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 …

Women Face Tough Challenges in Retirement … But Can Overcome Them!

The writer Oscar Wilde said “When I was young I thought that money was the most important thing in life; now that I am old I know that it is.” This is a great insight into how vital money can be at older ages – when we have a much more difficult time earning money or just can no longer work. A recent report from AARP’s Public Policy Institute, An Uphill Climb: Women Face Greater Obstacles to Retirement Security, highlights …

GM Retirees Must Decide Today On Lump Sum Payout

After presumably agonizing for weeks over whether to keep their lifetime pension benefit or take a one-time lump-sum payment, some 42,000 General Motors retirees are faced with making that critical decision today. And there is no turning back. No do-overs. GM set Friday as the deadline when it offered its former employees and surviving spouses the choice to retain their monthly pension, which will be switched to an annuity provided by Prudential Insurance, or receive the lump-sum equivalent in one …