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The Best Medicare Advantage Plans
Tweet Share on Facebook December 10, 2009 Comment (35)The Centers for Medicare and Medicaid Services rates the quality and performance of private Medicare Advantage plans annually, with five stars representing the best plans. The average number of stars is 3.27 for plans that will be offered in 2010, up from 3.10 in 2009. But only slightly more than half (59 percent) of plans, accounting for 85 percent of Medicare Advantage beneficiaries, were rated.
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Labor Department Examines 401(k) Withdrawals
Tweet Share on Facebook December 9, 2009 Comment (2)It’s well known that most Americans aren’t saving enough in their 401(k)s to finance 20 or more years of retirement. And now the federal government is concerned that we won’t be able to properly draw down our assets after we retire either. The Labor Department and Treasury Department announced plans this week to examine and perhaps reform the 401(k) withdrawal process in 2010.
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Retirees Cut Back on Holiday Spending
Tweet Share on Facebook December 9, 2009 Comment (1)My grandparents often gave me savings bonds as birthday and holiday gifts as a child. But now there are many ways to give children and grandchildren a gift that grows over time, some of which give the giver valuable tax breaks or allow you to retain some control over the money. Contributions to 529 plans and even a Roth IRA for a working teenager are other possibilities for financial holiday gifts that come with tax perks.
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5 Financial Lessons of the Past Decade
Tweet Share on Facebook December 7, 2009 CommentWe’re approaching the end of a decade that may become known for its financial swings and easy credit. But most retirees don’t feel that their lives have improved over the past 10 years. Some 61 percent of retirees say they don’t feel any better off than they were at the beginning of last year and most (48 percent) say they’re feeling cautious about the current state of the economy, according to a recent survey of 602 retirees by Principal Financial Group and Harris Interactive. However, many retirees say they’ve learned important financial lessons that they will carry into the next decade. When asked about the single most important financial lesson they’ve learned from the past 10 years, retirees responded:
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Vanguard: More Evidence of a 401(k) Comeback
Tweet Share on Facebook December 4, 2009 CommentMost 401(k) participants now have a higher balance than they did in 2007. Among retirement savers that have continually utilized their 401(k) since September 2007, 60 percent now have the same size or a larger nest egg than they did at the stock market’s October 2007 peak, according to a new analysis of 1.7 million Vanguard retirement account participants. The median account balance increased by 7 percent over the two-year period.
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Bill: Retirement Income Estimates on 401(k) Statements
Tweet Share on Facebook December 3, 2009 Comment (1)Legislation proposed in the Senate today would require employers to inform 401(k) participants what monthly income their current account balance could produce in retirement. The bill aims to make 401(k) mailings look more like the Social Security statements, which, since 1989, have informed workers annually about their estimated retirement benefits based on current earnings.
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Americans Won’t Downsize Their Lifestyle in Retirement
Tweet Share on Facebook December 2, 2009 CommentMany retirement savers say they are willing to save more during their working years and even delay retirement as long as they don’t have to downsize their lifestyle after they leave the workforce. Some 40 percent of Americans are willing to bump up their retirement savings and 46 percent plan to either delay retirement or work during retirement, according to a Charles Schwab and Kelton Research telephone survey released yesterday. But just 5 percent of those surveyed are willing to spend significantly less than they do now in retirement.
