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In May, the Urban Institute reported that the number of eligible Americans taking early Social Security benefits had hit a 35-year low. But the recession and protracted high unemployment have left some older adults"”such as 62-year-old Clare Keany"”forced to take benefits earlier than planned.
Former Fleetwood Mac guitarist Bob Welch died Thursday at his home in Nashville, in an apparent suicide. According to Reuters, Welch's wife found his body with a single gunshot wound to the chest, and a suicide note. Police said Welch, 66, suffered from unspecified health problems.
A new survey conducted by Dutch insurance company AEGON shows retirement pessimism extends far beyond American borders. Participants from eight European countries and the United States showed similarly dismal views on their ability to save and plan for retirement securely. Only 15 percent of workers said they are confident they're on the right track with retirement savings; 71 percent believe future generations will be worse-off in retirement than current retirees.
A new study found people 75 to 90 years old have a recognizable smell that can't be explained fully by diet, environment or anything else. It was distinctive enough that younger participants could identify an older person by body odor alone--but not unpleasant. In fact, older men and women were rated as less intense and less unpleasant smelling than other age groups.
The estate tax has long enjoyed far more notoriety than its size merits, subject to ample political debate despite the relatively small number of American families it affects (for now, those who inherit more than $5 million). With $7 trillion in tax hikes and spending cuts set to take effect next year unless Congress acts to stop them, debate about this politically-charged tax--opponents have labeled it the "death tax"--could rev up again soon.
For young adults, could moving back in with mom and dad be a good career move? That's the argument from Washington Post writer Steven Mintz, who calls for an end to the idea that 20-somethings living with parents (the so-called "boomerang" kids, who fly from the next only to come crashing back in again) are only doing it for the free laundry.
Hmmm ... 401(k) plans can help you save money for retirement, but they many also cost you more than you realize. According to a new study from research firm Demos, the average American couple pay nearly $155,000 in 401(k) fees in the course of building up their proverbial nest egg; wealthier couples could pay nearly $278,000. These fees can reduce 401(k) savings by an average of 30 percent.
Comic strip "Funky Winkerbean," created by Tom Batiuk, is celebrating a profitable 40-year-run in American newspapers. The strip debuted in 1972, featuring Funky, Les and other high-school age characters. But as Batiuk got older, he decided to let the characters age along with him. And like Batiuk and other boomers, they began dealing with adult problems, too.
By now you've probably heard of The Best Exotic Marigold Hotel, the British retirees in India movie starring Judi Dench and Maggie Smith (both 77), Bill Nighy and Tom Wilkinson. What you may not know is that the film, which cost about $10 million to make, has ticket sales approaching $100 million since opening earlier this month. Turns out that when you make movies that give talented older actors something to work with, you'll attract older audiences.
It seems a lot of Americans are okay with spending beyond their means from time to time. A new survey conducted by COUNTRY Financial found 52 percent of respondents periodically spend more than they earn in a given month. Yet only 9 percent believe their lifestyle is more than they can afford.