Your Retirement | WYPR

Your Retirement

Thursdays at 3:04 P.M.

From WYPR 88.1 FM.  Anirban Basu reviews retirement news.

Many would agree that we are in the midst of a retirement crisis, with many households effectively having saved nothing for retirement and therefore enormously dependent upon a single source of income – Social Security.  But is it possible that one day in the distant future, America will not be in the midst of a retirement crisis because household savings patterns will have changed? 

In this segment, we often discuss the lack of preparedness for retirement suffered by many Americans. But with the economy improving recently and financial markets surging, there have been some positive developments and there is evidence of growing confidence among seniors...

October is an important month for America’s retirees. That’s not simply because there will soon be children banging on doors making outrageous demands for candy and threatening diabolical acts. It’s also because October is the month when Social Security trustees typically announce the annual cost of living adjustment to monthly checks.  

Working Seniors

Oct 19, 2017

Many of us worry that we will not have the financial capacity to actually retire. We are living longer, which is a good thing, but our lives are also more expensive and many of use to not have an extensive financial safety net.  Accordingly, record number of Americans older than 65 are working – now nearly 1 in 5 as indicated by The Washington Post.  

Unpaid Eldercare

Oct 13, 2017

For a growing share of older Americans, retirement may be approaching, but so too is a new job:  unpaid care for the elderly...

There is a notion there when people retire, their spending immediately plunges. After all, retirement implies a rapid transition to fixed income, including perhaps income from Social Security. But it doesn’t work like that. For many people, retirement appears to be a multi-year transition rather than representing a discrete point in time...  

Young Workers

Sep 28, 2017

As challenging as many older workers have found it to save money for retirement, the situation may be even worse for younger workers.  The rising cost of education represents a major challenge for Millennials trying to get a head start on saving for retirement.

Living on Less

Sep 21, 2017

Due in large measure to the inadequacy of retirement savings in America, data continue to indicate that many retirees are living on remarkably little income and sacrificing essentials to make ends meet.  

According to a recent analysis by Fidelity, a couple retiring this year will require an estimated $275,000 to cover healthcare costs during retirement...

Wage Gains

Sep 7, 2017

For months, economists have puzzled over low wage growth in the context of low unemployment.  The nation’s official rate of unemployment recently hit a 16 year low, but average hourly earnings are only up about two and a half percent over the past year, well short of the three and a half percent that typifies a solidly performing economy. 

What you should be doing to prepare for retirement depends largely on how old you are today. As indicated by writer Kerry Hannon, if you are in your twenties and thirties, you may want to read a book on personal finance if you haven’t done so yet. You also want to sketch out your monthly budget, including items like rent, groceries, and loan repayments.  

frankieleon/flickr

There are many articles on how to save for retirement, but less so on how to stretch your resources once retirement begins...


Pic Basement/flickr

Perhaps you’ve heard this before – you are going to need a million dollars to retire. Your initial response may be to ignore such counsel – after all, that number just seems a little too round to be right...


Many have read reports regarding how ill-prepared many Baby Boomers are for retirement. Last year, GoBankingRates published research involving more than 1500 adults over the age of 55. As indicated by writer Barbara Friedberg, approximately 30 percent of those respondents claimed to have no retirement savings...  

Many have read reports regarding how ill-prepared many Baby Boomers are for retirement. Last year, GoBankingRates published research involving more than 1500 adults over the age of 55. As indicated by writer Barbara Friedberg, approximately 30 percent of those respondents claimed to have no retirement savings...


When to Retire

Jul 20, 2017

Deciding when to retire is a question many will face at some point. It is not a simple matter. Many factors are at work. USNews supplies five initial items worth considering as one contemplates making the transition to retired status. The first is obvious – the income analysis. One needs to consider their potential retirement income sources, including Social Security...


Sans Savings

Jul 13, 2017

Over time, the volume of data indicating the inadequacy of savings grows. For instance, according to a recent GoBankingRates survey, 35 percent of all adults in American have only several hundred dollars in their savings account. 34 percent have zero savings and about half of U.S. families have no retirement account savings...

