Generation X Experiencing High Anxiety Around Retirement

Like Billy Joel, I frequently find myself in “A New York State of Mind.” I am a New Yorker — born, raised and educated in the Empire State. Though I no longer live there, I still call it home — which is why I was concerned by the findings of a new AARP survey released last week. The reality is, the New York state of mind is experiencing high anxiety when it comes to saving for retirement — especially Generation …

Asian American Pacific Islander Heritage Month: Achieving Financial Resilience

Asian American Pacific Islander (AAPI) Heritage Month each May is a time to celebrate, reflect on and pay homage to the many generations of Asian Americans and Pacific Islanders who contributed their talents to America’s history. They came here with hopes of getting a slice of the American pie, such as starting a business or securing a good job, and having the financial resources to raise a family and enjoy a comfortable retirement. For some older members of the AAPI …

Zorro Lunch Box or Retirement Account, How Are You Saving for Your Future?

Growing up, I could tell  when my Pop was coming home from work by hearing the jingling of change in his pockets. And, every night before he sat down for family dinner, Pop would go to the basement and empty the contents of his pockets into a Zorro lunch box for safekeeping. Mom and Pop were devoted savers — Pop in his lunch box and Mom in her Christmas Club account at the bank. One day Pop announced, “It’s time …

Labor Department Proposes Rule to Save Retirees Billions

Financial advisers would have to adhere to more stringent standards when giving advice on 401(k) plans, IRAs and other retirement accounts under a rule proposed Tuesday by the U.S. Department of Labor. The proposed rule would protect people saving for retirement from being steered into accounts with high fees and commissions that benefit the adviser at the expense of the saver. It would force financial professionals to act in the best interest of their clients — a move that advocates say would …

Retiree Health Care Costs May Gobble Up Your Social Security Benefits

A new study projects that a couple retiring this year could spend 67 percent of their lifetime Social Security benefits on out-of-pocket health care costs. And that’s even when couples have Medicare Parts B and D with supplemental insurance. The news gets worse for today’s 55-year-olds who plan to retire in 10 years at age 65, the year in which they’re eligible for Medicare. According to the 2015 Retirement Health Care Cost Data Report, almost 93 percent of that couple’s Social Security …

The Cost of Perpetual Parenting of Adult Children

For many boomers, the empty nest seems more like the empty bank account. After college, kids boomerang home for a few months or years, driving up monthly household expenses. Even when they leave, they often return to the “Bank of Mom and Dad” for help with costs from new cars to camp for the grandkids. All those added outlays are impacting millions of boomers, causing many to delay or modify retirement plans, according to a new study by Hearts & …