restrictions for marriage so girls might have a better chance to stay in education, or assisting parents to be able to earn enough to support their children and have the time off from work they need to care for their children's health and education.


Read more: Africa grows, but youth get left behind


And as the new analysis confirms, marked strides have been made across sub-Saharan Africa in areas central to our children's healthy development.




Primary education is tuition free across the majority of the region (in 36 of the 41 countries with available figures) and 13 countries have removed charges for secondary education.


In addition, virtually all sub-Saharan African countries (45 of the 46 countries with data) guarantee paid maternity leave (although of these 23 provide less than the 14-week minimum established by the ILO), and 41 of 45 countries have recognized the need to provide income support during periods of unemployment (although this largely does not cover the informal economy).


And progress in improving children's chances does not necessarily rely on the ability to open large purses. Some low and middle-income countries have made impressive advances for children.


Kenya, for example, makes education compulsory for 12 years, longer than all other countries in the region, including those with a higher GDP, and it has a higher minimum age for full-time work than its neighbors.


Elimination of schools fees in Malawi in the 1990s has led to a jump in primary school enrollment from under 50% in 1991 to 99% in 1999.


Read more: Elite boarding school aims to create Africa's future leaders


Madagascar provides not only paid maternal leave, but also paid leave for children's health and family needs. Progress is clearly possible when there is political will.



There remains substantial room for policy advances to transform the lives of older children, youth and the poorest.
Catherine Mbengue, Trustee of the African Child Policy Forum



But there remains substantial room for policy advances to transform the lives of older children, youth and the poorest. At secondary level, educational opportunities in much of the region are deeply limited -- and limiting. A greater proportion of countries in sub-Saharan Africa than in other regions -- some 61% -- begin charging tuition fees before the end of secondary school.


When we look beyond the issue of accessibility to the quality of education our children receive -- after all it should be fit for purpose -- the region has among the lowest education requirements for teachers, with 50% of countries requiring lower secondary school teachers to have completed no higher than a secondary education (so teachers have barely more education that their students).


Plus, while policies in the formal economy are relatively strong in terms of supporting families, those in the informal economy remain unprotected.


Despite the fact that many countries have set a minimum wage, in 6 countries this wage is just $2 per day or less -- and in 20 others is between $2 an $4, leaving even a family of one adult and one dependent under the $2 poverty line. How can we expect children to thrive given this reality?


What this kind of comparative data and analysis allows us to do is see more clearly where progress is and isn't occurring.


It is only when we begin to call out country's names -- the leaders and the laggards -- that we'll see all children count on having a childhood where they can go to school and not labor full-time, a childhood free of marriages that require them to parent before they have grown up themselves, getting the education they need to find work that will lift them out of poverty, and not facing discrimination based on their gender or ethnicity.


Africa should be a region that has high ambitions for its children and demand that the post-2015 development agenda is one that thinks big for our children and their chances.


Read the report and stay up to date on Twitter #kidschances.


The opinions expressed in this commentary are soley those of Catherine Mbengue






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Wall Street pauses after gains, awaits Obama address






NEW YORK (Reuters) – Stocks were little changed on Tuesday, with the S&P 500 holding near multi-year highs ahead of President Barack Obama‘s State of the Union address.


The economy will be a major topic of Obama‘s speech before a joint session of Congress set for 9 p.m. (0200 GMT Wednesday). Investors will listen for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1.






The S&P 500 has risen in the past six weeks and is up 6.5 percent so far this year. But gains have been harder to come by since the benchmark S&P index hit a five-year high on February 1. The market has to consolidate strong gains at the year’s start while investors search for reasons to drive stocks higher.


“The market itself at this point has got to digest this six-plus percentage point move … we are due for that pause,” said Drew Nordlicht, managing director at HighTower Advisors in San Diego.


Investors are “looking for more data at this point going forward to support the thesis that corporate profits will continue to grow and the economy has turned the corner.”


The White House has signaled Obama in his speech will urge U.S. investment in infrastructure, manufacturing, clean energy and education. He is also expected to call for comprehensive trade talks with the European Union.


