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More Baby Boomers Launch Encore Careers
Tweet Share on Facebook November 29, 2011 Comment (3)A growing number of people approaching retirement are pursuing encore careers, or late-career jobs that pay the bills while providing personal meaning or having a social impact. A new MetLife Foundation and Civic Ventures report estimates that 9 million older workers, or about 9 percent of all people ages 44 to 70, are already in encore careers, up from 8.4 million in 2008.
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Workers Pushing Back Their Retirement Age
Tweet Share on Facebook November 23, 2011 CommentSome people are planning to retire when they reach a certain age, such as when they become eligible for Social Security or Medicare or can begin to draw a pension. Other investors are aiming for a specific number in their bank account before they leave their job. A new survey suggests that hitting a retirement savings goal is now a more compelling reason to retire than turning 65.
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Geographic Differences in Retirement Readiness
Tweet Share on Facebook November 18, 2011 Comment (1)How prepared you are for retirement may depend, in part, on where you live. Two recent studies have found that people who reside in certain locations are significantly more prepared for retirement than those in others.
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Pension Agency Reports Record Deficit
Tweet Share on Facebook November 16, 2011 CommentThe government agency that insures private sector pensions and pays out benefits if the plans fail now has the largest deficit in its 37-year history. The Pension Benefit Guaranty Corporation deficit increased to $26 billion at the end of fiscal year 2011, up from $23 billion in 2010.
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Deciding How Much to Contribute to a 401(k)
Tweet Share on Facebook November 11, 2011 CommentWhen you sign up for your company’s 401(k) plan you need to decide how much of your paycheck to direct deposit into the retirement account. This seemingly simple decision could have an enormous impact on how prepared you are for retirement. Here are a few ways to select an appropriate 401(k) contribution rate.
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Wealth Gap Between Young and Old Grows
Tweet Share on Facebook November 8, 2011 CommentPeople generally accumulate wealth as they age, so it is not unusual for older people to have more money in savings and investments than their younger counterparts. But the wealth gap between the young and old has grown significantly over the past 25 years, according to a new Pew Research Center analysis of Census Bureau data. Here’s a look at why seniors are now doing much better financially than young people.
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Employers Restore 401(k) Matches
Tweet Share on Facebook November 4, 2011 CommentThe majority of companies that suspended their 401(k) match during the recession have since restored them, according to a new Towers Watson report.
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How to Calculate Your Retirement Number
Tweet Share on Facebook November 4, 2011 Comment (1)It’s difficult to determine exactly how much money is enough to retire comfortably. Households earning $50,000 or more will need about 80 percent of their pre-retirement earnings to maintain their current standard of living in retirement, according to a new Center for Retirement Research at Boston College report.
