Pension

Pensions Are Promises. States Need to Keep Up Their End of the Deal

Posted on 06/2/2014 by |AARP Blog Author | Comments

PoliticsMy Pop, a bus driver in Buffalo, worked until the mandatory retirement age of 70. He and my Mom lived on Social Security along with his modest pension. One Christmas, Pop couldn’t get into the spirit of the season. The next day, he confided that the next year health care premium increases would consume his entire pension check, and then some. I can only imagine how my parents’ lives would have been affected if Pop’s pension had been cut in …

Was Fired New York Times Editor Paid Less Than a Man?

Posted on 05/15/2014 by |Senior Editor, Money Team | Comments

WorkIt’s not just women toiling away in middle management or other low-profile positions who apparently are paid less than men. Jill Abramson, fired yesterday as executive editor of the New York Times — a position she had held since 2011 and the first woman ever in that spot — reportedly just weeks ago found out that her pay and pension benefits were much less than her male predecessor’s. She balked, and, according to the New Yorker, the pay gap was …

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 …

Planning for a Strong Financial Future

Posted on 04/15/2014 by |AARP Blog Author | Comments

Money & SavingsBy Lee Baker, CFP One of my favorite things as a child was reading comic books. To be honest, if I had more free time, I would probably read them now. Like me, most of you probably remember the Charles Atlas ads in comic books and other magazines. You know the story: A bully kicks sand in a skinny kid’s face. Deciding to do something about it, the skinny kid sends for a free book from Charles Atlas that promises …

Should Older Workers Have to Pay More for Their Pensions?

Posted on 04/7/2014 by |Legal Grounds | Comments

Bulletin Today | WorkYou’ve undoubtedly heard the advice again and again: If you are close to retirement age, you should max out your contributions to employer-sponsored retirement plans. But requiring older employees to contribute more than younger ones to a pension fund is another matter entirely, a federal appeals court in Baltimore held last week. “Certain older Baltimore County employees were forced to pay more for their pensions than younger co-workers,” David Lopez, the general counsel of the Equal Employment Opportunity Commission, said …

Pension Plan Tweak May Elude Most

Posted on 04/2/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsThe federal agency that insures private pensions is proposing a rule change that would add greater protection for workers who roll 401(k) money into a traditional pension. Workers for years have been able to transfer money from their employer’s 401(k) to its traditional pension plan to buy themselves a bigger lifetime benefit — if the employer allowed it. The Pension Benefit Guaranty Corporation says its new proposal will remove fear among these workers that the amount they roll over from …