How to start a retirement fund in your 50s

Dear Dr. Don,
What’s the best way to start a retirement fund in your 50s? I realize that it’s a late start, but my husband was laid off and just began working again in June. We do not have a lot of money for a retirement fund, and we don’t know where to begin. Should we invest in stocks, bonds or certificates of deposit? Any advice would be greatly appreciated. Thank you.
– Denise Diligence

Dear Denise,
If you’re in your 50s, you probably have seven to 15 years until retirement. You’re going to need to make those years count. So don’t dabble in saving for retirement. Jump in with both feet. Save until it hurts.

Your husband should first check whether his employer has a 401(k) plan and whether the employer matches employee contributions to the plan. Companies typically kick in 50 cents for every dollar the employee contributes into a 401(k), and they’ll usually contribute up to 6 percent of salary. That’s a 50 percent return before you even decide how to invest the funds. The plan provider may also help your husband with investment advice.

In general, you’re going to want to get as good of a return as possible in your investments while avoiding risky bets. Because of that, CDs probably aren’t the answer. They protect principal but not purchasing power. You’ll want a mix of stock and bonds in your portfolio.

One decision you’ll need to make is whether you’d like to pay for professional investment advice. You can’t afford any investment blunders. So, working with a fee-only financial planner to evaluate your retirement income needs and develop a strategy for building and investing your retirement fund should be money well spent.

If you decide to go it alone, you could use an asset allocation calculator, such as the one available on Bankrate.com, to provide you with an initial read on investment choices. From there, I’d suggest a traditional individual retirement account or Roth IRA invested in no-load indexed stock and bond mutual funds that track broadly based market indexes. Exchange-traded funds tracking these indexes are also available as an alternative to mutual funds.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

To ask a question of Dr. Don, go to the “Ask the Experts” page and select one of these topics: “Financing a home,” “Saving & Investing” or “Money.” Read more Dr. Don columns for additional personal finance advice.

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Wall Street edges up at open after Alcoa results

NEW YORK (Reuters) - Stocks opened slightly higher on Wednesday after Alcoa got the earnings season under way with better-than-expected revenue and an encouraging outlook for the year.

The Dow Jones industrial average <.dji> gained 36.93 points, or 0.28 percent, to 13,365.78. The Standard & Poor's 500 Index <.spx> rose 2.64 points, or 0.18 percent, to 1,459.79. The Nasdaq Composite Index <.ixic> advanced 7.35 points, or 0.24 percent, to 3,099.15.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Redskins' RG3 has surgery on torn knee ligament

WASHINGTON (AP) — Robert Griffin III had surgery Wednesday morning to repair a torn ligament and to determine whether there was any other damage in his ailing right knee.

A person familiar with the situation told The Associated Press that the procedure was expected to last about two hours. The person said orthopedist James Andrews planned to repair a torn lateral collateral ligament and examine the state of Griffin's ACL.

The person spoke on condition of anonymity because the Redskins had not made an announcement about the latest details surrounding the rookie quarterback's injury.

A torn LCL requires a rehabilitation period of several months, possibly extending into training camp and the start of next season. A torn ACL is a more severe injury, typically requiring nine to 12 months of recovery, although Minnesota Vikings running back Adrian Peterson made a remarkable return this season some eight months after tearing an ACL — and nearly broke the NFL's single-season rushing record

Griffin was optimistic before he entered surgery, tweeting early Wednesday: "Thank you for your prayers and support. I love God, my family, my team, the fans, & I love this game. See you guys next season."

Griffin reinjured his knee at least twice in Sunday's playoff loss to the Seattle Seahawks, prompting a national debate over whether coach Mike Shanahan endangered Griffin's career by not taking his franchise player out of the game sooner.

The first major injury to his knee came in 2009, when Griffin tore the ACL in the third game of the season while playing for Baylor. Griffin missed the rest of the year but returned in 2010 and won the Heisman Trophy in 2011.

Griffin sprained the LCL last month when he was hit by Baltimore Ravens defensive tackle Haloti Ngata at the end of a 13-yard scramble. Griffin missed one game and returned to play three more with a knee brace, his mobility clearly hindered.

