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8/27/2012 0 Comments

Boomer Retirements at Increased Risk

The Center for Retirement Research (CRR) at Boston College has released a new brief that finds Baby Boomers are even more at risk of not being prepared for retirement than was previously thought. Based on the Federal Reserve's 2010 Survey of Consumer Finances (SCF), which looks at household wealth every three years, the brief finds the following:

•the wealth-to-income ratio for 2010 was significantly lower as compared to prior survey years, covering the period 1983-2010
•people need higher incomes in retirement due to increased life expectancies, the shift to 401(k) plans, increased health costs, and lower real interest rates

According to the report's author, Alicia Munnell, Director of the CRR, "the sharp drop in the ratio of wealth to income for each age group in the 2010 survey is particularly alarming."

The full issue brief is available on the CRR website at http://crr.bc.edu/wp-content/uploads/2012/08/IB_12-15.pdf

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8/20/2012 0 Comments

Report says more people working in retirement 

The Society of Actuaries (SOA) has released a new report, Key Findings and Issues: Working in Retirement, focused on its 2011 Risks and Process of Retirement study. Among the key findings:
  • The transition from employed to retired status is now more of a progression than a sudden change.
  • The maturing of the Baby Boomer population is creating increasingly important societal and financial challenges.
  • 35% of retirees do not think they will retire, and that is primarily due to financial reasons (45%)
  • There is a significant gap between when pre-retirees expect to retire and when actual retirees did, in fact retire (i.e., half of retirees retired before age 60 while only about one in ten expected to do so).
  • Involuntary retirement and health issues often are the leading reasons for not continuing in the workforce.
  • Many individuals do not understand the economic benefits of delaying retirement.
  • For pre-retirees, continuing to receive health coverage from one's employer is the main advantage in delaying retirement. 

The July 2012 Working in Retirement report is available on SOA's website at http://www.soa.org/files/research/projects/research-key-finding-working-retire.pdf
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8/13/2012 0 Comments

GAO Report Highlights Women's Retirement Security Challenges

The Government Accountability Office has released a 96-page report, Retirement Security: Women Still Face Challenges. The GAO notes that while women's access to and participation in retirement plans has improved over the past decade relative to men, women contributed to their DC plans at lower levels than did men. For those women in or near retirement, divorce, widowhood, or unemployment tended to have an adverse effect on retirement income security. The full report is available on the GAO's website at http://www.gao.gov/assets/600/592726.pdf.
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8/6/2012 0 Comments

Retirement Security Obstacles - Housing

AARP reports that many older Americans were hit hard by the mortgage crisis of recent years. According to AARP, as of the end of 2011, some 3.5 million mortgages of those age 50+ were under water. What's more, from 2007-2011, there were 1.5 million older Americans who lost their homes because of the economy. An overview and the full July 2012 AARP study, Nightmare on Main Street: Older Americans and the Mortgage Market Crisis, may be found at http://www.aarp.org/money/credit-loans-debt/info-07-2012/nightmare-on-main-street-AARP-ppi-cons-prot.html
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    Blog Author - Ken Felsher

    With over 25 years of writing, editing, and research experience. I enjoy sharing with my readers my love of working with content on a variety of subjects.

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    All 401(k) 402(g) Boomers Catch-up DB Dc Deferral Limit Defined Benefit Defined Contribution ERISA Healthcare Participation Pension Professionally Managed RCS Retirement Retirement Confidence Tax Code Vanguard Women Working

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