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.
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.
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.
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?”
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.
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.
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.
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.
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.
CHICAGO, Dec 19 (Reuters) – Let’s talk “chained CPI” – a
topic that sounds so wonky only a Washington policy nerd could
love it. And that’s probably what Washington politicians hope it
sounds like to you.
The chained CPI is the new way to measure inflation that
President Obama is proposing to set cost-of-living adjustments
(COLAs) for Social Security and other government benefits. So
far, it is his main concession to Republicans hungry for
entitlement cuts as part of a fiscal cliff deal. And chained CPI
proponents often describe it as a small, relatively painless
change — a technical fix aimed at making COLAs more accurate.