Then, on Sunday, Griffin hurt the knee again as he fell awkwardly while throwing a pass in the first quarter against the Seahawks. He remained in the game, with Shanahan saying he trusted Griffin's word that all was OK.

Griffin finally departed in the fourth quarter, after the knee buckled while he was trying to field a bad shotgun snap.

The No. 2 overall pick in last year's draft, Griffin was one of several rookie quarterbacks to make an instant impact on the NFL this season. He set the league record for best season passer rating by a rookie QB and led the Redskins to their first NFC East title in 13 years.

But he also had to leave three games early due to injuries — two because of his knee and one because of a concussion — and missed a fourth altogether because of the knee.

___

Follow Joseph White on Twitter: http://twitter.com/JGWhiteAP

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Australian firefighters battle bush blazes, intense heat

STORY HIGHLIGHTS

• NEW: Federal government steps in with fuel, personnel to help NSW fire effort


• More than 130 fires are burning across NSW during one of the hottest days on record


• 90% of the Australian state is under "severe" or higher fire warnings


• High temperatures and dry conditions have combined to create "dangerous day"

Editor's note: Are you there? Send your stories, images to iReport

(CNN) -- Soaring temperatures and strong winds have combined to create a "catastrophic" fire threat across the southeast Australian state of New South Wales.

Residents have been warned to remain vigilant as temperatures rise towards a predicted high of 43 degrees (109 degrees Fahrenheit) in the state capital of Sydney.

In some areas of the state, winds of more than 70 kilometers an hour (43 mph) were threatening to fan the flames of fires already burning. However, a change in wind direction had caused temperatures in certain parts of the state to fall, offering some relief.

A "catastrophic" fire risk has been declared in four areas of NSW, although the risk across 90% of the state is "severe" or above. A "catastrophic" warning carries the risk of significant loss of life and the destruction of many homes, according to the NSW Rural Fire Service (NSW RFS).

"I cannot say it more plainly: the risk is real and potentially deadly. People need to act now," the service's Commissioner Shane Fitzsimmons said.

The "catastrophic" fire threat had led many to fear a repeat of "Black Saturday" in 2009, when soaring temperatures and high winds fanned the flames of a series of bushfires across the state of Victoria, leaving 173 people dead and 500 injured, and destroying thousands of homes.

Australia battles bush blazes, intense heat

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On Tuesday afternoon, the Australian government announced that the state fire service would be granted access to Defence Force bases, fuel and personnel as part of the federal government disaster response plan.

Earlier, Prime Minister Julia Gillard warned it was "dangerous" day and urged people to "stay focused."

"The word catastrophic is being used for good reason," Gillard told CNN affiliate the Seven Network.

"It is very important that people keep themselves safe, that they listen to local authorities and local warnings."

Total fire bans were place in the states of NSW, Victoria and across the whole of Tasmania, the southern island state ravaged by fire in recent days.

On Tuesday afternoon, more than 130 fires were burning throughout NSW, with over 40 of those yet to be controlled, according to NSW RFS.

There were no reports of any homes having being destroyed but authorities warned that the dry, hot conditions were expected to stretch into the night.

"It's a long way ahead -- we've got a lot of daylight left and a lot of nighttime left under these conditions," Fitzsimmons said.

Thousands of firefighters were battling blazes on the ground, and more than 40 aircraft and 250 fire trucks had been deployed, a fire service spokeswoman said.

Thousands more firefighters were on standby in high risk areas, including 21 "strike teams," each consisting of five tankers to assist local brigades.

The fire service said it was relying on people to report fires in their areas, but that surveillance flights were also monitoring the landscape for smoke and flames.

Authorities said residents and tourists had responded well to early warnings to abandon properties under threat.

"If you are in a bushfire risk area -- if you are an at risk location, leaving early is the safest option," Fitzsimmons said.

Record high temperatures and the delayed state of the Australian monsoon season have created a tinderbox out of large swathes of bush and scrub land across the state.

The last four months of 2012 were "abnormally hot" across Australia, according to the Australian Bureau of Meterology. Average maximum temperatures were the highest since records began in 1910.

