Your future self thinks you should save more

NEW YORK (Money Magazine)

You've got a bit of an uphill battle for the simple reason that it's a lot more fun to spend than save. Still, I have a suggestion that may be able to help you convince your hubby to rein in his free-spending ways and throw a few more bucks into the old retirement account: Introduce your husband to his future self.

How, you may ask, can you do that? Before I tell you, you first need to know why such a meeting might spur your husband to save more.

Ultimately, saving comes down to foregoing spending money today so you can spend it (plus however much it earns) later in life.

Problem is, research shows that the present day you doesn't identify particularly well with the older you. Given that disconnect, you don't have much of an incentive to abstain from spending and the pleasure it can bring today to make life better for this stranger in the future.

But apparently there's a way to bridge the gap between our current and future selves.

Researchers at Stanford University conducted experiments in which they put two groups of students into virtual reality headgear and had them interact with realistic computer renderings of themselves. But one group was shown only images of themselves at their current age, while the other also saw age-morphed versions of how they may look in retirement.

Related: Get help meeting your financial goals

When each group was later asked how much they would save for retirement, the ones who saw their older selves said they would save twice as much on average as the other group. Apparently they felt more of a bond with their future self and thus were more disposed to do something today to help that person.

You can do a somewhat similar experiment with your hubby. Just have him go to Merrill Edge Face Retirement and click on "Meet the Future You." After entering his age and gender, he'll be able to snap an online photo of himself (assuming his computer has a built-in camera) to which the site applies facial-aging software. He'll then see a series of photos simulating what he might look like at different ages late in life.

The idea is that seeing a version of himself at, say 77, may make him think more seriously about the fact that he'll still be around at that age and have to support himself in retirement.

The little factoids that accompany the photos at different ages -- Cost of a new car in 2034: $62,000; Cost of living increase from 2012 to 2054: 307% -- may also help drive home the point that he'll need a sizable nest egg if he hopes to maintain his lifestyle in retirement.

Related: Take control of your spending

I'm not saying that going through this exercise -- which, if only for kicks, you may want to try, too -- will lead your husband to immediately boost his 401(k) contribution by 50%. But it could get you both talking about retirement and whether you're adequately preparing for it.

Ideally, that discussion will lead you and your husband to take some other steps to advance your retirement planning. To get a sense of how you might actually live in retirement, you could check out Ready-2-Retire, a tool that allows you to sort through photos of different retirement activities (traveling, going back to school, etc.) and prioritize them based on how likely you are to engage in them. Once you have a decent idea of what kind of retirement lifestyle you aspire to, you can then go to a tool like our Retirement Planner to see how much you should be saving to achieve that goal.

See whether you're saving enough

If after checking out these tools you find that your husband is actually putting away enough to assure you'll both have a secure retirement, that's great. You can both feel reassured about that.

But if it turns out that your husband really does need to save more, then having him meet a digital version of his future self may be just the motivation he needs.

First Published: January 18, 2013: 4:15 PM ET

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$21 million payday for Goldman Sachs CEO

Goldman Sachs' CEO Lloyd Blankfein got a 75% raise in 2012.

NEW YORK (CNNMoney)

Four other executives at the helm of the investment bank were rewarded with similar spikes in their 2012 pay.

On top of his base salary of $2 million, Goldman Sachs' board granted Blankfein a nearly $19 million bonus: $13.3 million in stock and $5.6 million in cash.

Goldman Sachs reveals stock options awarded to its top five executives in regulatory filings, but does not disclose their cash bonuses. A spokesperson for Goldman Sachs declined to comment beyond what was outlined in the bank's Securities and Exchange Commission filings.

Related: The old Goldman Sachs is back

Goldman's other top four executives had salaries of $1.85 million. On top of that, both Goldman Sachs' President and COO Gary Cohn and its recently departed CFO Dave Viniar received $17 million bonuses last year, according to the source. Michael Evans and John Weinberg, both vice chairmen, received $15.1 million in 2012 bonuses.

With this spike in salary, Blankfein is likely to be one of the highest paid executives on Wall Street. JPMorgan's CEO Jamie Dimon won't be in the running for 2012. After topping the list in 2011 with a $23.1 pay package, JPMorgan's board cut Dimon's bonus by 53% to $10 million, citing the bank's trading losses from the so-called London Whale.

