Saving for the future is becoming tougher but does that mean we will all be working past 65? Financial advisor Adam Sherman, CEO of Firstrust Financial Resources, takes a look into the future.
A lower ticket price at the movies isn’t the only financial perk of getting older. With baby boomers not showing any signs of slowing down, those turning 62 will be glad to know the milestone comes with significant discounts. To induct the latest wave of boomers into the seniors club in 2011, here are some [...]
One year after the collapse of Lehman Bros., the average stock mutual fund is virtually unchanged. The question now: How to rebuild your retirement plan and recover from the bear market that began nearly two years ago. The average stock fund has fallen 28% since the stock market’s peak on Oct. 9, 2007. What should [...]
Record job losses and an increase in early retirement claims from laid-off seniors will cause Social Security to hand out more benefits than it collects in taxes over the next two years- for the first time since the 1980s. The rise in fillings will not affect payments to retirees because Social Security has accumulated surpluses [...]
Congress is starting to consider ways to send some extra money to the 50 million Social Security recipients who otherwise won’t be getting a raise next year. It’s the the first time since the automatic cost-of-living adjustments were added to benefits in 1975, that seniors will not see their benefits increase. Legislation is in the [...]
In an effort to reinforce the importance of saving, President Obama announced changes that the IRS will make to encourage workers to save more of their paychecks. Here’s a look at the proposals: -Workers will have the option of receiving their federal tax refund in the form of a savings bond. -Workers leaving their job [...]
Food and gas have become more affordable in the recession- good for our wallets, but not for our 401(k) plans. 2010 could mark the first year ever, that the IRS reduces contribution limits to workers’ 401(k) plans. The limits are based on a formula tied to inflation rate changes, so unless inflation picks up in [...]
The baby boomers are retiring in big numbers and more of us in the sandwich generation will have to step-up and help our aging parents. It is estimated that 5 million senior citizens a year are targets of financial scams. Why, because that is where the money is. Baby boomers are retiring with large pension [...]
This year, there was a 70% increase of unemployed workers ages 55 and older, and it’s becoming harder for seniors to live on Social Security alone considering 35% of workers have no retirement savings. A federally funded program called Experience Works, has been around since 1965, but now their business is busier than ever. It [...]
Allentown’s Mayor is offering the city’s eligible nonunion employees age 55 and older, cash incentives to retire to help avoid an estimated $9 million deficit this year. The package includes $10,000 in severance pay and double the cash for unused sick days. In addition, the Mayor has agreed to reduce each retiree’s monthly contribution to [...]
Spending money wisely, from home repair to shopping
