borges

6/8/2013 - For Retirees, a Million-Dollar Illusion (New York Times)

A million dollars isn’t what it used to be. In 1953, when “How to Marry a Millionaire” was in movie theaters, $1 million bought the equivalent of $8.7 million today. Now $1 million won’t even buy an average Manhattan apartment or come remotely close to paying the average salary of an N.B.A. basketball player. Still,… Read more 6/8/2013 - For Retirees, a Million-Dollar Illusion (New York Times)

6/6/2013 - Wealth Lost in Slump Returns (Wall Street Journal)

Americans have rebuilt much of the wealth they lost during the recession. The net worth of U.S. households and nonprofit organizations—the value of homes, stocks and other assets minus debts and other liabilities—jumped 4.5%, or about $3 trillion, in the first three months of 2013 to $70.349 trillion. That is the highest in nominal terms… Read more 6/6/2013 - Wealth Lost in Slump Returns (Wall Street Journal)

6/3/2013 - More firms offer workers phased retirement (The Detroit News)

There is an oft-told story about what happens when a worker at the Stanley Consultants engineering firm decides to retire. “They say you have the retirement party one day and you come back to work the next,” said Mary Jo Finchum, spokeswoman for the Muscatine, Iowa-based company. Stanley is among the U.S. employers that have… Read more 6/3/2013 - More firms offer workers phased retirement (The Detroit News)

6/2/2013 - Trends in Health Coverage for Part-Time Workers (EBRI)

The recent recession has already resulted in an increased use of part-time workers: The percentage of workers employed part-time has been rising since 2007, increasing from 16.7 percent to 22.2 percent in 2011Part-time workers have experienced a much larger decline in coverage than full-time workers. Between 2007 and 2011, full-time workers experienced a 2.8 percent… Read more 6/2/2013 - Trends in Health Coverage for Part-Time Workers (EBRI)

5/28/2013 - IRA Withdrawals: How Much, When, and Other Saving Behavior (EBRI)

Households between ages 61 and 70 that made withdrawals even though they were not yet required to take IRA distributions (i.e., not subject to the required minimum distribution rules, or RMD) made larger withdrawals than older households, both in absolute dollar amounts as well as a percentage of IRA account balance. Read the full article… Read more 5/28/2013 - IRA Withdrawals: How Much, When, and Other Saving Behavior (EBRI)

5/24/2013 - Low interest rates are the final straw for many company pensions (Washington Post)

It was no small matter for the ILM Group’s executives when they froze the pension plan that has provided retirement security for the firm’s employees since 1947. The financial pressure of maintaining the plan had been mounting on the small insurer for years. But until March, ILM had not given in, even as tens of… Read more 5/24/2013 - Low interest rates are the final straw for many company pensions (Washington Post)

5/24/2013 - Mortgage giants make it easier for retirees to secure loans (Washington Post)

Here’s a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren’t sufficient to qualify for a mortgage under today’s tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets… Read more 5/24/2013 - Mortgage giants make it easier for retirees to secure loans (Washington Post)

5/20/2013 - Senior poverty is much worse than you think (Washington Post)

One frequent knock on the official poverty rate is that it generally excluded income from some government programs like food stamps and the Earned Income Tax Credit, but included income from others, like Temporary Assistance for Needy Families (TANF) and Social Security. That means people who, if those benefits were treated as cash, wouldn’t be… Read more 5/20/2013 - Senior poverty is much worse than you think (Washington Post)

5/20/2013 - Income, Age Key Factors in Retirement Funding Expectations (Gallup)

Nonretired Americans’ expectations about which sources they will rely on to fund their retirement differ significantly by their annual household income. Upper-income nonretirees are much more likely to say investments, such as a 401(k), IRA and other retirement savings accounts or individual stock investments, and work-sponsored pension plans will be major sources of their retirement… Read more 5/20/2013 - Income, Age Key Factors in Retirement Funding Expectations (Gallup)

5/17/2013 - Health care in retirement probably costs more than you think (Washington Post)

When it comes to thinking about how much money we all need to retire comfortably, it gives us a headache. I just need to say that upfront before telling you the latest news, which is sure to scare you even more about retirement. You probably know that health care is likely to be among your… Read more 5/17/2013 - Health care in retirement probably costs more than you think (Washington Post)