Three Big Wins for Retired People in New Budget Act

People of retirement age and their families scored three significant victories in the budget act passed by Congress. 1. We preserved every cent of current Social Security recipients’ benefits. Millions of Social Security recipients were going to have their benefits automatically cut by 20 percent in 2016. That’s been stopped. No current recipient will lose a cent of Social Security benefits. Social Security Calculator: When Should You Claim Your Benefits? » 2. We halted skyrocketing Medicare premiums. Millions of Medicare recipients …

The Three R’s: Reading, ‘Riting, and…Retirement?

Crisp autumn air reminds me of my elementary school days in Upstate NY – and of my Mom’s hard work and dedication. My Mom worked the “vampire shift” at Tommy Tucker bakery – injecting doughnuts with jelly from 9 at night to 5 in the morning.  She’d arrive back at home in time to wake my brother, sister and me, cook a hot breakfast and send us off to school.  And, every Friday on her pay day, she’d take us …

AARP Survey: Today’s ‘Retirement’ Dream Often Includes a Job

En español |  Don’t expect boomers to jump into retirement and pursue a life of full-time leisure. Once they leave the workforce, many of them want to, well, continue working — often in an entirely new field. That’s according to a new survey by AARP of nearly 5,000 workers ages 50 to 64. More than one-third of those polled expect to work for pay — preferably part time — in retirement. And 44 percent of that group would like the position …

Regrets? Older Workers Have a Few

Which would you rather have: a job that offers a 401(k) or one that doesn’t have a retirement plan but comes with a higher salary? If you’re like most pre-retirees ages 55 to 65, you’re more than five times as likely to choose the 401(k). That’s one of the findings of the third annual survey by American Century Investments, a Missouri-based money manager that polled more than 2,000 workers ages 25 to 65 about saving, retirement and regrets. When the …

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 …

2016 Social Security COLA? Don’t Bet on It

En español |  Nearly 60 million Social Security recipients will probably not get a cost-of-living increase next year, according to projections in the 2015 Social Security and Medicare trustees reports. This would be the third time Social Security beneficiaries have gone without a cost-of-living adjustment (COLA) since 1975, when automatic raises were put into place. The COLA this year was 1.7 percent, making the average monthly check for retired workers $1,334 as of May. Increases in benefits are tied to …