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Secure Choice – Illinois state-sponsored retirement program
Illinois is the second state in the U.S. to enact a program that will automatically deduct money from paychecks of about 1.2 million Illinois residents for retirement savings. By November of 2019, all companies with 25 or more workers must…
If you are in your 50’s, its crunch time for saving for retirement
If you are in your 50’s and you set a retirement savings target but have been neglecting it, you need to dust it off for a careful review. According to National Association of Personal Financial Advisors, you should be looking…
Be aware of these three ways you could reduce your Social Security benefit
The vital source of financial security in retirement for millions of Americans is Social Security; however, without knowing it Americans could lose some of their benefits. In the attached article by Matthew Frankel, he reviews three important benefit-reducing things Americans should…
One financial writer says age 64 may make most sense to start benefits
The Social Security Administration explains that, “If you live to the average life expectancy for someone your age, you will receive about the same amount in lifetime benefits no matter whether you choose to start receiving benefits at age 62,…
Just where does retirement income come from?
Social Security is the biggest source of income for retired Americans with the average monthly benefit per retired worker (not household) at just under $17,000 a year, or $1,412 per month. Social Security and income from private and government pensions provide about 50% of the…
Seniors stand to benefit with legislation moving through a key House committee
The House Ways and Means Committee is the origin in Congress of all bills related to taxes. In addition bills that touch Social Security and Medicare begin with hearings here. This past week, the Committee approved a package of 11…
Couples need better communication on Social Security & retirement
A Fidelity couples retirement study finds a stunning failure of communication between spouses when it comes to retirement. Despite the fact that anyone can fund out his or her future benefits on Social Security’s website, 60 percent of couples and 49 percent of…
Social Security Reserves Being Depleted. Action needed now.
Sean Williams notes that in 2034, Social Security’s trust funds are projected to be exhausted. But that is all the more reason Congress and the president should address the looming shortfall sooner rather than later. Failure to act will mean…
Five Social Security Myths Debunked
To younger workers, it has become almost urban legend to say things like, “I’ll never get a dime from Social Security. It’ll be broke by then.” But that is patently false. In this easy to understand and important three minute…
Women & Social Security: A Closer Look at Gender and Retirement
Marguerita Cheng looks at the issue of women and Social Security in this FORBES article. Because of child rearing, women often spend fewer years in the workforce. Similarly more work part-time as compared to men. Even women who do work full-time (35+ hours…