15 01, 2020

New Report Finds 40 Percent of Older Americans Rely Solely on Social Security for Retirement Income

2020-01-15T15:05:23-08:00January 15th, 2020|Categories: Retirement|Tags: , |

Only a small percentage of older Americans, seven percent, receive income from Social Security, a defined benefit pension, and a defined contribution account. Retirement income from these three sources is widely considered to be the ideal situation to ensure retirement security, particularly for the middle class. Retirees with these three sources of income are far less likely to face poverty and economic hardship. A new report also finds that a large portion (40 percent) of older Americans rely only [...]

1 07, 2019

3 Hard to Believe — but 100% True — Facts About Social Security

2019-07-01T16:21:44-07:00July 1st, 2019|Categories: Retirement|Tags: |

According to Democratic presidential candidate Bernie Sanders, "Social Security is the most successful government program in our nation's history." No matter your political preference, there's no denying Sanders' statement. Since payouts began in 1940, Social Security has been providing a financial foundation for tens of millions of Americans, many of whom are retired workers. As of today, according to an analysis from the Center on Budget Policy and Priorities, it's a program that singlehandedly keeps more than 22 million [...]

15 04, 2019

Why 8,000 Is The Most Important Number For Your Retirement Plan

2019-04-15T14:34:56-07:00April 15th, 2019|Categories: Retirement|Tags: |

My Uber driver and I struck up a conversation about the Orlando traffic and weather. The chatter soon drifted into stories about his experiences living and driving in Florida. I soon learned my driver’s name was Bob. Raising his voice, and turning to get a look at my face in his rearview mirror, Bob asked me, “How old do you think I am?” I am always nervous to make such a guess — uttering a number either too old [...]

17 07, 2018

Here’s Why I Plan to Take Social Security at 64

2018-07-17T09:16:16-07:00July 17th, 2018|Categories: Retirement|Tags: |

When to start collecting Social Security benefits is a big decision that most of us will have to make. There are good reasons to start early and good reasons to start late, which can make it all rather vexing. Here's a look at when one financial writer -- that's me -- plans to start collecting and why. See if my thought process can help inform your own. First things first -- meet the "full retirement age" You may not [...]

16 05, 2018

One-third of Americans have less than $5,000 set aside in retirement savings

2018-05-16T14:02:20-07:00May 16th, 2018|Categories: Retirement|Tags: |

We're told of the importance of saving for retirement, especially given the way healthcare and other senior living costs continue to rise. But apparently, a large number of workers aren't listening. In fact, one-third of Americans have less than $5,000 set aside for the future, according to new data from Northwestern Mutual. Incidentally, 21% of Americans have no retirement savings at all. It's one thing to have less than $5,000 in your nest egg when you're only in your [...]

16 02, 2017

Stop Congress from killing retirement savings for low-moderate income workers

2017-02-16T17:51:35-08:00February 16th, 2017|Categories: Retirement|Tags: , |

After eight years of collaboration between senior and consumer advocates, business, and labor — is on the cusp of providing greater retirement security to 6.8 million private-sector wage earners. But, suddenly, the state’s pioneering “Secure Choice” plans are under siege. Secure Choice has been hailed as the most significant expansion of retirement security since the passage of Social Security in 1935. It is a simple, voluntary savings plan that will be offered to private sector California workers at no cost [...]

12 04, 2016

How Social Security has grown in importance

2016-04-12T20:43:35-07:00April 12th, 2016|Categories: Retirement|Tags: |

Social Security has become more and more important.  It now replaces about 40 percent of the average worker’s preretirement income.  It was never intended to be the sole source or even the main source of retirement income for families.    But the confluence of influences is making it more and more so for many. Witness the demise of the defined-benefit pension plan.  This is the type of qualified retirement plan that guarantees a worker a definite income for life at retirement [...]

28 03, 2016

Report Says Raising US Social Security Retirement Age Would Pose Hardship On Millions

2016-03-28T21:55:40-07:00March 28th, 2016|Categories: Retirement|Tags: |

Raising the retirement age for working individuals is one of the primary proposals public officials discuss when it comes to Social Security. This policy effort rests on the assumption that increases in life expectancy mean that workers can easily work beyond the current normal retirement ages. However, this assumption ignores the fact that increases in longevity disproportionately apply to those in higher income brackets, and that many workers cannot continue to meet the physical demands of their job. A [...]

14 04, 2015

U.S. Rep. John Larson Says His Bill Will Bolster Social Security

2015-04-14T16:28:07-07:00April 14th, 2015|Categories: Retirement|Tags: , , |

U.S. Rep. John B. Larson has a plan that he says will stabilize the Social Security system until the turn of the next century. It starts with “rebranding” the government program launched 80 years ago by President Franklin D. Roosevelt. “There’s a lot of misunderstanding about Social Security,” said Larson, a Democrat from East Hartford who represents Connecticut’s 1st Congressional District. “The notion that has been stated by so many that it’s an entitlement program is wrong-headed. Social Security is the [...]

5 01, 2015

A Sobering Perspective on a Looming Retirement Crisis

2015-01-05T18:40:00-08:00January 5th, 2015|Categories: Retirement|Tags: , |

Feeling pleased that I had survived another year and the annual predictions of the apocalypse, I made the mistake of picking up “Falling Short: The Coming Retirement Crisis and What to Do About It” (Oxford University Press). Written by Alicia H. Munnell, the director of the Center for Retirement Research at Boston College, with Andrew D. Eschtruth, a colleague there, and Charles D. Ellis, a widely respected consultant and author, “Falling Short” does a fine job of clearly laying [...]

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