You may not be able to predict what the stock market will do to your savings, but that shouldn’t prevent you from being as ready as possible for the next phase of your life.
The state of many pension plans and a report released this week suggesting Social Security will pay out more than it receives in tax revenue should drive home the point: Your retirement is increasingly in your own hands.
This week’s roundup of news for people in or near retirement focuses on the importance of careful planning:
Do You Have Enough to Retire?
It’s the first question to ask in retirement planning: How much money will you need to save? But, as The Wall Street Journal reports, more than half of workers haven’t even bothered to do the math. This story shows you how to come up with a target number in a few simple steps.
Assemble a Paper Trail, and Make Sure Your Heirs Can Follow It
Preparing a will and other end-of-life documents is a morbid but necessary task. The New York Times explains why a will is important, even for those who won’t be leaving much behind. The story also offers advice on designating a health care proxy and other ways to make sure your loved ones know how best to respect your wishes.
Gay and Lesbian Adults More Likely to Age Alone
A recent survey found that fewer gay and lesbian adults ages 45 to 64 were in a relationship than their straight peers. Walletpop reports on how this difference leads to different perspectives on retirement planning and aging between the two groups. In some ways, gay and lesbian Baby Boomers are likely to be more prepared for their retirement years than their straight counterparts – but in other ways, they’ve fallen behind.
Pennsylvania Pensions: From Surplus to a Deep Hole
Many individuals are unprepared for retirement – but so are some states. Pennsylvania, for example, has made promises it may not be able to keep. The state’s public pension plans are woefully underfunded, and the market crash in 2008 has only made the problem worse. NPR looks at how the state got into this predicament and what the options are for getting out of it.
From the Age of Labor to the Labor of Age
For many European nations, state pension obligations plus with an aging population add up to a serious challenge. Many countries will struggle to generate economic growth as their populations age – but employers may push back against governments’ efforts to keep people working longer. Reuters reports on the problems that surround Europe’s aging work force.
Similar Posts:
- Getting Ready for April 15 and Beyond
- For Auto Makers, ‘Safety’ Is Buzzword for 2011
- Is a Roth Conversion Right for You?
- Shopping Tips for Tough Times
- What to Do About That Swiss Bank Account
