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Retirement Roundup: Retirement focus greater for married versus singles

retirement focus

A digest of timely information and insight about finance, investing, and retirement.

Retirement
focus greater for married versus singles
| PlanSponsor
Those married or partnered are more
likely to have a positive outlook on their finances, consider themselves
planners and savers and have a focus on saving for retirement, while those who
are single are prioritizing affording everyday bills and paying down student
debt, the Society of
Actuaries
(SOA) has found. These differences are even
more dramatic for older generations, including their financial outlook and
planning horizons. There are wide gaps between married or partnered individuals
and those who are single in how they address their financial priorities and
their relationship with debt. These findings are potentially troublesome, given
that these older generations are generally approaching or in retirement, the
SOA says.

A
retirement crisis in the US? Maybe not.
| CNBC
Most stories about Americans and
retirement contain words like “crisis,”
poverty,”
and “horror.”
Not this one. While many people are still not saving enough for their golden
years, many of them are getting better at doing so — and hopeful signs abound.
Today, American households headed by individuals between the ages of 35 and 64
are running $3.83 trillion short of the amount they need to safely carry them
through their post-working life, according to new data by the Employee Benefit Research Institute. However, the last time EBRI ran the numbers, in 2014,
those families were $4.44 trillion behind. “That’s significantly lower than it
was,” said Jack VanDerhei, research director at the Institute.

It
just became easier for employers to dump retirees’ pensions
| CNN
Traditional pensions are disappearing in America, and the federal
government just made it easier for employers to get rid of them. With no fanfare
in early March, the Treasury Department issued a notice that allows employers to buy out current retirees from
their pensions with a one-time lump sum payment. The decision reversesObama-era guidance, issued in
2015, that had effectively banned the practice after officials determined that
lump-sum payments often shortchanged seniors. Now, advocates for the elderly
worry that millions of people receiving monthly pension checks could be at
risk.

The
top financial concern in retirement centers on health care
|
USA Today
Though retirement is an exciting milestone to look forward to, the idea
of it can be nerve-wracking. After all, there are a host of financial unknowns
associated with retirement, and living on a fixed income leaves many seniors struggling
to make ends meet. It’s therefore encouraging to learn that 84 percent of
seniors today think their retirement has been as good as expected, if not
better, according to T.
Rowe Price
. But
retirees still harbor financial concerns. Many seniors have money-related
worries on the brain, but according to T. Rowe Price, they all center on one
key thing: health care.

An
active, full retirement depends on proactive, long-term planning
|
Kiplinger
People are living longer, but how many are
living well in retirement? When it comes to a retirement that’s both enjoyable
and financially secure, so much depends on how well people planned financially,
and whether their income strategy was designed for the long road and the bumps
that may occur as they travel along it. Too often, it’s not. That’s why, when
preparing for retirement, it’s important to be proactive and get as far ahead
of the curve as possible so variables like a fickle market and life events
don’t disrupt and undermine your financial security. Rather than wait for
something negative to happen and reacting to it, there are ways to build a plan
that can help weather storms and sustain you for a long and enjoyable
retirement.

Comments

  1. Gary Wiley says:

    I feel cheated that I worked and have full time in to receive Social Security, and
    I only receive a small portion of my money that I paid in. Would it work for me to leave Colorado to get my money. I don’t want to hear your remarks on double dipping. If their were more PERA retirement people who paid into S.S. I might have a better chance of winning this law!

  2. Christine says:

    I believe I am cheated on social security as well. I worked and paid in and will have my benefits cut because I will receive a pension from the State – that pension is for 15 years only and not enough for a single to live on. Having a my full social security which is not much $1200 which will be cut to $600 will make a huge difference in living in poverty or getting by better and affording real health care.

  3. Colorado PERA says:

    Christine and Gary,

    Please contact your representatives in Congress and let them know how the WEP impacts you. The most recent WEP legislation in Congress is H.R. 141. Please see this PERA on the Issues post: https://www.peraontheissues.com/index.php/2019/02/06/new-wep-gpo-repeal-bill-needs-broader-support-to-become-law/

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