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Feb 14, 2013

Long-term care policies will soon cost more for women

CHICAGO, Feb 14 (Reuters) – The gender gap is about to get a
little wider as the formerly egalitarian long-term care
insurance market starts charging higher prices for women.

While life insurance has long been priced by sex, companies
that provide long-term care insurance (LTCI), mainly used to
cover healthcare expenses in old age or for severe illness, have
long avoided it. But for the first time this year, they will
introduce gender-based pricing, starting with policies from
Genworth Financial Inc, the nation’s largest seller.

Feb 7, 2013

Older women staying on the job to make up lost time

CHICAGO, Feb 7 (Reuters) – Susan Damour flunked retirement.
She tried it at age 64 in 2008 along with her husband, Tim, who
was 68. That lasted a year.

Overseas travel, cooking and knitting baby sweaters for the
grandchildren weren’t enough to satisfy her. Tim, a retired
attorney, was happy, but she hated it.

Feb 7, 2013

Don’t miss Uncle Sam’s credit on retirement saving

CHICAGO (Reuters) – If your household income last year was $57,500 or less, you could be leaving money on the table this tax season.

Uncle Sam offers a tax credit that can be worth up to half of what you contribute to a traditional individual retirement account (IRA), Roth or workplace retirement plan. The Retirement Savings Contribution Credit – a.k.a the Saver’s Credit – is only available to taxpayers with moderate or low income.

Feb 5, 2013

Seven ways boomers are rewriting the rules of retirement

CHICAGO, Feb 5 (Reuters) – The baby boom generation has
broken the mold at every stage of life, and it looks like old
age won’t be any different.

Boomers aren’t heading quietly into retirement. They’re
launching businesses, embracing digital technology and living
abroad in greater numbers than ever before. But in other ways
they are struggling more than the previous generation.

Jan 31, 2013

Americans are willing to pay more for Social Security

CHICAGO (Reuters) – Suppose a pollster asks you this question about Social Security reform:

“Social Security will only be able to pay 75 percent of benefits after 2033 if Congress fails to act. That can be fixed by cutting benefits or by increasing taxes. Which do you favor?”

Jan 24, 2013

Pros and cons of converting to a Roth 401(k)

CHICAGO (Reuters) – It was a small but important line item in the recent “fiscal cliff” deal. As part of the American Taxpayer Relief Act of 2012, Congress made it possible for all retirement savers to convert their 401(k) accounts to a Roth 401(k) without moving money out of the workplace plan.

The law permits all retirement savers to convert existing 401(k) retirement plan assets to a Roth 401(k), so long as their plan offers Roth options and adds the conversion feature. Previously, conversions could be done only by savers who also were eligible to take a distribution from the plan — in most cases, people age 59½ or older.

Jan 15, 2013

How to get your retirement plan back on track

CHICAGO (Reuters) – Unemployment can throw a wrench into even the best retirement plan — especially for older workers in their peak earning and retirement saving years.

Now that the employment picture finally is starting to improve, older workers who have been through the wringer of joblessness face the task of getting those plans back on track.

Jan 10, 2013

End of the government check era approaches

CHICAGO, Jan 10 (Reuters) – A procrastinators’ alert: anyone
who gets a benefit check from the federal government has less
than two months to go paperless.

March 1 is the deadline for nearly everyone who receives
Social Security, Supplemental Security Income (SSI) or veterans’
benefits to switch to the government’s new electronic payment
system. The Go Direct program – launched in 2005 – has already
converted 93 percent of all benefit payments; new recipients
have been all paperless since 2011.

Jan 8, 2013

Not quite ready to retire? How to get an “encore career”

CHICAGO (Reuters) – Tough economic times and intractable unemployment have made career reinvention a necessity instead of a virtue for many older Americans. But sometimes finding a new career after middle age is about more than just bringing in a paycheck.

The so-called “encore career” is continuing to gain ground among millions of baby boomers. The idea is to create a new career out of a passion — and a desire to make a positive social contribution. Salaries are sometimes smaller, but there is a great sense of purpose.

Jan 2, 2013

Cliff deal offers hope of solution on long-term care

CHICAGO, Jan 2 (Reuters) – There’s a lot of complaining
about the fiscal cliff deal, but there is one notable bright
spot: Congress agreed to take a hard look at long-term care.

With the repeal of the Community Living Assistance Services
and Supports Act (CLASS Act), a feature of Obamacare that
attempted to create a mass “public option” for long-term care
insurance, comes a commission tasked with developing a new
workable solution to one of our most serious retirement security
problems facing the nation.

    • 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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