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Social Security’s finances are okay now, but the future is different
If you were to look only at Social Security’s financial status as of today, you would think the program was in very good health. As of the end of last year, the program brought in over $44 billion more than…
“And the survey says….” workers are concerned about Social Security
Not surprisingly, according to a recent survey by the Transamerica Center for Retirement Studies, younger workers are more concerned than their older counterparts about Social Security being there for them. Fully 80% of today’s millennials and 83% of Gen-X’ers worry…
How to Reform Social Security
There’s plenty of news these days about Social Security’s looming financial crisis, namely that the Trust Fund will be depleted in 2034, at which time benefits may be cut by about 21%. Alarming news, for sure, but nevertheless news which…
Retirement saving and planning is a lifetime thing
Except for the public sector (police, firemen, teachers & elected officials), the old “defined benefit plan” for retirement has largely disappeared. That means that for those working in the private sector the responsibility for securing retirement has shifted dramatically from…
Myths vs. Reality on how to fix Social Security
This is quite an eventful year for Social Security – for the first time in nearly 4 decades the program will pay out more in benefits than it receives in revenue. Surely not an event to celebrate because that means…
Could Social Security’s financial issues just disappear?
When it comes to Social Security’s future, are you an optimist, a pessimist or a realist? Whenever you read about Social Security’s looming “bankruptcy” or fears about it “going broke”, the subject of the annual Trustee’s Report usually comes up to…
The dangers of student debt in retirement
A growing number of seniors are entering retirement loaded with debt and it’s not necessarily the kind of debt you imagined: student loan debt. According to the Consumer Financial Protection Bureau (CFPB), the number of older borrowers with student debt…
Making these mistakes could cost you a lot of money when you need it the most
The three money mistakes some younger baby boomers are making now could cost them a lot of money when they need it the most. Baby boomers are on the track to live longer than any generation before them, which means…
Are your fund fees eating into your retirement savings?
When it comes to saving for retirement, most of us focus on the returns yet many of us have no idea how much the fees we are paying are eating into those earnings. The good news is that fund fees…
How to start to save for retirement in your 50s
According to a study form the Insured Retirement Institute, 46 percent of baby boomers don’t have anything stashed away for retirement. If you are in your 50s and are just now starting to save, it’s going to be tough road…