| Do we really have a retirement crisis?
by Steve Vernon, FSA
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"Have we got a crisis, or merely a series of hard problems?" This question was posed at a recent panel discussion at the American Enterprise Institute during a discussion of retirement readiness in the U.S. This post reviews studies that conclude the retirement crisis in America is overstated.
On the other hand, the no-nonsense title of a recent report from the U.S. Government Accountability Office expresses an opposing view: "Most households approaching retirement have low savings." Read here for details on this study.
What's most important is not whether there is a nationwide retirement crisis, but whether you are prepared and taking steps to be financially secure in your later years. Please keep reading for this issue's helpful articles and stories. |
5 things you must know about Social Security
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Put to the test, many people would flunk a simple quiz on Social Security benefits. If you think this might describe you, your ignorance could significantly hurt you because for most people, Social Security income is the bedrock of their financial security in retirement. This post covers five of the most important aspects of Social Security to help you realize the most from this valuable benefit. It also links to the simple quiz if you want to test your knowledge about Social Security.
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Should retirees invest more in stocks, or less?
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A recent report from the American Institute for Economic Research makes the case that as retirees age, they should increase the portion of retirement savings they have invested in stocks to as much as 70 percent. This post summarizes the results of this report and other studies on the subject, and shares an investing strategy that can help you sleep at night in your retirement years.
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How to plan retirement as a couple
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Money is a notorious source of friction among couples, and the battleground often extends to planning for retirement, new research shows. This post provides tips to help couples of all ages prepare for retirement.
And your planning should start early: Recently married couples can jump right in upon returning from their honeymoon. A good task for their to-do list is to plan their finances together. Read here for financial tips that married couples shared for newlyweds.
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Finding a financial advisor who puts your first
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The U.S. Department of Labor recently proposed regulations that would require advisors to act as fiduciaries, putting their clients' financial interests above their own when making recommendations about how to invest the funds in your 401(k) and IRA and deploy them in retirement. It's still in doubt whether these rules will be finalized, but in the meantime, you can read this post to learn how you can best shop for a financial advisor.
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Why scam artists love the elderly
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Hunger. Desire. Fear. Pain. Scam artists often succeed by pushing the same emotional buttons that advertisers use to persuade people to buy legitimate goods and services. As a result, consumers may find it hard to distinguish scam artists from anybody else they encounter in the legal economy. These subjects and more were discussed at a recent gathering at the Stanford Center on Longevity. Read here to learn how to protect yourself and your friends and family from fraudsters.
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Why it pays to set up a "my Social Security" account
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Do you know how much you might eventually receive from Social Security? If the answer is no, you could benefit by setting up a "my Social Security" account with the Social Security Administration, which is promoting the accounts as part of an ongoing effort to educate the public about these valuable benefits. Read here for details.
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Aging America: 7 things you didn't know
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The unprecedented number of people living to an advanced age is one of the most profound social and economic changes of our time, with the potential to significantly alter the way Americans live, work, and play. Some experts liken the impact of this revolution in longevity to the profound ongoing shifts in technology and climate change. This post explores seven key facts about the implications of our aging society.
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How do you define retirement?
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Everyone knows what retirement means, right? Actually, not everyone's in agreement on this. According to the 16th Annual Transamerica Retirement Survey, it turns out people define the term "retirement" differently. In prior generations, when someone told you they were retired or planned to retire soon, it meant they weren't or wouldn't be working at all. But that's no longer the case. Read here to learn how differently people define retirement and what that means for you. |
Will retirement make you happier?
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"We find strong evidence that retirement improves both health and life satisfaction." This provocative line came from the summary of a recent National Bureau of Economic Research working paper produced by researchers at George Mason University and Utah State University. If you're of retirement age and on the fence about pulling the trigger on your retirement application, digging into this topic a little deeper is a good use of your time. You'll want to consider your unique life goals and circumstances, and not be influenced too much by studies that report averages over a broad population. Read here for more insights on happiness, health, and retirement.
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Thanks for your interest, and stay tuned for future newsletters that explore how to best live the rest of your life. Best regards,
Steve Vernon
Rest-of-Life Communications
P.S. If you think this newsletter will help a friend, please pass it along.
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