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 …

Give Today’s Retirees a ‘D’ – for Debt

What’s quickly eating up a growing share of retirees’ money these days? Not health care, as you might expect, according to a new report by the National Center for Policy Analysis. Over the past 20 years, a greater percentage of older Americans’ dollars has gone to servicing debt, particularly mortgage and home equity loans, the “free market” think tank says. It used government data to compare the spending habits of today’s retirees with those of their predecessors, finding, for instance, that 20 …

Are Immigrants a Drain on Medicare? The Truth May Surprise You

By Jordan Rau, Staff Writer, Kaiser Health News As Congress mulls changing America’s border and naturalization rules, a study finds that immigrant workers are helping buttress Medicare’s finances, because they contribute tens of billions a year more than immigrant retirees use in medical services. “Immigrants, particularly noncitizens, heavily subsidize Medicare,” the researchers wrote in the journal Health Affairs.  “Policies that reduce immigration would almost certainly weaken Medicare’s financial health, while an increasing flow of immigrants might bolster its sustainability.” The …

Are You Planning to Work Into Your Retirement Years?

Three-fourths of employed adults plan to keep working past retirement age, many because they want to, according to a new Gallup poll. “‘Retirement’” once connoted a lifestyle free from the demands of work, but also reliance on personal savings and Social Security,” Gallup noted. “Both of those impressions may change if Americans carry through on their intent to continue working, at least part time, after reaching retirement age.” And that could be a good thing, according to Gallup. “While this …

A Retirement Reality Check, Courtesy of Gallup

Thinking about your eventual retirement? If you’re relatively well-off, you’re probably confident that your tax-deferred savings will provide your major source of income. But if you’re at the other end of the income ladder, you’re more likely to count on Social Security benefits to tide you over. Those are some of the findings of a newly released Gallup poll that reveals glaring contrasts between how nonretired Americans from different income levels expect to fund their retirement years. The key takeaways: Among …

Retirement Crisis: Are We There Yet?

It seems like you can’t open up a newspaper (or twitter feed) without reading about the impending “retirement crisis.”  The word crisis, used to describe so many things, may get the public’s attention, but is it accurate?   Many retirees today struggle to make ends meet and others face dire situations triggered by job loss or unexpected health expenses.  But the prospect of a broader retirement crisis depends on your frame of reference. Because of the protections Social Security provides, …