Those Pension Cuts and What You Need to Know

Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape. Here’s what you need to know: What is a multiemployer plan? This is a pension covering workers and retirees from more than one employer in the same or related industries, such as trucking or construction. (Most of them were established under collective bargaining between …

Making Social Security Work for Women

Social Security is gender neutral, meaning men and women earning the same amount in their careers should receive the same size benefit. In reality, a woman’s benefit on average is lower than a man’s — $1,103 vs. $1,417 in 2012 — because her work and personal experiences are rarely the same. Women tend to earn less — an average of 78 cents for every $1 a man makes. They are more likely to be in low-paying jobs without pensions and to …

7 Social Security Quirks You Should Know

Note: Join AARP expert Jean Setzfand today, Friday, October 24, from 2 to 3 p.m. ET for a live Facebook Chat with Yahoo! Finance about Social Security claiming and ask Jean or another expert your own question here: https://www.facebook.com/yahoofinance. See Setzfand’s advice in a story from Yahoo! Finance just posted today as well: http://finance.yahoo.com/news/3-ways-to-boost-your-social-security-benefit-163853751.html. As I travel and talk with folks about planning for their future, “when to claim Social Security benefits” is, hands down, the most frequently asked question …

Cost of Retiree Dental Plans May Give You a Toothache

Boomers retiring without dental benefits, and Medicare recipients who don’t have a Medicare Advantage plan, may be surprised and dismayed by the latest study on the cost of dental coverage. Consumers paid an average $382 annual premium for a stand-alone dental plan through a government exchange this year, and that didn’t include deductibles and copays, according to the analysis of dental plans on the federal exchange by the website HealthPocket, which compares health plans. Deductibles averaged about $500 a year …

Add Adjusting Your 401(k) to End-of-Summer Plans

Now that we’re past the midyear of 2014, it’s a great time to review your retirement savings plan to make sure you’re on track. If you’re not contributing enough or haven’t rebalanced your portfolio since George W. Bush was in office, you have the remainder of the year to make some adjustments. You probably already know that you can sock away as much as $23,000, which includes $5,500 in catch-up contributions for people 50-plus, in your 401(k) plan. However, if you’re using …