Jared Kaltwasser

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Here's our weekly look at the week's most popular stories.

The DMD Top 5 for the Week Ending July 15

Happiness can be defined in a lot of different ways, and people can find happiness even in the roughest of situations. Still, when it comes to happiness as a sociological metric, a few key ingredients seem to be most important.

 each year releases a report on the Happiest States in America. There are various ways to measure happiness, but WalletHub zeroed in on three main areas

, a look at self-reflected satisfaction, health, depression rates, and other factors; 

, which focuses on incomes, commute times, unemployment, and similar stats; and 

Community, Environment, and Recreational Activities

, which covers everything from weather to volunteerism rates.

What follows are the Top 10 states on the list. Included in each capsule is the state’s rank in each of the three main categories, as well as its ranking in last year’s study.

Emotional and Physical Wellbeing Rank: 17

Community, Environment, Recreation Rank: 9

Emotional and Physical Wellbeing Rank: 11

Community, Environment, Recreation Rank: 18

Emotional and Physical Wellbeing Rank: 27

Community, Environment, Recreation Rank: 11

Emotional and Physical Wellbeing Rank: 22

Community, Environment, Recreation Rank: 5

Community, Environment, Recreation Rank: 6

Community, Environment, Recreation Rank: 7

Community, Environment, Recreation Rank: 8

Community, Environment, Recreation Rank: 2

Community, Environment, Recreation Rank: 3

Community, Environment, Recreation Rank: 1

A new survey looked at a variety of factors to determine which states have the best sense of wellbeing. Their answers might surprise you.

America's 10 Happiest States

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Here's our weekly look at last week's most popular stories.

The DMD Top 5 for the Week Ending July 8

Falling oil prices, global currency volatility, and geopolitics are shaking up the list of the world’s most expensive cities, according to the Economist Intelligence Unit’s new Worldwide Cost of Living Survey.

	The report, which each year ranks the world’s major cities based on the price of a weighted basket of goods, noted that American cities are getting more expensive relative to the rest of the world. The good news is that means travel is cheaper for Americans who go abroad.

	“In nearly 17 years of working on this survey I can’t recall a year as volatile as 2015,” said Jon Copestake, the survey’s editor, in a press release. “Falling commodity prices have created deflationary pressure in some countries, but in others currency weakness caused by these falls has led to spiraling inflation.”

	Interestingly, two cities that are destined for an influx of tourists in the coming months are getting significantly 

 expensive. Rio de Janeiro, which hosts this summer’s Olympics is now the 113

 most expensive city, a drop of 52 places. Moscow, which hosts the next men’s World Cup in 2018, was the biggest mover on the list, falling 63 slots to tie Rio.

	The biggest movers in terms of getting more expensive where Beunos Aires, which moved up 28 spots to 62

; San Francisco, which moved 25 spots to 34

	What follows are the 10 most expensive cities, according to the Economist Intelligence Unit’s survey, starting with a three-way tie for eighth place:

	California’s largest city is also the state’s most expensive, according to the report. The city came in eighth place this year, a jump of 19 spots from its perch in last year’s report. However, the report’s authors note that the increase is more about currency fluctuation than about a major shift in the city’s economy. As our currency faces headwinds, the relative cost of the city is increasing. According to Zillow, the median home value in Los Angeles is a hefty $568,000.

	The capital of South Korea is no newcomer to the list, though it did move up one slot in the 2016 edition of the survey. Seoul was cited in particular for the high costs of every day goods. Its groceries are the world’s most expensive, costing about 33% more than groceries do in the world’s overall most expensive city. The average cost of a bottle of table wine in the city is $25 (in US currency), the study found. Expensive clothing and utility costs also raise the cost of living significantly, the authors said.

	Copenhagen stays at No. 8 for the second-straight year. However, the high costs may not bother most travelers, since food and grocery prices were relatively low compared to many of the cities on the list. Meanwhile, high transportation and housing costs eat into the budgets of the city’s 560,000 inhabitants.

	America’s most expensive city is also one of the world’s most expensive cities. However, that wasn’t always the case. New York wasn’t even in the Top 20 last year. The same currency issues that propelled Los Angeles into the Top 10 — a strong dollar and local inflation – are at work here. Just five years ago, New York was only the 49

	London moved up five spaces this year. Like New York, it’s a city that has developed a reputation as being expensive. According to the price-tracking website 

, London has the world’s most expensive public transportation and Western Europe’s most expensive rent. The site says a furnished studio apartment in an expensive part of the city can put you back more than $2,200 per month.