In the first days of the new year, extreme heat contributed to the spread of fires across Tasmania.

Firefighters are still on alert, tackling a number of blazes, as residents who were in the path of the earlier fires returned to the charred rubble of their homes. More than 100 properties were destroyed or damaged, though authorities warn more may be at risk.

Rescue workers are continuing to search for human remains as around 100 people have still not contacted friends or family, according to Tasmania police.

"It's vitally important that all people who were in the area at the time, and are OK, self-register their details with the National Registration and Inquiry Service operated by the Red Cross," said Acting Deputy Commissioner Donna Adams.

Meanwhile, police have charged a 31-year-old man for allegedly causing one of the worst of the fires by leaving a campfire unattended that was not completely extinguished.

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Mariah Carey increased security in feud with fellow “Idol” judge

NEW YORK (Reuters) – Pop diva Mariah Carey said she hired increased security following what she described as threats reportedly made against her by fellow ‘American Idol‘ judge Nicki Minaj, according to an interview on ABC News.

Carey, 42, one of three new judges to join the “American Idol” panel for the hit talent show’s new season on January 16, told Barbara Walters in an interview airing on Monday, “it felt like an unsafe work environment.”

“Anytime anybody’s reeling threats at somebody, you know, it’s not appropriate,” Carey said.

“I’m a professional. I’m not used to that type of environment,” she said, adding that she hired extra security.

The diva was alluding to widely reported tension between her and Minaj, who were seen arguing with one another in a video from the show’s audition phase.

Walters has reported that, according to Carey, others on the “Idol” set heard Minaj go further and say, off-camera, “If I had a gun, I would shoot that bitch.”

Minaj, a Trinidadian-born singer and songwriter, previously denied making any remarks about firearms, but Carey told Walters that beefing up her security “was the appropriate thing to do.”

“Sitting there on the road with two babies, I’m not going to take any chances,” she said, referring to her 20-month old twins with husband Nick Cannon.

But in a sign of media savvy, she noted that “for all the drama, I hope it helps the show.”

Walters also asked Carey about reports she is being paid $ 18 million for each “Idol” season.

“I think we’re in the ballpark, (but) I can’t even talk about those things,” the singer replied.

(Reporting by Chris Michaud; Editing by Piya Sinha-Roy and Paul Simao)

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Obama Should Have Gone Over the Fiscal Cliff

Heading into the holidays, most people in Washington expected President Obama to hold firm against Republican obstinacy and let the country go over the fiscal cliff. Obama had been handily reelected after campaigning to raise taxes on households making more than $ 250,000. Afterward, he kept campaigning. He didn’t just want to raise taxes. He also wanted to cut entitlement programs and resolve the upcoming budget deadlines that are sure to upset consumer confidence and slow the recovery. Right up until the end, Obama was admonishing Republicans to go along or face the consequences. Then he folded.

Even before the deal was settled, many liberals were outraged at how much the president was willing to concede to avoid going over the cliff — an event for which every poll showed Republicans would be blamed. Most Republicans were terrified at the prospect.

Nonetheless, Obama agreed to raise income tax rates only on households making $ 450,000 or more; establish a generous inheritance tax exemption; and lightly tax dividends and capital gains. The income-tax threshold alone sacrifices $ 200 billion compared with what he had once insisted on. But the revenue sacrificed isn’t terribly important.

What is important is that Obama yielded on resolving the budget deadlines, the most consequential being the need to raise the debt limit. Already, Republicans are threatening default without deep cuts in return. Had Obama been willing to go over the cliff, they probably wouldn’t be, since the public would be furiously blaming them. By pulling back, Obama passed up a chance to “break the fever” (as he likes to put it) that afflicts the Republican party and that led it to oppose nearly all he’s done during his presidency.

The great unsettled debate among partisans over the last four years is whether, in the event of some ultimate confrontation, Americans would side with Democrats or Republicans. This debate first climaxed in the weeks before the continuing resolution that funds the federal government was set to expire in April 2011.

