Making Social Security Work for Women

Social Security is gender neutral, meaning men and women earning the same amount in their careers should receive the same size benefit. In reality, a woman’s benefit on average is lower than a man’s — $1,103 vs. $1,417 in 2012 — because her work and personal experiences are rarely the same. Women tend to earn less — an average of 78 cents for every $1 a man makes. They are more likely to be in low-paying jobs without pensions and to …

Small-Business Owners Agree: Secure Choice Is Right for Illinois

BREAKING UPDATE 12/2/14: The Illinois House of Representatives passed the Illinois Secure Choice Savings Program.   I want to bring your attention to something happening right now in Illinois that could give small businesses a competitive edge and help millions of Illinois workers have a secure financial future — but time is running out. Only three days remain for the state House of Representatives to pass the Illinois Secure Choice Savings Program and give over 2 million Illinoisans a pathway to …

Millennials Need Parents to Talk About Long-Term Plans

Religion, sex, politics and money rank as taboo topics for polite conversation, perhaps avoided with our adult children, too. But money should be on the table for the simple reason that our financial situation often affects our kids as we age. A reminder of that comes in an honest and heartfelt column by Yahoo financial adviser Mandi Woodruff about her parents. She writes: “These days, I find myself worrying far more about their financial futures than I do my own. …

Creating Effective State-Sponsored Retirement Plans

By Gary Koenig, Vice President, Financial Security, and David John, Senior Policy Adviser, Financial Security State-sponsored retirement savings plans can help private-sector workers not covered by employer plans build financial security. How many workers? More than you might think. In 2013, about 55 million private-sector employees did not have access to a retirement plan at work, including more than 7 million in California, 2 million in Illinois, and about 1 million each in Indiana and Maryland. Research shows that middle …

IRS Boosts Limits for 401(k) Contributions

If you’ve been wanting to sock away more money in your workplace retirement savings plan, next year’s your chance. This morning the Internal Revenue Service announced that next year’s contribution limits will go up by $500, to $18,000 for 401(k)s, 403 (b) plans at nonprofits and most 457 plans offered by state and local governments, as well as the federal government’s Thrift Savings Plan. >> Boost Your 401(k) Retirement Savings Workers ages 50 and older are entitled to make extra contributions …

Social Security Benefits to Rise 1.7% Next Year

Social Security benefits will rise by 1.7 percent starting in January, the Social Security Administration announced Wednesday. That’s a tad higher than this year’s 1.5 percent increase. It’s also the fourth straight year that the cost-of-living adjustment was below 2 percent for nearly 59 million retirees, disabled workers and their families. The adjustment amounts to about $22 a month for those who receive the average monthly benefit of $1,302. >> See AARP CEO Jo Ann Jenkins’ statement on the COLA “The …