Shares of Goldman Sachs rose 49% in 2012, after dropping 46% the prior year. So far in 2013, Goldman's stock is still running higher. It's up more than 13%.

First Published: January 18, 2013: 4:06 PM ET

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Federal Reserve was blind to crisis in 2007

NEW YORK (CNNMoney)

The more than 1,300 pages offer the most comprehensive look at the Federal Reserve's deliberations, leading up to the start of the Great Recession in December 2007. It's the central bank's policy to release full transcripts with a five year lag.

Here's how the year played out. (For the full transcripts, click here.)

January 2007: Calm before the storm

At the beginning of the year, many Fed officials, including Chairman Ben Bernanke, thought one of the biggest risks was that the economy might grow stronger than expected.

At the time, the Fed's key interest rate was at 5.25%, and the central bank was leaning toward raising it further, rather than easing monetary policy.

"My recommendation also is to take no action and to maintain a bias toward further tightening," Bernanke said at the first meeting of the year, noting that inflation risk had picked up and the housing market had shown some improvement after slumping in 2006.

"The housing market has looked a bit more solid, and the worst outcomes have been made less likely," he said.

At that point, they didn't realize that losses from subprime mortgages would ignite the deepest financial crisis since the Great Depression.

Fast forward two months, and still, the Fed thought the worst was over for the housing sector.

"The central scenario that housing will stabilize sometime during the middle of the year remains intact," Bernanke said at a meeting in March, adding later, "The effects of the decline in subprime lending may have already been mostly seen, since that has slowed from last fall."

June 2007: Tip of the iceberg

As it turns out, that spring was merely the calm before the storm. In June, two Bear Stearns hedge funds that had large holdings of subprime mortgages suffered huge losses and were forced to dump their assets.

Fed officials discussed the news at their meeting a week later, but they largely agreed that aside from housing, the economy still looked strong.

"Significant spillovers have yet to emerge from the housing situation, and other components of demand appear to be strengthening and thereby offsetting the drag from residential construction," Bernanke said.

San Francisco Fed President Janet Yellen, however, sounded the loudest warning.

"In terms of risks to the outlook for growth, I still feel the presence of a 600-pound gorilla in the room, and that is the housing sector," she said. "The risk for further significant deterioration in the housing market, with house prices falling and mortgage delinquencies rising further, causes me appreciable angst."

August 2007: It hits the fan

Fed officials didn't meet again until August 7, and even then, some thought higher inflation was one of the biggest concerns. The theory was that if the housing market weakened, rents would rise and thereby drive up inflation.

Meanwhile, New York Fed President William Dudley reported that for the most part, Bear Stearns' problems did not pose a substantial risk to the economy.

"We've done quite a bit of work trying to identify some of the funding questions surrounding Bear Stearns, Countrywide, and some of the commercial paper programs," he said. "There is some strain, but so far it looks as though nothing is really imminent in those areas."

Again, Yellen said the housing market caused her "appreciable angst."

Bernanke largely disregarded that a financial crisis would take place, but also said he believed the central bank could handle it.

"We are prepared to use the tools that we have to address a short-term financial crisis, should one occur," he said.

"I think the odds are that the market will stabilize," he added later.

The Fed left its policy unchanged at that meeting. That was a Tuesday, and over the next few days, stocks plunged as more financial institutions reported problems related to bad loans.

On Friday, the Fed held an unscheduled conference call and decided to inject $38 billion into the U.S. banking system.

Less than a week later, it held another emergency conference call and decided to cut the discount rate -- the rate it charges qualified lenders, mainly banks, for temporary loans.

September 2007: The rate cuts begin

The central bank meets and starts cutting the federal funds rate, the key interest rate that impacts everything from mortgages to car loans to credit cards. But the Fed still errs on the side of caution, as some officials warn that they could be overestimating the severity of the downturn.

"As the central bank we have a responsibility to help markets function normally and to promote economic stability broadly speaking," Bernanke said. "We are not in the business of bailing out individuals or businesses."

Fed officials meet two more times and hold another unscheduled conference call. By the end of the year, the federal funds rate is down to 4.25%.

At the last meeting of the year, Yellen said these prophetic words:

"I believe that the most likely outcome is for the economy to slow significantly in the near-term, flirting with recession," she said.

