workers

Top 8 Facts You Need to Know About the 2014 Social Security Trustees’ Report

Posted on 07/30/2014 by |AARP Blog Author | Comments

Public Policy InstituteOn July 28, the Social Security Administration released The 2014 Annual Report of the Board of Trustees, which details the financial status of the Social Security program. The report makes clear that:   Social Security is vital to millions of Americans. At the end of 2013, Social Security provided benefits to about 58 million people: 41 million retired workers and their dependents, 6 million survivors of deceased workers, and 11 million disabled workers and their dependents.   Social Security’s Trust …

Lawmakers Urged to Act Soon to Shore Up Social Security

Posted on 07/28/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsThe financial outlook for Social Security remains largely unchanged from last year, with the combined trust funds that pay benefits to retirees and workers with disabilities expected to exhaust reserves in 2033, according to a government report released today. After that date, money coming into the system would be enough to cover 77 percent of benefit obligations, according to the Social Security trustees report. At a news conference on Monday afternoon, Treasury Secretary Jack J. Lew said Social Security and Medicare are …

Facebook No Friend of Its 401(k), Survey Says

Posted on 07/22/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsConocoPhillips Co. has the best 401(k) plan for workers, while Facebook Inc., Amazon.com Inc. and Whole Foods Market Inc. offer some of the worst, according to a Bloomberg News survey of the 250 largest public companies in the country. In fact, ConocoPhillips’ plan is so generous – contributing 9 percent of workers’ pay if workers kick in 1 percent – that after 35 years an employee can end up a multimillionaire, Bloomberg said. According to the Houston-based oil and gas producer’s own …

Who Is Taking Early Social Security Benefits?

Posted on 05/28/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsFinancial planners have been advising us to wait as long as possible to collect Social Security to maximize the benefit. A new study finds that many middle-income workers haven’t heeded that call. They were more likely than higher earners to claim their benefit early and live on a permanently reduced payout for the rest of their lives. According to a Government Accountability Office (GAO) study, workers took their benefit early for a variety of reasons: They didn’t expect to live …

At Last, Age Bias Case From 2001 Moves Forward

Posted on 04/30/2014 by |Legal Grounds | Comments

Bulletin TodaySuppose you believe that your employer has discriminated against you because of your age. After thinking it over, perhaps you decide to sue. You file your claim. And then you wait. And wait. And wait. People who seek redress through the justice system in this country often come up against a difficult reality: The courts are overloaded. Claims move slowly. Cases drag on for years. Such is the case for a lawsuit brought by AARP Foundation Litigation against Allstate Insurance …

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 …