Retirement Blog

Friday, July 22, 2011 4:00 pm
By Barbara Whelehan · Bankrate.com

It’s hard to keep up with Washington’s progress (or lack thereof) on talks about the debt ceiling limit, so I asked Bankrate’s tax blogger Kay Bell for the latest news. She said the meeting is down to two people at the moment: President Barack Obama and House Speaker John Boehner (R-Ohio). I asked her if

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Thursday, July 21, 2011 2:57 pm
By Jennie L. Phipps · Bankrate.com

Keeping up financially with our retired parents could prove to be an impossible challenge for many Americans, especially as we swallow the reforms that will help the country avoid default. Look at it this way, let’s say your parents have a $40,000 per year pension — not an unusual, or even particularly generous, number for many

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Wednesday, July 20, 2011 3:59 pm
By Jennie L. Phipps · Bankrate.com

Gay couples who say “I do” in New York and the five other states that have legalized same-sex marriage should also quickly consider retirement planning, because the financial implications of a same-sex partnership are more complex than they are for conventional marriages. Anna Pfaehler, a CFP with Palisades Hudson Financial Group in Scarsdale, N.Y., offers

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Tuesday, July 19, 2011 3:21 pm
By Jennie L. Phipps · Bankrate.com

If you are diagnosed with Alzheimer’s during your retirement, the cost per year for your care beyond what Medicare covers is likely to be well over $100,000 — even if you rely on family and friends during the early stages of the disease, according to the Alzheimer’s Association, which is holding its annual conference in Paris

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Monday, July 18, 2011 3:30 pm
By Jennie L. Phipps · Bankrate.com

Getting your adult children to think about their own retirement savings plans is an uphill battle — particularly in this lousy economy. But longevity could make it in your best interest to push them on the point. You don’t want to be 80 years old and scraping together money to help your 60-year-old child cope

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Sunday, July 17, 2011 7:00 am
By Jennie L. Phipps · Bankrate.com

Any congressional assault on 401(k)s in the name of deficit reduction seems particularly shortsighted as 72 million baby boomers rush toward retirement without much savings. Talk about the potential for economic meltdown. Fidelity Investments, which manages 401(k)s for 11 million workers, recently surveyed them about their retirement planning and discovered that 55 percent wouldn’t be

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Friday, July 15, 2011 2:58 pm
By Barbara Whelehan · Bankrate.com

To ensure financial peace of mind, you need to accumulate as much wealth as possible, right? The two ideas are inextricably entwined, I’ve always thought. But SunAmerica’s recent poll segregated the two concepts and asked people age 55 and older which of the two more closely described their financial goals. Most of them — 82

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Thursday, July 14, 2011 10:52 am
By Jennie L. Phipps · Bankrate.com

The disappearance of old-fashioned pensions is changing the way we think about retirement and how we pay for it. Prudential Retirement examined the financial impact of having a defined-contribution plan like a 401(k) compared to having a defined-benefit pension, which is the old-fashioned kind. I found Prudential’s conclusions troubling because they confirm the difficulty that

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Wednesday, July 13, 2011 4:14 pm
By Jennie L. Phipps · Bankrate.com

Texas financial planner Steve Orr, author of “The Noisemakers, Why They Keep Losing Your Money and How to Make It Stop,” sent over this analysis of the cumulative cost of everyday spending and its impact on retirement savings. It made me feel guilty — so I thought I’d share. Orr writes: “Eliminating daily expenses can

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Tuesday, July 12, 2011 2:18 pm
By Jennie L. Phipps · Bankrate.com

With the U.S. Congress down to the nitty-gritty of deficit reduction, the nonpartisan Employee Benefit Research Institute took another look at suggestions to cap tax-advantaged contributions to 401(k)s and other retirement plans to the lower of $20,000 or 20 percent of income. We’ve talked about that, and it’s clear that most people here think it’s

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