retirement

Add Adjusting Your 401(k) to End-of-Summer Plans

Posted on 08/26/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsNow that we’re past the midyear of 2014, it’s a great time to review your retirement savings plan to make sure you’re on track. If you’re not contributing enough or haven’t rebalanced your portfolio since George W. Bush was in office, you have the remainder of the year to make some adjustments. You probably already know that you can sock away as much as $23,000, which includes $5,500 in catch-up contributions for people 50-plus, in your 401(k) plan. However, if you’re using …

Check Out AARP’s Online Social Security Resources

Posted on 08/22/2014 by |AARP Blog Author | Comments

Money & SavingsBy  Jean C. Setzfand “How secure do you feel about your retirement?” I may be the only person around using that question as a cocktail-party opener. But even if you’re not constantly surveying everyone you know, it’s likely you’ve seen the recent attention-grabbing headlines about people’s lack of retirement savings. So you won’t be surprised to learn that my unscientific surveys match the more qualified studies, in which folks report feeling “anxious” and “uncertain” about retirement or even that it’s “not possible.” …

A Tale of Two Americas

Posted on 08/18/2014 by |AARP Blog Author | Comments

PoliticsToday’s sobering statistic: Almost 20 percent of people ages 55 to 64 have no retirement savings. And even among those who have saved, millions are facing a retirement “deficit” — meaning they will outlive their retirement savings by $57,000 on average per household. Why does that matter to the rest of us? Because if millions of older adults haven’t saved enough to be self-sufficient in retirement, they will end up turning to government safety net services — a costly proposition …

11 Things We Didn’t Know Last Week

Posted on 08/13/2014 by |News, Culture, Sights and Sounds | Comments

11 ThingsNews, discoveries and … fun 1. When a monkey takes a selfie, it raises complicated copyright issues. (Learn more at The Guardian) 2. A robot is hitchhiking across Canada. (Learn more at hitchBOT.me) 3. According to recent retirees, the average income you need to live comfortably is $58,000 a year. (Learn more at AARP) 4. It’s hard to hide $41,000 in your underwear. (Learn more at NBC10) >> Slideshow: 10 Things You Didn’t Know About Rick James 5. A bite from the …

Your New Retirement Number: $58,000

Posted on 08/6/2014 by |Money and Work | Comments

WorkFinancial experts seem to speculate endlessly about boomers’ projected lifestyle in retirement based on their savings and spending patterns. Now a new survey that polled recent retirees about their standard of living has found that, for some, you don’t need a lot of money each year to retire comfortably and live happily. According to the survey by Baltimore-based investment firm T. Rowe Price, recent retirees report living on 66 percent of their pre-retirement income on average — $58,000 annually — and …

Social Security Remains Strong Overall and Separate From the Budget

Posted on 07/28/2014 by |AARP Executive Vice President | Comments

PoliticsSocial Security remains strong as seen in today’s long-term projected outlook by the Social Security Trustees. While today’s report reminds us that we must eventually make modest changes to ensure current and future generations of Social Security beneficiaries receive what they’ve earned, it confirms that Social Security can continue to pay full benefits for nearly two decades. The Trustees once again report that the combined Old Age, Survivor and Disability Insurance Trust can pay full retirement, survivor and disability benefits for approximately two more decades, and about 75 percent of …