Are You Saving Enough for Health Care in Retirement?

You’ve heard this before, I know, and yet it remains as disturbing as ever. Health care costs, along with housing, are likely to be your biggest expenses in retirement. Boston-based Fidelity Investments found that premiums, deductibles and other out-of-pocket expenses could cost a 65-year-old couple retiring today a jaw-dropping $220,000 – and that’s in addition to Medicare premiums. Some boomers are heeding that forewarning: In a survey of 1,002 workers age 50 and older, 62 percent say they’re socking away money for …

Rx for Happy Retirement: Staying Healthy

Staying healthy and how to pay for it are the top concerns for boomers and retirees, a study has found. An overwhelming majority of retirees (81 percent) said that good health is the single most important factor for a happy retirement; financial security, by comparison, ranked a distant second (58 percent), the study found. >>  7 Things to Do in Your Bedroom That Can Save Your Life Boomers said that not being able to pay for health care expenses in retirement was their biggest fear, regardless of their …

Fed Report Paints Dreary Retirement for Some

Five years after the Great Recession, many Americans say they’re still struggling to get by financially. Nineteen percent of adults ages 55 to 64 say they have no retirement savings or pensions to fall back on, according to a survey by the Federal Reserve. Also troubling was that an additional 20 percent of people age 60 and older say they’ve given no thought at all to planning for their retirement. That was also the case for about 19 percent of …

Boomers: Save ‘Til It Hurts

Own Your Tomorrow. OK, so even though that’s the tagline for Charles Schwab’s new advertising campaign, the message also rings true for the millions of Americans age 50 and older who need to keep their saving for retirement on track and take their financial future into their own hands. As part of an Opinion Leader speaker series at the Washington, D.C., headquarters of AARP, incoming CEO Jo Ann Jenkins and Charles Schwab Foundation President Carrie Schwab-Pomerantz discussed the roles that employers, schools and …

Tools to Shore Up Retirement Savings

The road to retirement may seem uncomfortably short, particularly if you’re in your 50s and haven’t saved much. The latest Federal Reserve data shows that households with people ages 55 to 64 have accumulated a median $120,000 in retirement savings. That amounts to about $400 to $500 a month in income, according to a CNBC report, on top of the average monthly Social Security benefit of $1,294. If you’re 10 to 15 years out from your projected retirement date, it’s …

401(k) Limits Remain the Same for 2014

If you’ve been putting the maximum amount of money into a tax-deferred retirement plan and were hoping to set aside even more next year, you’ll be disappointed by the IRS’s decision not to increase the limits. The maximum contribution to 401(k) plans in 2014 will stay at $23,000 - $17,500 plus $5,500 in catch-up contributions for people 50 and older. The contribution limit for Individual Retirement Accounts (IRAs) will also stay the same for people 50 and older - $6,500 per year, …