-
The Recession May Be Causing Baby Boomers to Claim Social Security Early
Tweet Share on Facebook May 29, 2009 Comment (36)Most baby boomers say they plan to work during the traditional retirement years. But that doesn’t mean they’re able to find work. The Social Security Administration reports a surge in early retirement claims this year.
-
How Investment Losses Affect Retirement Plans
Tweet Share on Facebook May 28, 2009 Comment (30)Baby boomers on the threshold of retirement have suffered the greatest losses in their retirement accounts and are legitimately concerned about their financial future. Most baby boomers plan to cope by staying in the workforce longer. About 52 percent of boomers between ages 50 and 64 have thought about delaying retirement in the past year. Another 16 percent say they will never retire, according to a Pew Research Center telephone survey of 2,969 adults released today.
-
What Happened to Circuit City Employee Pensions?
Tweet Share on Facebook May 27, 2009 Comment (5)Circuit City, once the nation’s second-largest electronics retailer, filed for bankruptcy protection last year in Richmond, Va. The now defunct retailer began laying off employees and liquidating merchandise earlier this year. But the fate of the retirement plan of those employees remained uncertain until now.
-
Xerox Retirees Protest Benefit Cuts
Tweet Share on Facebook May 26, 2009 Comment (5)At least 2 dozen Xerox retirees picketed outside the company headquarters in Norwalk, Conn. last week to draw attention to cuts in their retiree healthcare benefits. The former employees wore T-shirts reading, “Xerox Breaks Promises" and carried signs that said “Xerox Can’t Be Trusted” and "Don't Take My Benefits!".
-
401(k) Rollovers Aren’t Always the Best Deal
Tweet Share on Facebook May 22, 2009 Comment (6)If you are laid off, you have to decide what to do with your old 401(k). But there’s no simple solution that works for everyone. Financial services company Charles Schwab released data this week showing that, among 9,790 terminated participants in Schwab 401(k) plans between January 2008 and March 2009, 43 percent left their assets with their old employer and an equal percentage (43 percent) rolled over their 401(k) into an IRA. The rest cashed out their 401(k) (8 percent), moved their nest egg into a new employer’s plan (4 percent), or took some other form of distribution (2 percent). But there’s a good reason employee behaviors are so fractured.
-
What The Pension Insurance Deficit Means for Your Retirement
Tweet Share on Facebook May 20, 2009 Comment (104)The government agency that insures private sector pensions and pays out benefits if they fail posted a $33.5 billion deficit for the first half of 2009. That amount is the largest in the Pension Benefit Guaranty Corporation’s 35-year history and triple fiscal year 2008’s $11 billion shortfall. But that doesn’t mean you won’t get your promised benefits, at least in the short term. The Senate held a hearing today to evaluate the PBGC’s ability to insure pensions in the future. Here’s how your retirement plans could be affected.
-
Is Your 401(k) Riskier Than Your Peer's?
Tweet Share on Facebook May 19, 2009 Comment (354)After stuffing 401(k)s with stocks for over a decade, employees are cutting back on their equity exposure. The average portion of 401(k) dollars invested in equities dropped to 59 percent in 2008, according to a study of 2.7 million employees eligible for 401(k) plans by human resources consulting firm Hewitt Associates.
-
Did Your 401(k) Lose More Money Than Your Peer's?
Tweet Share on Facebook May 19, 2009 Comment (5)Nearly all Americans watched their 401(k) balance dwindle in 2008. Some people toss their 401(k) statements directly into a drawer, thinking it’s better not to dwell on the losses. But if you’re the type of person who likes to pore over the downward trend graphs, here’s a snapshot of the national 401(k) losses.
-
Fidelity: Average 401(k) Participant Has Saved $1,700 Since January
Tweet Share on Facebook May 18, 2009 Comment (3)Most workers with 401(k)s are still managing to save a little something for retirement. The average worker tucked away $1,700 in the first quarter of 2009, according to a new analysis of Fidelity’s 11.3 million 401(k) participants. That’s down slightly from $1,860 in 2008. The majority of employers also kicked in a 401(k) match averaging another $1,080 this year between January 1 and March 31, down from $1,220 last year.
-
Baby Boomers Hit Hardest By Recession
Tweet Share on Facebook May 15, 2009 Comment (25)Those nearing retirement, but not yet retired, are experiencing the worst of the recession’s impact, according to a new Pew Research Center survey. Adults age 65 and older, most of whom have already retired and cut expenses, are the age group least worried about their finances, the telephone survey of 2,969 Americans conducted in February and March found.
