14 10, 2017

Bad news: Your 401(k) won’t give you a decent retirement

2017-10-14T00:05:13-07:00October 14th, 2017|Categories: 401(k)|Tags: |

For nearly 40 years now, we’ve been hearing that 401(k) plans are the key to a comfortable retirement. By giving a tax break to workers contributing part of their paychecks to their retirement nest eggs, the plans were designed to supplement Social Security benefits and employer pensions. Instead, they’ve become substitutes, not supplements, for employer pensions and bulwarks against continuous attacks on Social Security benefits. A new survey from Boston College’s Center for Retirement Research demonstrates, however, that 401(k) plans are [...]

9 09, 2016

7 in 10 Americans Plan on Working during Retirement

2016-09-09T16:53:50-07:00September 9th, 2016|Categories: Retirement|Tags: |

70% of non-retired Americans plan to work as long as possible during retirement, according to a new Bankrate.com report. Only 25% say they have no plans to work during retirement. Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work and 35% said they plan to work because they need the money. 27% said both. Early retirement is no longer the goal it once was: just 13% [...]

2 09, 2016

Golden years redefined as older Americans buck trend and work

2016-09-02T21:53:00-07:00September 2nd, 2016|Categories: Retirement|Tags: |

Ron Levitt could have retired 16 years ago when he sold his bustling optometry practice in Rocky Hill, Connecticut. Instead, he kept his white coat on, found two part-time gigs seeing patients and continued working. Today Levitt, 74, spends all of the money he earns on vacations with his wife and golf-club memberships. Aside from the extra cash, Levitt says, it also keeps boredom at bay. A rising share of Americans is holding jobs into their golden years, bucking [...]

22 07, 2016

Why they’re still working

2016-07-22T00:51:49-07:00July 22nd, 2016|Categories: Retirement|Tags: |

People don’t have a use-by date — 65 isn’t a magic age after which workers merely plod along, doing routine work, bereft of creativity and new ideas. In 2014, Los Angeles’ own Frank Gehry, now 87, opened two museums, one in Panama City and one in Paris. In 2015, a Gehry building opened in Sydney, Australia. Among other projects, he’s now embarked on an ambitious plan related to redeveloping the L.A. River. At the same age, evolutionary biologist E.O. Wilson has launched a new [...]

20 04, 2016

More borrow from 401(k) plans

2016-04-20T20:58:47-07:00April 20th, 2016|Categories: 401(k)|Tags: |

The temptation to take loans from a company 401(k) retirement savings plan is too hard to resist for some people even after they’ve been warned of how dipping into that account can knock their retirement plans off track. “In addition to the loss of compounding interest, there are other potential downsides or perils of utilizing a loan provision from a 401(k),” said Curt Knotick, owner of Accurate Solutions Group outside Pittsburgh. “One would be taxes – more importantly, paying [...]

10 03, 2016

Let’s Put a Retirement Savings Plan In Every Workplace

2016-03-10T00:55:46-08:00March 10th, 2016|Categories: Retirement|Tags: |

Critics of the nation’s retirement system regularly complain that the system is in crisis. Too many private companies fail to offer their employees a retirement plan. Many employees who are covered by a plan fail to make contributions to it. Those who do make contributions may contribute too little or invest their savings unwisely. The end result: Many of us will reach retirement age with miniscule pensions or too little savings to enjoy a comfortable old age. […]

20 07, 2015

Retired Women Are Twice As Poor As Retired Men

2015-07-20T18:53:59-07:00July 20th, 2015|Categories: Retirement|Tags: |

Democrats in Congress often lament the fact that full-time working women in the United States earn 78 cents for every dollar men earn, but less attention is paid to the much wider and harder-hitting income gap for women in retirement. According to a report Sen. Patty Murray (D-Wash.) released Thursday, the average total income of women over age 65 is just 55 percent of older men’s income, and those women are nearly twice as likely as men to live [...]

22 06, 2015

Making Retirement Money Last to 103: An Expert’s Plan for Himself

2015-06-22T16:48:37-07:00June 22nd, 2015|Categories: Retirement|Tags: , |

Americans worry about affording retirement, but that doesn’t usually translate into hard-core financial planning. Then there’s David Littell, the 61-year-old director of the retirement income planning program at the American College of Financial Services, a nonprofit that educates financial advisers. If anyone ought to have a well-thought-out plan, it’s this guy. So we asked him what’s in it. It’s a little intense—this is one well-prepared pre-retiree, and one who knows his insurance products, since the college’s focus has historically been on educating insurance agents.  While the challenge of ensuring he [...]

27 03, 2015

How To Get More Guaranteed Retirement Income In The 401(k) Age

2015-03-27T21:27:03-07:00March 27th, 2015|Categories: Retirement|Tags: , |

In the old days, many Americans had a defined benefit (DB) pension that paid them a steady guaranteed income in retirement. But the pension landscape has shifted dramatically: now more than half of all US retirement assets are in self-directed defined contribution (DC) plans, such as 401(k)s and individual retirement accounts (IRAs) – and the figures are rising. These DC plans and IRAs do offer millions the chance to build up and control their own nest eggs, but what [...]

Go to Top