retirement planning

Fed Report Paints Dreary Retirement for Some

Posted on 08/11/2014 by |Money and Work | Comments

WorkFive 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

Posted on 07/10/2014 by |Online Executive Producer | Comments

Money & SavingsOwn 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

Posted on 01/23/2014 by |Money and Work | Comments

Money & SavingsThe 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

Posted on 11/1/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsIf 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, …

What Old Brains? Older Proves Wiser in Financial Decisions

Posted on 09/26/2013 by |Personal Health and Well-being | Comments

Brain Health | Bulletin TodayOld, schmold. Our brains may be getting a little slower as we age, but we more than make up for it in experience when making economic decisions, a new study finds. The study, by researchers at the University of California, Riverside and Columbia University, tested two groups of subjects — 173 younger (ages 18 to 29) and 163 older (ages 60 to 82) — on how well they understood financial information and made economic decisions. Related: Does My Financial Adviser …

Americans’ Financial Plan Is Not to Plan

Posted on 09/18/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsSome people might prefer bathing the dog to sitting down and creating a financial plan. However, adults who take the time to develop a comprehensive financial plan are more likely to manage their money successfully, and are more confident about reaching their goals, like saving for retirement or paying off credit-card debt, according to a report released Wednesday. Unfortunately, they’re in the minority. Only one-third (32 percent) of some 1,002 people surveyed say they’ve created a comprehensive financial plan. And …