Retirement Blog

Monday, February 20, 2012 2:20 pm
By Jennie L. Phipps · Bankrate.com

The payroll tax cut Congress passed last week is supposed to save working families with a $50,000 annual household income an estimated $1,000 a year. That’s about $20 a week in the pockets of some people for whom it will probably make a small difference. The problem is that this tax cut with the sexy

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Sunday, February 19, 2012 6:00 am
By Jennie L. Phipps · Bankrate.com

My friend is about to be a first-time grandma, and she’s already saving for the soon-to-arrive boy’s college education — a pleasant retirement planning job. Since we first got to be friends 35 years ago, when she was pregnant with the father of this little fellow, I have a vested interest in making sure she

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Friday, February 17, 2012 6:00 pm
By Barbara Whelehan · Bankrate.com

Psychologically and emotionally, you may be ready for retirement. What about financially? As part of its suite of retirement planning tools, T. Rowe Price this week released a new interactive tool to help those nearing retirement envision their future and face the facts. You don’t have to be an investor in their funds to try

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Thursday, February 16, 2012 5:35 pm
By Jennie L. Phipps · Bankrate.com

I’m not sure whether this is good retirement planning news — or bad. The employment website CareerBuilder.com commissioned a study of workers age 60 and older and learned that 57 percent of them plan to look for a new job after they retire from their current company. About 11 percent said they didn’t think they

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Wednesday, February 15, 2012 5:38 pm
By Jennie L. Phipps · Bankrate.com

President Barack Obama proposed in his fiscal 2013 budget to require employers who don’t offer employees a 401(k) retirement plan to automatically enroll them in a direct-deposit individual retirement account. Employees could opt out, but unless they did, their employers would deduct money from every paycheck to feed the IRA. Some very small employers would

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Tuesday, February 14, 2012 4:53 pm
By Jennie L. Phipps · Bankrate.com

If you owe back child support — even back child support from decades ago — your Social Security check may be garnished under new U.S. Treasury rules. This could throw a wrench in your retirement. The new rules, which were actually written to protect Social Security recipients from garnishment of other debts, has a loophole

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Monday, February 13, 2012 10:11 am
By Jennie L. Phipps · Bankrate.com

As we watch Greece implode over reforms that call for shrinking pensions and a reduction in the minimum wage, I noticed this particularly frightening, close-to-home statistic, published by the Center for Retirement Research at Boston College: “According to the U.S. Bureau of Labor Statistics, nearly one-third of men between the ages of 55 and 61

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Sunday, February 12, 2012 6:00 am
By Jennie L. Phipps · Bankrate.com

This winter, my 65-year-old accountant husband is working at our Florida condo one week and flying back to Detroit to work in the office the next. We’ve always made spending the winter in the warmth part of our retirement planning. But now that we are actually implementing the plan, my husband hates it. The weeks

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Friday, February 10, 2012 6:00 pm
By Barbara Whelehan · Bankrate.com

A new poll by the Pew Research Center reveals that the age at which children should be financially independent, according to parents, has crept up over the past decade. In 1993, 80 percent of parents said children should be independent by age 22. But in the new poll, only 67 percent of parents agreed with that

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Thursday, February 9, 2012 5:36 pm
By Jennie L. Phipps · Bankrate.com

Fidelity Investments, which manages more 401(k) accounts than any other company, released a good-news/bad-news quarterly retirement planning report today. The good news is employees are saving more, and employers are shelling out more in matches. Employee contributions rose in 2011 to $5,750, up from $5,680 in 2010. At the same time, employers kicked in an

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