retirement

Millions of Americans Have Inadequate Means to Retire. Get the Retirement Facts.

Despite the Dow hitting all-time highs, millions of Americans still have a dismal outlook when it comes to their own ability to retire.

Consider these five statistics:

46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)

40% of baby boomers now plan to work until they die. (AARP)

36% of Americans say they don’t contribute anything at all to their savings. [CNBC]

87% of adults say they are not confident about having money for a comfortable retirement. (Lifehappens.org)

Expected retirement age is up to 67 from age 63. (Zero Hedge)

via Millions of Americans Have Inadequate Means to Retire. Get the Retirement Facts..

Older Workers Are About to Surpass Younger Workers for the 1st Time – Matthew O’Brien – The Atlantic

This is how a baby boom ends. Not with a bust, but with a lot of old workers.

For the first time ever, workers over-55 are set to make up a bigger share of the workforce than workers between 25 and 34 years old. The chart below (via Conor Sen) shows the share of younger workers (blue) versus older workers (red) since 1950.

via Older Workers Are About to Surpass Younger Workers for the 1st Time – Matthew O'Brien – The Atlantic.

Millions of Americans Have Inadequate Means to Retire. Get the Retirement Facts.

Despite the Dow hitting all-time highs, millions of Americans still have a dismal outlook when it comes to their own ability to retire.

Consider these five statistics:

46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)

40% of baby boomers now plan to work until they die. (AARP)

36% of Americans say they don’t contribute anything at all to their savings. [CNBC]

87% of adults say they are not confident about having money for a comfortable retirement. (Lifehappens.org)

Expected retirement age is up to 67 from age 63. (Zero Hedge)

So why, in the great prosperous country of America, are so many faced with doomed retirement dreams?

Those who took the surveys pointed to the rising cost of living and day-to-day expenses as the reason they are worried about or unable to save enough for retirement. And many also noted that rising healthcare and long-term care costs will have a major impact on their ability to afford a comfortable retirement.

Adding insult to injury is the fact that the once mighty dollar no longer goes as far as it once did, as a result of the loose monetary policies from the Federal Reserve.

“The biggest retirement mistake people make is they stick their money in a bank,” comments Aaron DeHoog, the financial publisher of Newsmax. “The reality is, inflation will destroy 50% of your savings every 22 years if you let it sit there. You have to put your money to work, safely.”

The problem is that current yields on safe investments, like CDs, bonds, and money markets, pay 85% less than what they did just six years ago.

via Millions of Americans Have Inadequate Means to Retire. Get the Retirement Facts..

Retirement plans could get $3 million cap – Video – Personal Finance

Have you heard about this — if not, time to get into the game and start learning more about it. Retirement planning is no joke 🙂

Retirement plans could get $3 million cap

The proposed $3 million cap on savings could cost the government more in the long run if savers pull away from stashing money away for retirement.

via Retirement plans could get $3 million cap – Video – Personal Finance.

Rebuild your nest egg after divorce

You probably never want to think about divorce — but its a very real reality for some folks. If you’re putting time and effort to look at how life and finances will look once you join up with someone — its worth the same look if you are looking at splitting up.

Its grim — but its something that I wanted to get out there for some of you — and for your peeps. This talks specifically about a divorce, but I know that now a days there are many people who are together in domestic partnerships or living arrangements that may want to take a look at parting ways and the what makes those situations different.  So stay tuned!

Making the HR connection, yours, thegirlinhr

The secret: Forget the house, go for the pension.

Retirement plans often go by the wayside when your marital status changes.

Divorce or having a spouse die young saps income and assets, making it much harder to continue saving the same way you did as a married couple.

A recent survey by ING found that the average divorced person had $10,000 less in retirement savings than the average married person, even though the divorced respondents were typically five years older.

Women often find themselves especially pressed: Household income drops 41% for women after a divorce and 37% in widowhood, compared with under 25% in both cases for men, according to a report by the Government Accountability Office.

Although family changes put a lot of immediate worries on your plate, it’s crucial to keep one eye on your long-term plan.

via Rebuild your nest egg after divorce – Feb. 18, 2013.

Postal workers worry about job security

There could be 22,500 jobs eliminated nationwide under the plan that the Postal Service says would save it $2 billion annually. The Postmaster General Patrick Donahoe said he will not lay off any workers and accomplish the cuts by cutting overtime and part-time hours and offering buy outs to current employees.

First class mail, the most profitable product for the postal service, has fallen by a third since the peak in 2001 amid the rise of email and electronic banking. But the key culprit for the Postal Service’s financial woes has been a 2006 congressional mandate, under which it has to pre-fund healthcare benefits for future retirees. The USPS has been borrowing billions of dollars from taxpayers to make up for the shortfalls.

There could be 22,500 jobs eliminated nationwide under the plan that the Postal Service says would save it $2 billion annually. The Postmaster General Patrick Donahoe said he will not lay off any workers and accomplish the cuts by cutting overtime and part-time hours and offering buy outs to current employees.

via Postal workers worry about job security – Feb. 6, 2013.

How I Did It: Real Women, Real Retirement Savings LearnVest

What does retirement mean to you  — are you ready for it? Are you even thinking about it? Do women need to play for retirement differently than a man?

I don’t know the answers — I’m just asking the questions 🙂

How I Did It: Real Women, Real Retirement Savings LearnVest.