Board Member David Walker Comments on Legislation Aimed at State-Sponsored Savings Plans

Let states help people save for retirement. It’s the idea behind the long-running, AARP-supported drive to establish retirement savings plans for the 55 million private-sector workers in America who don’t have access to a workplace savings program. The idea was the brainchild of current AARP senior strategic policy adviser David John and Mark Iwry, a former senior fellow at the Brookings Institute. About 10 years ago, David and Mark created a campaign that sought to give workers — often low-income …

It’s Not Too Late: You, Too, Can Be a Financial Success

Maggie Lena Walker, born in 1864 in Richmond, Va., grew up helping her formerly enslaved mother wash clothes for others to make a living. Thirty-nine years later, on April 27, 1903, Maggie Walker became America’s first black woman to establish and head a bank. Imagine the discipline, the wisdom, but most of all the money management skills that it took to found and become president of Richmond’s St. Luke Penny Bank and Trust Co., which eventually expanded into seven branches. …

Retirees May Need to Rethink 4% Rule

For decades, financial planners have recommended to retirees that a 4 percent withdrawal rate from their nest eggs would be sustainable through the years, almost guaranteeing that they wouldn’t run out of money. Now it turns out that the 4 percent rule may be too generous and could put many of us at risk for outliving our savings. [Use our retirement calculator to see how much you’ll need] The annual 4 percent withdrawal rate has helped most retirees retain their …