	Not so far from London in distance and in prices, Paris’ residents pay a hefty fee for living amid the beauty of the City of Lights. Alcohol and tobacco are relative values in the city, but that’s about it, according to 

 report. The only Euro-zone city on the list, housing and entertainment are among the high-cost items for visitors and residents.

	Switzerland is known as a country of luxury, so you can’t say you haven’t been warned. Geneva, which is in the French-speaking zone of the country, is one of two Swiss cities that ranked as the world’s most expensive places for entertainment and recreation. Geneva moved up three spots from last year’s ranking.

	Hong Kong moved up seven places this year to near the very top of the list. The city’s groceries are among the most expensive in the world, about 28% more expensive than groceries in New York City. A 900-square-foot furnished apartment costs $4,800 per month in rent, according to Expatistan.

	Just a tad more expensive than Geneva, Zurich is the second-most expensive city in the world, according to 

. The report says the decoupling of the Swiss franc to the Euro has upped costs in the city, and “structurally high income and price levels” also plague would-be penny-pinchers. Like Geneva, Zurich’s entertainment and recreation costs are the most expensive cited in the list.

	Singapore remains at the top of the list for another year, although the gap between Singapore and the other cities is narrowing, 

 reports. Transportation costs in Singapore are nearly three times the transportation costs in New York, and clothing and utilities are also high compared to almost everywhere else. On the bright side, its groceries are a relative value, the report said.

The Economist Intelligence Unit’s Worldwide Cost of Living Survey

We've all heard stories about how expensive cities like San Francisco and London (at least before the Brexit) have become. But which cities truly have the highest cost of living?

Which World Cities Are the Most Expensive?

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Here's a look at the top stories on Dentist's Money Digest last week.

The DMD Top 5 for the Week Ending June 24

Vermont is joining the small number of states that allow mid-level providers to perform procedures previously restricted to qualified dentists.

Vermont Gov. Peter Shumlin (D; pictured at left) signed the state’s dental therapist law earlier this month. He held an event Monday to promote the enactment of the law, which he says will expand access to dental care in the state and improve the overall health of the state’s residents.

“Having dental therapists available to work with dentists and hygienists will make it easier for Vermonters to get the care they need, closer to home and no matter what type of insurance they have,” he said, in a press release.

The law means dental therapists—professionals with more training than a hygienist but less than a dentist—will be able to perform 34 procedures, including filling cavities, extracting teeth, and placing temporary dental crowns.

Shumlin’s office said the state’s dentists are unequally distributed across the state, creating access issues. He also noted that 60% of the state’s dentists are over the age of 50, a statistic that has raised concerns the state could soon be facing a major overall shortage of dentists.

With the enactment of the law, Vermont Technical College will be creating a dental therapist training program. The college already hosts a training program for dental hygienists.

The law is controversial in the dental community, as many worry such programs will lower the standard of care in the state. Many of the industry’s major trade groups have expressed concerns about the Vermont bill and other similar bills.

Among the opponents of the bill was the Vermont Dental Society, which raised concerns that mid-level providers might not have sufficient training to perform the procedures they are being assigned. Further, national studies have shown Vermont has better access to care than most states.

A 2008 study from the University of South Carolina, for instance, found children in rural areas of Vermont saw a dentist for preventative care at a higher rate than any other state.

Vermont has created a new "dental therapist" designation, and will allow therapists to perform many procedures that previously only dentists could undertake.

Vermont Governor Signs Dental Therapist Law

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Our weekly look at last week's most popular stories.

The DMD Top 5 for the Week Ending June 17

Many older Americans have too much of their retirement savings in stocks, according to study from Fidelity Investments.

Fidelity analyzed 401(k) holders nearing retirement age, comparing their accounts to an age-based target date fund. They found 18% of people aged 50-54 had a stock allocation at least 10% higher than the recommended level. Workers ages 55-59 had an even higher rate of high stock allocations, with 27% having significantly higher allocations than Fidelity advises.

What’s more, 11% of workers ages 50-54 had their entire 401(k) assets in stocks, while 10% of people ages 55-59 were banking entirely on the stock market.