That prompted a furious showdown between Obama and House Republicans, who’d been swept into power by the Tea Party in the 2010 midterm elections. But rather than let the government shut down, as partisans on both sides wanted, Obama and House Speaker John Boehner cut a midnight deal that satisfied no one. Democrats blamed Obama for capitulating to the Tea Party by agreeing to $ 40 billion in cuts, rather than let Republicans get blamed for a shutdown. Republicans thought those cuts were gimmicks and believed that a country that had just unleashed a Tea Party wave on Washington would rally behind them after a shutdown.

Unresolved, the debate intensified over the summer of 2011 as the debt limit approached. To avoid a catastrophic default, Obama and Boehner struck another last-minute deal that satisfied no one. Democrats were furious that it cut $ 1 trillion and didn’t raise taxes. Republicans were upset that the cuts weren’t immediate and feared they would never happen.

Traditionally, presidential elections settle these kinds of debates.

Obviously, this one didn’t. Going over the cliff might finally have done the trick. If Americans concluded that the GOP had forced huge tax increases on everyone because Obama was trying to raise tax rates on the wealthy, the backlash would have been ferocious — possibly enough to get a debt limit increase folded into a deal, but certainly enough so that turning around and threatening default would be untenable.

Obama characteristically chose the risk-averse path, so we’ll never know for sure. But there’s good reason to think this was his chance to break the fever without risking a meltdown, because Republicans were in a similar position once before and lost badly. Just over a year ago, House Republicans tried to block the extension of the payroll tax holiday, awkwardly opposing a middle-class tax cut. The condemnation, including from fellow Republicans, was so severe that they quickly folded. Given the scope of the tax increase in the fiscal cliff, that reaction would have been amplified severalfold.

Instead, Obama relented, thereby setting up a triple-threat showdown that dwarfs the cliff. Two months from now, the debt limit, the expiration of the continuing resolution, and the automatic spending cuts known as “sequestration” all kick in at once.

Obama has chosen to keep navigating the same minefield as before in pursuit of a comprehensive deal. It’s a different strategy than was employed by the last Democratic president to strike a big budget deal. In 1995, President Bill Clinton stared down Republican House Speaker Newt Gingrich and let the government shut down. Two years later, the fever having broken, the two signed an accord that ultimately balanced the budget.

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Survey: Small biz optimism rises despite ‘cliff’

NEW YORK (AP) — Small business owners were slightly more optimistic at the end of 2012 even as they awaited the outcome of negotiations in Congress over the “fiscal cliff.”

That’s the finding of a survey by the National Federation of Independent Business, a lobbying group. The NFIB’s small-business-optimism index rose half a point from its level in November to 88. The index remains near its lowest readings on record.

The survey was completed on Dec. 28, four days before the House voted for a bill that spared tax increases on the middle class and postponed steep budget cuts.

The NFIB says its January survey may more accurately reflect how owners feel. With year-end political and tax issues resolved, they can focus on the economy.

The December index reading was lifted in part by owners’ slightly higher expectations that their sales would rise in 2013. Employment in the sector was virtually unchanged.

And it was clear that they were waiting to see the outcome of the talks in Washington before making plans to invest in equipment or expand. More than half — 52 percent — said they did not want to take out a loan. Companies often borrow when they’re getting ready to expand — or hire.

The NFIB questioned 648 of its members selected at random for the survey.

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Wall Street dips as earnings season begins

A $20,000 diamond ring found in a tanning salon in St. Charles, Mo., appears to be at the center of a legal dispute over "finders keepers." The St. Louis Post-Dispatch attempts to explain murky statutes revolving around found property versus stealing. After Bonnie Land found the expensive ring and agreed to return it weeks later, she was arrested. She subsequently sued the ring's owner for $66,500 alleging breach of contract as Land wasn't given the posted $3,000 reward money.

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'Bama bashes Notre Dame 42-14 in BCS title game

MIAMI GARDENS, Fla. (AP) — Barely taking time to celebrate their latest national championship, Nick Saban and the Alabama Crimson Tide are ready to get back to work.

That's how they make it look so easy.

