Seven states – California, Connecticut, Illinois, New Jersey, Maryland, Oregon and Washington – are in various stages of implementing state-sponsored retirement savings plans, according to an Associated Press article published this week. Dozens of small business owners recently gathered in Schaumburg, IL, to learn about the new state-sponsored retirement savings initiative, “Secure Choice IRA,” reported … more States Move to Help Workers Save for Retirement
The Pew Charitable Trusts recently surveyed more than 1,600 small and medium-sized business owners and managers and found that employers most often cited expense, limited administrative resources and lack of employee interest as main reasons for not offering retirement plans, according to an article published by the National Association of Plan Advisors. Nearly a quarter … more Why Don’t (More) Small Businesses Offer Retirement Plans?
A research paper that came out in October 2016, and was presented last week at the Society of Actuaries Living to 100 Symposium, recommended reverse mortgages as part of a combination of strategies. Challenges and Strategies for Financing an Increasingly Long Life Funded by: Society of Actuaries Authors: Vickie Bajtelsmit (Colorado State University), Anna Rappaport … more Challenges and Strategies for Financing an Increasingly Long Life
By 2035, more than one in five people in the U.S. will be aged 65 and older and one in three households will be headed by someone in that age group, according to Projections and Implications for Housing a Growing Population: Older Adults 2015-2035, a report released today by the Harvard Joint Center for Housing … more Harvard Projects Surge In Elder Households By 2035, Says Reverse Mortgages Can Help
Women are four times more likely than men to outlive their spouses, but many are unprepared for the financial shock of widowhood in retirement when household income declines by about 40% due to changes in Social Security benefits and the end of one spouse’s retirement income, while expenses remain relatively the same. Even couples who prepare … more Widowhood Hinders Women’s Retirement Security
Eighty percent of Americans say preparing for retirement is their top priority, according to a recent Prudential Investments survey measuring retirement readiness. But when it comes to actually being prepared to retire, Americans, on average, grade themselves a “C” — and 12% even give themselves a failing grade. … more Americans Earn a “C” in Retirement Preparation
Starting next year, Social Security beneficiaries will see a $5 increase in their monthly checks, the maximum salary taxed by Social Security will increase to $127,200 and persons between the ages of 62 to 65 who are still working can earn more money before they are penalized, according to Emily Brandon, senior retirement editor for … more Social Security Changes Coming
Because they live longer, and they claim Social Security benefits early, a new survey conducted by Nationwide Retirement Institute® suggests that women could spend 70% of their retirement income on health care costs. Fifty-six percent of the women surveyed said they count on Social Security, or will count on it, to pay, on average, 56 … more Survey: Women Could Spend 70% of Social Security on Healthcare
Housing wealth continues to grow for U.S. homeowners aged 62 and older, providing seniors with added financial security in their retirement years. That’s according to the National Reverse Mortgage Lenders Association, who reported this week that the aggregate value of senior home equity reached $5.9 trillion in the second quarter of 2016, a gain that … more Senior Home Equity Increases by $135.2 Billion in Second Quarter
The Bipartisan Policy Center has created an online checklist that gives aging Americans who wish to continue living independently in their homes and communities access to resources to help them plan for retirement, housing and healthcare needs. On May 22, the BPC published Healthy Aging Begins at Home, a report that underscores the critical need … more Are You Ready to Age at Home?