Workers More Upbeat About Retirement Prospects

More than one-third of workers say they won’t retire until after age 65, about three times the number saying so in the early 1990s. Another 10 percent say they won’t ever quit working. That’s according to an annual survey released Tuesday by the Employee Benefit Research Institute. Back in 1991, when EBRI first conducted the survey, this idea of never retiring didn’t even come up, says Craig Copeland, a senior researcher at EBRI and coauthor of the study. That is one of …

10 Financial Tips for the Kids

We all want our children to be successful and happy. And though being financially fit won’t make anyone happy in and of itself, it can at least take away money stresses and allow the kids to pursue happiness. Just in time for Financial Literacy Month, three journalists from the Wall Street Journal offer 10 great tips in the video below. Get the latest tips on protecting your money and saving for retirement — AARP Money newsletter » Here are the 10 …

Why You Should Consider a Roth Conversion

Soon we’ll be looking at tax day in the rearview mirror, which is the perfect time to plan for future tax consequences. One strategy that’s especially good for recent retirees is converting part of a traditional IRA to a Roth IRA. First, a little background. Generally speaking, when you contribute to a traditional IRA, you get a tax break immediately but your money is taxed as ordinary income when you take it out later to live on. A Roth is …

Haven’t Filed Your Tax Return? Then This Is for You

The federal tax deadline is just around the corner. Need more time? No problem. You can get an automatic extension from Uncle Sam by filing Form 4868 by the April 15 deadline. This will give you until Oct. 15 to file your return. The form is only seven lines – half of which are your name, address and Social Security number. However, it does require you to estimate your tax liability. Get discounts on insurance and banking services — AARP Member Advantages. » And …

Revisiting Long-Term Care Insurance

Two months ago, I wrote about whether you should buy long-term care insurance (LTC). My biggest concern with this type of insurance was and continues to be the huge rate increases that consumers generally face down the road. Companies underpriced LTC insurance when it was first launched and took significant losses as a result. This was demonstrated again last week when Genworth announced it was restructuring its business following a $1.6 billion loss from its long-term care unit. As a result, many policyholders are facing …

Retiree Health Care Costs May Gobble Up Your Social Security Benefits

A new study projects that a couple retiring this year could spend 67 percent of their lifetime Social Security benefits on out-of-pocket health care costs. And that’s even when couples have Medicare Parts B and D with supplemental insurance. The news gets worse for today’s 55-year-olds who plan to retire in 10 years at age 65, the year in which they’re eligible for Medicare. According to the 2015 Retirement Health Care Cost Data Report, almost 93 percent of that couple’s Social Security …