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Fed Report Paints Dreary Retirement for Some

Posted on 08/11/2014 by |Money and Work | Comments

WorkFive 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 …

Your New Retirement Number: $58,000

Posted on 08/6/2014 by |Money and Work | Comments

WorkFinancial experts seem to speculate endlessly about boomers’ projected lifestyle in retirement based on their savings and spending patterns. Now a new survey that polled recent retirees about their standard of living has found that, for some, you don’t need a lot of money each year to retire comfortably and live happily. According to the survey by Baltimore-based investment firm T. Rowe Price, recent retirees report living on 66 percent of their pre-retirement income on average — $58,000 annually — and …

Most Medicare Recipients Have Modest Incomes

Posted on 06/20/2014 by |Money and Work | Comments

Bulletin Today | WorkIf 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 …

Welcome to America’s Longevity Capital

Posted on 06/11/2014 by |In Other News . . . | Comments

Bulletin TodayThe longevity capital of the world, as you may recently have read in the AARP Bulletin, is the Nagano region of Japan, where women can expect to live an average of 87.2 years and men an average of 80.9 years. Experts chalk it up to a healthy diet, regular physical activity, extended work years and aggressive government intervention. Nagano’s counterpart in the United States? It’s Montgomery County, Md., a fast-growing bedroom community just outside of the nation’s capital. Statistics compiled …

Who Is Taking Early Social Security Benefits?

Posted on 05/28/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsFinancial planners have been advising us to wait as long as possible to collect Social Security to maximize the benefit. A new study finds that many middle-income workers haven’t heeded that call. They were more likely than higher earners to claim their benefit early and live on a permanently reduced payout for the rest of their lives. According to a Government Accountability Office (GAO) study, workers took their benefit early for a variety of reasons: They didn’t expect to live …

Three Generations, Three Different Retirements

Posted on 05/1/2014 by |Money and Work | Comments

Bulletin Today | WorkSo it seems that boomers and the Generation X that followed them believe a traditional retirement, the kind where you clock out of the job permanently at age 65 to travel, play golf, visit the grandkids or relocate to a sunnier destination, isn’t in their future. Yet Millennials, the oldest among them in their mid 30s, are much more hopeful. They predict they’ll retire at or before they reach their mid 60s, according to a survey released Wednesday by the nonprofit …