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Money in the News: Postal Service, Social Security, Retirement, and Fees

CNN posts about how the Postmaster General warns Congress about a possible default.

Donahoe believes the Postal Service will have to miss a September 30 deadline to pay $5.5 billion into a health care benefits fund for future retirees. He will tell lawmakers that part of his agency’s financial crisis is because of those payments, mandated by Congress in 2006 — payments he believes no longer match Postal Service revenue nor its smaller workforce.

Daily Finance posts about how singles and divorcees aren’t saving enough for retirement.

While getting back on your feet financially is an obvious part of resuming single life, one oft-overlooked aspect is planning for a solo retirement. A new study from Charles Schwab shows that 85% of married Americans have begun to save for retirement, but only 67% of singles are putting away funds for their later years. It’s not just the divorced who are failing to plan ahead: There is an increasing number of never-married Americans, and those who do marry are staying single longer beforehand.

CNN Money posts about how Social Security sends millions to dead people.

The Social Security inspector general estimates that the agency has made $40.3 million in erroneous payments to deceased beneficiaries — even though the administration had already recorded their deaths in its records. The estimate is based on a sample tested during its most recent audit in January 2008, the watchdog agency said.

MSN Money posts about 10 fees you should not be paying.

It’s easy to overlook fees when they’re just a couple of bucks. But even the small ones quickly add up. However, most of the time you can avoid being nickel and dimed. With the help of BillShrink — a free cost-savings site — we created a list of 10 fees you can escape.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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