Federal Agencies Team Up to Help Workers Make Smarter Retirement Decisions

Workers are often confused about Social Security, which can lead them to shortchange themselves later when claiming benefits. A new report by the Consumer Financial Protection Bureau (CFPB) cites studies that find only 1 in 5 preretirees know their full retirement age for Social Security. (For anyone born after 1942, the age is 66 to 67 years old.) And only 1 in 8 understand how benefits would change if they claimed them before, at or after their full retirement age. Simple …

Workers More Upbeat About Retirement Prospects

More than one-third of workers say they won’t retire until after age 65, about three times the number saying so in the early 1990s. Another 10 percent say they won’t ever quit working. That’s according to an annual survey released Tuesday by the Employee Benefit Research Institute. Back in 1991, when EBRI first conducted the survey, this idea of never retiring didn’t even come up, says Craig Copeland, a senior researcher at EBRI and coauthor of the study. That is one of …

7 Social Security Quirks You Should Know

Note: Join AARP expert Jean Setzfand today, Friday, October 24, from 2 to 3 p.m. ET for a live Facebook Chat with Yahoo! Finance about Social Security claiming and ask Jean or another expert your own question here: https://www.facebook.com/yahoofinance. See Setzfand’s advice in a story from Yahoo! Finance just posted today as well: http://finance.yahoo.com/news/3-ways-to-boost-your-social-security-benefit-163853751.html. As I travel and talk with folks about planning for their future, “when to claim Social Security benefits” is, hands down, the most frequently asked question …

The Takeaway: 14 Countries Raising Retirement Age

Grappling with deficits and debt, 14 countries — including Germany, Italy, Spain, Greece and Ireland — are planning to increase their retirement ages to between 67 and 69 by 2050, according to the Washington Post. In the majority of euro zone countries, the full retirement age is currently 65.

The Takeaway: Retirement Ages Must Rise Worldwide

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.

The Takeaway: Retirement Pessimism Goes Global

A new survey conducted by Dutch insurance company AEGON shows retirement pessimism extends far beyond American borders. Participants from eight European countries and the United States showed similarly dismal views on their ability to save and plan for retirement securely. Only 15 percent of workers said they are confident they’re on the right track with retirement savings; 71 percent believe future generations will be worse-off in retirement than current retirees.