In what must be an increasingly frustrating scene for the rest of college football, another season ended with Saban and his players frolicking in the middle of a confetti-strewn field. Eddie Lacy ran all over Notre Dame, AJ McCarron turned in another dazzling performance through the air, and the Tide defense shut down the Fighting Irish until it was no longer in doubt.

The result was a 42-14 blowout in the BCS title game Monday night, not only making Alabama a back-to-back champion, but a full-fledged dynasty with three crowns in four years.

This one was especially satisfying to Saban.

"People talk about how the most difficult thing is to win your first championship," he said. "Really, the most difficult one to win is the next one, because there's always a feeling of entitlement."

Rest assured, that feeling won't last long in Tuscaloosa.

While Saban insisted he was "happy as hell" and "has never been prouder of a group of young men," it was hard to tell. He was already talking about reporting to the office Wednesday morning and getting started on next season.

"One of these days, when I'm sitting on the side of the hill watching the stream go by, I'll probably figure it out even more," Saban said. "But what about next year's team? You've got to think about that, too."

So, in short order, he'll be talking with underclassmen about entering the NFL draft, making sure everyone goes back to class on schedule, and getting started on that next depth chart.

"The Process," as he calls it, never stops.

"We're going to enjoy it for 24 hours or so," Saban said.

No. 2 Alabama quieted the top-ranked Irish on the very first drive — so much for waking up the echoes — and could've started the celebration at halftime, heading to the locker room with a commanding 28-0 lead.

The Tide (13-1) pushed it out to 35-0 midway through the third quarter on the third of McCarron's four touchdown passes, a 34-yarder to Amari Cooper with a defender nowhere in sight.

At that point, Alabama was on a 69-0 blitz in national title games, having scored the last 13 points in its 2010 triumph over Texas and blanked LSU 21-0 for last year's BCS crown.

When Everett Golson finally scored for Notre Dame (12-1) with about 4 minutes remaining in the third, it snapped a scoreless stretch of nearly two full games — 108 minutes and 7 seconds — by the Tide.

"It was just a complete game by the offense, defense and special teams," said Alabama linebacker C.J. Mosley, the defensive MVP with eight tackles, one of them behind the line.

Despite the dazzling numbers by McCarron — 20 of 28 for 264 yards — he was denied a second straight offensive MVP award in the title game. That went to Lacy, who finished with 140 yards rushing on 20 carries and scored two TDs. Not a bad finish for the junior, who surely helped his status in the NFL draft should he decide to turn pro.

Lacy also was MVP of the Southeastern Conference championship game, rushing for a career-best 181 yards in the thrilling victory over Georgia that gave Alabama a chance to repeat as champion.

The Tide will have some big holes to fill, no matter who decides to leave school early, with offensive tackle D.J. Fluker and cornerback Dee Milliner also pondering their draft prospects. There's not a lot of seniors on the roster, but All-America linemen Barrett Jones and Chance Warmack and safety Robert Lester are among those who definitely won't be back.

But Alabama had some huge holes to fill a year ago, too, with five players drafted in the first 35 picks.

That worked out just fine.

The Crimson Tide wrapped up its ninth Associated Press national title, breaking a tie with Notre Dame for the most by any school and gaining a measure of redemption for a bitter loss to the Irish almost four decades ago: the epic 1973 Sugar Bowl in which Ara Parseghian's team edged Bear Bryant's powerhouse 24-23.

"The process is ongoing," said Saban, tightlipped as ever and showing little emotion after the fourth BCS national title of his coaching career. "We have a 24-hour rule around here. We enjoy everything for 24 hours."

Notre Dame went from unranked in the preseason to the top spot in the rankings by the end of the regular season, winning two games in overtime and three other times by seven points or less.

But the long wait for a championship — the Irish haven't finished No. 1 since 1988 — will have to wait at least one more year.

"They just did what Alabama does," moaned Manti Te'o, Notre Dame's star linebacker and Heisman Trophy finalist, trying to digest an embarrassing loss in his final college game.

Golson will be back.

He completed his first season as the starter by going 21 of 36 for 270 yards, with a touchdown and an interception. But the young quarterback got no help from the running game, which was held to 32 yards — 170 below its season average.

