Older Job Seekers Have Little Patience for Long Search

When it comes to the stressful search for a job, older workers apparently have less tolerance for the process. Most either land a job or stop searching altogether within a year or less, according to a study by the Center for Retirement Research at Boston College. Those who have employer-paid pensions, retirement assets and Social Security to rely on were more likely to end the job hunt even sooner, usually within four months, the study found. In fact, just being eligible …

More New Retirement Account Proposals

Americans are way short in their retirement savings, and President Obama’s MyRA plan, which he unveiled last week, isn’t the only new proposal that aims to help with that problem. Sens. Susan Collins, R-Maine, and Bill Nelson, D-Fla., also offered a savings plan. Sen. Tom Harkin, D-Iowa, has one of his own, which follows a report he released last summer. Of these three proposals, Harkin’s is the most ambitious. His Universal, Secure and Adaptable (USA) Retirement Funds would create a …

Pensions Under Attack, AARP Fights Back

The financial security of many older Americans could be at risk under a proposed law that was the focus of a hearing this week on Capitol Hill. Under the proposed plan, millions of retirees could see cuts to the benefits they’ve earned through a lifetime of hard work. At issue is a proposal by multi-employer pension plans (plans in which many employers contribute to a common fund to cover their mobile workforce) devised to save the plans from insolvency.  That …

Cutting Detroit Retirees’ Pensions Violates State Constitution

Last month, we heard the news about the City of Detroit filing for Chapter 9 bankruptcy protection in federal court, becoming the largest city to ever do so.  The city’s financial crisis threatens the retirement security of more than 30,000 active and retired employees, and almost immediately, lawsuits were filed in state court to protect Detroit’s two pension funds during the city’s restructuring. Michigan Attorney General Bill Schulte has said that, under the state constitution, pension obligations to state and …

States Step Up for Retirement Security

Are you saving (enough) for retirement? The numbers paint a worrisome picture – for Americans, our families and the nation. Three-quarters of Americans age 55-64 had less than $30,000 in their retirement accounts as of 2010. And, more than 70 million American workers do not have any type of employer-sponsored retirement plan. Clearly, we need some help to get on the road to retirement savings – and more effective ways to save money for our future. This is where the …