With earnings season moving to its latter stages, of the 353 companies in the S&P 500 that have reported earnings, 70.3 percent have exceeded analysts’ expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters according to Thomson Reuters data through Tuesday morning.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


The Dow Jones industrial average <.dji> gained 27.65 points, or 0.20 percent, to 13,998.89. The Standard & Poor’s 500 Index <.spx> added 1.03 points, or 0.07 percent, to 1,518.04. The Nasdaq Composite Index <.ixic> dipped 1.60 points, or 0.05 percent, to 3,190.41.</.ixic></.spx></.dji>


Coca-Cola Co shares fell 1.9 percent to $ 37.88 and were the biggest drag on the Dow after the world’s largest soft drink maker reported quarterly revenue slightly below analysts’ estimates, hurt by a weaker-than-expected performance in Europe.


Housing shares climbed, led by a 12.9 percent jump in Masco Corp to $ 20.09 after the home improvement product maker posted fourth-quarter earnings and said it expects new home construction to show strong growth in 2013. The PHLX housing sector index <.hgx> gained 2.7 percent.</.hgx>


Avon Products shares surged 16.7 percent to $ 20.16 after the beauty products company reported a better-than-expected quarterly profit.


Goodyear Tire & Rubber shares lost 3.1 percent to $ 13.48 after it posted a stronger-than-expected quarterly profit but cut its 2013 forecast due to weakness in the European automotive market.


Michael Kors Holdings shares jumped 10.9 percent to $ 63.24 after the fashion company handily beat Wall Street‘s estimates and raised its full-year outlook.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)


Business News Headlines – Yahoo! News





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Rising 401(k) Balances Helping Retirements Recover






Balances in 401(k) accounts are much, much larger among those who have been regular retirement-plan participants in recent years, continuing the recovery from the stock market plunge of 2007.


Jack VanDerhei, research director for the Employee Benefits Research Institute (EBRI), conducted a review for U.S. News of the savings behaviors of the 20 million account holders it tracks for research purposes. EBRI looked for account holders with active 401(k)s at the end of 2009 who have continued to contribute to their plans. It then measured the percentage changes in this group’s average account balances during the two years ending in December 2012. The average gain during this period for all continuously active plan participants was 56 percent.






[Read: An Innovative Way to Face Retirement.]


Finally, EBRI tallied these changes for different age groups and took into account how long people in those age brackets had been investing using 401(k)s:


People in plans fewer than five years showed the most gains between the end of 2009 and 2012. Average account balances for this group, by age brackets, rose 143 percent for those ages 25 to 34, 121 percent among people ages 35 to 44, 106 percent in the 45-to-54-year-old group, and 93 percent among continuous plan participants ages 55 to 64.


Participants in plans for five to nine years showed balances up 83 percent (25-34 age range), 72 percent (35-44), 65 percent (45-54), and 62 percent (55-64).


Participants in plans for 10 to 19 years showed balances up 55 percent (35-44), 49 percent (45-54), and 46 percent (55-64).


Participants in plans for 20 to 29 years showed balances up 40 percent (45-54) and 37 percent (55-64).


[chart]


Plan increases are the result of new contributions as well as investment gains. Smaller percentage gains for older participants who’ve been investing for longer periods thus are not surprising. They likely had larger plan balances at the end of 2009 and their continued contributions would result in smaller percentage gains in account balances than contributions by those with smaller balances.


[Read: How to Use New 401(k) Fee Reports.]


VanDerhei’s update tends to support a 2011 EBRI study. It concluded that people may be able to restore their recession-damaged retirement plans by making relatively small additions to their savings. Even people nearing retirement–those born between 1948 and 1954–need to boost savings by as little as 3 percent to nearly 7 percent a year. The make-up needs for younger groups are much smaller.


The institute stressed that these figures applied only to people who earned enough money to afford to boost their retirement savings. Many people in the lower half of wage earners would have to set aside unrealistic percentages of their pay–more than 25 percent–to even have a chance at funding an adequate retirement. For higher-earning households, the range of the “make up” payments reflects different probabilities of success, plus a person’s age, income, and mix of investments during the 2008-09 market downturn.


EBRI looked at “early boomers” (born between 1948 and 1954), “late boomers” (born between 1955 and 1964), and “Generation Xers” (born between 1965 and 1974). In 2010, the percentages of these groups at risk of not having enough money for even a basic retirement was 47.2 percent for early boomers, 43.7 percent for late boomers, and 44.3 percent for Generation Xers. Basic retirement was defined as being able to cover non-discretionary household spending plus uninsured healthcare costs.


There are, the earlier study noted, large ranges in the at-risk numbers depending on income levels, years until retirement, and the probability of having a successful retirement. The overall at-risk percentages are, by definition, averages that lump all preretirees together and assume average savings, average earnings, average life spans, and a 50 percent chance of achieving an adequate retirement.


