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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 …
Economists say state retirement systems should have enough in assets to cover at least 80 percent of the pension money they owe retirees, but few states meet the 80 percent requirement–and some fall far shorter. A new report from the Pew Center on the States looks at the 10 states with the biggest pension gaps as of 2010:
Retirement ages must rise globally if everyone’s gonna keep living longer and we don’t want to bankrupt national pension systems, says a new international report from the Organization for Economic Co-operation and Development, an international organization with 34 member countries. Already, 67 is becoming the new 65, it says.
So much of the financial news about older Americans is downbeat. More of them are falling into poverty. A disproportionate number of older workers lost jobs in April. Will they get new ones? Don’t hold your breath. At last, welcome news: a Gallup survey finds that Americans ages 75 and older are the most likely (72 percent) of all age groups to say they feel good about the amount of money they have. Not only that, they’re the most likely …
More 401(k) plan sponsors are offering to pay benefits in a form that guarantees a set level of monthly income, regardless of how long you live. And more employers are beginning to offer these plans, Time’s Dan Kadlec reports. “Before long your 401(k) may look a lot more like your dad’s pension,” writes Kadlec. That’s a good thing. Traditional pensions that pay a set monthly income to retirees, based on their wages and length of service, were once the foundation of retirement. Along with …
Ambiguity regarding older adults and cancer screenings abounds””but many adults 75 and older are still getting tested, a new study finds. And jazz musicians in New York City are pushing for pension benefits from union nightclubs.