retirement planning

New Thinking about Budgeting for Your Second Adulthood

Posted on 07/15/2013 by |AARP Blog Author | Comments

Money & SavingsThis is a guest post by Bart Astor. For years financial planners have been preaching that in your retirement years you should plan on spending about 70% of your current income. This number was based on a number of factors, including: You don’t need to continue to save for your retirement years You won’t be paying into Federal Insurance Contributions Act Tax (Social Security and Medicare) You won’t have commuting and work expenses Your house will be close to or already …

Retirement Savings: Are We There Yet?

Posted on 07/2/2013 by |Money and Work | Comments

Bulletin Today | WorkOK, so maybe you won’t be buying a second home in Aspen in retirement. But a new analysis of our 401(k) plans suggests we’re inching closer to other retirement goals, like saving enough money so that we won’t have to wrestle the cat for food when we’re older. Though it may not seem like enough just yet, our 401(k) balances have hit their highest levels in seven years, an average of $81,240 in 2012, according to human resources consultant Aon …

Would You Swap Pay for Retirement Income?

Posted on 06/28/2013 by |Money and Work | Comments

Bulletin TodayWould you be willing to give up a portion of your salary if it meant having guaranteed income in retirement? A vast majority of you said yes. That sentiment, and other concerns, were revealed in a new study that underscores just how vulnerable American workers feel about being solely responsible for their financial well-being in retirement. Of some 1,000 workers surveyed, four in five say they’d sacrifice 5 percent or more of their salary if it meant having reliable income …

1 In 4 Older Adults Can’t Come Up With $2,000

Posted on 06/3/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsThe deep recession ended four years ago, but the financial fallout remains for many older Americans. Some are so strapped that if an unexpected expense like a  major car or house repair arose in the next month, more than 1 in 4 adults age 55 or older couldn’t muster $2,000 to pay for it. Tapping into their home equity for financial help isn’t an option for 1 in 12 in that age group. They owe more on their home than …

Retiring Later? Join the Club

Posted on 05/17/2013 by |Who's News | Comments

Bulletin Today | WorkThe brutal economic downturn that began in 2008 and the subsequent sluggish recovery has thrown a cold splash of reality on many Americans’ dreams of a comfortable, stress-free retirement. So it’s probably not much of a surprise that Americans are now retiring at an older age than they did just a few years ago, and that most of us expect to keep working to age 65 or older. The big surprise, though, according to Gallup’s newly released annual economic and …

Ready, Set, Retire. Or Not.

Posted on 02/8/2013 by |Money and Work | Comments

Bulletin Today | WorkHow can we be brave enough to retire when our nest eggs aren’t moving in the right direction fast enough? Many of us older workers are still smarting from financial crisis and the toll it took on our net worth. We watched our retirement savings fall and start to inch their way back. But we’ve also been told, time and again by financial experts, that we need to stay on the job longer to save as much as we can so …