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Jun 7, 2013

These women will try retirement ‘Golden Girls’ style

CHICAGO (Reuters) – The big four-story house in suburban Pittsburgh might remind you of the set of “The Golden Girls.” But unlike the hit TV sitcom of the late 1980s and early ’90s, the three women who live there are not in it for the laugh track.

Karen Bush, Louise Machinist and Jean McQuillin bought the Mount Lebanon, Pennsylvania, home together in 2004, when they were in their fifties. They wanted to share living expenses, live a greener lifestyle and – most importantly – enjoy one another’s companionship. All are single professional women in their mid-sixties who are still working, but they expect to retire in their house, too.

May 30, 2013

Column: Boomers aren’t working forever, after all

CHICAGO (Reuters) – Baby boomers have been talking a good game for years about working longer and reinventing the last third of life. Now that it’s game time, their retirement decisions look somewhat conventional.

More than half the oldest boomers – those born in 1946 – had fully retired by the end of the year in which they turned 66, the age the Social Security Administration pegs as “full retirement age,” according to a new survey by the Metlife Mature Marketing Institute.

May 30, 2013

Boomers aren’t working forever, after all

By Mark Miller

CHICAGO, May 30(Reuters) – Baby boomers have been talking a
good game for years about working longer and reinventing the
last third of life. Now that it’s game time, their retirement
decisions look somewhat conventional.

More than half the oldest boomers – those born in 1946 – had
fully retired by the end of the year in which they turned 66,
the age the Social Security Administration pegs as “full
retirement age,” according to a new survey by the Metlife Mature
Marketing Institute.

May 23, 2013

Hallelujahs ring after IRS reverses church pension rule

CHICAGO, May 23 (Reuters) – The Internal Revenue Service may
be having a bad week, but Mary Rich isn’t complaining about the
taxman.

The former nurse and hospital executive recently won a
10-year battle to get the IRS to reverse a ruling that would
have cost her and her husband, Riz Corpuz, $2,500 a month in
pension benefits from their former employer, the now-defunct
Hospital Center at Orange (HCO) in New Jersey.

May 21, 2013

Column: Transforming your 401(k) into steady income

CHICAGO (Reuters) – A job and a paycheck – they go together like coffee and cream. But when you retire from your regular job, does that mean you have to give up the cream?

A growing number of 401(k) plans are including investment choices that can help savers convert nest eggs into retirement income. Participants can buy insurance annuities or other products designed to spread funds over a lifetime.

May 21, 2013

Transforming your 401(k) into steady income

By Mark Miller

CHICAGO, May 21(Reuters) – A job and a paycheck – they go
together like coffee and cream. But when you retire from your
regular job, does that mean you have to give up the cream?

A growing number of 401(k) plans are including investment
choices that can help savers convert nest eggs into retirement
income. Participants can buy insurance annuities or other
products designed to spread funds over a lifetime.

May 15, 2013

Retirement healthcare costs decline: Fidelity

CHICAGO (Reuters) – Healthcare costs put a big squeeze on retiree pocketbooks, but the grip may be relaxing a bit.

A 65-year-old couple retiring this year will need $220,000 to pay for healthcare for the rest of their lives, an amount that is eight percent less than a year ago, according to a Fidelity Investments report issued Wednesday. Fidelity has been forecasting the cost of healthcare in retirement since 2002, and has forecast lower lifetime costs only once before – an eight percent drop in 2011.

May 9, 2013

Column: Knowing Social Security rules can help divorced spouses

CHICAGO (Reuters) – Robin Brewton, who advises clients on Social Security benefit strategies, has boosted retirees’ financial security with a single question: Are you divorced?

It is a little-known fact: If you’re divorced, it’s possible to claim Social Security spousal and survivor benefits from your ex. It is a strategy that can dramatically boost your benefits – and it will be important for more retirees in the years ahead.

May 9, 2013

Knowing Social Security rules can help divorced spouses

CHICAGO, May 9 (Reuters) – Robin Brewton, who advises
clients on Social Security benefit strategies, has boosted
retirees’ financial security with a single question: Are you
divorced?

It is a little-known fact: If you’re divorced, it’s possible
to claim Social Security spousal and survivor benefits from your
ex. It is a strategy that can dramatically boost your benefits -
and it will be important for more retirees in the years ahead.

May 7, 2013

Column: When aging provides a business opportunity

CHICAGO (Reuters) – Gary Bates was an airline pilot for 37 years, and in his last few years on the job, he noticed older travelers having trouble with the whole experience: the security lines, the delays and the increasingly expanding airports.

Those observations became the inspiration for Care-to-Go, a company he launched with his wife, Beth, in 2009, which provides a caregiver to make the trip with an elderly passenger or others who have special needs when they travel. The couple also launched a sister company that provides in-home care to seniors.

    • About Mark

      "Mark Miller is a journalist and author who writes about trends in retirement and aging. He has a special focus on how the baby boomer generation is revising its approach to careers, money and lifestyle after age 50. Mark is the author of The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work and Living (John Wiley & Sons/Bloomberg Press, 2010) and edits RetirementRevised.com. Mark is the former editor of Crain’s Chicago Business, and former Sunday editor of the Chicago Sun-Times. The opinions expressed here are his own."
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