Carole Fleck

Biography: As a senior editor for AARP Media, I cover personal finance issues, the economy, older worker issues, retirement planning and other news affecting people 50-plus.

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Carole Fleck 'sPosts

Recession Will Haunt Us Into Retirement

Posted on 05/17/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & Savings | WorkOlder boomers, many at retirement’s doorstep, lost more than quarter of their net worth during the recession. Yet they may be the last demographic to retire with enough savings to live comfortably, according to a new study. Younger boomers (in their late 40s and 50s), and Gen-Xers (in their late 30s and early 40s) are on track to retire with skimpier savings. Consequently, they’re likely to face a pared-down lifestyle in retirement. Put another way, they’ll be the first two …

Retiree Healthcare Costs Fall (But They’re Still Daunting)

Posted on 05/15/2013 by Carole Fleck | Money and Work | Comments

Bulletin TodayHealth care costs for retirees are going down. But don’t get too excited. A 65-year-old couple retiring this year will still need a whopping $220,000 to pay for health care for the rest of their lives. I know what you’re thinking. How does $220,000 in out-of-pocket medical costs represent a decline? Well, if that same couple retired last year, they would’ve needed $240,000, according to a Fidelity Investments report released Wednesday. By all means, the figure is daunting. But at …

How Much Income Will Your 401(k) Provide?

Posted on 05/13/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & Savings | WorkYou may be throwing money into your employer-sponsored retirement plan — let’s hope you are — but do you know how much estimated monthly income your plan will provide over your lifetime? Employers are required by law to provide an outline of what workers can expect to get in estimated monthly retirement income from their traditional pension plans. But that’s not the case for 401(k) and 403(b) plans. [Find out if you're saving enough with AARP's calculator]. Maybe your 401(k) …

Retiring with Debt? Join the Club.

Posted on 05/9/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & SavingsPaying off the mortgage before you head into the land of fixed-income living, otherwise known as retirement, is becoming an unattainable goal for a growing number of people. A survey by the Securian Financial Group found that about half of 526 retirees polled in March carried mortgage debt into retirement. And it appears that even greater numbers of boomers will follow suit. [Read: Fixing One Family's Finances] The poll asked 495 pre-retirees ages 50 and older if they expected to …

Hundreds Defrauded in Debt Settlement Scheme

Posted on 05/7/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & SavingsMore than 1,000 people struggling with credit-card debt turned to a debt-settlement company for help. Instead of using the consumers’ $2.2 million in fees to pay their creditors, the company’s owner and employees purchased luxury car leases and other goods, according to a federal indictment unsealed in New York Tuesday. The criminal indictment, reported by USA Today, says Mission Settlement in New York, its owner Michael Levitis, and three employees were charged with using their customers’ fees to pay for …

Moms Are Better Than Dads (About Money Talks)

Posted on 05/7/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & SavingsOK, so maybe I’m a little biased. But a new survey finds what we mothers have known all along: We’re better than dads when it comes to discussing money matters with our adult kids. “Moms are more likely and open to having deep, detailed discussions,” says Lauren Brouhard, a senior vice president for retirement with Fidelity Investments, which conducted the survey. “What’s really important is that these not just be surface discussions,” Brouhard adds. “Nobody wants surprises down the road, …