Your Retirement | WYPR

Your Retirement

Thursdays at 3:04 P.M.

From WYPR 88.1 FM.  Anirban Basu reviews retirement news.

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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. 


Savings Behavior

Mar 23, 2017
Philip Brewer/flickr

People expect to live longer these days, and available evidence suggests that that has begun to impact their savings behavior. According to the National Center for Health Statistics, the American lifespan now averages nearly 79 years. As reported by CNBC, a recent analysis of data by Ascensus pulled from more than 4,000 employer-sponsored retirement plans points to a number of emerging trends. 

Anirban has more. 


Margaret/flickr

Perhaps lost among last year’s election cycle was the fact that there were some really strange dynamics at work in the U.S. labor market. Even as the population grew older, the participation rate, the measure of all adults who are working or looking for work – stabilized. As reported by Bloomberg, that bucked a long-lived downward trend and surprised many economists in the process. It turns out that the labor force participation rate stabilized in large measure because of people in their 60s.  

Anirban has more. 


Mr Ehater/flickr

According to new research conducted by the Census Bureau, fewer than one-third of Americans are saving money in the 401k and other workplace retirement accounts. This research is based on an analysis of tax records. This is shocking since nearly 80 percent of Americans work for an employer that offers retirement programs, whether a 401K or a 403B or something else. Only 32 percent of workers sign up for such accounts.  

Anirban has the rest of the story. 


ladycake711/flickr

When people work into their late-sixties or seventies, there may be a presumption that they are working because they have to.  This presumption exists for both men and women. Indeed, women have become significantly more likely to work into their sixties and even their seventies, often full-time – according to two new analyses of census, earnings and retirement data. As reported by The New York Times, many of these women are working because they enjoy it.  

Anirban has more of this story.


Elyce Feliz/flickr

Data seemingly indicate that many people are resigned to the notion that their retirement income will largely come from Social Security. For instance, a recent study by the non-partisan US Government Accountability Office or GAO indicates that as many as half of all households with Americans 55 years old or older have no retirement savings at all.

frankieleon/flickr

A piece published earlier this year by writer Dan Caplinger indicates what many of us know – the oldest members of the baby boom generation have now turned 70 and thousands reach standard retirement age each day. Rather than approaching retirement with enthusiasm, many boomers are simply terrified given the paucity of their savings and prospects of expensive needs registered during retirement. While boomers are likely to be more concerned about their retirement prospects than younger Americans, younger folks have reason to be concerned as well.

Philip Brewer/flickr

Recent data indicate that Baby Boomers are now retiring in droves. As reported by Bloomberg, the number of Americans aged 65 or older that aren’t in the labor force rose by 800,000 during the fourth quarter of 2016. The pace of retirement in America has been heading higher for more than five years. There are many implications stemming from this massive pace of retirement, including for the U.S. labor force participation rate, which continues to be suppressed by retirement and remains near a four-decade low.

Millennial Savers

Feb 3, 2017

A lot of us like to complain about Millennials, those young adults who are increasingly coming to dominate the labor market. Employers frequently complain about their elevated need for flexible time, their intense desire to work from home, and their questionable social skills and emotional intelligence. But the fact of the matter is that Millennials represent an enormously talented bunch and that many of us could learn much for them.

Retirement Savings

Jan 26, 2017
401(K) 2012/flickr

Saving for retirement requires sacrifices. People have to watch their spending now in order to generate the savings that will sustain them in the future. It’s hardly a secret that collectively Americans are still not saving enough. As reported by Bloomberg, the typical Baby Boomer, whose generation as now begun to retire in large numbers, has a median of $147,000 in all of his or her retirement accounts according to the Transamerica Center for Retirement Studies.

GotCredit/flickr

Most people rely upon Social Security to at least a certain extent to pay for their retirement expenses.  According to US News, 84 percent of people qualify for Social Security payments and an easy majority of retirees, 60 percent, receive at least half of their income from Social Security. According to the Social Security Administration, Social Security is the only major source of retirement income for a third of retirees.

401(K) 2012/flickr

A US News article identifies 10 major retirement blunders.  Here they are. 

#1 – not having a plan for your money once you retire. Many people prepare for retirement, and then don’t take steps to manage their cash flow during it.

#2 – forgetting about inflation while you are making your plans. 

#3 – failing to save enough money for retirement – ok, that one is obvious.

Charleston's TheDigitel/flickr

Many people approaching retirement or already retired are scrambling for income. With interest rates still often hovering around the rate of inflation, many older Americans are trapped between safer investments that yield little income and riskier investments that could generate higher returns but which could also ultimately undermine their savings.

Rob Bixby/flickr

Since 1998, the Transamerica Center for Retirement Studies has conducted a national survey of U.S. businesses and workers regarding their attitudes toward retirement. Key highlights from the most recent survey administration indicate just how unnerved many Americans remain regarding retirement prospects.  61 percent of workers indicate that they have not fully recovered from the Great Recession, including 7 percent who believe they may never recover.  40 percent of Baby Boomer workers expect a decrease in their standard of living when they retire.

One of the advantages that public sector workers have over many private sectors workers are defined benefit retirement plans. Unlike defined contribution retirement plans, which specify how much money will go into a retirement plan, defined benefit plans identify the specific benefit that will be payable to employees at retirement. 

Is 62 Right for You?

Dec 15, 2016
Joao Vicente/flickr

The age of 62 is becoming an increasingly popular age for retirement.  One of the reasons for this is obvious.  It’s the earliest age at which Social Security beneficiaries can begin collecting payments.  Most recipients leap at the opportunity to access those funds as soon as possible.  As indicated by writer Maurie Blackman, this helps explain why 62 also represents the median retirement age for Americans.  

Working Past 65

Oct 6, 2016
whaddayear/flickr

Núcleo Editorial

Aranami

Anirban on the decline in spending among baby boomers.

Men, Women and Money

Sep 8, 2016
I for Detail/flickr

Anirban on women's financial futures. 

Anirban on the popularity of cruises among people 60-years-old and up. 

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