2 08, 2019

Half of California workers have no retirement savings, says UC Berkeley report

2019-08-02T16:17:32-07:00August 2nd, 2019|Categories: Retirement|Tags: , |

Many Californians may sink into downward mobility in their golden years because of a lack of retirement savings, says a new report by Berkeley’s Center for Labor Research and Education. About half of California private sector employees ages 25 to 64 don’t have dedicated retirement savings, according to a new report by Nari Rhee, director of the Retirement Security Program at the University of California, Berkeley’s Center for Labor Research and Education. The report provides a rare look at [...]

18 07, 2018

Retirement savings proposals introduced in Senate, under discussion in the House

2018-07-18T11:26:40-07:00July 18th, 2018|Categories: Retirement|Tags: |

A bipartisan group of senators introduced a package of retirement savings bills Tuesday that includes making it easier for small employers to join pooled employer plans and giving employers incentives to use automatic enrollment and automatic escalation features. Some of the features of the four bills in the package mirror ideas advanced by the Senate Finance Committee in the proposed Retirement Enhancement and Savings Act of 2018. RESA, introduced in March, also would ease nondiscrimination testing rules for plan [...]

4 10, 2017

The New Reality of Old Age in America

2017-10-09T16:58:36-07:00October 4th, 2017|Categories: Retirement|Tags: |

Richard Dever had swabbed the campground shower stalls and emptied 20 garbage cans, and now he climbed slowly onto a John Deere mower to cut a couple acres of grass. “I’m going to work until I die, if I can, because I need the money,” said Dever, 74, who drove 1,400 miles to this Maine campground from his home in Indiana to take a temporary job that pays $10 an hour. Dever shifted gently in the tractor seat, a [...]

21 04, 2017

America has a retirement problem, not a saving problem

2017-04-21T00:48:05-07:00April 21st, 2017|Categories: Retirement|Tags: |

House Resolution 67, which Donald Trump signed last week, rolls back a rule that the Labor Department finalized late last year, which would have made it easier for cities and counties to run retirement savings plans for citizens who couldn’t get them through work. It is an odd choice for Republicans to kill plans that would encourage private, voluntary, tax-deferred saving, which they tend to approve of. But a trade group for investment funds opposes the city-run retirement plans. [...]

24 08, 2016

Study finds changes to retirement savings system may exacerbate economic inequality

2016-08-24T17:25:46-07:00August 24th, 2016|Categories: Retirement|Tags: |

A shift to defined-contribution retirement plans, such as 401(k) plans, has led to an income and education gap in pension savings that could exacerbate future economic inequality, according to a study that will be presented at the 111th Annual Meeting of the American Sociological Association (ASA). “The movement towards voluntary, contributory employer pensions has increased the influence of socioeconomic factors, such as education and income levels, on retirement fund accumulation,” said study co-author ChangHwan Kim, an associate professor of [...]

29 10, 2015

Top 100 CEO Retirement Savings Equals 41% of U.S. Families

2015-10-29T00:47:45-07:00October 29th, 2015|Categories: Retirement|Tags: , |

The retirement savings accumulated by just 100 chief executives are equal to the entire retirement accounts of 41 percent of U.S. families — or more than 116 million people, a new study finds. In a report scheduled for release today, the Center for Effective Government and Institute for Policy Studies found that the 100 largest chief executive retirement funds are worth an average of about $49.3 million per executive, or a combined $4.9 billion. David C. Novak, the recently [...]

21 10, 2015

The 401(k) Crisis Is Getting Worse

2015-10-21T20:31:17-07:00October 21st, 2015|Categories: 401(k)|Tags: |

Tim Egan has been working since he was 14. He’s now 56 and has spent most of his career as a restaurant manager. He has virtually nothing saved for retirement and, until last month, never had a 401(k) account. Little wonder: Only two of the 20 restaurants where Egan has worked in the past four decades had retirement-savings plans. “The restaurant business is what I’m good at, but few owners, especially of small places, offer retirement benefits, no matter how [...]

14 10, 2015

Why It’s So Hard to Know How Much Retirement Savings Is Enough

2015-10-14T16:13:54-07:00October 14th, 2015|Categories: Retirement|Tags: |

Online financial-planning tools have a habit of spitting out terrifying numbers when people use them to figure out how much to save for retirement. Most tools, from the AARP’s to the Social Security Administration’s, yield similar answers when one enters spending estimates, expected salary increases, and assets: They tend to advise their users (most of whom are workers in their 40s or 50s) to have 10 times the amount of their salary in savings before they retire. It’s a cutoff that some [...]

4 09, 2015

What Is a Pension? Is It All You’ll Need to Retire?

2015-09-04T20:54:51-07:00September 4th, 2015|Categories: Retirement|Tags: |

What is a pension? Simple question and a slightly more complex answer than you may think. When most people think about pensions, they imagine someone who spent 30 years working at the factory, then getting a gold watch and a monthly check when he or she retires. And while that may be true for some people (except for the gold watch nowadays), pension benefits are a little more than that. As a matter of fact, plenty of people who [...]

26 06, 2015

More than half of all Americans over 55 have no retirement savings at all

2015-06-26T16:34:10-07:00June 26th, 2015|Categories: Retirement|Tags: , |

Many Americans either simply have no retirement savings at all, or lack the time or expertise to know if their employer’s plan is a good one Are we all in denial or is it simply impossible to save enough for retirement? Is it some kind of toxic combination of the two? Whatever the reason, yet another study – this one from no less an authority than the non-partisan US government accountability office (GAO) – is here to remind us [...]

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