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Hidden 401(k) Fees You’re Probably Paying
Tweet Share on Facebook May 25, 2012 Comment (2)Many employers significantly underestimate the amount they are paying for 401(k) fees. The Government Accountability Office recently asked 1,000 401(k) plan sponsors how much they pay in fees, and then compared the data they provided to publicly available filings, investment fund prospectuses, and fee reports generated by BrightScope, a firm that tracks and rates 401(k) plans, to see how much they actually paid in fees. Many companies didn’t know or significantly underestimated the amount that is deducted from employee retirement accounts to pay fees.
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Why Older Workers Can’t Get Hired
Tweet Share on Facebook May 18, 2012 Comment (23)Older worker unemployment has increased dramatically since the recession. The unemployment rate for workers age 55 and older increased from 3.1 percent in December 2007 to a high of 7.6 percent in February 2010, before dropping to 6 percent in December 2011.
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Fidelity: Couples Need $240,000 for Retirement Health Costs
Tweet Share on Facebook May 10, 2012 Comment (4)A 65-year-old couple retiring in 2012 is estimated to need $240,000 to pay for medical costs throughout retirement, according to a new study by Fidelity Investments. This estimate is up 4 percent from the 2011 estimate of $230,000, but still below the 2010 estimate of $250,000.
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The New Ideal Retirement Age: 67
Tweet Share on Facebook May 8, 2012 Comment (10)The age the typical worker expects to retire is no longer 65. For the first time this year, Americans expect to retire at an average age of 67, up from 66 in 2011, according to a recent Gallup poll of 1,016 adults. The average expected retirement age and been gradually increasing over the past seventeen years from age 60 in 1995 to 64 in 2005.
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Social Security Statements Now Available Online
Tweet Share on Facebook May 1, 2012 Comment (115)Workers age 18 and older can now access their Social Security statements online, the Social Security Administration announced today. For the first time, workers can view their earnings history and expected Social Security payout via their home computer.
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7 Tips for Using Online Social Security Statements
Tweet Share on Facebook May 1, 2012 Comment (3)Social Security statements are now available online for workers age 18 and older. You can get an estimate of the retirement or disability benefits you could receive, or how much your children will get if you pass away. The online statements also allow you to find out how much money you’ve earned over your career and the amount you’ve paid into Social Security and Medicare. Here’s how to make the most of this new online tool:
