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5 Surprise Retirement Costs
Tweet Share on Facebook June 28, 2011 Comment (2)You may be able to reduce or eliminate some expenses when you retire including your mortgage, commuting costs, and office attire. But you are also likely to encounter new costs in retirement that you may be unprepared for. Here are five expenses that may appear suddenly or significantly increase from their current levels in retirement.
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How Retirees Spend Their Days
Tweet Share on Facebook June 24, 2011 Comment (2)Many people dream about how they will spend the eight or more extra hours per day they will have once they no longer need to go to work. However, Americans between ages 65 and 74 only spend about 1.7 hours more per day on leisure activities than the population as a whole, according to the most recent American Time Use Survey, released by the Bureau of Labor Statistics this week. Instead, most older Americans spend their extra free time lingering slightly longer over everyday activities like meals and household chores and watch considerably more TV than the population as a whole. Here is how Americans spend their time in retirement.
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Gen Y Takes on More Risk in 401(k)s
Tweet Share on Facebook June 23, 2011 CommentAutomatic enrollment of new employees in 401(k) plans is causing young investors to take on more risk within their 401(k) plans than previous generations did at the same age. Many young employees are invested in target-date funds by default, which tend to have high concentrations of equities for workers far from retirement and gradually shift the investment mix to become more conservative over time.
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How Much Money Do You Need to See a Financial Adviser?
Tweet Share on Facebook June 21, 2011 CommentWorkers with a small amount of savings don’t always feel comfortable getting professional investment help. Some people say they need to accumulate a significant nest egg before it’s appropriate to meet with a financial adviser.
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Employers Plan to End Retiree Health Coverage
Tweet Share on Facebook June 17, 2011 CommentMany employers are planning to discontinue their group health plans for retirees. New retiree medical options created by health care reform are causing companies to rethink whether they still need to provide health benefits to former workers.
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Workers Unhappy with 401(k) Plans
Tweet Share on Facebook June 17, 2011 CommentWorkers who save in 401(k) plans generally like the tax perks and employer matching contributions these accounts often provide. But many employees remain skeptical that a 401(k) alone will propel them to a secure retirement.
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5 Ways to Pick a Great Place to Retire
Tweet Share on Facebook June 14, 2011 Comment (2)A good retirement spot generally has quality medical facilities, affordable entertainment options, and plenty of scenic beauty and sunshine. Many workers are also looking for a place to retire that is more affordable than where they live now, according to a new Gallup survey of 1,099 adults with at least $10,000 invested for retirement commissioned by Wells Fargo. Here are five attributes many Americans say are necessities for their ideal retirement locale.
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3 Questions That Predict Your Retirement Readiness
Tweet Share on Facebook June 10, 2011 Comment (4)Individuals who have more financial knowledge have a greater likelihood of planning for retirement, according to a new National Bureau of Economic Research study. The telephone survey of 1,488 adults asked respondents three financial literacy questions and found that those with all correct answers are likely to be the most prepared for retirement.
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Delaying Retirement Doesn’t Guarantee Success
Tweet Share on Facebook June 9, 2011 CommentMany people who haven’t saved enough to retire plan to work past age 65. But some Americans will need to work long into their 70s or even 80s to close the gap between what they have and what they need to completely exit the workforce, according to a new Employee Benefit Research Institute study.
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Aging Gender Gap Narrows
Tweet Share on Facebook June 7, 2011 CommentIt’s well known that women generally live longer than men. But men are catching up to women in longevity, according to 2010 Census Bureau data.
