It’s August, So It Must Be Make-a-Will Month

So August is National Make-a-Will Month. Who knew? Getting a will isn’t the most pleasant of tasks, and consequently, too few people do it. A recent survey of more than 2,000 people by the online legal service Rocket Lawyer found that 64 percent don’t have wills. The biggest reason cited by folks: They just never got around to it. Some said they didn’t want to think about death. You might believe that only wealthier families need a will. You’d be …

Fed Report Paints Dreary Retirement for Some

Five years after the Great Recession, many Americans say they’re still struggling to get by financially. Nineteen percent of adults ages 55 to 64 say they have no retirement savings or pensions to fall back on, according to a survey by the Federal Reserve. Also troubling was that an additional 20 percent of people age 60 and older say they’ve given no thought at all to planning for their retirement. That was also the case for about 19 percent of …

Most Medicare Recipients Have Modest Incomes, Kaiser Reports

If you’ve ever wondered about the finances of people receiving federally funded Medicare benefits - are they wealthy, poor or somewhere in between? - a new chart provides some clues. This interactive infographic, released by the Kaiser Family Foundation, takes into account assets, income, age and more as it delivers a financial picture of the estimated 52.4 million people on Medicare. The graphic also includes projected data for 2030, so you can see how current recipients measure up against future beneficiaries. >> Sign up for the AARP Money …

Who’s Tapping Their 401(k) to Pay Off Debt?

Too many workers are using their 401(k) savings plan as a piggy bank, tapping it way before retirement for reasons such as to pay off debt, remodel their home or take a vacation they couldn’t otherwise afford. New research from the financial services company TIAA-CREF finds that one-third of 1,000 Americans surveyed in May have taken out a loan from their retirement savings plan. And 44 percent say they now regret it. The survey looked at what situations caused workers to tap those …

What’s Dad Worth? $24,103

Sure, dads are priceless. Who else is going to kill flying stinging insects, plug leaky pipes and repair the family car? For all that dad does around the house, Insure.com’s annual Father’s Day Index calculated his value for 2014: He’s worth $24,103, up slightly from last year. Dad’s worth is measured by the typical household tasks he performs and the average wages paid for those duties based on data from the Bureau of Labor Statistics. Those jobs include plumber at …

Which Retirement Personality Fits You?

The notion of retirement, in which decades are devoted solely to leisurely pursuits, is evolving. In the future we’ll be hard-pressed to find older folks perpetually lazing on the beach, taking up their days with golf or tennis, or lounging around the house. Instead, most retirees will be working. At least, that’s one of the findings from a new Merrill Lynch/Bank of America survey of 7,078 people, including 1,856 working retirees and about 5,000 who are nearing retirement or retired …