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Your Retirement

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From WYPR 88.1 FM.  Anirban Basu reviews retirement news.

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

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