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Half of Americans Don’t Have a 401(k) or Pension
Tweet Share on Facebook November 30, 2009 Comment (1)Fewer than half of U.S. workers participate in any kind of employment-based retirement plan. Just 40.4 percent of employees utilized a 401(k) or pension in 2008, down from 41.5 percent in 2007, according to a recent study by the Employee Benefit Research Institute. That translates to about 63.7 million workers who saved for retirement through a workplace program last year, considerably below the 67.1 million employees who participated in 2000.
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New Year’s Resolutions for Retirement
Tweet Share on Facebook November 25, 2009 CommentEvery year we make the same New Year’s resolution to save more for retirement. And, for once, we actually followed through. The average 401(k) now has a bigger balance than in December 2008, largely due to new contributions. The bad news: We still have less in our 401(k)s than we did in 2007 because of investment losses. We also need to better maximize retirement tax breaks, make an investment plan to gradually shift our portfolios to become more conservative as we age, and strategize ways to boost our Social Security checks.
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Pension Insurer's Deficit Nearly Doubles
Tweet Share on Facebook November 24, 2009 Comment (2)The government agency that insures private sector pensions recently announced that its deficit has almost doubled to $22 billion in fiscal year 2009, up from an $11.2 billion deficit in September 2008. But financial problems at the Pension Benefit Guaranty Corporation have eased somewhat since March 31 when the agency reported a record $33.5 billion deficit.
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Executives Eliminate Worker Pensions, Get $350 Million
Tweet Share on Facebook November 23, 2009 Comment (2)Some executives have received huge compensation packages even as their firms eliminated worker pensions. Ten large U.S. companies paid senior executives a total of $350 million in the five years leading up to terminating traditional pension plans for employees, a new Government Accountability Office analysis found.
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Fidelity: Average 401(k) Balance Rebounds
Tweet Share on Facebook November 20, 2009 Comment (8)The average 401(k) account balance rose to $60,700 as of September 30, up nearly 13 percent from the end of the second quarter, according to a new analysis of Fidelity-administered 401(k) plans. The gains reflect the recent stock market rally, new employee contributions, and enhanced employer 401(k) matches.
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Drug Prices Outpace Inflation
Tweet Share on Facebook November 17, 2009 Comment (1)Prescription drug prices for medications commonly used by seniors are rising far faster than the costs of other consumer goods and services. The average price of brand name prescriptions typically used by Medicare beneficiaries has increased 9.3 percent since September 2008, up from an 8.7 percent increase last year, according to a new report from the PRIME Institute at the University of Minnesota and the AARP Public Policy Institute. The rate of inflation over the same period, measured by the Consumer Price Index, fell 0.3 percent.
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AARP Reinstates 401(k) Match
Tweet Share on Facebook November 16, 2009 CommentAARP will resume matching 401(k) contributions for employees beginning on January 1. The giant advocacy group, which represents the interests of older Americans, has saved $7 million since suspending the retirement benefit in March.
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Lunch, With a Side of Investment Advice
Tweet Share on Facebook November 13, 2009 Comment (1)Figuring out how to invest for retirement may not make the most relaxing lunchtime conversation. But many seniors seem to be willing to discuss their retirement finances in exchange for a free meal. Approximately 5.9 million Americans age 55 and older have attended a free lunch or dinner seminar in the past three years, according to new AARP and North American Securities Administrators Association research released yesterday.
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Generation Y Optimistic About Retirement
Tweet Share on Facebook November 13, 2009 CommentMembers of Generation Y have been saddled with the highest unemployment rate in decades just as they enter the workforce. Those born between 1975 and 1991 also have unprecedented levels of student loan and credit card debt. But there’s one thing they’re feeling pretty optimistic about: retirement.
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Baby Boomers on the Verge of Retirement
Tweet Share on Facebook November 12, 2009 CommentThe majority of baby boomers are white, married, have attended college, own their own home, and are currently employed, according to a new U.S. Census Bureau report released this week. The new analysis of 2006 data is the first profile of this 78 million-member generation in 13 years. Here’s a snapshot of the baby boomers as they approach retirement.
