retirement savings

Sen. Harkin’s Plan to Boost Retirement Savings: Praised and Criticized

Posted on 07/30/2012 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & Savings | WorkSen. Tom Harkin’s proposal to help shore up America’s retirement system, which would give future generations a better shot at retiring with adequate savings, has reignited the debate over America’s retirement crisis. The plan was outlined in a report that Harkin, a Democrat and chairman of the Senate Committee on Health, Education, Labor and Pensions, released on Friday. It would: *Create a privately-run retirement plan that would provide lifetime income benefits similar to a pension. *Allow funds to be pooled …

The Takeaway: Americans Borrowing–and Not Repaying–Billions from 401(k)s

Posted on 07/17/2012 by Elizabeth Brown | Brooklyn, NY | Comments

News RoundupsWhat’s a worse financial plan than taking a loan from your retirement savings? Taking a loan from your retirement savings and not paying it back. Yet a growing number of Americans are doing just that, according to a new study from financial services firm Navigant Economics. Defaults on 401(k) loans totaled $37 billion in recent years.

6 Caregiving Tips for Your Kids (and You)

Posted on 05/31/2012 by Life Tuner | Money Essentials | Comments

Home & Family | Money & SavingsLifeTuner.org, AARP’s personal finance resource for young adults, is currently spotlighting an article from Care.com writer Jody Gastfriend that offers 6 tips to help Millennials financially prepare for the possibility of caring for their parents. With the average post-retirement health care costs estimated at around $240,000 without including long term care, the need for planning now, today, becomes pressing for the often underemployed Gen-Y. The money situation is further exacerbated by Boomers’ savings having shrunk and their support of both …

NYT Financial Columnist Reports Paltry Retirement Savings

Posted on 04/30/2012 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & Savings | WorkIn a remarkable confession published Saturday in the New York Times, columnist Joe Nocera wrote in painful detail about how, as he’s about to celebrate his 60th birthday, he is financially unprepared to retire now or any time soon. The reason: Because he’s got so little money saved in his 401(k) plan. How could this happen to a widely-respected financial journalist who’s spent much of his career writing about the stock market and investing? Nocera cites the usual factors that have landed many other aging baby boomers …

The Takeaway: Saving for Retirement? Why Not to Think Big Picture

Posted on 04/27/2012 by Elizabeth Brown | Brooklyn, NY | Comments

News RoundupsWhen it comes to saving enough for retirement, it’s important to keep the big picture in mind, right? Wrong, say researchers from Boston College’s Center for Retirement Research; the href=”http://www.chicagotribune.com/business/yourmoney/sc-cons-0426-started-20120427,0,1799363.story”>best strategy is to think in small, concrete steps.

The Takeaway: Congress Talks Trimming Tax Breaks for Retirement Savers

Posted on 04/18/2012 by Elizabeth Brown | Brooklyn, NY | Comments

News RoundupsTough on Tax Breaks? Members of Congress gathered Tuesday to begin considering changes to the U.S. tax code. Great, right? Everyone agrees the American tax code is absurdly complicated and could use some reforming. Unfortunately, that’s where the agreement tends to end. Overhauling the tax code—which could begin as soon as next year—is bound to bring difficult trade-offs. Just consider one of the first area lawmakers are targeting: Tax breaks on retirement savings.