retirement

Jay Hanselman / WVXU

Cincinnati officials are proposing an early retirement program to help balance the city budget for the new fiscal year starting July 1.

Everyone retires someday.

It's a fact of life — one that folks usually come to terms with in their mid- to late 60s. Unless, of course, you're running for president. Or Clint Eastwood.

There's one man, though, who makes a whippersnapper like Eastwood look like a novice: Bob Vollmer, who, at 102 years old, is only now considering putting his feet up after nearly six decades at Indiana's Department of Natural Resources.

A new study found that Kentucky is the worst state in the nation to retire. The study by the personal finance website WalletHub is based on factors including affordability, health care, and overall quality of life. 

The survey also ranked states on whether they have an elder-friendly labor market, because many older adults continue to work at least part-time to make ends meet.   

Kentucky’s rank of 48 in health care, and 46 in quality of life, helped drag it to the bottom of the list.


Pixabay.com

Only 55% of adults participate in a workplace retirement plan, according to the U.S. Bureau of Labor Statistics. New legislation passed in 2019 aims to change those numbers.

Ohio’s largest public pension fund is asking state lawmakers to allow it to cut a future benefit increase for more than 200,000 retirees.  And more changes could be coming.

Marty Brennaman
John Minchillo / AP

All good things must come to an end, and that includes the career of Marty Brennaman as the Reds' broadcaster.

retirement
Pixabay

According to a report from the Federal Reserve, education debt held by U.S. households went up more than six times from 2001 to 2016. And many parents are either going into debt or not putting money into their retirement savings in order to help their children pay for college.

Meeting The Needs Of An Aging Population

Mar 7, 2018
Alex Promos/ Wikimedia Commons

According to data released by the U.S. Census Bureau, the number of people in the United States age 65 and over increased from 35 million in 2000 to 49.2 million in 2016. By the year 2050, people over the age of 60 are expected to account for 25-percent or more of the U.S. population.

paullangdon.com

 

With more workers delaying retirement, today's companies are faced with the challenge of managing employees from multiple generations, from Baby Boomers to members of Generation Z, each with its own set of worldviews, experiences and expectations.

wikipedia.org

"Don't put all of your eggs in one basket." Sound advice for anyone with an investment portfolio, including a retirement account. Financial experts recommend diversifying the types of assets you hold and the companies and industries you invest in to minimize risk.

Improving Your Knowledge Of Social Security

May 17, 2016
Social Security Administration

Social Security plays a big role in the retirement plans of millions of Americans, yet many people don't have the faintest idea of how it works. A recent survey by Mass Mutual showed what the insurance company called a "concerning knowledge deficiency about Social Security retirement benefits." The survey included a 10-question true/false quiz about this key source of retirement income that only 28 percent of the respondents were able to pass.

Provided

When it comes to retirement, the picture for many Americans is a bleak one. In today's do-it-yourself world of the 401k plan, most have less than $30,000 saved. A third have nothing at all.

www.gpk.com.au

Are you confident you will have enough money saved to live comfortably throughout your retirement years? Recent surveys show most American workers would answer “no.” More disheartening, most workers have no real idea of how much money they would need by the time they retire.

Those who have paid into the Social Security system during their working years have several decisions to make about their retirement. An individual can begin collecting benefits as early as age 62 or as late as age 70, but when you start collecting benefits will affect the amount of money you get. And there are other things to take into consideration, including spousal benefits, that could dramatically change the total amount you receive in benefits.

According to the 2012 census report, a record 36% of all millennial-aged adults lived with their parents. Due to the economic downturn, slow job market, and high college loan debt, adult children are staying at home longer or returning to live with their parents. 

According to new data from Fidelity Investments, the average 401(k) balance hit a record high of $91,300 at the end of last year. Yet roughly one-third of all U.S. families have no money set aside for retirement, Federal Reserve data shows. This includes 19 percent of people aged 55 to 64. Joining us to provide information on 401(k)s and other retirement accounts are financial advisor Chris DeSimio, and from Madison Wealth Management, Managing Principal and Portfolio Manager Ed Kuresman and Principal and Senior Wealth Advisor Joseph Hack.

  Last week, U.S. stocks had their worst one-day drop since February as traders worried about weak corporate earnings and the looming end of economic stimulus from the Federal Reserve. In mid-July, the Dow Jones was over 17,000; by last Friday it had dropped to just under 16,500. We look at the recent volatility in the stock markets, how it affects the average investor, and what those who see their retirement accounts losing value should do.

A Cincinnati Council member said he had a plan to put the city's retirement system on a path of solvency.  Christopher Smitherman introduced his motion Tuesday during a council committee meeting.

One of his proposals is to end the three percent compound cost-of-living adjustments given to most retirees each year.  Smitherman would change that to a simple COLA tied to the consumer price index and not exceeding two percent per year.  Those adjustments would also be suspended for three years if his plan is approved.

Retirement Investing

Nov 6, 2013

  Financial experts recommend you start saving for retirement as soon as you can afford it, ideally with your first paycheck. But few do, and many of us are into our fifties before we realize we need to get serious about saving and investing for what we hope will be our golden years. Foster and Motley Financial Planner David Foster and local Financial Advisor Christ DeSimio shed some light on investing for your retirement.

Jay Hanselman / WVXU

Cincinnati voters will decide in November if they want to amend the charter to make changes to the city's troubled pension system.  Those could include finding a way to fully fund the current plan in ten years and requiring new employees to be in 401K style plans similar to those offered by many private employers.  

Pages