Make it your business to get involved in your retirement planning.
A recent article in The Ledger, a Lakeland, Fla., newspaper, profiled an 88-year-old man who went back to work three years ago after spending more than 20 years in retirement. George DeMarco took a clerical job earning $7.67 an hour to keep from losing his home and to help make ends meet. He cited the rising cost of living and higher gas prices as reasons why his $1,200 monthly retirement income “just wouldn’t cut it.”
The article cites data from the Bureau of Labor Statistics: “The number of employed people 65 and older rose from 4.3 million in 2002 to 7.2 million this year. The number of working seniors 75 and older is now 1.3 million, up 41.2 percent from a decade ago.”
Get ready to make a retirement planning decision. If you are eligible for a pension from a former employer that is worth more than $5,000, it is likely that early next year you’ll hear from that former employer offering you a lump-sum, cash-out option. This is one of the tenets of the Pension Protection Act,
No doubt you heard that American Airlines’ parent company, AMR, filed for bankruptcy earlier this week. But is it true its underfunded pensions are the main reason behind the filing? That was the question raised in a story appearing on ai-cio.com, an industry publication for institutional investors. It appears that the company is carrying too
The Occupy Wall Street movement is a barometer of widespread dissatisfaction with our country’s value system, in which the well-to-do get a bigger share of the proverbial pie at the expense of the proletariat. The dour mood extends to Americans’ retirement planning outlook. In a survey released yesterday by Americans for Secure Retirement, half of
A study that compared defined benefit retirement plans — old-fashioned pensions — with defined contribution plans — 401(k)s and 403(b)s — in the public sector, concluded that not only do most participants prefer defined benefit plans, but also, they are more efficient and may in the end cost taxpayers less. The study by actuarial firm