IRS Boosts Limits for 401(k) Contributions

If you’ve been wanting to sock away more money in your workplace retirement savings plan, next year’s your chance. The Internal Revenue Service this morning announced that next year’s contribution limits will go up by $500 to $18,000 for 401(k)s, 403 (b) plans at nonprofits, most 457 plans offered by state and local governments as well as the federal government’s Thrift Savings Plan. Workers ages 50 and older are entitled to make extra contributions to these accounts. The annual limit …

“I’ll Wait For You, and Should I Fall Behind, Wait For Me”

My wife stood by me in my bleakest hour and helped me regain my life after stroke. By Mark McEwen I woke up in a hospital bed surrounded by my father, sisters, brother, best friend, cousin and my wife, Denise. I had survived my stroke, barely, and had been in a coma for two days. I was so far gone I didn’t even know I had been in one. My wife had to make some hard decisions with the doctor …

This Week in Boomer History: ‘My Fair Lady’ … Jackie O

Notable events from our shared experience During the “Saturday Night Massacre” of Oct. 20, 1973, U.S. Attorney General Elliott Richardson (left) refuses President Richard Nixon’s order to fire special Watergate prosecutor Archibald Cox and resigns in protest. Deputy Attorney General William Ruckelshaus follows suit. Solicitor General Robert Bork, the third-ranking Justice Department official, carries out the order to remove Cox. Twenty-one resolutions calling for Nixon’s impeachment are introduced in Congress. >> Famous Latino Baby Boomers In the deadliest day for …

The Disappearing Social Security Minimum Benefit

Social Security has a minimum benefit? Yes, it’s true. Congress designed the Social Security special minimum benefit in 1972 to help workers who have earned low wages for many years. But today, the benefit helps very few older Americans and unless Congress takes action, the benefit is on the road to extinction. Sophia’s story is typical. She worked for 25 years as a clerk in a factory and doing odd jobs for wages that averaged about $9 per hour (about …

This Week in Boomer History: ‘I Love Lucy’ … Cuban Missiles

Notable events from our shared experience The Rev. Martin Luther King Jr. is named the winner of the Nobel Peace Prize on Oct. 14, 1964. In his acceptance speech, he says: “I accept this award in the spirit of a curator of some precious heirloom which he holds in trust for its true owners — all those to whom beauty is truth and truth beauty — and in whose eyes the beauty of genuine brotherhood and peace is more precious than …

Peace Corps Honors AARP CEO Jenkins

AARP CEO Jo Ann Jenkins and six returned Peace Corps volunteers received the Franklin H. Williams award from the Peace Corps on Oct. 8. The award honors returned volunteers from ethnically diverse backgrounds who exemplify an ongoing commitment to community service and Peace Corps’ goal of promoting Americans’ better understanding of other people. “In memory of Franklin H. Williams, we honor some of the brightest stars in our Peace Corps family who are incredible champions of our mission at a …