Remember the pension? Back in 1975, fully 88 percent of private sector workers covered in a workplace retirement plan had one. Now that number is closer to 30 percent. And unless you’re in the public sector, the only option for workplace retirement benefits is enrolling in your company’s 401(k)-type plan, which lays the responsibility for [...] [...more]
If you’re shopping for a commercial income annuity, consider this: you can get a much better deal from the Social Security Administration. Annuities can help boost retirees’ guaranteed income in retirement. But you can “buy” that same annuity at a much more attractive price from Social Security through a delayed filing for benefits, which leads [...] [...more]
News today that General Motors Co. will jettison nearly 25 percent of its U.S. pension obligation comes on the heels of a similar move by Ford Motor Co. GM plans to reduce its defined benefit pension obligations to white collar workers through a combination of lump-sum buyouts and by transferring management of other pensions to a division [...] [...more]
We’ve all seen the studies – one seems to land on my desk once or twice a week. “Americans are living longer.” “Fewer have defined benefit pensions.” “The value of Social Security is shrinking.” “Boomers don’t have enough money to retire comfortably.” “A retirement crisis is looming.” Just a couple recent data points: –Working American [...] [...more]
You’ve done a good job building your 401(k), and retirement is not far off. The question now: how to make sure that nest egg generates sufficient income to sustain you through a retirement that might last two or three decades. For years, retirement income has been something of a holy grail for retirement experts who [...] [...more]