Little did they know then, the recession had only just begun.

First Published: January 18, 2013: 4:16 PM ET

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California doesn't like Facebook stock price

California governor Jerry Brown had hoped for a bigger windfall from the IPO of Mark Zuckerberg's Facebook.

NEW YORK (CNNMoney)

The Golden State now estimates it will take in about $1.3 billion between 2011 and 2014, according to the budget unveiled last week by Governor Jerry Brown.

Previously, the state had hoped to reap $1.9 billion from the sales of Facebook (FB) stock by early investors before last year's IPO, the exercising of options once the stock started trading last May as well as certain options exercised after the offering, and the vesting of restricted stock units in October.

California had forecast the stock price to be at $35 a share in October when restricted stock units vested, but it was actually $23.21.

Facebook is now trading around $30 a share. Sales of stock by early investors, insiders and employees after the lock-up period ended in October don't factor into the state's estimate.

Despite the slump in the projected Facebook haul, California's revenue picture is looking pretty sunny, thanks to major budget cuts in recent years and recent voter approval of hikes on sales taxes and income taxes on the wealthy.

"We are still able to take this hit and propose a budget that's in balance," said H.D. Palmer, spokesman for the California Department of Finance.

First Published: January 17, 2013: 4:22 PM ET

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Herbalife's early earnings spook investors

Herbalife's stock has bounced back since investor Bill Ackman declared the company a pyramid scheme.

NEW YORK (CNNMoney)

Shares of Herbalife (HLF) dropped nearly 4% Thursday, although the nutritional supplement company posted preliminary results that topped the company's previous estimates.

The company said that fourth quarter profits are expected to come between $1.02 and $1.05 per share. The consensus estimate of analysts is $1.02 per share.

So why the negative reaction? Investors had expected Herbalife to announce plans to accelerate its buy back of shares or increase the number of shares it plans to repurchase. That didn't happen. Instead, Herbalife told investors that it would begin repurchasing shares as part of its regular buyback program on February 19 when it officially reports its earnings.

Still, a 4% drop for Herbalife isn't that much of a swing for a company that has been one of the most volatile stocks of the past month.

Related: Why Bill Ackman is targeting Herbalife

Two of the most closely-watched and outspoken hedge fund investors -- Third Point's Dan Loeb and Pershing Square's Bill Ackman -- each have an investment in Herbalife. But Loeb thinks the stock will head higher, while Ackman is betting it will plunge.

In mid December, Ackman gave a presentation to investors explaining why his research revealed Herbalife to be a "pyramid scheme." The company's shares sank more than 30% as investors weighed Ackman's claims.

In its release Thursday, Herbalife admitted that it could see a "temporary increase in expenses, associated with recent events." The company's President Des Walsh had previously told CNNMoney that expenses related to Ackman's claims would not be material to earnings.

Last week, the company hosted an investor day explaining why it is a veritable company and how its network of more than 3 million salespeople actually make money selling Herbalife products.

Adding to the drama, Loeb announced an 8% stake in the company a few days before the company's presentation. Loeb also lauded Herbalife's management in a letter to investors.

That helped boost confidence in the stock. Even after Thursday's sell-off, Herbalife is up 2% from when Ackman made his allegations.

First Published: January 17, 2013: 4:58 PM ET

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Intel profit sinks 27% on dreadful PC sales

Click the chart to see Intel's latest share price.

NEW YORK (CNNMoney)

The world's largest chipmaker reported a quarterly profit on Thursday that fell 27% from year-ago results, dragged down by slumping PC chip sales.

Intel sold 6% fewer PC chips in the fourth quarter -- its biggest business, and one that accounts for nearly two-thirds of its overall revenue.

The results weren't unexpected. Worldwide PC shipments fell by 5% in the fourth quarter and 3.5% for 2012, according to Gartner. It was the first time since the dot-com bust of 2001 that PC shipments fell from one year to the next.

The quarter "played out largely as expected," Paul Otellini, Intel's outgoing CEO, said in a prepared statement. He called the current business climate "challenging."

Intel's net income fell to $2.5 billion, or 48 cents per share, in the fourth quarter. Sales for the Santa Clara, Calif.-based company fell 3% to $13.5 billion.