"We've got to get physically stronger, continue close the gap there," said Brian Kelly, the Irish's third-year coach. "Just overall, we need to see what it looks like. Our guys clearly know what it looks like now — a championship football team. That's back-to-back national champions. That's what it looks like. That's what you measure yourself against there. It's pretty clear across the board what we have to do."

Kelly vowed this was only beginning, insisting the bar has been raised in South Bend no matter what the outcome.

"We made incredible strides to get to this point," he said. "Now it's pretty clear what we've got to do to get over the top."

Alabama is already there but still longing for more, not content even after the second-biggest rout of the BCS era that began in 1999. The only title game that was more of a blowout was USC's 55-19 victory over Oklahoma in the 2005 Orange Bowl, a title that was later vacated because of NCAA violations.

You could almost hear television sets around the country flipping to other channels as Alabama poured it on, a hugely anticipated matchup between two of the nation's most storied programs reduced to a laugher when the Tide scored on its first three possessions.

"We're going for it next year again," said offensive tackle Cyrus Kouandijo, only a sophomore and already the owner of two rings. "And again. And again. And again. I love to win. That's why I came here."

___

Follow Paul Newberry on Twitter at www.twitter.com/pnewberry1963

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”Texas Chainsaw” movie kills rivals at North America box office

(Reuters) – The return of the bloody “Texas Chainsaw” franchise sliced up movie box office rivals with a surprise win over the weekend, grabbing an estimated $ 23 million in U.S. and Canadian ticket sales.

The new “Texas Chainsaw 3D” pulled past Quentin Tarantino Western “Django Unchained,” the second place film from Friday through Sunday with $ 20 million. No. 3 movie “The Hobbit: An Unexpected Journey” grabbed $ 17.5 million.

Going into the weekend, box office forecasters did not think the revival of the 40-year-old “Texas Chainsaw” franchise had enough buzz to top the holiday releases that are adding to their tallies during the month of January, a typically slow time for moviegoing.

Marketing efforts for “Texas Chainsaw” paid off for distributor Lions Gate Entertainment, the studio behind the horror franchise.

Lions Gate ran a social media campaign aimed at its core horror fan base – mostly young men and women – and ran promotions during AMC Networks’ TV zombie hit “The Walking Dead.” The studio aimed for a broader audience with promotions during college football bowl games and other sports programs after Christmas.

“The numbers were a little bit more than expected,” said Richie Fay, the president of domestic distribution for Lions Gate Entertainment.

“It is great to be No. 1. I think we held our own,” he added.

Lions Gate spent about $ 20 million to promote the movie, which was produced by Millennium Films.

The movie revives a franchise that started four decades ago with the 1974 film about a serial killer named Leatherface. Since then, the seven “Texas Chainsaw” movies have pulled in $ 175 million at North American (U.S. and Canadian) theaters, according to website Box Office Mojo. The films have generated $ 416 million domestically.

The new movie follows a woman who inherits a family home in the town of Newt, Texas, showing all of the blood and gore in 3D. The story picked up where the original left off and included cameos from original cast members.

“Texas Chainsaw” was the only new nationwide release in North America (United States and Canada) over the weekend. “The Hobbit,” the first of three movies based on the fantasy novel by J.R.R. Tolkien, brought its total domestic sales to $ 263.8 million since its December 14 debut. “Django Unchained,” released on Christmas Day, reached $ 106.3 million.

In fourth place for the weekend, musical “Les Miserables” earned $ 16.1 million, bringing its domestic sales to $ 103.6 million since its Christmas Day release. The No. 5 slot belonged to family comedy “Parental Guidance,” which grossed $ 10.1 million.

“The Hobbit” was distributed by Time Warner Inc’s Warner Bros. studio. The Weinstein Co. released “Django Unchained.” Universal Studios, a unit of Comcast Corp distributed “Les Miserables.” “Parental Guidance” was released by 20th Century Fox, a unit of News Corp.

(Reporting By Lisa Richwine; Editing by Cynthia Osterman)

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