Health care analysts and former President Jimmy Carter all say that Medicare needs reform, but they don’t agree on how to do it.» Read more
How important is a workplace retirement plan to people around the world? The answer seems to depend on cultural preference.» Read more
Dick Clark, who died Wednesday at 82, lived his later decades to the max and remained “America’s Oldest Teenager.”» Read more
Fidelity Investments, which is the largest provider of retirement plans in the country, has projected retirement readiness among Americans.» Read more
Workplace retirement savings plans, including 401(k)s and IRAs, are tax loopholes that benefit taxpayers at all income levels.» Read more
The most compelling reason for employers to offer employees help getting ready for retirement is to discourage them from staying too long on the job.» Read more
Retirees want three things from their retirement income: A very low risk of outliving their money. Predictable, consistent availability of income. Enough liquidity that they feel flexible enough to pay for emergencies — or splurges. But as the Rolling Stones sang, “You can’t always get what you want. But if you try sometimes, well, you» Read more
Nearly two-thirds (64 percent) of boomers expect to work after retirement to supplement their incomes.» Read more
The 4 percent rule, which says most retirees can safely spend 4 percent of their retirement savings annually and not run out of money, has been under a lot of scrutiny lately for a variety of good reasons, including the obvious: Interest rates are lousy.
Roger Nusbaum, who is an Arizona-based financial adviser and chief of his local volunteer fire department, reduces the rule to very simple retirement planning math. If you have saved $1 million, you can confidently take out $30,000 to $50,000 a year for as long as you live. But if you feel compelled to spend $80,000 to $100,000, there’s a big likelihood your money is going to run out while you still need it.» Read more
My 102-year-old friend has been struggling with the prospect of losing her two long-time caregivers. One of them is retiring and moving home to Africa. The other is marrying and moving to the West Coast.
My friend’s children, who are themselves past the age of retirement, are urging her to be more flexible about her care arrangements and consider some combination of in-home help and adult day care. But as her doctor says, “People at this age can be inflexible and have a strong sense of entitlement.” So it’s not easy — nor is it cheap. If you were hoping to reach this age, keep that in mind.» Read more