For the current quarter, Intel expects revenue of between $12.2 billion and $13.2 billion, roughly in line with Wall Street analysts' expectations. For 2013, Intel predicts sales will increase by a percentage in the low single digits, also matching with analysts' forecasts.

Shares of Intel (INTC, Fortune 500) fell 4% after hours.

Intel's data center chip sales were the one ray of sunshine in an otherwise gloomy quarter. Sales in that unit rose by 4% in the fourth quarter. All other chip sales -- including mobile -- fell by 7%.

The company's profit was slightly better than it had expected, with gross margin clocking in at 58%, besting the 57% target.

Though Intel insists that it has the designs and products that users will crave in the future, it has been stymied by poor PC sales. "Ultrabook" PCs -- a brand name Intel controls -- failed to reach the 40% of all laptop sales threshold that Intel hoped for.

Industry analysts say Intel and the PC makers have failed to overcome the iPad challenge.

"Once we imagined a world in which individual users would have both a PC and a tablet as personal devices," said Mikako Kitagawa, principal analyst at Gartner. "[Now] we hypothesize that buyers will not replace secondary PCs in the household, instead allowing them to age out and shifting consumption to a tablet."

First Published: January 17, 2013: 4:36 PM ET

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New rules aim to protect homeowners from foreclosure

NEW YORK (CNNMoney)

Since the housing crisis began, many mortgage servicers -- which collect payments for the owner of the loan and handle things like loan modifications and foreclosures -- have been ill equipped to handle the flood of delinquent loans, the Consumer Financial Protection Bureau said.

"In too many cases, it has led to unnecessary foreclosures," said CFPB director Richard Cordray. "Our rules ensure fair treatment for all borrowers and establish strong protections for those struggling to save their homes."

Among the new rules are restrictions that prohibit servicers from foreclosing on borrowers who are seeking loan modifications and rules that require them to explore all alternatives to foreclosure. There are also guidelines for issuing clear, straightforward mortgage statements.

Yet, consumer advocates say the new rules don't go far enough.

Related: New rules aim to make mortgages safer

"While the establishment of industry-wide standards is important, the failure to require meaningful loan modification protections is a retreat from current safeguards under the soon-to-expire HAMP loan modification program," the consumer rights organization said.

Requiring servicers to lower rates on loans or postpone payments would help prevent qualified borrowers from being unnecessarily foreclosed on, the organization said.

Still, the rules, which take effect in January 2014, address many of the problems borrowers face. Here's a rundown of the new requirements:

Restrictions on foreclosure proceedings while borrower seeks a mortgage modification: Referred to as "dual-tracking," servicers will no longer be able to start foreclosure proceedings on borrowers while they are actively seeking a loan modification or other alternative to foreclosure. To give borrowers time to apply for a modification, servicers cannot file the first foreclosure notice until the borrower falls at least 120 days behind on payments.

No foreclosure sales until alternatives are considered: If a borrower applies for a loan modification at least 37 days before their foreclosure auction is scheduled, the servicer must consider and respond to the request. They also must give the borrower enough time to accept an alternative to foreclosure before proceeding with the sale.

Related: Foreclosure fraud: The consumer nightmare continues

While the 37-day rule provides additional protections to borrowers in judicial foreclosure states, where courts review foreclosure cases, it does little to help those who live in non-judicial states, said Alys Cohen, a staff attorney with the National Consumer Law Center. Many homeowners in non-judicial states, like California and Arizona, won't know the sale date until it's too late since sales in these states are often scheduled with less than 37 days' notice.

"[T]he rules give servicers an opportunity to manipulate the system," said Cohen.

Consumer advocates also say the rules do not allow for appeals of a loan modification review when they are submitted within 90 days of a foreclosure sale. "If the data is wrong, the borrower is just out of luck," said Mike Calhoun, president of the Center for Responsible Lending.

Consider all foreclosure alternatives: After a borrower has missed two consecutive payments, the servicer must send a written notice with examples of alternatives to foreclosure the borrower can pursue.

In addition, servicers must consider all available foreclosure alternatives as opposed to the ones that are just financially favorable to the servicer. These options may range from deferred payments to loan modifications.

Provide direct access to help: Servicers will be required to provide borrowers with easy access to employees who are dedicated and empowered to help them.

