savings

High Fees Can Sap Over $100,000 From Your 401(k) Plan

Posted on 04/17/2014 by | Money and Work | Comments

Bulletin Today | Money & SavingsSome 52 million Americans rely on their 401(k) savings plans as a key part of their retirement. Now, the Washington-based Center for American Progress says in a new study that high investment fees could cost the typical worker $100,000 or more over the course of a four-decade career. That may force some to stay on the job at least three years longer than they’d planned just to make up for that loss. Given the fact that many older workers are having a difficult …

Should Older Workers Have to Pay More for Their Pensions?

Posted on 04/7/2014 by | Legal Grounds | Comments

Bulletin Today | WorkYou’ve undoubtedly heard the advice again and again: If you are close to retirement age, you should max out your contributions to employer-sponsored retirement plans. But requiring older employees to contribute more than younger ones to a pension fund is another matter entirely, a federal appeals court in Baltimore held last week. “Certain older Baltimore County employees were forced to pay more for their pensions than younger co-workers,” David Lopez, the general counsel of the Equal Employment Opportunity Commission, said …

There is Nothing ‘Fuzzy’ About Social Security Benefits’ Positive Impact on the Economy

Posted on 10/22/2013 by | Public Policy | Comments

Your LifeThe idea that Social Security benefit payments help support local and state economies and the national economy is obvious to all 57 million beneficiaries who spend their dollars at stores and to the merchants who sell them goods and services. But it is not obvious to many in Washington. In a town focused only on what Social Security payments mean for the federal budget, a new report by AARP’s Public Policy Institute highlights, in actual dollars and jobs, what Social …

Retirement Analyses May Send Chills Down Your Back

Posted on 07/17/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsFor those of you who are about to retire, brace yourself.  New research suggests this just may be the worst time in a generation to exit the workforce. Why?  The Employee Benefit Research Institute blames a prolonged period of low-interest rates, plus declining returns on investments, which can be particularly problematic at the start of retirement. So acute is the problem that one in four boomers retiring today — folks who under normal circumstances would have adequate retirement income — now risk running …

New Thinking about Budgeting for Your Second Adulthood

Posted on 07/15/2013 by | AARP Blog Author | Comments

Money & SavingsThis is a guest post by Bart Astor. For years financial planners have been preaching that in your retirement years you should plan on spending about 70% of your current income. This number was based on a number of factors, including: You don’t need to continue to save for your retirement years You won’t be paying into Federal Insurance Contributions Act Tax (Social Security and Medicare) You won’t have commuting and work expenses Your house will be close to or already …

The #1 Topic to Talk About After 50 (Even If They Say We Shouldn’t!)

Posted on 05/9/2013 by | Best of Everything After 50 | Comments

Beauty & FashionOkay, I know that money is one of those topics we’re not supposed to discuss at cocktail parties (along with religion and politics and so on and so forth) … but … we’re not at a cocktail party. We’re in real life. Midlife, in fact. And we need money. If you don’t have a plan… it’s time to think about creating one.  We don’t want to be in our 50s, 60s and beyond without enough money to take care of ourselves. Where to start? First, understand …