Savers Need a Projection of Their Full Retirement Income

Individuals need better information to know how much to save for retirement. A good place to start is to provide them with a projection of their total retirement income that includes the monthly income they can reasonably expect from their retirement savings and their Social Security benefits. This combined estimate needs to be on one statement. Fifty-nine percent of U.S. savers in one poll reported being very or moderately afraid that they will not have enough money in retirement. That …

Retirement Savings Loophole Closed

En español | According to the Council of Economic Advisers, last year alone, a retirement savings advice loophole cost Americans $17 billion as a result of extra fees. Fortunately, the Department of Labor last week unveiled a new rule finally closing a loophole that allowed some financial experts to give advice that was in their own  interest — rather than the best interest of hardworking Americans. Why did this loophole exist? The original guidelines for financial advice under the Employee …

Political Dodgeball: Updating Social Security

En español | You may have played dodgeball as a child. If you didn’t, the premise is pretty simple: Dodge any ball that is hurled in your direction while trying to throw balls at other players to knock them out of the game. The last two people in the game usually square off in some form of “chicken,” and the last person standing wins. Sounds eerily reminiscent of our political process for the presidency too, doesn’t it? Avoid specifics and …

We the People vs. Wall Street

The story of David and Goliath is usually told when someone who is facing daunting odds and isn’t supposed to win does just that — wins. Whether it’s an underrated Cinderella story in March Madness, the Cubs and the World Series — if they ever get there again — or when Wall Street actually loses to “we the people.” These stories are sadly all too few. But today we scored one for the little guy: The Obama administration finalized the …

The Many Ways Ethel Percy Andrus Made History

As we celebrate Women’s History Month, I realize how fortunate I am to walk in the footsteps of Ethel Percy Andrus, who founded AARP in 1958, the year I was born. As I seek to “disrupt aging” — to change the conversation in this country about what it means to grow older — I often think about the enormous challenges she faced as she sought to bring about social change during her time. Dr. Andrus was truly a “disruptor” in …

Older Workers Haven’t Recovered Retirement Optimism

En español | Older workers are less confident today than a decade ago about having enough money for a comfortable retirement, according to a new survey by the Employee Benefit Research Institute. Among workers 55 and older, 20 percent say they are very confident of their retirement prospects. That’s down 6 percentage points from 2006 and the steepest decline in optimism among all age groups, EBRI reports. Enter to win a Volvo V60 Cross Country, a national parks vacation for two …