CHICAGO, Oct 23 (Reuters) – When the Internal Revenue
Service talks, Americans generally listen. But many will ignore
the message the agency sent last week: You can save more in your
tax-qualified retirement accounts next year.
The IRS announced a $500 cost-of-living increase for the
maximum tax-qualified contributions for 2013: $17,500 for 401(k)
accounts and $5,500 for IRAs.
CHICAGO (Reuters) – Is Social Security a good deal? Many Americans worry that they will put more money into the system via payroll taxes during their working years than they will ever get back in benefits – and their concerns help fuel the ongoing push by Republicans to transform Social Security into a privatized system of personal accounts.
Mitt Romney has supported privatization in the past (see his book, “No Apology”), and running mate Paul Ryan argued for it as recently as last week’s vice presidential debate: “Let younger Americans have a voluntary choice of making their money work faster for them within the Social Security system.”
By Mark Miller
CHICAGO, Oct 16(Reuters) – Seniors are wasting hundreds of
dollars annually on Medicare Part D prescription drug insurance
coverage they don’t need.
That’s the key finding of a new study by health policy
researchers at the University of Pittsburgh, who studied actual
Part D enrollee data for 2009. The researchers compared total
spending by Part D enrollees – defined as premiums plus
out-of-pocket spending – with the least expensive insurance
option that would have met their needs.
CHICAGO (Reuters) – Last October seniors got some really good news about their Social Security cost-of-living adjustment. This October? Not so much.
This year seniors have benefited from the robust 3.6 percent 2012 Social Security cost-of-living adjustment (COLA). Adding to the good news, they learned Medicare premiums wouldn’t take much of a nick out of their inflation raise.
CHICAGO, Oct 11 (Reuters) – Last October seniors got some
really good news about their Social Security cost-of-living
adjustment. This October? Not so much.
This year seniors have benefited from the robust 3.6 percent
2012 Social Security cost-of-living adjustment (COLA). Adding to
the good news, they learned Medicare premiums wouldn’t take much
of a nick out of their inflation raise.
CHICAGO (Reuters) – Numerous surveys show that U.S. workers are deeply pessimistic about their ability to save enough for a secure retirement. But it turns out their bosses are pretty worried, too.
Only 14 percent of employees say they are confident they’ll have enough money to retire, according to the Employee Benefit Research Institute.
CHICAGO (Reuters) – Premiums for many popular Medicare prescription drug plans will soar next year – but seniors don’t have to take the rate hikes lying down.
The annual plan enrollment period for Medicare Part D starts October 15 and runs through December 7, so seniors have time to shop around. Seven of the top 10 plans will have double-digit percentage increases next year, according to Avalere Health, a healthcare consulting and research company. More than 80 percent of Part D beneficiaries are in these plans; Avalere data shows that 5.9 million will pay double-digit increases next year if they don’t switch. That’s a whopping 29 percent of all Part D enrollees.
CHICAGO, Sept 14 (Reuters) – Is California about to set the
country’s retirement saving system on its ear?
The state has often set trends for the country in areas
ranging from the environment to food and popular culture. Now,
California is moving toward launching an innovative new approach
to retirement saving that addresses two key problems facing
Americans: the lack of workplace pension programs among small
businesses and the structural shortcomings of 401(k) plans.
CHICAGO, Sept 12 (Reuters) – Possible changes to Medicare
and Social Security have become the top political concern for
older U.S. voters this year – and not just because of the
effect on their own pocketbooks.
This is national Grandparents Week, a good time to ask how
the presidential candidates’ reform plans would affect not just
today’s older people but also their children and grandchildren.
CHICAGO, Sept 6 (Reuters) – Here’s the $64,000 question on
the Republican plan to voucherize Medicare: Can consumer choice
and market competition drive down Medicare costs?
The Romney-Ryan presidential campaign ticket thinks so. If
they are right, seniors might not have to pony up thousands of
additional dollars per year for the cost of Medicare beyond the
voucher’s value. If wrong, there will be a massive cost shift to
seniors to make up for the market’s failure.