-
5 Frugal Holiday Strategies for Retirees
Tweet Share on Facebook December 17, 2010 CommentAlmost half of retirees (47 percent) plan to spend between $101 and $500 this holiday season. But only 15 percent of seniors plan to spend $100 or less, according to a recent Harris Interactive online survey of 528 retirees age 60 and over commissioned by Principal Financial Group. Many of the retirees surveyed (39 percent) are aiming to spend less money than they did last year for the holidays. Here are a few strategies retirees say they are employing to stay within their holiday budget this year.
-
Workers Fall Short of Retirement Savings Goals
Tweet Share on Facebook December 16, 2010 Comment (13)The typical American estimates that they will need to save a median of $300,000 to retire comfortably. But most retirement investors say their nest egg is currently comprised of a median of just $20,000, or about 6.7 percent of their retirement goal, according to a recent Wells Fargo survey of 1,756 middle class households earning less than $100,000 annually.
-
7 Reasons Retirement Will Be Difficult for Generation Y
Tweet Share on Facebook December 15, 2010 Comment (3)Employees under age 30 are in the best position of their lives to begin saving for retirement. But few of these newly minted workers are currently on track to retire comfortably. Here’s a look at why many members of Generation Y may face more difficult retirement prospects than the baby boomers.
-
Staying at a Job for the Retirement Plan
Tweet Share on Facebook December 14, 2010 CommentMany workers take into consideration an employer’s retirement plan when making decisions about where to work and how long to stay at their current company. Some 41 percent of employees say retirement benefits are compelling them to stay with their current employer, according to a Towers Watson survey of 3,099 full-time private-sector employees. And a quarter of the employees surveyed say retirement benefits attracted them to their current job.
-
Employers Slow to Allow Roth 401(k) Conversions
Tweet Share on Facebook December 10, 2010 CommentEmployees can convert their traditional 401(k) or 403(b) accounts to a Roth account in the same plan beginning this year. But, so far, few companies have amended their plans to offer the conversion option.
-
10 Cities Where Boomers are Ready to Retire
Tweet Share on Facebook December 9, 2010 Comment (5)Workers on the verge of retirement in Minneapolis and St. Paul are the most prepared to retire, while those residing in Los Angeles are the least, according to a recent Ameriprise Financial and Harris Interactive survey. The online survey of 10,028 adults ages 40 to 75 in 30 metropolitan areas took into account financial preparations, such as savings habits and retirement needs calculations. Personal plans, including specific retirement activities, and the level of confidence workers feel about achieving their retirement goals were also weighted in the ranking.
-
Social Security Payback Option Eliminated
Tweet Share on Facebook December 8, 2010 Comment (13)Retirees will no longer be able to get an interest-free loan from the Social Security trust fund, the Social Security Administration announced today. Effective on December 8, retirees will not be able to pay back benefits already received in exchange for higher Social Security payments going forward. Here’s a look at how the new Social Security rules could impact your checks.
-
401(k) Matches Play Hard to Get
Tweet Share on Facebook December 7, 2010 Comment (2)Employer contributions often motivate workers to save in a 401(k) plan. 401(k) service providers are encouraging employers to raise the amount workers must save to get the entire 401(k) match in order to boost savings rates.
-
Most Workers Plan to Claim Social Security Early
Tweet Share on Facebook December 3, 2010 Comment (3)Social Security checks are reduced if you claim before your full retirement age. For most current working Americans that’s age 66 or 67. But many workers don’t want to or are unable to wait until then to collect their payments. The majority of current employees are planning to claim a smaller benefit before their full retirement age.
-
Couples Need $158,000 for Retirement Health Care Costs
Tweet Share on Facebook December 2, 2010 Comment (1)Medicare helps pay for the medical bills of nearly all Americans over age 65. But Medicare doesn’t cover every service that seniors need and many people face significant out-of-pocket costs while enrolled in the program.