Is there a retirement crisis in America?  One is tempted to simply answer yes.  Our population is aging, Social Security’s trust funds will be depleted by twenty thirty four according to the most recent analysis, and the median households headed by someone aged fifty-five to sixty-four has just a bit more than one hundred thousand dollars in retirement savings.  Despite this, economists and others remain sharply divided with respect to the question of whether or not American is in the midst of a retirement crisis.  

Saving for retirement is arguably the most complicated financial endeavor we will undertake.  Not only does saving for retirement implicate theories of portfolio construction, but also our likely lifespans, our tolerance for risk, our shared economic future, and the likely trajectory of our own careers...

frankieleon/flickr

You may have heard people say that as many as half of all households with Americans 55 and older have no retirement savings at all. The source for this statement is none other than the U.S. Government Accountability Office or GAO.  

Anirban has more. 


Retirement Savings

Jun 15, 2017
frankieleon/flickr

The data regarding how few Americans are ready for retirement are simply staggering. According to a report from the Economic Policy Institute, nearly half of families have no retirement account savings at all.  The median retirement savings figure among all working age families in the United States is just $5,000.

Glenn Carstens-Peters/Unsplash

You may have noticed that the stock market has been on quite a tear recently. However, volatility may be on the way back. Recently, the Dow Jones Industrial Average plunged by more than 370 points, or by 1.8 percent during a single day due to political turmoil in Washington, D.C. But that was just one day and the stock market quickly recovered.

Anirban has more. 


elycefeliz/flickr

If you haven’t saved enough for retirement, here’s the good news.  You are not alone.  According to a report from the Employee Benefit Research Institute, almost one quarter of workers say that they and their spouse combined have less than one thousand dollars saved for retirement.  

Anirban has more. 


Glenn Carstens-Peters/Unsplash

Whether you are a retiree or simply related to one, one of the fears is that some bad actor will insinuate themselves into your lives and take unscrupulous financial advantage.  A number of states have laws on the books specific to the crime of theft from a vulnerable adult.  According to the National Conference on State Legislatures, which monitors these laws, this type of financial abuse remains an active topic in state capitals.  

frankieleon/flickr

Have you established your financial goal for retirement?  If you haven’t, you are hardly alone.  Only forty one percent of workers have even attempted to determine how much they will require in savings to retire comfortably.  Many of those who have tried to figure this out are just guessing, or so it would seem.  

Anirban has more on this story. 


elycefeliz/flickr

Anirban discusses what data shows about future generations of senior citizens' income. 


Creative Commons

NerdWallet publishes a question and answer column named 'Ask Brianna.' The column heavily targets younger people, meaning those in their twenties and thirties. Here is some of the advice flowing from that column to those who are beginning to save for retirement.

Listen for some tips. 


Philip Brewer/flickr

Here are some facts supplied by the Motley Fool that may help you to determine how well you are doing in terms of saving for retirement.  First, the average retirement savings for an American family is in the neighborhood of ninety six thousand dollars – this according to a report from the Economic Policy Institute.  However, for households close to retirement age, the average level of savings is in the range of one hundred and sixty four thousand dollars, and this statistic does not include assets that could potentially be sold like a home.

With more on the story, Anirban Basu.

ladycake711/flickr

Many people are frustrated by the idea of having to work longer than they would like. Our Golden Years are supposed to be about leisurely walks on the beach or 18 holes of golf, not about turning wrenches or entering data. Of course, many people are induced into working extra years for financial reasons. But there are other reasons to work, including personal fulfillment and your health.  

Anirban has more. 


Age Discrimination

Mar 30, 2017

Given the financial strains being placed on programs like Social Security and Medicare and slow labor force growth in recent years, policymakers have increasingly been focused on inducing people to work longer and retire later. Economic research published by the San Francisco Fed indicates that efforts to expand the ratio of older workers in the workforce are being frustrated by discrimination against older workers – older women in particular. 

Anirban has more. 


Pages