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Young People Make More Financial Resolutions
Tweet Share on Facebook January 11, 2011 CommentMany young people are making new year’s resolutions to save more, spend less, and get out of debt. But the same thing can’t be said about their elders. Younger Americans are significantly more likely to make financial new year’s resolutions than those approaching retirement.
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6 Retirement Planning Regrets
Tweet Share on Facebook January 10, 2011 CommentMany Americans approaching retirement have financial regrets about their retirement planning. Only 28 percent of investors age 55 and older say they are highly satisfied with their retirement preparations, according to a recent Consumer Reports National Research Center survey of 24,270 online subscribers age 55 to 75. And over half (57 percent) of those surveyed have regrets about financial decisions. Here are six things older Americans regret about their retirement preparations.
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5 Ways to Finance Retirement Until Age 100
Tweet Share on Facebook January 7, 2011 CommentOne of the biggest retirement planning challenges is that we don’t know how long we will live. We are saving up to finance an unknown number of years in retirement. A conservative assumption that many people use is living until age 100. Yet, it’s extremely difficult to save for a retirement that long. For someone who retires at age 65, that’s a 35-year retirement.
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Will You Get Back Your Social Security Taxes in Retirement?
Tweet Share on Facebook January 6, 2011 Comment (39)Almost all American workers paid 7.65 percent of their taxable income into the Social Security and Medicare trust funds in 2010, up to $106,800 annually for Social Security. That amount will temporarily drop to 5.65 percent in 2011. Employers pay a matching 7.65 percent for each worker. And self-employed workers must contribute 13.3 percent of their income to the entitlement programs in 2011. Many people wonder if they will get back at least the amount they contributed in retirement.
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Boomers Reluctant to Cut Costs in Retirement
Tweet Share on Facebook January 4, 2011 Comment (5)Workers who haven’t saved enough to retire comfortably have three choices: work longer, save more, or reduce your standard of living in retirement. When workers on the verge of retirement who have lost money in the stock market were given these three choices, most said they would delay retirement and continue to save rather than cut costs, according to a recent Center for Retirement Research at Boston College study.
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How Baby Boomer Retirement Will Change the World
Tweet Share on Facebook January 3, 2011 Comment (3)Citizens of developed countries are living longer than ever before. But these bonus years are beginning to create challenges for seniors aiming to fund decades of retirement and the government agencies, employers, and family members trying to support an aging population. U.S. News asked Ted Fishman, author of Shock of Gray: The Aging of the World's Population and How it Pits Young Against Old, Child Against Parent, Worker Against Boss, Company Against Rival, and Nation Against Nation, what an aging population could mean for your retirement. Excerpts:
