16 06, 2015

Canada Pension Plan reform needs better focus

2015-06-16T00:17:55-07:00June 16th, 2015|Categories: Pension Reform|Tags: , |

A new report came out last week that reiterates what we’ve heard from other sources a few times now: Canadians aren’t saving nearly enough for retirement. Benjamin Tal, the deputy chief economist at CIBC, warns that without pension reform now, younger workers today will see a steep decline in living standards as they retire. The Conservative government has recently announced it would like to have a dialogue with Canadians about a potential expansion of the Canada Pension Plan. While [...]

29 05, 2015

Fed Study Shows Bleak, But Not Hopeless, Retirement Picture

2015-05-29T18:39:58-07:00May 29th, 2015|Categories: Retirement|Tags: , |

New Federal Reserve Board research has found that 31 percent of non-retirees have no retirement savings or pension. That includes nearly a quarter of those older than 45. In addition, 38 percent of the nonretired either do not plan to retire or plan to keep working as long as possible. And among lower-income Americans with household incomes of less than $40,000 a year, more than half (55 percent) said they plan to keep working as long as possible or [...]

5 05, 2015

Today’s employees concede working longer will help fund their retirement

2015-05-05T23:43:47-07:00May 5th, 2015|Categories: Retirement|Tags: , |

The traditional model for funding a life after 65 has radically changed, as workers scramble to find other sources of retirement income besides pensions, 401(k)s and Social Security – and look to a longer stay in the workplace as a way of propping up their finances in their golden years. “Today’s workers recognize they need to save and self-fund a greater portion of their retirement income,” said Catherine Collinson, president of Transamerica Center for Retirement Studies. “In response, they [...]

16 04, 2015

U.S. Plans Stiffer Rules Protecting Retiree Cash

2015-04-16T18:44:32-07:00April 16th, 2015|Categories: Retirement|Tags: , , |

Federal regulators on Tuesday proposed rules, more than four years in the making, to provide greater consumer protection for retirement savings, requiring a broader group of investment professionals to act in their customers’ best interests when handling their retirement money. The financial services industry can be a minefield for ordinary investors, who often cannot tell whether their advisers are putting the investors’ interests first; the legal term for this is fiduciary duty. The rules, proposed by the Labor Department, which oversees retirement accounts, are [...]

16 04, 2015

Three Ways to Boost Retirement Savings

2015-04-16T16:39:59-07:00April 16th, 2015|Categories: Retirement|Tags: |

It’s tax day. Perhaps like millions of your fellow Americans, you waited to the last minute to file and will be trudging off to the post office or filing electronically later today. I’m not going to lecture about your procrastination. However, I am going to ask you two somewhat tax-related questions: 1. How much have you saved for your retirement? 2. On how much of those savings were taxes deferred? Your answers will determine how you will spend your [...]

8 04, 2015

1 in 3 Older Workers Likely to Be Poor or Near Poor in Retirement

2015-04-08T22:38:37-07:00April 8th, 2015|Categories: Retirement|Tags: , |

Fewer Americans have access to a retirement plan at work. If you’re one of them, here’s what you can do.  A third of U.S. workers nearing retirement are destined to live in or near poverty after leaving their jobs, new research shows. One underlying cause: a sharp decline in employer-sponsored retirement plans over the past 15 years. Just 53% of workers aged 25-64 had access to an employer-sponsored retirement savings plan in 2011, down from 61% in 1999, according [...]

7 01, 2015

Goodbye, traditional retirement

2015-01-07T18:09:46-08:00January 7th, 2015|Categories: Retirement|Tags: |

We don’t have a crystal ball, but for those who are retired and those folks saving for retirement, here are a few of the risks and opportunities looming in 2015. “My perspective is that there are several major issues facing the retirement system, but progress in addressing them has been very slow,” said Anna Rappaport, the chair of the Society of Actuaries (SOA) Committee on Post Retirement Needs and Risks. “We need to do more and stalled efforts need [...]

25 08, 2014

A third of people have nothing saved for retirement

2014-08-25T21:01:43-07:00August 25th, 2014|Categories: Retirement|Tags: |

A third of people (36%) in the U.S. have nothing saved for retirement, a new survey shows. In fact, 14% of people ages 65 and older have no retirement savings; 26% of those 50 to 64; 33%, 30 to 49; and 69%,18 to 29, according to the survey of 1,003 adults, conducted for Bankrate.com, a personal finance website. “These numbers are very troubling because the burden for retirement savings is increasingly on us as individuals with each passing day,” [...]

17 04, 2014

Fixing the Drain on Retirement Savings

2014-04-17T18:13:12-07:00April 17th, 2014|Categories: Retirement|Tags: , , |

Less than one in five American workers in private industry has access to defined benefit pension plans. As a result, most Americans’ quality of life during retirement depends on whether they have invested in retirement savings vehicles such as 401(k)s and Individual Retirement Accounts, or IRAs, and how their investments perform. The reality is, the corrosive effect of high fees in many of these retirement accounts forces many Americans to work years longer than necessary or than planned. Clearer, [...]

19 03, 2014

Bad news about American retirement

2014-03-19T21:35:30-07:00March 19th, 2014|Categories: Retirement|Tags: , , |

How much do you have put away for retirement? A million dollars? Five hundred thousand? Five hundred dollars? If you’re like a third of Americans, the final answer is closer to the truth. About 36 percent of workers have less than a thousand dollars in savings and investments that could be used for retirement, not counting their home or defined benefit plans such as traditional pensions (increasingly rare). More than half, 60 percent, have less than $25,000, according to [...]

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