New Proposal Could Help Small-Business Employees Save for Retirement

Multiple employer plans are one option for small employers President Obama released the final proposed budget of his presidency on Feb. 9, and several items focus on financial resilience and retirement security, issues on which AARP has long advocated. Social Security provides the most important base of income, but Social Security was never intended to be the sole source of retirement income. In addition, we need a strong and adequate employer-based system. Access to a workplace retirement plan is critical …

AARP Announces 2015 Capitol Caregivers and Super Savers

Throughout 2015, AARP has been fighting for you and your family in states across the country, focused on the key issues you’re facing in your daily lives. Because of this work, millions of family caregivers have more support and millions of workers will soon have a way to save for retirement through their job. We couldn’t do this work without the state legislators and other elected officials who write, support and move legislation, who work with colleagues on both sides …

How Much Have You Saved for Retirement?

How much have you saved for retirement? Five hundred dollars? Five thousand? Fifty thousand? If you have even $5 saved, you’re one step ahead of nearly half of working-age households — who have ZERO saved for retirement. This startling fact is just one of the reasons AARP is fighting for Work and Save, a commonsense solution to help individuals save toward a secure retirement  through an easy payroll deduction at work — an option not available to many employees. Work …

Zorro Lunch Box or Retirement Account, How Are You Saving for Your Future?

Growing up, I could tell  when my Pop was coming home from work by hearing the jingling of change in his pockets. And, every night before he sat down for family dinner, Pop would go to the basement and empty the contents of his pockets into a Zorro lunch box for safekeeping. Mom and Pop were devoted savers — Pop in his lunch box and Mom in her Christmas Club account at the bank. One day Pop announced, “It’s time …

Why You Should Consider a Roth Conversion

Soon we’ll be looking at tax day in the rearview mirror, which is the perfect time to plan for future tax consequences. One strategy that’s especially good for recent retirees is converting part of a traditional IRA to a Roth IRA. First, a little background. Generally speaking, when you contribute to a traditional IRA, you get a tax break immediately but your money is taxed as ordinary income when you take it out later to live on. A Roth is …

Guard Your Home Equity With Your Life

Home ownership is the foundation of middle-class wealth. The home equity asset is created when mortgages are paid down. It represents the difference between what your house is worth and what you owe on your mortgage. African Americans are less likely to own homes than others — fewer than half of all African Americans own their homes, compared with 66 percent for others. With fewer assets, however, we often have more pressure to tap into home equity than others. I …