CBO: Social Security Shortfall Comes Five Years Early

Social Security will will run deficits beginning this year, five years sooner than expected and will run in the red until its trust funds are drained by about 2037 according to a report from the Congressional Budget Office. This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors’ benefits than […]

Americans understand the need for LTC, just not how to pay for it

A recent study reveals that many Americans acknowledge their potential need for long-term care, but do not understand their options to afford such care. Many consumers who had overseen the long-term care of a loved one recognize the impact and financial strain long-term care can cause their family, and 36 percent of survey respondents with […]

Fast Company: Designing for the Retirement Boom

Fast Company Magazine’s latest issue has an interesting section about companies designing for the retirement boom. “As 77 million baby boomers near retirement, companies across all industries are building products to suit the generation’s changing needs,” writes Fast Company. The magazine interviews a range of companies including GE, Boeing, Phillips Home Healthcare, MIT’s AgeLab, and […]

The Changing Landscape of Retirement Products

MarketWatch takes an interesting look at how companies that are providing products to mitigate retirement risks and generate income for older Americans are leaving the business or raising rates. For example, MetLife announced last year that it was leaving the long term care business and Genworth said it will stop selling variable annuities earlier this […]

Number of people at risk of running short on money in retirement increases

The housing and financial crisis pushed between 4 percent and 14 percent of Americans who otherwise would have had adequate income to cover basic expenses in retirement into becoming “at risk” of running short, according to a new report by the Employee Benefit Research Institute (EBRI). According to the EBRI analysis, the likelihood of becoming at risk […]

Reverse Mortgages: Product of Last Resort? Not for Financial Advisers

Investment News is reporting that financial advisers are not using reverse mortgages as the viable retirement income vehicles they can be. Often referred to as a product of last resort, financial advisers usually write off the loans as too expensive and confusing for their clients. “But because they allow people 62 and older to stay […]

Growth of Reverse Mortgages Seen in Active Adult Communities says Report

New housing developments may have stalled, but one area expected see additional growth in the next few years is communities targeted at Americans 55+ and older. David Crowe, chief economist for the National Association of Home Builders estimates housing starts for these communities will rise 30 percent from 2010.  While it’s still a relatively modest […]

Survey Reveals Americans Not Financially Fit for Retirement

The Sixth Annual Retirement Fitness Survey, conducted by Wells Fargo and Company, has revealed that nearly three out of every four working, middle-class Americans (72 percent) between the ages of 25 to 69 expect to work through their retirement years. Reasons for this response included a deep deficit in personal retirement savings and a lifestyle […]

How Will Retirement-Age Workers React to Losing their Savings?

A new brief issued by the Center for Retirement Research (CRC) at Boston College measured behavior of retirement-age workers with relatively high retirement assets before the economic downturn. It may not be surprising to know about 57 percent of those surveyed initially reacted to their loss in savings by planning to work longer, save more, […]