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Planning to Retire

January 2009


Senior Unemployment Rate Hits 31-Year High

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Older and more tenured workers used to enjoy more job security than younger and newer employees. Companies invested time and money in their career employees and had a lot to loose by laying them off. But that edge may be disappearing during this recession.

The unemployment rate for adults age 65 and ...

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Rate Your 401(k)

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Have you ever wondered how your 401(k)’s company match, fees, and investment choices compare to those offered by other employers? Now there’s a place where you can dish all the juicy financial details online. BrightScope Inc., an independent data analysis firm, launched the nation’s first online ...

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retirement
401(k)s

John Updike Never Planned to Retire

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Writer John Updike died on Tuesday of lung cancer at age 76. But the Pulitzer Prize winning author never planned to retire. He found writing too enjoyable to even consider giving it up. Updike’s most recent book, The Widows of Eastwick, was published in October 2008. It is a sequel to his 1984 ...

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retirement

The 4 Pension Plans with the Steepest Losses

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If you thought your 401(k) statement was painful to look at, your pension plan (if you’re lucky enough to still have one) is probably doing even worse. The 200 largest U.S. pension plans collectively dropped 16.5 percent during the year that ended September 30, according to a survey of large plan ...

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retirement

Enjoying Simple Pleasures in Retirement

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During our careers, work, household chores, and family or community commitments compete for our time. While doing each of these activities our minds often race ahead to the next, prioritizing what will be accomplished and what can be put off until tomorrow.

After a lifetime of tight scheduling,

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retirement

Gran Torino Shut Out of Oscars

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Last year, a movie about a small-town sheriff (Tommy Lee Jones) contemplating retirement, No Country for Old Men, won an Academy Award for Best Picture. This year’s most famous movie about retirement, Gran Torino, in which Clint Eastwood plays a retired Detroit autoworker, didn’t receive a single ...

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retirement

Avoid This 401(k) Trap

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The average 401(k) plan offers 18 investment choices. The top three most commonly offered options are actively managed domestic equity funds (77 percent of plans), actively managed international equity funds (73 percent), and indexed domestic equity funds (70 percent), according to the Profit ...

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retirement

Cheney in Wheelchair for Inauguration Ceremony

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Former Vice President Dick Cheney was in a wheelchair for today’s presidential inauguration ceremony at the U.S. Capitol. Cheney, who will be 68 on Jan. 30, pulled a muscle in his back moving boxes, according to Dana Perino, former White House press secretary.

Cheney was moving from the Naval ...

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retirement

Dick Cheney Will Get a $132,451 Pension

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Vice President Dick Cheney will weather the bear market with a pension worth an estimated $132,451 per year. His pension, based on service as a Representative, Vice President, and other executive branch posts, will also be regularly adjusted for the cost of living.

Cheney, currently age 67, could ...

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retirement

President Bush Will Get a $196,700 Pension

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President George W. Bush will ride out the recession with a pension of $196,700. The pension begins immediately upon his departure from office at noon on Inauguration Day, January 20. And unlike many private sector pensions, Bush’s payouts will grow to $203,600 next year and $210,700 in 2011.

In ...

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retirement

10 Things You Didn’t Know About Baby Boomers

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The oldest baby boomers will turn 63 this year. Their AARP invitations have arrived and they’re starting to ponder retiring. Many boomers have already claimed their Social Security due. But that doesn’t mean this large generation will quietly fade into retirement, even if they can still afford to.

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retirement

Millionaires Lost 30 Percent of Their Fortunes

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If you were a millionaire last year, you may now only be worth $700,000. U.S. households worth $1 million or more have seen their assets decline 30 percent due to the financial crisis. Another 17 percent of millionaires have absorbed declines greater than 40 percent, according to an online poll of ...

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retirement

The 10 Largest Terminated Pension Plans

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Private-sector pensions are insured by the federal government. Benefits are paid out to workers by the Pension Benefit Guaranty Corp. (PBGC) if the retirement plan or the company fails. But just 10 firms account for 62 percent of all claims on PBGC insurance between 1975 and 2007. Airlines and ...

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retirement

The New World’s Oldest Person is 114

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Gertrude Baines, 114, is likely to become the new world’s oldest woman, Guinness World Records announced over the weekend. The Los Angeles woman was born April 6, 1894.

The title was previously held by Maria de Jesus, a Portugal native who recently passed away at age 115, and Edna Parker of Indiana,

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retirement