The nation is rapidly approaching “peak 65” as younger baby boomers turn 65 this year, initiating the biggest wave of retirements in U.S. history. Yet most of those Americans are financially unprepared to stop working, and many risk living in poverty, according to a new analysis. The retirements of the youngest boomers — those born […]
Tag: retirement
Retirement in U.S. means working into your 70’s
Retirement in America increasingly means working into old age, with most seniors unable to support themselves on Social Security and savings alone, according to noted retirement expert Teresa Ghilarducci. The reason: The nation’s retirement system has left behind the bottom 90% of workers, Ghilarducci told CBS MoneyWatch in discussing her new book, “Work, Retire, Repeat: […]
Older workers near retirement with no savings
A growing number of Americans face the prospect of retiring without a penny in savings. Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement in 2019, compared with 1 in 5 in 2007 prior to the Great Recession, according to a recent analysis […]
Millions are nearing retirement with no savings
If you ask Americans how much they’ll need for a comfortable retirement, they’ll throw out a big number: $1.25 million, to be exact. But in reality, most workers are far from reaching that goal — and there’s a significant chunk of older people who are nearing their golden years without a penny in retirement savings. […]
If Social Security goes broke in 2033, What then?
For the past two and a half months, millions of people in France have taken to the streets to protest against Emmanuel Macron’s push to raise the retirement age in the country from 62 to 64. The French president said the unpopular reform is necessary to balance the country’s pension system over the coming years, […]
The uproar over Dianne Feinstein is getting ugly
Longstanding questions about Sen. Dianne Feinstein’s age and whether she’s able to continue serving effectively in the Senate exploded this week after multiple news stories documented how her extended absence is holding up judicial nominations in the Senate. Feinstein, who is 89, is presently on leave from the Senate due to a case of shingles. […]
Biden’s 1st Presidential Veto to protect ESG
President Biden sparked outrage after issuing the first veto of his presidency Monday to thwart a bipartisan anti-ESG bill. The bipartisan bill sought to strike down a new Labor Department rule encouraging retirement fiduciaries to consider environmental, social and corporate governance (ESG) issues in their investments. Sen. Joe Manchin, D-W. Va., blasted Biden for the […]
Is your IRA tanking on account of ESG rules?
More than 100 conservative leaders and groups organized by former Vice President Mike Pence’s political advocacy group are backing a new resolution from Sen. Mike Braun, R-Ind., and Rep. Andy Barr, R-Ky., that would block a move by the Biden administration to promote a “woke capital agenda.” Last week, every Republican senator and West Virginia […]
‘Retirement’ is being retired
Picture retirement in your head. It’s a laughing, grey-haired couple sipping piña coladas on a white sand beach; perhaps they’re getting some liquid courage for their sky dive later. Not a care in the world, their only responsibility is getting their grandchildren good gifts for their birthdays. It’s a beautiful fantasy – and for many […]
Social Security Needs To Be Fixed Not Left Alone
Despite proposing major spending cuts to most domestic agencies, President Trump’s “skinny budget” spares the Social Security Administration. Thankfully, the president is living up to his campaign pledge to protect the program that serves 61 million Americans. Yet, without any action by Congress to reform the system, benefits will be cut anyway, by at least […]
2 Easy Fixes For A Common Social Security Problem
Feel like you need to take a mulligan on your Social Security strategy? More than one-third of retirees decide to claim their benefits as soon as they can, at age 62. Retirees may have good reason to be worried. The program’s trust fund is projected to run out of money in 2030, meaning there won’t […]
Should You Take Social Security At 62?
American workers who are eligible for benefits can claim Social Security as early as age 62, although full retirement age isn’t until at least 66. The most common age at which people file for their Social Security retirement benefit — you guessed it — 62. It’s easy to see why many people want that money […]