That’s perhaps understandable, given that the stock market has generally been on the rise in recent years. But Jim MacDonald, president of workplace investing at Fidelity, said Baby Boomers nearing retirement should be more careful with their nest eggs.

“One thing we learned from the last recession is that having too much stock, based on your target retirement age, in your retirement account can expose your savings to unnecessary risk — it’s the hidden danger that many workers are unaware of,” he said, in a press release. “This is especially true among workers nearing retirement, who should be taking steps to protect what they’ve worked so hard to save.”

MacDonald said workers should try to time the market. But he said it is important to check your portfolio on a regular basis to ensure your asset allocation remains on track.

He said a variety of tools are available and easily accessible, including a suite of tools from Fidelity.

Overall, Fidelity found the average 401(k) balance was $91,100 in the second quarter of this year, down about $700 from the previous quarter. The average 12-month total savings amount for a 401(k), including worker and employer contributions, was $10,180 in the second quarter, up from $9,840.

A new survey of 401(k) plans finds a significant number of older Americans have their retirement savings too heavily invested in stocks. 

Older Americans' Retirement Savings Too Stock-Heavy

“Last Week Tonight” host John Oliver has made a name for himself with in-depth “

” pieces built on meticulous research and sly humor. So when the show’s production company, Avalon Television, decided to set up a 401(k) plan for its employees, it was perhaps inevitable that Oliver’s research team would want to dig into the numbers.

What Oliver and his team found was a long list of fees and other surprise charges that over time would significantly cut into the employees’ retirement savings. Oliver turned the findings into a hilarious segment Sunday night that doubles as a cautionary tale for employers and employees alike.

After doing the math, Oliver’s researchers found the charges on their 401(k) totaled a combined 1.69%, plus a $24 fee per person, per year, and additional fees.

When the researchers mentioned their concerns to the plan provider, the provider defended the fees as in line with industry standards. Meanwhile, Oliver’s team sent the contract off to an outside expert, who found that it also contained an “intermediary fee” which totaled 1% the first year and 0.5% in subsequent years.

“And remember, that could add up,” Oliver said. “We did some very rough estimates, and with 35 employees contributing just $6,000 a year, after 30 years, half a percent could add up to roughly $1 million.”

The intermediary, in this case, was the broker hired by Avalon to set up the plan. The broker, it turns out, is not a fiduciary, meaning he doesn’t have to put his clients’ interest above his own; at least not at the moment. A new Department of Labor rule set to take effect next year will require financial advisors who offer advice on 401(k)s and Individual Retirement Accounts to offer recommendations based on what’s in the client’s best interest, regardless of the effect that advice will have on the advisor’s commissions or other earnings.

When Oliver and his team complained to the broker, the unnamed advisor noted that the fees would go down as the fund grew over time. He offered a spreadsheet demonstrating the fee changes over time.

“Unfortunately, in that spreadsheet he made an error which meant that our fund’s interest didn’t compound correctly,” Oliver said. “And when we pointed that out to him, he sent a second sheet, showing that his original math had been off by more than $10 million, which does not inspire confidence in the man who, as he repeatedly reminded us, was helping us navigate our very complicated plan.”

Oliver said his company would be paying the fees on behalf of employees, and would be leaving the broker and 401(k) provider. “And I’m guessing that after they’ve seen the show, they will be happy to let us go,” he quipped.

This, of course, is just one company’s experience. In their defense, the broker and the 401(k) provider told Oliver their fees were within industry standards and would come down with time. It’s also important to note that the fees, even if high, are compensating the financial advisors for services that can be quite valuable for those of us without our own research teams or financial expertise.

That said, Oliver raises an important point that many independent experts have been noting for years: many 401(k) plans come with surprisingly high fees. And since it’s the employer, not the employee, who picks the 401(k) provider, employees may not have much of a choice or say in the matter.

What does this mean for dentists? If you run your own practice, it’s probably a good idea to get an independent analysis of the fees you’re paying, and to do a bit of math to find out how much the plan will truly cost your employees over time. If you’re an employee, ask your boss if they’ve looked into the fees, and try to find out if lower-cost options are available.

As Oliver notes, “If you don’t pay close attention, all of this can really get away from you.”

All of us pay fees to our financial advisors and 401(k) plan administrators. But how much do those fees total over time? Comedian John Oliver decided to find out.

HBO's John Oliver Offers a Painful Lesson on 401(k) Fees

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