Looking at the median needs for remaining earners, here are that study’s conclusions about the amounts of extra savings (in addition to current retirement savings) that the three age groups would need to set aside each year by age 65 to fund adequate retirements. It also calculated the amounts it said would guarantee retirement adequacy 50 percent, 70 percent, and 90 percent of the time. The ranges within each probability reflect a household’s investment mix, with the higher savings additions needed for households that suffered 2008-09 losses from real estate as well as retirement account holdings.


[See 10 Key Retirement Ages to Plan For.]


Early boomers:


50 percent likelihood: 3.0 to 5.6 percent


70 percent likelihood: 3.8 to 6.5 percent


90 percent likelihood: 4.3 to 6.7 percent


Late boomers:


50 percent likelihood: 0.9 to 2.1 percent


70 percent likelihood: 1.1 to 2.0 percent


90 percent likelihood: 1.2 to 2.0 percent


Generation Xers:


50 percent likelihood: 0.3 to 0.5 percent


70 percent likelihood: 0.3 to 0.6 percent


90 percent likelihood: 0.3 to 0.5 percent


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Wall Street pauses after gains, awaits Obama address

NEW YORK (Reuters) - Stocks were little changed on Tuesday, with the S&P 500 holding near multi-year highs ahead of President Barack Obama's State of the Union address.


The economy will be a major topic of Obama's speech before a joint session of Congress set for 9 p.m. (0200 GMT Wednesday). Investors will listen for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1.


The S&P 500 has risen in the past six weeks and is up 6.5 percent so far this year. But gains have been harder to come by since the benchmark S&P index hit a five-year high on February 1. The market has to consolidate strong gains at the year's start while investors search for reasons to drive stocks higher.


"The market itself at this point has got to digest this six-plus percentage point move ... we are due for that pause," said Drew Nordlicht, managing director at HighTower Advisors in San Diego.


Investors are "looking for more data at this point going forward to support the thesis that corporate profits will continue to grow and the economy has turned the corner."


The White House has signaled Obama in his speech will urge U.S. investment in infrastructure, manufacturing, clean energy and education. He is also expected to call for comprehensive trade talks with the European Union.


With earnings season moving to its latter stages, of the 353 companies in the S&P 500 that have reported earnings, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters according to Thomson Reuters data through Tuesday morning.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


The Dow Jones industrial average <.dji> gained 27.65 points, or 0.20 percent, to 13,998.89. The Standard & Poor's 500 Index <.spx> added 1.03 points, or 0.07 percent, to 1,518.04. The Nasdaq Composite Index <.ixic> dipped 1.60 points, or 0.05 percent, to 3,190.41.


Coca-Cola Co shares fell 1.9 percent to $37.88 and were the biggest drag on the Dow after the world's largest soft drink maker reported quarterly revenue slightly below analysts' estimates, hurt by a weaker-than-expected performance in Europe.


Housing shares climbed, led by a 12.9 percent jump in Masco Corp to $20.09 after the home improvement product maker posted fourth-quarter earnings and said it expects new home construction to show strong growth in 2013. The PHLX housing sector index <.hgx> gained 2.7 percent.


Avon Products shares surged 16.7 percent to $20.16 after the beauty products company reported a better-than-expected quarterly profit.


Goodyear Tire & Rubber shares lost 3.1 percent to $13.48 after it posted a stronger-than-expected quarterly profit but cut its 2013 forecast due to weakness in the European automotive market.


Michael Kors Holdings shares jumped 10.9 percent to $63.24 after the fashion company handily beat Wall Street's estimates and raised its full-year outlook.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)



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Wrestling body reacts to Olympic rejection


LAUSANNE, Switzerland (AP) — The governing body of wrestling says the IOC's move to drop the sport is an "aberration" against a founding event of the Olympics.


Known by its French initials FILA, the organization says it is "greatly astonished" by the IOC executive board decision.


FILA says it will take "all necessary measures" to convince IOC members to maintain wrestling's Olympic status when they meet in Buenos Aires, Argentina, in September.


Still, FILA President Raphael Martinetti faces criticism when his ruling board meets this weekend in Thailand.


Russian federation leader Mikhail Mamiashvili says FILA is the problem, and Martinetti's tasks include defending "wrestling's place before the IOC."


German official Jannis Zamanduridis says "a piece of the Olympic idea is dying with this decision."


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