Related: 10 least affordable cities to buy a home

Publish clear mortgage statements: Servicers will have to break down mortgage payments by principal, interest, fees, and escrow (to pay property taxes and insurance premiums) and include the amount and due date of the next payment, recent transactions and alerts about fees.

Offer early warnings on rate hikes: For most adjustable-rate mortgages, servicers must notify borrowers about upcoming interest rate changes that will affect their payments. If the new payment is unaffordable, servicers must provide information about alternatives and counseling.

Avoid overpriced "force-placed" insurance: Mortgage borrowers are nearly always required to insure their homes but if they don't have coverage, their servicers can buy insurance for them and charge the premiums to the borrower. This "force-placed" insurance can be very expensive and the CFPB would require servicers to give advance notice and pricing information before putting clients into this coverage. If servicers buy the insurance but receive evidence that it was not needed, they must terminate it within 15 days and refund the premiums.

Credit payments and correct errors quickly: Servicers must credit a consumer's account on the date a payment arrives. They will also have 7 business days to respond to written requests from borrowers to pay off the balances of their mortgages.

Also, within 30 days, servicers must conduct an investigation and either correct an error or dispute it.

Maintain accurate, accessible documents and information: Servicers must store borrowers' information in a way that allows it to be easily accessible. They must also have policies and procedures in place to ensure that they can provide timely and accurate information to borrowers, investors, and in any foreclosure proceeding, the courts.

First Published: January 17, 2013: 12:36 AM ET

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America's hardest hit foreclosure neighborhoods

NEW YORK (CNNMoney)

Total foreclosure filings, including default notices, scheduled auctions and bank repossessions, were down 3% in 2012 compared with a year earlier, according to RealtyTrac's year-end foreclosure report.

Yet while overall filings have plunged some 36% since the peak foreclosure year of 2010, some states are now seeing their foreclosure rates climb.

Florida, Illinois and Georgia were home to the largest number of zip codes with the highest foreclosure rates of 2012, displacing former title holders California, Nevada and Arizona, which accounted for 81 of the top 100 zip codes in 2011.

Much of the shift has to do with the way these states handle foreclosures, said Daren Blomquist, a spokesman for RealtyTrac. In judicial states like Florida and Illinois, foreclosures are processed through the courts and take longer to go through the system than in non-judicial states.

Related: Most affordable housing markets

Last year, the average foreclosure in Florida took 853 days, according to RealtyTrac. Meanwhile, in a non-judicial state like California, it took less than half that time.

Unclogging the foreclosure pipeline more quickly has meant an earlier recovery for housing markets in non-judicial states, with rising prices, more stable sales and fewer new foreclosures, he said.

While states that delayed the process are just now feeling the pain. Foreclosure activity climbed in 25 states last year, 20 of which were judicial states.

"It's ripping the Band-Aid off versus pulling it off slowly," said Blomquist.

Related: Logjam in foreclosures breaking up

The hardest hit neighborhoods: In Lawrenceville, Ga. (zip code 30045), nearly 13% of homes -- 1 out of every 8 -- received some kind of foreclosure notice last year making it the hardest hit zip code in the country. This suburb of Atlanta has seen home prices plunge by more than 40% from the early 2006 peak, according to real estate site Zillow.

A high percentage of homeowners in Lawrenceville bought near the top of the market, when home prices topped out at a median of about $193,000. When prices plunged during the recession, many of those homeowners owed more than their homes were worth and many wound up in default.

A similar dynamic played out in the second hardest hit zip code, 33032 in Homestead, Fla., south of Miami. Its foreclosure rate hit nearly 10% last year, up from 5.4% in 2011. The bust depressed prices by nearly two-thirds in the area, according to Zillow. Three other nearby zip codes in Homestead and Miami finished in the top 10, Florida had 33 zip codes among the 100 hardest hit, more than any other state.

Related: Banks to pay $8.5 billion in foreclosure settlement

Illinois was home to three of the top 10 hardest hit neighborhoods and 24 of the top 100, led by Carpentersville's 60110, which came in third with a foreclosure rate of nearly 9%. This small city west of Chicago suffered economically as heavy industry left town.

Meanwhile, some of the last year's biggest placeholders had less of a presence in the top 100 in 2012. California had 16, down from 38 in 2011 and Arizona claimed four, down from 15.

First Published: January 17, 2013: 12:43 AM ET

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Boeing problems escalate with FAA grounding

NEW YORK (CNNMoney)

With 787s already grounded by heavy users Japan Airlines and All Nippon Airways, the Federal Aviation Administration said Wednesday it had ordered all U.S.-based Dreamliners out of service until a problem with the aircraft's battery system is diagnosed and fixed.

United Airlines, the only U.S. carrier flying Dreamliners, quickly said it would stop operating the aircraft. Air India and Chile's LAN said they would also pull the aircraft from service.

Nearly all of the 50 Dreamliners delivered by Boeing have now been grounded, with more regulators and airlines expected to follow the FAA's lead and remove the planes from service.

Boeing (BA, Fortune 500) shares sank 2% in after-hours trading Wednesday, after falling 3.4% during the trading day. Shares had previously been resilient in the face of this month's negative publicity over the Dreamliner.

"Before further flight, operators of U.S.-registered, Boeing 787 aircraft must demonstrate to the Federal Aviation Administration that the batteries are safe and in compliance," the FAA said Wednesday evening. The agency added that it had alerted authorities in other countries to the problem.

Boeing CEO Jim McNerney said in a statement that the company "is committed to supporting the FAA and finding answers as quickly as possible" and is working "around the clock" to address the issue.

"We will be taking every necessary step in the coming days to assure our customers and the traveling public of the 787's safety and to return the airplanes to service," McNerney said.

Boeing said the batteries in question are made by Japan's GS Yuasa, under a subcontract to France-based Thales.

The Kyoto-based GS Yuasa said Thursday it had dispatched a team to Washington to help in the investigation, a task that Hiroharu Nakano, a GS Yuasa spokesperson, said should take at least several weeks to complete.

The timeline for bringing the planes back into service is murky. One airline, Japan Airlines, has already said it will keep its fleet grounded through at least Friday.

Michael Derchin, an analyst with CRT Capital Group, said he was "surprised" by the FAA's decision to ground the planes, but that he did not expect the issue to pose a long-term problem for Boeing.

"Pretty much all new aircraft have run into some kind of teething problems," Derchin said. "Once they get it under control and the planes are back in the air and no incidents occur, everybody will forget about it, but right now, they have to deal with it as quickly as possible."

Related: Dreamliner woes explained

Boeing has delivered 50 Dreamliners so far and has more than 800 additional orders from airlines around the world that will take years to fill. The first of the long-delayed Dreamliners was put into service by All Nippon in October 2011, and the planes flew without major problems for more than a year.

But the Dreamliners have been involved in a series of incidents over the past 10 days, including a battery fire, a cracked windshield, two fuel leaks and a braking system problem. The emergency landing in Japan heightened concerns about the planes' reliability.

-- CNN Wires staff and CNNMoney's James O'Toole contributed reporting.

First Published: January 16, 2013: 8:08 PM ET

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Morgan Stanley defers executive bonuses

Morgan Stanley will defer 2012 bonuses in an effort to stave off risky bets and encourage employees to stay with the company.

NEW YORK (CNNMoney)

The bank plans to defer bonuses for employees who earn both a salary of $350,000 and a bonus of more than $50,000, according to a source familiar with the bank's plans. A spokesperson for Morgan Stanley (MS, Fortune 500) declined to comment.

Morgan Stanley's 2012 bonuses will be paid out with 50% cash and 50% in deferred stock. To receive the full bonus, employees must stay with the company through 2015.

Employees subject to the deferrals will receive the cash portion in four stages: 25% in early May, the next 25% at the end of 2013 and the final 50% split between the end of 2014 and the end of 2015. Stock bonuses will be paid out in full at the end of 2015.

Since the financial crisis, banking regulators have pushed for such deferrals in an effort to cut back on risky bets. All of Morgan Stanley's bonuses will be subject to clawbacks in the ensuing years.

Related: Hey Wall Street, get ready for more layoffs

News of the bank's bonus deferrals comes less than a week after the company announced it would cut roughly 3% of its workforce, or 1,600 jobs. The bank is currently notifying affected employees and will continue to do so for the next few weeks, the source said.

Morgan Stanley will report earnings on Friday morning, making it the final large bank to report fourth-quarter results.

First Published: January 15, 2013: 6:18 PM ET

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